Wednesday, March 4

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Key NZ figure in rise of global rugby dies
World News

Key NZ figure in rise of global rugby dies

Steve Hinds. Photo: World Rugby The rugby community is mourning the death of long-serving New Zealand administrator Steve Hinds, who had risen to a key role in the global game. Hinds died following a short illness, prompting tributes from World Rugby, where he was the organisation's first full-time Citing Commissioner Manager. Hinds was a citing commissioner at three successive men's World Cups in 2007, 2011 and 2015 before joining World Rugby in 2017 where he oversaw the team of citing commissioners at the three subsequent World Cups, including the 2023 edition in France. On the playing field, Hinds was an influential lock forward for Wellington in the late 1970s and early '80s. He also represented the New Zealand Combined Services and New Zealand Police and played international matche...
Why can’t we get the kind of long-term mortgages with low break fees common in the US?
Business

Why can’t we get the kind of long-term mortgages with low break fees common in the US?

New Zealanders like a fixed term mortgage - 90 percent of ours are locked in. But we tend to fix for short terms. In the US, 30-year terms are common while here, there is almost nothing fixed for more than five years. Most New Zealand lending will refix within the next year. So what's going on, why don't we get a 30-year fix option, and would we want one anyway? The US's 30-year deals Antonia Watson, chief executive of ANZ, told 30' with Guyon Espiner that New Zealand options were more limited because of the interest rate risk involved for banks in long-term fixes. When banks lend money for a certain term, they need to know that they can access funding for that same term at a rate that works. They usually need to hedge to protect themselves against future interest rate movements, in case r...
Google complains to EU over Microsoft cloud practices
World News

Google complains to EU over Microsoft cloud practices

By Philip Blenkinsop, Reuters Alphabet unit Google filed a complaint to the European Commission. Photo: JAKUB PORZYCKI NurPhoto via AFP Alphabet unit Google filed a complaint to the European Commission against what it said were Microsoft's anti-competitive practices to lock customers into Microsoft's cloud platform Azure. Google, whose biggest cloud computing rivals are Microsoft and Amazon Web Services, said Microsoft was exploiting its dominant Windows Server operating system to prevent competition. Google Cloud Vice President Amit Zavery told a briefing that Microsoft made customers pay a 400 percent mark-up to keep running Windows Server on rival cloud computing operators. This did not apply if they used Azure. Users of rival cloud systems would also get later and more limited se...
Inland Revenue raises capital gains tax questions
Business

Inland Revenue raises capital gains tax questions

Inland Revenue is consulting on the future of the tax system as it develops its next long-term insights briefing. File photo. Photo: NZME Inland Revenue (IR) is asking questions about the future of the tax system - including whether the country needs new types of tax, such as on capital gains and land. The issue of whether the country needs a tax on capital gains surfaced again this week, with ANZ's chief executive Antonia Watson telling RNZ she believed it was time for such a tax. Labour says it is looking at its tax policy and is considering capital gains, wealth or capital income taxes. IR is consulting on the future of the tax system as part of developing its next long-term insights briefing, which it produces in its role of providing advice to the ministers of revenue and finance. ...
Israel unleashes more airstrikes across Lebanon, hints at ground assault
World News

Israel unleashes more airstrikes across Lebanon, hints at ground assault

By Maya Gebeily and Ari Rabinovitch, Reuters Smoke rises from the site of an Israeli airstrike that targeted the southern Lebanese village of Khiam. Photo: RABIH DAHER/AFP Israel's military chief told troops that air strikes in Lebanon would continue in order to destroy Hezbollah infrastructure and to prepare the way for a possible ground operation by Israeli forces. Even as he spoke, sources said the United States had started a diplomatic push to stop the fighting in both Gaza and Lebanon, and that proposals were being hammered out at the UN General Assembly in New York. US President Joe Biden told ABC television that all-out war was possible, but added: "We're still in play to have a settlement that can fundamentally change the whole region." Read more: Hundreds killed by Israeli ...
Business cases for large roading projects ‘disconnected’ from reality – ministry
Business

Business cases for large roading projects ‘disconnected’ from reality – ministry

A major issue with investment planning for things such as large roading projects was "poor strategic thinking", says Treasury. File photo. Photo: 123RF The government has been warned that business cases for many projects - even large roading projects - have become so weak that they are disconnected from reality. The Transport Ministry (MOT) has told the government that "investment decisions have become disconnected from the available revenue and market capacity," in proactively-released documents. "There has been a breakdown in the relationship between business case developers, decision makers and funders." This warning was issued in November, with the problems of poor planning going on for years, and persisting. "The system is not working effectively to support Cabinet decision-makin...
Kathmandu owner posts $48.3 million loss
Business

Kathmandu owner posts $48.3 million loss

KMD said it continued to feel the effects of weaker consumer sentiment, with sales down 11.2 percent. Photo: RNZ / Nate McKinnon Outdoor goods retailer KMD Brands posted a steep full-year loss amid a sharp downturn in the wider sector and a one-off write-down in the value of its US footwear brand Oboz. Key numbers for the 12 months ended September compared with a year ago: Net loss $48.3m vs $36.6m Sales $979.4m vs $1.1b Underlying earnings $50m vs $105.9m Gross margin 58.9 % vs 59.1% Oboz impairment $40.3m No dividend vs 3 cents per share KMD, which also owned Kathmandu and Rip Curl, said it continued to feel the effects of weaker consumer sentiment, with sales down 11.2 percent from last year's record result. Its bottom line was also affected by a $40.3 million write-down in the val...
How ‘free’ are Woolworths’ give-away Disney cards?
Business

How ‘free’ are Woolworths’ give-away Disney cards?

The Woolworths Disney cards were popular giveaways. Photo: Supplied / Woolworths Little Garden seedlings, Smeg knives, Wiltshire cutlery, Lego-style bricks and now Disney collector cards ... all marketing ploys from our biggest supermarkets to get more customers, with or without their children, through the door. But at what cost? And are the 'free' products really 'free'? On Sunday, Woolworths wrapped up its two-month Disney 'Worlds of Wonder' collectibles programme. There were 108 character cards of Disney, Pixar, Marvel and Star Wars characters, a rare holographic card and an album to put them all in. But you had to spend $30 or buy specific 'bonus card' products to get each potluck pack of three cards. One shopper told First Up her children enjoyed collecting them but she would hav...
New Zealand businesses fear disruption of American port strikes
Business

New Zealand businesses fear disruption of American port strikes

About 45,000 port workers in the US are poised to strike, which may affect import and export trade. Photo: RNZ / Kymberlee Fernandes Port strikes in the United States could cause major disruption for importers and exporters in New Zealand. About 45,000 dockworkers at all the major US ports on the eastern coast and the Gulf of Mexico are threatening to strike on 1 October with pay talks at a stalemate. This comes as New Zealand exporters report feeling more optimistic about the coming year with new free trade deals potentially helping growth. Freight company C. H. Robinson's Oceania Vice President Andrew Coldrey said the industrial action could make global shipping schedules unreliable and increase costs. He said that will flow through to New Zealand trade businesses. "For those trading ...