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RNZ's money correspondent Susan Edmunds. Photo: RNZ Got a burning question you want answered? Email susan.edmunds@rnz.co.nz I've heard of people having investments in gold alongside things like shares and term deposits. Is that something that is worth doing? Gold prices have risen steadily since the end of last year - the price of a gold bar even hit US$1 million (NZ$1.62 million) for the first time this week. While most people won't have the resources to invest in a whole bar, some retail investors do include precious metals in their investment portfolios. Chris Smith, who is general manager at CMC Markets, describes the past year as "stellar" for gold, with a lot of things working in its favour. High inflation coupled with the prospect of interest rates dropping had created a "really...

Four Australian banks in New Zealand made about $7 billion in profits in 2023. Photo: RNZ Analysis - The Commerce Commission's banking market study has concluded more competition is required to reduce the profits of the big four banks. But the report suggests increasing competition may be ineffective unless customers are easily able and willing to switch between banks. In 2023, the four Australian banks operating in New Zealand made approximately NZ$7.1 billion in profit, representing $1400 per person. Despite many customers struggling due to increasing mortgage costs, the banks' profits rose. The previous government commissioned the market study to look into whether competition for personal banking services in New Zealand was working. The report highlights a lack of true competition, w...

Photo: 123RF Tougher economic times and staff shortages appear to be shrinking the number of cafés and restaurants operating in New Zealand. Stats NZ data shows that last year was the first time in more than 20 years that the number of cafés and restaurants shrank compared to the year before. Last year, Stats NZ's enterprise data shows, there were 8958 café and restaurant businesses recorded, compared to 8964 the year before. Every other year in the data the number of enterprises recorded held stable or increased year-on-year. There are still twice as many as in 2000. Data from economist Shamubeel Eaqub showed that the number of food and beverage and hospitality businesses in New Zealand had grown more than 30 percent since 2000, on a per capita basis. "It has also grown as a share of th...

Photo: LDR / Northern Advocate / Michael Cunningham The country's biggest fuel import terminal has seen a near 50 percent jump in interim profit on increased revenue, with the company also announcing a deal to increase jet fuel storage. Key numbers for the six months ended June compared with a year ago: Net profit $16.6m vs $11.4m Revenue $69.8m vs $64.4m Operating earnings $48.1m vs $43.5m Interim dividend 4.4 cents per share vs 4.2 cps Channel Infrastructure, the former Marsden Point refinery, said revenue rose 8 percent, with private storage fees rising by 59 percent. It said private and additional storage contributed $8.1 million and operating costs increased 4 percent with Channel benefiting from a new fixed price electricity contract. Jet fuel demand rose 22 percent and was track...