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(file image) Photo: 123RF Wholesale interest rates have "collapsed" - but retail home loan rates are likely to follow at a slower pace. Kiwibank economists have pointed out that the two-year swap rate hit a low of 4.19 percent last week, the lowest it had traded in just under two years and well below the recent peak of more than 5.2 percent. That is being driven by a market expectation that the Reserve Bank is planning cuts to the official cash rate (OCR) much quickly than it has previously signalled. "Market traders are now pricing 15bps [basis points] of cuts in August," Kiwibank's economists said. "That's a 60 percent chance of a rate cut in just a couple weeks' time. And looking ahead, traders have priced in just over 75bps of cuts by November. That's a whopping three cuts." They sa...

Comvita posted a $16.8 million net loss after tax in its unaudited financial results for the 2024 financial year. Photo: Supplied New Zealand honey company Comvita is looking at cutting jobs and slashing production amid lower sales and weak demand from Chinese consumers. The NZX-listed company posted a $16.8 million net loss after tax in its unaudited financial results for the 2024 financial year on the NZX on Monday morning. The figure was subject to an impairment adjustment, yet to be calculated - which will be advised on by an independent expert engaged by the board. Total revenue was $204m - much lower than previous guidance of $211m to $218m. Chief executive David Banfield said the result was "extremely disappointing" - driven by challenging trading conditions, non-recurring expens...

The Southern Lakes, West Coast and Kaikōura had a boost in sales due to international tourists, according to the Restaurant Association's latest report. (file image) Photo: 123rf Overseas visitors are boosting sales in cafes and restaurants in tourist hotspots but that only reflects some of the conditions faced by the hospitality sector. The Restaurant Association's latest report paints a mixed picture for many operators hit hard by difficult trading but catering and takeaways defied the downturn. The industry's annual report showed higher sales of $15.7 billion for the year ended March, but rising costs remained a concern. The annual growth rate of 5.8 percent was mostly offset by high inflation. Here's what it takes to open an eatery in a cost of living crisis Chief executive Marisa ...