Blog

The manufacturing sector remains deep in contraction. Photo: UnSplash/ Silvia Brazzoduro The manufacturing sector remains deep in contraction, with last month's reading only slightly better than June's dreadful result. The BNZ-Business New Zealand Performance of Manufacturing Index rose 2.8 points in July to 44.0 points, which was an improvement on June's 41.2 reading. But the latest reading was still well below 50 points, which indicates contraction. "The manufacturing index in July, I guess the best thing you can say about it is that it was a little bit better than June," BNZ senior economist Doug Steel said. "But June was dreadful, so a little bit less dreadful in July, but still fairly challenging conditions for manufacturers out there at the moment." The ongoing lack of demand had ...

Prospective buyers complained they were not advised properly about the pre-approval process and wanted to "recover their losses" on a house they bid for. (File photo) Photo: RNZ / Cole Eastham-Farrelly A couple who made an unconditional bid at auction for a house, without realising they did not have home loan preapproval, have been given $20,000 in compensation by their financial adviser. The women complained about the adviser to Financial Services Complaints Ltd, a financial ombudsman service that deals with complaints that cannot be resolved directly. It does not identify the people who complain nor the organisations they complain about. The couple already owned a home in South Auckland and a Whangārei rental property but were looking to purchase another investment property. In Februa...

Retail investors are losing confidence in local investment markets. Photo: 123RF Retail investors are losing confidence in local investment markets, but have increased expectations in overseas markets. A survey by Chartered Accountants Australia and New Zealand (CAANZ) showed confidence in domestic markets fell to 73 percent from 77 percent. At the height of the Covid-19 pandemic in 2020, that confidence was at 83 percent. Confidence in publicly listed companies also faded to 76 percent from 80 percent last year and 86 percent in 2021. In contrast, investor confidence in overseas markets climbed from 64 percent in 2020 to 81 percent in 2024. CAANZ reporting and assurance leader Amir Ghandar said inflation was the main driver for the drop in sentiment. "Anxiety around interest rates, fut...