Blog

Photo: RNZ A growing number of commentators are calling for the Reserve Bank to cut the official cash rate by 50 basis points next week - and for rates to come down much faster than previously predicted. Kiwibank, ASB and HSBC now say a 50 basis points cut is likely in October - and BNZ expects one in November. Westpac and ASB then expect another 50bps cut in November, and Kiwibank expects one in February. "I'm calling quite strongly for two 50s," Kiwibank chief economist Jarrod Kerr said. "Businesses and households need rates to keep falling, they need the Reserve Bank to maintain momentum. "The only way it can do that is to deliver 50 - the market has pretty much got that fully priced in now, if they don't there's going to be a spike in wholesale rates." Kiwibank chief economist Jar...

ChargeNet operates more than 400 charging stations nationwide. Photo: AFP Power company Genesis Energy is planning to pump money into ChargeNet to speed up the growth of its nationwide electric vehicle charging network. Genesis has taken a 65 percent stake in the network for $64 million, as it looks for new income sources. ChargeNet operates more than 400 public fast-charging points across the country and chief executive Danusia Wypych said the new deal will help build more ports faster. "The Genesis investment gives us core investment into our site delivery program. So. putting more chargers in the ground. If I look back on a 12 month period under our current program, I'd be putting in maybe up to 150 charge points with the Genesis investment I can put in over 270 charge points per ann...

The decision to decline the Foodstuffs merger could mean higher prices in the near future. File photo. Photo: RNZ / Kim Moodie The Commerce Commission's decision not to allow a planned merger of Foodstuffs' North Island and South Island divisions could be bad news for shoppers - at least initially. The commission said on Tuesday it was declining the proposal because it would substantially lessen competition. Chair John Small said it would reduce the number of buyers of grocery products in New Zealand, and give them more power to extract lower prices from suppliers. University of Auckland emeritus professor Timothy Hazledine said, while the decision to decline the merger was the right one, in the very near future it could mean higher prices. "They've still go to compete with each other w...

By Lisa M Katerina and Drew Franklin of Multiple submissions to the Commerce Commission claimed Foodstuffs' unwillingness to compete with each other demonstrated a worrying precedent. Photo: 123RF Analysis: Two of the dominant players in New Zealand's supermarket sector - Foodstuffs North Island and Foodstuffs South Island - have failed in their quest to officially join forces. In a decision announced on Monday, the Commerce Commission declined to green-light the merger between the two cooperatives. The watchdog said it was not satisfied the move wouldn't result in reducing competition in the New Zealand grocery sector. But it needs to go further. Instead of adjudicating on a merger, the commission should be given the power to break up the two Foodstuffs entities t...