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International
Business Confidence in New Zealand Wanes in March Quarter, Says NZIER
Business confidence in New Zealand declined in the March quarter, as the US-Israel war with Iran fanned fuel prices and caused supply-chain disruptions amid worsening uncertainty around the Strait of Hormuz, New Zealand Institute of Economic Research (NZIER) said on Tuesday.The NZIER Quarterly Survey of Business Opinion (QSBO) showed that only a net 1% of firms expected better general economic conditions in the coming months on a seasonally adjusted basis, a sharp fall from 39% in the December quarter.Firms' own trading activity came in flat, an upturn from a 3% drop in the prior quarter. In contrast, around 9% of firms reduced staffing during the quarter, and 5% intend to cut headcount in the next quarter amid broader plans to reduce investment in buildings, plant and machinery."Although firms' domestic trading activity remained stable in the March quarter, the ongoing US-Israel war against Iran poses a risk to the fragile recovery that had been taking shape in the New Zealand economy late last year," the think tank said in a statement.Sentiment was mixed across sectors, with building firms the most downbeat, as 28% expected deterioration in economic outlook. Manufacturing remained the most upbeat, with 34% of firms anticipating improvement.NZIER continues to believe the central bank will start its tightening cycle with a first 25 basis-point official cash rate increase in July.
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Asia
Insurance Australia Group's IAG New Zealand Says Storm-Related Claims Surge 256%
Insurance Australia Group's (ASX:IAG) IAG New Zealand division said Tuesday it received 33,174 weather-related claims between autumn 2025 and summer 2026 as a result of 46 storms during the period.That represents a 256% increase in storm-related claims compared with the year-ago period, when the company recorded 9,324 claims from 29 storms in New Zealand, and translates into roughly one storm every eight days."Simply put, our data indicates that storms are arriving more often and with greater intensity," said Phil Gibson, CEO of IAG New Zealand's AMI, State and NZI insurance brands. He noted that a storm typically affected parts of the country once every 19 days over a 15-year timeline.The October 2025 windstorm in Southland generated 5,289 claims, the February 2026 storm in Wellington resulted in 3,354 claims, and the April 2025 ex‑tropical cyclone Tam in Auckland generated 3,281 claims, ranking as the the top three storms by claims volume over the past 12 months.
$ASX:IAG
Asia
Magnetic Resources Advances Western Australia Project With Updated Mining Proposal
Magnetic Resources (ASX:MAU) lodged an updated mining proposal and mine closure plan for its wholly owned Lady Julie Gold Project in Western Australia's Eastern Goldfields with the Department of Mines, Petroleum and Exploration, following recent optimization work, according to a Tuesday Australian bourse filing.The revision consolidates tailings storage at Lady Julie North 4 within the waste rock dump and incorporates improved geotechnical and hydrogeological studies for pit stability and water management, along with additional technical assessments addressing flood mitigation, waste rock classification, and environmental impacts, per the filing.The company is continuing to respond to regulatory information requests following recent mining lease approvals and, with board support for the Genesis Scheme and no superior offer available, is recommending that shareholders vote in favor of the scheme, the filing added.
$ASX:MAU