If growth outlook worsens interest rates could be cut further: Reserve Bank of New Zealand

Interest rates in New Zealand are at an all-time low and the central bank has signaled it could remain at its current level until 2020 — but the bank is willing to cut rates further if needed, the deputy governor of the Reserve Bank of New Zealand Geoff Bascand told CNBC on Tuesday. At the same time, he added, “we’ve also seen firms really saying that they are struggling to get hold of the labor that they need. The central bank maintained its official cash rate (OCR) at a record low of 1.75 perc


Interest rates in New Zealand are at an all-time low and the central bank has signaled it could remain at its current level until 2020 — but the bank is willing to cut rates further if needed, the deputy governor of the Reserve Bank of New Zealand Geoff Bascand told CNBC on Tuesday. At the same time, he added, “we’ve also seen firms really saying that they are struggling to get hold of the labor that they need. The central bank maintained its official cash rate (OCR) at a record low of 1.75 perc
If growth outlook worsens interest rates could be cut further: Reserve Bank of New Zealand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: harini v
Keywords: news, cnbc, companies, told, central, rate, rates, growth, cut, reserve, weaker, bascand, interest, zealand, low, outlook, worsens, bank


If growth outlook worsens interest rates could be cut further: Reserve Bank of New Zealand

Interest rates in New Zealand are at an all-time low and the central bank has signaled it could remain at its current level until 2020 — but the bank is willing to cut rates further if needed, the deputy governor of the Reserve Bank of New Zealand Geoff Bascand told CNBC on Tuesday.

“(If) growth remains very soft, business confidence is very low — if that translates into weaker demand, weaker investment, then it is possible we would need to reduce the rate to provide a bit more stimulus,” Bascand, who was at the UBS Australasia conference, told CNBC’s Matt Taylor.

At the same time, he added, “we’ve also seen firms really saying that they are struggling to get hold of the labor that they need. The capacity constraints have been there.”

“In the face of that, we’re seeing a little bit of cost and price pressure on the horizon and so that also provides some upside risk to our rate track,” Bascand said, suggesting that wage inflation could prompt the RBNZ to consider raising interest rates.

The central bank maintained its official cash rate (OCR) at a record low of 1.75 percent for the 14th straight review on Thursday, and has previously indicated it could stay at this level through to 2020.

Bascand said cutting or hiking rates are both options that come with their own risks and noted that the central bank intends to maintain its interest rates while it watches the health of the economy closely.

“Right now, it’s best to sit and wait and watch — see how the data unfolds with risks on either side,” Bascand said.

— Reuters contributed to the article


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: harini v
Keywords: news, cnbc, companies, told, central, rate, rates, growth, cut, reserve, weaker, bascand, interest, zealand, low, outlook, worsens, bank


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Space unicorn Rocket Lab reaches orbit again in key first commercial launch

“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019. Rocket Lab aims to be launching at a weekly rate in 2020. Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electro


“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019. Rocket Lab aims to be launching at a weekly rate in 2020. Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electro
Space unicorn Rocket Lab reaches orbit again in key first commercial launch Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: michael sheetz
Keywords: news, cnbc, companies, commercial, rocket, small, zealand, launch, key, industry, unicorn, company, orbit, spacecraft, space, lab, reaches, beck


Space unicorn Rocket Lab reaches orbit again in key first commercial launch

This small-rocket unicorn wants to be the FedEx of space 6:01 PM ET Sat, 10 Nov 2018 | 04:32

Rocket Lab put seven spacecraft in orbit on Saturday with its first commercial launch, as the company grew its lead in the burgeoning small rocket industry.

Delayed from this past spring, the “It’s Business Time” launch marks the beginning of Rocket Lab’s acceleration toward launching at a weekly rate. The rocket builder reached orbit for the first time in January with its final test launch but saw this commercial attempt delayed due to a “motor control” issue with the rocket.

“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. “Orbital accuracy was exquisite.”

Rocket Lab is building small rockets priced at about $5.7 million a launch. The company’s Electron rocket is designed to launch spacecraft up to the size of a refrigerator, especially for the premium small satellite part of the rocket market. Small rockets like Electron can save customers months of time getting to orbit but come at a higher cost compared to flying as a “rideshare” on a larger rocket like the SpaceX Falcon 9.

“It’s Business Time” launched six satellites for Spire, Tyvak, Fleet and the Irvine CubeSat STEM program. The launch also included a spacecraft built by HPS GmbH to demonstrate a new technology to reduce space debris.

The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. Beck estimates there are over 100 companies trying to catch up. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019.

Rocket Lab has a backlog of launches for the next 18 months, Beck said, which is “around a $3 billion pipeline.” The factories in New Zealand and California “have been specifically designed to produce one rocket a week,” Beck said. Rocket Lab aims to be launching at a weekly rate in 2020.

“Next year we’re starting off at one a month, trying to move to one every two weeks,” Beck said.

Beck says the company took the time to look at the motor control issue from spring and fixed it, while continuing to build Rocket Lab’s infrastructure. This year the rocket company brought on Adam Spice as chief financial officer from the semiconductor industry, opened a new mass production facility in New Zealand and announced it will build a U.S. launchpad in Virginia.

“Happy to delay a launch for a few months to solidify and strengthen the company,” Beck told CNBC.

Beck estimated Rocket Lab will soon be profitable, saying when the company completes “these couple of launches by the end of this year we’ll be cash flow neutral.”

Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electron rocket begins to meet demand. Beck believes his side of the industry is set to unlock a flurry of technologies as more and more satellites are launched.

“The small rocket industry is the enablers to the small spacecraft industry and then in turn the small spacecraft industry are really enablers to a whole lot of new technologies, a whole lot of new services to us down on Earth,” Beck said.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: michael sheetz
Keywords: news, cnbc, companies, commercial, rocket, small, zealand, launch, key, industry, unicorn, company, orbit, spacecraft, space, lab, reaches, beck


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New Zealand central bank shifts to neutral tone and warns of growth risks

New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions. As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020. The central bank removed a line from its previous statements that its


New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions. As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020. The central bank removed a line from its previous statements that its
New Zealand central bank shifts to neutral tone and warns of growth risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: mark coote, bloomberg, getty images
Keywords: news, cnbc, companies, global, zealand, economic, tone, risks, neutral, growth, central, bank, ocr, cut, shifts, warns, trade, rate, inflation


New Zealand central bank shifts to neutral tone and warns of growth risks

New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions.

The New Zealand dollar rallied briefly and bonds sold off as the markets priced out any chance of a near term rate cut and instead focused on when New Zealand would join some of its global counterparts in raising rates.

As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020.

“The timing and direction of any future OCR move remains data dependent,” Governor Adrian Orr said in a statement, and in a press conference later in the day he refused to rule out a rate cut if economic conditions deteriorated.

The central bank removed a line from its previous statements that its next rate move could be either up or down, but noted both upside and downside risks remained to growth and inflation projections.

“We don’t agree that the RBNZ needs to maintain the fence-sitting dual approach to policy,” said Citibank economist Paul Brennan.

“While our own forecasts show a near-term moderation in GDP growth, we expect CPI inflation to exceed the RBNZ’s latest forecasts and maintain the view that the OCR will need to rise from Q3 next year.”

A run of stellar economic data including a surprise drop in third-quarter jobless rate to 10-year lows, better-than-expected growth and inflation numbers over recent months, has given the RBNZ some breathing room.

However, Orr pointed to temporary factors for the pick-up in second-quarter economic growth and cautioned of headwinds to growth.

“Weak business sentiment could weigh on growth for longer. Trade tensions remain in some major economies, raising the risk that trade barriers increase and undermine global growth.”

The New Zealand dollar hit a fresh three-month high of $0.6820 immediately after the rate decision but quickly retreated from those levels to last hover around $0.6785.

Government bonds were sold off for a second straight day as investors priced out the risk of a cut with yields on the long-end of the curve up about 5 basis points.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: mark coote, bloomberg, getty images
Keywords: news, cnbc, companies, global, zealand, economic, tone, risks, neutral, growth, central, bank, ocr, cut, shifts, warns, trade, rate, inflation


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New Zealand unemployment drops to 10-year low, chance of rate cut distant

New Zealand’s third quarter unemployment rate dropped to a surprise 10-year low on Wednesday, sparking a rally in the local currency as the chance of a central bank interest rate cut grew increasingly distant. Economists polled by Reuters had forecast an unemployment rate of 4.5 percent. The employment growth rate in the quarter more than doubled to 1.1 percent, from 0.5 percent in the previous quarter. The unemployment rate dropped despite an uptick in the labor participation rate, which has cl


New Zealand’s third quarter unemployment rate dropped to a surprise 10-year low on Wednesday, sparking a rally in the local currency as the chance of a central bank interest rate cut grew increasingly distant. Economists polled by Reuters had forecast an unemployment rate of 4.5 percent. The employment growth rate in the quarter more than doubled to 1.1 percent, from 0.5 percent in the previous quarter. The unemployment rate dropped despite an uptick in the labor participation rate, which has cl
New Zealand unemployment drops to 10-year low, chance of rate cut distant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: dianne manson, getty images news, getty images
Keywords: news, cnbc, companies, wage, rate, low, inflation, unemployment, previous, 10year, growth, cut, drops, employment, quarter, recent, distant, zealand, chance


New Zealand unemployment drops to 10-year low, chance of rate cut distant

New Zealand’s third quarter unemployment rate dropped to a surprise 10-year low on Wednesday, sparking a rally in the local currency as the chance of a central bank interest rate cut grew increasingly distant.

The Reserve Bank of New Zealand’s (RBNZ) Official Cash Rate (OCR) meeting will be held on Thursday. The government in March added a goal of maximizing sustainable employment to the central bank’s mandate, alongside inflation targeting.

The New Zealand dollar rallied more than 1.1 percent against the dollar to a three-month high of $0.6740.

The unemployment rate dropped to 3.9 percent over the previous quarter, well below the 4.4 percent rate recorded in the last quarter, and is the lowest since the June 2008 quarter, when it was 3.8 percent. Nevertheless, annual wage growth remained a relatively modest 1.9 percent.

Economists polled by Reuters had forecast an unemployment rate of 4.5 percent.

The unemployment result suggested the RBNZ could tone down a previous suggestion the next rates move be a cut when it releases its monetary policy statement on Thursday.

A Reuters poll this week showed the central bank is widely expected to hold interest rates at 1.75 percent in its meeting this week, as policy makers would wait to see if a recent acceleration in inflation and better-than-expected growth figures are sustainable.

ASB Chief Economist Nick Tuffley said in a note that the hurdles for an interest rate cut have certainly increased following the unemployment figures.

“The next move in the OCR is likely up, but not until concrete signs of firming wage inflation emerge, which looks to be 2020,” said Tuffley.

Economic growth, employment, and inflation numbers have come in higher than the RBNZ’s forecasts in the recent months.

The employment growth rate in the quarter more than doubled to 1.1 percent, from 0.5 percent in the previous quarter.

Economists had predicted an employment growth of 0.5 percent.

The unemployment rate dropped despite an uptick in the labor participation rate, which has climbed to 71.1 percent from 70.9 percent in the previous quarter, the data showed.

Wage inflation has been tepid in recent years even as employment has grown. Quarterly wage growth slowed to 0.5 percent in the third quarter from 0.6 percent in the previous quarter.

“While this quarter’s unemployment rate is outside market expectations, we know New Zealand has a small economy with a dynamic labor market, and large changes, both up and down, have happened before — in late 2012 and 2015,” Statistics New Zealand labor market and household statistics senior manager Jason Attewell said.


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: dianne manson, getty images news, getty images
Keywords: news, cnbc, companies, wage, rate, low, inflation, unemployment, previous, 10year, growth, cut, drops, employment, quarter, recent, distant, zealand, chance


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Asia stocks rise in final day of rough October; China data misses expectations

Australia’s benchmark ASX 200 was higher by 0.25 percent in the morning as the energy sector advanced 0.93 percent and materials fell 0.53 percent. The heavily weighted financial subindex rose 1.11 percent with the shares of Australia’s so-called Big Four banks seeing gains. Among those, Australia and New Zealand Banking Group (ANZ) rose 1.62 percent despite earlier reporting a 5 percent decline in full-year cash profit. Japan’s Nikkei 225 rose 1.38 percent in morning trade while the Topix gaine


Australia’s benchmark ASX 200 was higher by 0.25 percent in the morning as the energy sector advanced 0.93 percent and materials fell 0.53 percent. The heavily weighted financial subindex rose 1.11 percent with the shares of Australia’s so-called Big Four banks seeing gains. Among those, Australia and New Zealand Banking Group (ANZ) rose 1.62 percent despite earlier reporting a 5 percent decline in full-year cash profit. Japan’s Nikkei 225 rose 1.38 percent in morning trade while the Topix gaine
Asia stocks rise in final day of rough October; China data misses expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: eustance huang
Keywords: news, cnbc, companies, day, morning, zealand, weighted, trade, topix, rough, china, stocks, misses, asia, rose, release, australias, shares, expectations, anz, data, rise, final


Asia stocks rise in final day of rough October; China data misses expectations

Australia’s benchmark ASX 200 was higher by 0.25 percent in the morning as the energy sector advanced 0.93 percent and materials fell 0.53 percent.

The heavily weighted financial subindex rose 1.11 percent with the shares of Australia’s so-called Big Four banks seeing gains. Among those, Australia and New Zealand Banking Group (ANZ) rose 1.62 percent despite earlier reporting a 5 percent decline in full-year cash profit.

“In general the market is just more cautious,” ANZ CEO Shayne Elliott told CNBC’s “Squawk Box” on Wednesday following the earnings release. “It’s also a lot more competitive.”

Japan’s Nikkei 225 rose 1.38 percent in morning trade while the Topix gained 1.18 percent.

South Korea’s Kospi was largely flat in the morning, with shares of heavyweight Samsung Electronics rising 0.12 percent. The stock’s move came on the back of the release of a record quarterly profit.


Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: eustance huang
Keywords: news, cnbc, companies, day, morning, zealand, weighted, trade, topix, rough, china, stocks, misses, asia, rose, release, australias, shares, expectations, anz, data, rise, final


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New Zealand will not attend Saudi investment summit over Khashoggi death

New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday. Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative,


New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday. Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative,
New Zealand will not attend Saudi investment summit over Khashoggi death Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, state, summit, statement, washington, zealand, saturdaytrade, khashoggi, death, attend, upcoming, saudi, sundaykhashoggi, investment


New Zealand will not attend Saudi investment summit over Khashoggi death

New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday.

Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday.

Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative, an event in the Saudi capital of Riyadh being called Davos in the Desert.


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, state, summit, statement, washington, zealand, saturdaytrade, khashoggi, death, attend, upcoming, saudi, sundaykhashoggi, investment


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Greetings, death: Coca-Cola’s marketing slogan backfires badly in New Zealand

Beverage-maker Coca-Cola made a marketing blunder in New Zealand, according to media reports. The company ran a vending machine signage in the country that read “Kia ora, mate,” according to online publication Stuff. Coca-Cola’s attempts to mix English with te reo Maori — the language spoken by New Zealand’s indigenous people — backfired. The slogan essentially read, “Greetings, death.” Read the full story from Stuff about Coca-Cola’s marketing blunder in New Zealand here.


Beverage-maker Coca-Cola made a marketing blunder in New Zealand, according to media reports. The company ran a vending machine signage in the country that read “Kia ora, mate,” according to online publication Stuff. Coca-Cola’s attempts to mix English with te reo Maori — the language spoken by New Zealand’s indigenous people — backfired. The slogan essentially read, “Greetings, death.” Read the full story from Stuff about Coca-Cola’s marketing blunder in New Zealand here.
Greetings, death: Coca-Cola’s marketing slogan backfires badly in New Zealand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, greetings, slogan, backfires, marketing, according, mate, ora, english, media, cocacolas, badly, zealand, read, death, maori


Greetings, death: Coca-Cola's marketing slogan backfires badly in New Zealand

Beverage-maker Coca-Cola made a marketing blunder in New Zealand, according to media reports.

The company ran a vending machine signage in the country that read “Kia ora, mate,” according to online publication Stuff.

Coca-Cola’s attempts to mix English with te reo Maori — the language spoken by New Zealand’s indigenous people — backfired.

While “kia ora” is a form of greeting in the Maori language, which is one of the country’s official languages, “mate” means death. The slogan essentially read, “Greetings, death.”

In English, the word mate is commonly used to refer to friends and strangers alike in places like New Zealand, Australia and the United Kingdom.

CNBC has reached out to Coca-Cola for comment.

Earlier this week, a spokesperson from the company told Maori Television that the words were “meant to bring Maori and English together,” and that the label was not being disrespectful to any culture.

Social media users pointed out the irony of the slogan from the beverage-maker, given the impact of sugary drinks.

New Zealand has one of the highest obesity rates in the developed world, according to The Guardian, and its indigenous community is particularly affected.

Others criticized the lack of research from Coca-Cola.

Read the full story from Stuff about Coca-Cola’s marketing blunder in New Zealand here.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, greetings, slogan, backfires, marketing, according, mate, ora, english, media, cocacolas, badly, zealand, read, death, maori


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A new version of MTV’s ‘The Real World’ is heading to Facebook Watch video

MTV claims that “The Real World” was the show that “invented modern reality television,” according to an online statement in June, in which it announced the launch of its MTV Studios unit that will produce new and revamped series. “The Real World” is described as a place where seven strangers in a house “stop being polite and start getting real.” In August, Facebook made Watch video available worldwide, expanding it out of the U.S. where it launched a year before. Facebook is also expanding its


MTV claims that “The Real World” was the show that “invented modern reality television,” according to an online statement in June, in which it announced the launch of its MTV Studios unit that will produce new and revamped series. “The Real World” is described as a place where seven strangers in a house “stop being polite and start getting real.” In August, Facebook made Watch video available worldwide, expanding it out of the U.S. where it launched a year before. Facebook is also expanding its
A new version of MTV’s ‘The Real World’ is heading to Facebook Watch video Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: lucy handley
Keywords: news, cnbc, companies, publishers, heading, facebook, expanding, available, version, world, breaks, watch, mtv, mtvs, zealand, able, real, video


A new version of MTV's 'The Real World' is heading to Facebook Watch video

MTV claims that “The Real World” was the show that “invented modern reality television,” according to an online statement in June, in which it announced the launch of its MTV Studios unit that will produce new and revamped series. “The Real World” is described as a place where seven strangers in a house “stop being polite and start getting real.”

In August, Facebook made Watch video available worldwide, expanding it out of the U.S. where it launched a year before. Facebook is also expanding its ad breaks option for publishers and people who make videos. It had previously tested these with certain publishers but now those who meet its eligibility criteria will be able to include ads.

Ad breaks will be available in the U.S., U.K., Ireland, New Zealand and Australia and from September video-makers in some of South America and Europe, as well as Mexico and Thailand, have also been able to put ads in their content.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: lucy handley
Keywords: news, cnbc, companies, publishers, heading, facebook, expanding, available, version, world, breaks, watch, mtv, mtvs, zealand, able, real, video


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Fork over passwords or pay the price, New Zealand tells travelers

“We’re not aware of any other country that has legislated for the potential of a penalty to be applied if people do not divulge their passwords,” said Terry Brown, a New Zealand Customs spokesman. Border officials, he said, believe the new fine is an “appropriate remedy” aimed at balancing individuals’ privacy and national security. As of this week, travelers who fail to unlock their devices risk prosecution and potential fines of 5,000 New Zealand dollars, about $3,295. In 2017, New Zealand bor


“We’re not aware of any other country that has legislated for the potential of a penalty to be applied if people do not divulge their passwords,” said Terry Brown, a New Zealand Customs spokesman. Border officials, he said, believe the new fine is an “appropriate remedy” aimed at balancing individuals’ privacy and national security. As of this week, travelers who fail to unlock their devices risk prosecution and potential fines of 5,000 New Zealand dollars, about $3,295. In 2017, New Zealand bor
Fork over passwords or pay the price, New Zealand tells travelers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: charlotte graham-mclay, brendon ohagan, bloomberg, getty images
Keywords: news, cnbc, companies, border, travelers, digital, brown, zealand, devices, price, pay, fork, passwords, customs, officials, searches, spokesman, tells


Fork over passwords or pay the price, New Zealand tells travelers

Travelers entering New Zealand who refuse to disclose passwords for their digital devices during forced searches could face prosecution and fines of more than $3,000, a move that border officials said Tuesday made the country the first to impose such penalties.

“We’re not aware of any other country that has legislated for the potential of a penalty to be applied if people do not divulge their passwords,” said Terry Brown, a New Zealand Customs spokesman. Border officials, he said, believe the new fine is an “appropriate remedy” aimed at balancing individuals’ privacy and national security.

In New Zealand — as in many other countries, including the United States— customs officers were already legally permitted to search cellphones and other digital devices as they would luggage, and to seize devices for forensic examination if they were believed to contain evidence of criminal activity.

But the law did not previously compel travelers to open their devices for inspection, either by entering a password or using biometric data like thumbprints or facial scans.

As of this week, travelers who fail to unlock their devices risk prosecution and potential fines of 5,000 New Zealand dollars, about $3,295.

The law applies to both foreign visitors and returning New Zealand citizens.

Mr. Brown, the customs spokesman, said that once a password was supplied, “preliminary searches” would be carried out with a traveler’s phone or computer set to flight mode, and officers would explore only files saved to the device, not website histories or any information uploaded to cloud-based storage.

A device could be confiscated for further examination only if the preliminary search led officials to believe that was warranted, although Mr. Brown admitted that failure to provide a password could be grounds for seizure.

The move drew criticism from civil liberties advocates, who said digital devices contain far more private information about a person than luggage does and should therefore be subject to greater protection from searches.

Katina Michael, a professor at the University of Wollongong in Australia who specializes in surveillance issues, said most countries’ laws allowed officials to confiscate devices, often for a period of weeks, if passwords were not provided or illegal activity was suspected. But she said the new fines in New Zealand added a “scare factor” to pressure people, who often do not know their rights when entering a new country, to hand over their codes.

“Many of us are carrying competitive data, industry data, intelligence information or intellectual property, as well as personal items, on our phones,” she said. “Smartphones have become an extension of our very selves.”

Mr. Brown, from New Zealand Customs, said the new law extended protections for travelers by laying out guidelines for searches and specifying that officials needed to first reasonably suspect travelers of wrongdoing. Potential crimes, he said, include possessing objectionable material or child pornography, or committing drugs offenses or financial crimes.

But a spokesman for New Zealand’s Council for Civil Liberties, Thomas Beagle, told Radio New Zealand that it was not clear what constituted “reasonable suspicion” and that there was no way for travelers to challenge a forced search of their devices.

In 2017, New Zealand border officials conducted 537 preliminary searches of devices, and customs officials said they did not expect that number to increase under the new law.

In the United States, forced searches of devices at the border have increased in recent years and have been subject to lawsuits, in which civil liberties activists claim the examinations are invasive and unlawful.

Professor Michael said there had also been an increase in digital searches and device confiscations at the Australian border.


Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: charlotte graham-mclay, brendon ohagan, bloomberg, getty images
Keywords: news, cnbc, companies, border, travelers, digital, brown, zealand, devices, price, pay, fork, passwords, customs, officials, searches, spokesman, tells


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Apple and Facebook among tech firms lobbying against Australia’s encrypted data law

Four global tech giants — Facebook, Apple, Alphabet and Amazon — will oppose an Australian law that would require them to provide access to private encrypted data linked to suspected illegal activities, an industry lobby group said on Wednesday. The government has said the proposed law is needed amid a heightened risk of terror attacks. A spokeswoman for Australia’s home affairs minister, who is overseeing the legislation, did not immediately respond to a request for comment. If the bill becomes


Four global tech giants — Facebook, Apple, Alphabet and Amazon — will oppose an Australian law that would require them to provide access to private encrypted data linked to suspected illegal activities, an industry lobby group said on Wednesday. The government has said the proposed law is needed amid a heightened risk of terror attacks. A spokeswoman for Australia’s home affairs minister, who is overseeing the legislation, did not immediately respond to a request for comment. If the bill becomes
Apple and Facebook among tech firms lobbying against Australia’s encrypted data law Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-03
Keywords: news, cnbc, companies, respond, zealand, encrypted, facebook, law, australias, companies, apple, data, risk, nations, tech, firms, spokeswoman, security, access, lobbying, bill


Apple and Facebook among tech firms lobbying against Australia's encrypted data law

Four global tech giants — Facebook, Apple, Alphabet and Amazon — will oppose an Australian law that would require them to provide access to private encrypted data linked to suspected illegal activities, an industry lobby group said on Wednesday.

Australia in August proposed fines of up to A$10 million ($7.2 million) for institutions and prison terms for individuals who do not comply with a court request to give authorities access to private data.

The government has said the proposed law is needed amid a heightened risk of terror attacks.

Seen as a test case as other nations explore similar laws, Facebook, Alphabet, Apple and Amazon will jointly lobby lawmakers to amend the bill ahead of a parliamentary vote expected in a few weeks.

“Any kind of attempt by interception agencies, as they are called in the bill, to create tools to weaken encryption is a huge risk to our digital security,” said Lizzie O’Shea, a spokeswoman for the Alliance for a Safe and Secure Internet.

She said the four companies had confirmed their participation in the lobbying effort.

Representatives for the four firms did not immediately respond to requests for comment.

A spokeswoman for Australia’s home affairs minister, who is overseeing the legislation, did not immediately respond to a request for comment.

If the bill becomes law, Australia would be one of the first nations to impose broad access requirements on technology companies, though others are poised to follow.

The so-called Five Eyes nations, which share intelligence, said last month they would demand access to encrypted emails, text messages and voice communications through legislation.

The Five Eyes intelligence network, comprised of the United States, Canada, Britain, Australia and New Zealand, have each repeatedly warned national security was at risk as authorities are unable to monitor communication of suspects.

Technology companies have strongly opposed efforts to create what they see as a back-door to user’s data, a stand-off that was propelled into the public arena by Apple’s refusal to unlock an iPhone used by an attacker in a 2015 shooting in California.

Frustrated by the deadlock, many countries are moving ahead with legislation, with New Zealand the latest to tighten oversight over access to online communication.

New Zealand said on Tuesday customs officers now have the authority to compel visitors to hand over passwords for their electronic devices. Tourists who refuse could face fines of NZ$5,000 ($3,292.00).


Company: cnbc, Activity: cnbc, Date: 2018-10-03
Keywords: news, cnbc, companies, respond, zealand, encrypted, facebook, law, australias, companies, apple, data, risk, nations, tech, firms, spokeswoman, security, access, lobbying, bill


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