Blog

Photo: RNZ / Simon Rogers The Commerce Commission has declined Foodstuffs' proposal to merge its North Island and South Island divisions. Earlier this year the country's biggest supermarket operator proposed agreed to bring the divisions together to create a national co-operative. The boards of Foodstuffs North and South Island divisions currently operate separately and run a number of well-known brands including New World, Pak'nSave and Four Square. On Tuesday, the Commerce Commission declined the proposal saying it would substantially lessen competition. In a statement, chair Dr John Small said it would reduce the number of buyers of grocery products in New Zealand from three to two giving it greater buying power. "As a consequence of the substantial lessening of competition and the as...

Fletcher Building's share price has fallen from $8 to less than $3 in the past decade. File photo. Photo: RNZ / Cole Eastham-Farrelly It might be one of the country's biggest companies, but Craigs Investment Partners has not had Fletcher Building among its recommended portfolios for the past decade, and that has served the investment firm well. A series of unfortunate events, and the cyclical nature of the business, have meant its share price has fallen from about $8 a decade ago to $2.95 this week. So what went wrong for Fletcher, and will its new chief executive and recently completed capital raise help turn it around? A number of significant events have damaged the company in recent years. It has been involved in a dispute over leaking pipes in Western Australia, installed between 20...

The construction, hospitality and transport sectors are twice as likely to be placed in liquidation. File photo. Photo: 123rf The number of company liquidations has soared, as businesses struggle to stay afloat in a slowing economy. The latest monthly report from credit bureau Centrix shows liquidations are up 19 percent year-on-year, and business credit defaults up 5 percent. Construction, hospitality and transport businesses appear to be the hardest hit, as consumers and businesses pull back on spending. That is despite an improvement in business and consumer sentiment in recent months. Centrix managing director Keith McLaughlin said the trend of difficulty for businesses often followed that of consumers. "The cost of running a business has gone up and to counter that, consumers haven...

The number of people withdrawing money from KiwiSaver for financial hardship reasons has almost doubled in a year. File photo. Photo: 123rf Large numbers of New Zealanders continue to withdraw money from KiwiSaver for financial hardship reasons. More than 4200 members withdrew money for this reason in August, up from 2760 in August last year. But how do you make a financial hardship withdrawal, how long does it take, and what might get you turned down? What can you claim for? KiwiSaver members can apply for withdrawal for hardship reasons in fairly limited circumstances. You can apply if you cannot pay your minimum living expenses - such as power, water and food bills, if you can't keep up with your mortgage or rent, if you need to modify your home to meet special needs, or if you need ...