Quick Takes of the Week to September 19

Monday September 15

TradeWindow seeks ASX foreign exempt listing

AJ Smith.

Trade Window Holdings has announced it is pursuing a foreign exempt listing on the Australian Securities Exchange (ASX) "with the goal of increasing its profile among the broad pool of investors across the Tasman".
The NZX-listed trade-related software business told the market this morning it is targeting the completion of an ASX listing before the end of November.
TradeWindow CEO AJ Smith said the move would give it access to a broader pool of institutional and retail investors familiar with our technology and the international opportunities we enjoy, and therefore "facilitate greater access to capital to fund future growth opportunities".
Smith said the company had grown revenue by a compound annual rate of 118% since it began commercialising its products in 2020.
"We remain confident of maintaining that strong record of growth, with revenue for the year to 31 March, 2026 (FY26) expected to range between $10m and $11m, representing growth of 25% to 37.5% on FY25."

Services sector in contraction mode for 18 consecutive months

Service sector businesses continue to be pessimistic about the economy amid ongoing weakness in activity and new orders.
The BNZ-BusinessNZ Performance of Services Index declined 1.4 points to 47.5 in August, when compared with July. A reading below 50 indicates contraction. The sector has now been in ongoing contraction for 18 months.
The activity/sales and new orders/business categories slipped from July, while employment improved within the contraction zone.
The proportion of negative comments rose, with ongoing widespread pressures from inflation, interest rates, cost of living, and weak consumer confidence denting demand and spending. On Friday last week, the BNZ-BusinessNZ Performance of Manufacturing Index fell 2.9 points to 49.9 last month.
Economists expect this Thursday’s GDP data to reveal the economy went backwards in the June quarter, before an expected return to growth again in the current September quarter, while two further OCR cuts are expected in October and November.

AMP to pay A$120m for fee overcharging

ASX-listed financial group AMP Ltd has agreed to pay A$120 million ($1354m) to settle a class action alleging overcharging fees on the pension funds of more than two million Australians.
Legal firms Slater & Gordon and Maurice Blackburn led the action in the Federal Court, and the action related to superannuation products sold between 2008 and 2020, for which AMP allegedly “systemically overcharged members”.
AMP made an ASX announcement today that it would contribute A$75m to the settlement, with the balance covered by insurance.
The company made no admission of liability.

High Court declines request to pause greyhound racing ban

The Greyhound Racing Association has failed to halt the progress of a ban on greyhound racing pending a judicial review of the Government’s decision.
In a High Court ruling issued on Monday, Justice Dale La Hood declined the Association’s application for an interim order blocking the ban taking effect.
The judge said such an order, to have any effect, would contravene the principle of non-interference by the courts in the legislative process.
The Government had also not required greyhound racing to cease in the meantime, so an interim order was not required to preserve the Association’s position until the judicial review was concluded, said the judge.
The Association’s application for a judicial review of the ban, which is due to be implemented in August next year, is scheduled for a two-day hearing starting on December 1.

Tuesday September 16

Annual food price gains steady at 5% in August

Higher food and electricity costs continue to eat into household budgets, while transport and fuel costs have edged lower.
Statistics NZ’s latest inflation gauge shows annual food prices rose 5% in the 12 months to August, identical to data released last month.
Analysing the latest numbers, Stats NZ said higher prices for the grocery food group contributed most to the increase, especially the cost of milk, cheese, and butter.
The average price of butter was $8.58 for a 500g block, up nearly 32% on last year.
Electricity and gas prices were also higher than a year ago. Conversely, Stats NZ noted lower petrol, diesel, and air transport prices.
Economists suggest CPI inflation could reach 1% in the September quarter and for the annual rate to rise to 3%, the top end of the RBNZ’s 1-3% inflation band.
The central bank’s August Monetary Policy Statement also expects annual inflation to peak at 3% before declining back towards the desired 2% mid-point next year.

Wednesday September 17

Whole milk powder price slips again at latest dairy auction

Global dairy prices have eased again at the latest overnight dairy auction. Key export commodity whole milk powder fell 0.8% to US$3790 per metric tonne, the second consecutive decline. Most other commodities on offer also fell, while cheddar cheese rose. The overall GDT index fell 0.8% to US$4041 per metric tonne. Last month, dairy giant Fonterra raised the 2024/25 season forecast Farmgate Milk Price from $10 per kg of milk solids to $10.15 per kgMS. Fonterra will confirm the final price next week. The co-op also retained the $10 per kgMS forecast for the current 2025/26 season, while cautioning it was still early in the new season and there were volatility risks.

Shane Jones officially appointed NZ First deputy leader

New Zealand First MP Shane Jones has been confirmed as the party’s deputy leader as it gears up for next year’s election. Leader Winston Peters said Jones was a “relentless” hard worker and loyal, as well as a “megaphone” for the party’s views and principles. Until now, Jones had been known as the 'de facto' deputy leader. “We are moving into election year very soon, and to have Shane as our official deputy leader gives certainty, direction, and structure to what will be one of the most important campaigns our party and country has seen,” Peters said. Jones returned to Parliament as a Cabinet Minister after the 2023 election. He is currently Minister for Resources, Regional Development, and Oceans & Fisheries. He is also an associate minister.

Thursday September 18 

MyFarm Kiwifruit Fund launches $35m capital raise

Hayley Gourley appointed to Monetary Policy Committee

Hayley Gourley.

Experienced agribusiness executive Hayley Gourley has been appointed as an external member of the RBNZ’s Monetary Policy Committee.
She is currently a non-executive director of Seeka and was previously a non-executive director of Landcorp Farming.
Finance Minister Nicola Willis said Gourley had experience across corporate, rural, and financial services sectors. “Her roles at both board and executive level in leading agribusinesses provide her with a unique perspective that will enhance the Committee’s discussions.”
Gourley’s appointment follows a recommendation from the Reserve Bank’s board. Her four-year term starts on October 1, succeeding Professor Bob Buckle, who will retire at the end of this month.

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Friday September 19

Asic’s Joe Longo to step down in 2026

The Australian Securities and Investments Commission (Asic) chair Joe Longo has announced he will not seek an extension to his term, which ends in May 2026.
Longo, a former general counsel for Deutsche Bank in London and Hong Kong, took up the role as Asic chair in June 2021.
He also worked at the regulator as national director of enforcement between 1996 and 2001.
Asic has become more proactive in enforcement during Longo’s tenure, with a doubling in investigation numbers and a 20% increase in civil enforcement proceedings.