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Commerce and Consumer Affairs Minister Andrew Bayly. Photo: RNZ / Angus Dreaver Companies can look forward to sweeping legal reforms aimed at reducing costs and and making it easier and safer to do business. Commerce and Consumer Affairs Minister Andrew Bayly said: "To rebuild the economy and increase the value of our exports, we need to ensure our companies are not hamstrung by out-of-date laws and onerous red tape, while also making sure there are safeguards in place to deter bad actors and dodgy business practices. "The changes announced today will help deter poor and illegal business practices and reduce the burden of compliance for businesses." Bayly said the Companies Act had not been substantially updated in 30 years and did not reflect the modern business environment. "The gover...

Laura Maxwell. Photo: Stuff chief executive Laura Maxwell will depart the business, a little over a year after taking on the job. Owner Sinead Boucher, who bought Stuff for $1 from Australian owners Nine Entertainment in 2020, will resume the role of chief executive Stuff Group, the owner of the Stuff website and various newspapers including The Post and The Press, said its chief executive Laura Maxwell would be leaving the company for an unspecified role in Australia. The news was confirmed in a company-wide 'Town Hall' meeting on Thursday. Maxwell joined Stuff in 2022 as chief growth officer and has been in the top seat for just over a year. Boucher said Maxwell left with the organisation's best wishes and thanked her for her leadership. "In her time with the business - first as chie...

File photo. Reserve Bank governor Adrian Orr. Photo: The Reserve Bank governor has hit out at comments claiming the central bank has done a complete U-turn from its May forecasts. The RBNZ reduced the cash rate for the first time in four years on Wednesday and noticeably cooled the interest rate outlook, with further cuts expected. It marked a departure from the bank's May statement, when it raised the possibility of further hikes. The so-called "flip-flop" drew criticism from Infometrics chief economist Brad Olsen and some in the mortgage sector. At Thursday's Finance and Expenditure Select Committee hearing, governor Adrian Orr was not keen on entertaining the comments when asked by committee chair Stuart Smith. "I can't give air time to that comment," Orr told the committee. "You mi...

Gumboots were the dress code for the launch of the Te Wai Koiora project at Te Aroha Marae in Kai Iwi north of Whanganui. Photo: RNZ / Robin Martin Rubber goods manufacturer Skellerup has defied the odds in poor global economic conditions to report a solid profit. Key numbers for the year ended June compared with a year ago: Net profit $46.9m vs $50.9m Revenue $330.5m vs $333.5m Final dividend 15.5 cents per share vs 22 cents per share Skellerup chief executive Graham Leaming said he's pleased with the year's result. "Of course we would like to do better but given the economic environment we think it's a pretty strong result and coming off a weak first half, a very good second-half result and we're in good shape for the future." Increased demand for product drove earnings from its ind...

Christopher Luxon has changed tack on sustainability issues since becoming PM, Sir Jonathon Porritt says. Photo: RNZ / Nathan McKinnon British environmentalist Sir Jonathon Porritt says he was a "mug" to proudly chair Air New Zealand's sustainability panel and the airline is a "climate leader no more". Sir Jonathon Porritt Photo: Supplied In a LinkedIn post taking aim at the former Air New Zealand chief and now Prime Minister Christopher Luxon, whom he described as a "hypocrite", the high profile climate champion said he felt sorry for the airline's "brilliant sustainability team" and New Zealanders "watching the much-loved national carrier assiduously trashing its own reputation". The airline made global headlines last week with an announcement that it was pulling the plug on its...

Photo: No 1 China Restaurant/Facebook The owner of a liquidated Taupō Chinese restaurant has been ordered to pay a former employee $43,000 after he was paid less than the minimum wage and didn't receive public holiday entitlements. The Employment Relations Authority also found New Zealand LJ Food Express Taupō Limited, which traded as No 1 China Restaurant, did not pay the employee his annual leave when he stopped working at the restaurant. The employee worked at the restaurant from March 2019 until May 2021. The business went into liquidation in November 2022. The owner of the company, Xian Zeng, was named as the person liable to pay, the Ministry of Business Innovation and Employment (Mbie) said in a statement. The Labour Inspectorate investigated following a complaint and found breach...