Question time for Mainfreight shareholders?
What you need to know on Wednesday morning, July 30
- NZX50 down 21.586 points (0.42 per cent) to 5165.556
- NZ dollar at US84.93 cents, A90.57c, 86.78yen, 50.13p, 63.38€c
- Brent crude oil at US$107.62 a barrel (up US5c)
- Spot gold at US$1310 an ounce
What's on today
- Statistics New Zealand's building consent figures for June will show if the trend for new consents improved on the seven-year high achieved in May
- Metro Performance Glass listing on NZX
- Methven AGM, 10am, Offices of Simpson Grierson, Level 28, 88 Shortland Street, Auckland
- Ryman AGM, 2pm, Charles Fleming Retirement Village, 112 Parata Street, Waikanae
- Mainfreight AGM, 4pm, Barrel Hall, Villa Maria Estate, 118 Montgomerie Road, Mangere, Auckland
- Kiwi Income Property Trust, 10am, Level 4 Lounge, South Stand, Gate G, Eden Park, Reimers Avenue, Kingsland, Auckland
Stocks to watch
- Mainfreight: Investors in New Zealand's biggest listed logistics business will be looking for today's AGM to provide an early indication as to whether it is on track to repeat its record profit of $89.64 million in the year to March 31, which included a $12m settlement relating to a dispute over its purchase of Dutch company Wim Bosman in April 2011. Although the strong economy has been good for Mainfreight, there are signs it is starting to slow.
Top international news
- Sharply higher interest rates around the world could combine with weaker growth in emerging markets to slice as much as 2 per cent off global growth in the next five years, the International Monetary Fund (IMF) said on Tuesday.
In a report assessing how individual national policies could interact to undermine the world economy, the IMF also warned the conflict between Russia and Ukraine could affect the rest of the region if sanctions against Russia escalated, hitting natural gas supplies to Europe and weakening European banks.
The resulting impact could prompt further gyrations in financial markets, in contrast to the recent period of market calm, the IMF said in its "spillovers" report.
In its worst-case scenario, the IMF said the United States and Britain could tighten monetary policy sooner than expected, leading to higher borrowing costs worldwide, even as key emerging market growth slows a further 0.5 per cent over the next three years.
The two developments would reinforce each other, prompting slower growth and hurting in particular those emerging markets with large economic imbalances, such as Argentina, Brazil, Russia and Turkey.
Something else for your morning
- Labour is planning a "fair workplace commission" to lift the lid on workers' pay and conditions ahead of a major revamp of industrial relations law. The party's work and wages policy, to be unveiled by Labour leader David Cunliffe today, would in the first 100 days repeal recent National changes, including the 90 day "fire-at-will" probation rule. The minimum wage would be lifted to $15 in April and to about $16 later in the year.