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Photo: RNZ / Rebekah Parsons-King Retail sales fell in the June quarter, reflecting the pressure rising prices and high interest rates are putting on consumers' wallets. Stats NZ data shows retail sales, adjusted for inflation, were down 1.2 percent in the three months to June. The drop continues the downward trend seen for two years. Sales for electronic goods, motor vehicles, hospitality and clothing were down, while supermarket sales were up. Retail NZ chief executive Carolyn Young said the data shows how challenging it has been for retailers. But she said with the Reserve Bank cutting the official cash rate and promising more cuts will follow there is hope the economy will pick up. "We are all hoping that last weeks OCR cut and the recent tax cuts will help kick start the economy and...

Tomato brown rugose fruit virus. Photo: Tomatoes NZ Biosecurity New Zealand has temporarily suspended all Australian tomato imports, to be reviewed in seven days, after the detection of tomato brown rugose fruit virus. The Ministry for Primary Industries had previously paused some Australian exports but was still allowing tomatoes in from Queensland, where the virus is not present, and was testing seeds which can also contain the virus. Tomato Brown Rugose Fruit Virus (ToBRFV) which effects affects tomatoes, capsicums, and chillies, has been found in two properties in South Australia. The virus causes spotting, discolouration and deformities, impacting the fruits market value - it has no impact on human health. Tomatoes NZ chairperson Barry O'Neil told RNZ greenhouse tomato growers were...

Photo: Derek Morrison Replacing sheep and beef farms with pine forests would reduce emissions and improve water quality, but it will come at a cost to local communities according to Federated Farmers. Rivers and lakes could be cleaned up with profits still generated for landowners by converting sheep and beef farms to pine trees, according to a new paper from the Our Land and Water science challenge. Federated Farmers meat and wool chair Toby Williams told Morning Report pine trees were an important part of the regional economy, as well as on-farm, but planting whole farms with pine trees could have flow-on impacts in regional towns. "The concerns we've got is the planting of whole sheep and beef farms detracts from those communities. It means you have less schools, you start to struggle...

The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. Photo: The Court of Appeal has ruled up to 100,000 customers of two of the country's largest banks can be part of a class action. The customers of ANZ and ASB Banks will make up one of the largest class action lawsuits in New Zealand history. The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. The Court of Appeal's judgement found the approach where affected customers had to opt to join the class action placed unnecessary hurdles in the way of customers and what they were entitled to. The lawyer leading the class action, Sco...

Photo: Supplied / Fisher & Paykel Healthcare Fisher and Paykel expects significant profit growth due to increased demand for its healthcare products. The company has updated its market guidance for the first half of the 2025 financial year to expect revenue of $940m to $950m and profit of $150m to $160m. It would be growth of 18 percent in reported operating revenue and 44 percent in net profit after tax compared to the same period last year. Managing director and chief executive Lewis Gradon said strong demand in the first four months has given the company confidence. "Our hospital business is built on improving care and outcomes and changing clinical practice and that's ongoing. In our homecare business we have a new range of OSA masks and that's kicking in and helping growth for u...