American spirits exchange8/23/2023 But employment growth rose 1 per cent, much stronger than the expected 0.6 per cent.ĪNZ Research said in a release that while the labour market undoubtedly remains beyond maximum sustainable employment, there were unders and overs in the data, and the numbers are unlikely to move the dial for the Reserve Bank one way or the other. Latest statistics showed unemployment increased to 3.6 per cent from 3.4 per cent in the second quarter, slightly higher than the forecast of 3.5 per cent. “It’s pretty quiet, volumes slightly improved and the market is awaiting the earnings season ,” he said. Matt Goodson, managing director of Salt Funds Management, said the local market continues to march on, oblivious to the macro-economic risks overseas. Across the Tasman, the S&P/ASX 200 Index was down 1.25 per cent to 7357.4 points.īefore the Fitch announcement, the Dow Jones Industrial Average had its 16th gain in 17 trading sessions, increasing 0.2 per cent to 35,630.68 points. The Hong Kong Hang Seng index was down 2.17 per cent to 19,575.94 points at 6pm NZ time, and Japan’s Nikkei had fallen 2.23 per cent to 32,729.76. Rating agency Fitch put the cat among the pigeons by downgrading US debt from AAA to AA+, citing fiscal deterioration over the next three years and repeated down-to-the-wire debt ceiling negotiations that threaten the American Government’s ability to pay its bills. There were 52 gainers and 76 decliners on the main board, with 30.43 million shares worth $107.06 million changing hands. The New Zealand sharemarket shrugged off weakness in overseas bourses as the United States’ credit rating was downgraded because of “a steady deterioration in standards of governance”.Īfter a mixed day on Wall Street, the S&P/NZX 50 Index fell sharply in the morning to a low of 11,924.15 but then recovered to finish flat at 11,962.04, down 18.36 points or 0.15 per cent. Good Spirits will delist from the NZX exchange following the sale. customs fees and duties associated with importation, in addition to FET.Good Spirits Hospitality was unchanged at 2.4c after finding a buyer for its nine bars and restaurants, which includes Danny Doolans in Auckland. Bonded storage tends to be more expensive and each time cases of product are transferred from bond to non-bond for transport a customs broker needs to be engaged, at a fixed cost, to file the appropriate paperwork.Īlso, imported products have various U.S. Although the later limits working capital outlay at the time of import, the supplier is still fully responsible for all taxes. For an imported product, a customs broker will file the paperwork and arrange payment for a fee.įor imported products either the FET can be paid upon importation, or the product can be placed in a bonded warehouse, an action that postpones payment of FET and customs duties until the paperwork is filed (generally shortly before the product ships). FET needs to be paid before a product can be shipped (hence we recommend counting it as a component of COGs).įor domestically produced products the distillery will file the appropriate paperwork and arrange payment prior to shipping. FET rates vary by type of spirit and alcohol by volume. Federal Excise/Import tax on alcohol beverages.
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