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Freightways chief executive Mark Troughear. Photo: Supplied / Freightways Courier and information management company Freightways reported a slight drop in profit as it faced higher costs, although revenue increased despite the tough economic environment. Key numbers for the 12 months ended June compared with a year ago: Net profit $70.9m vs $75.3m Revenue $1.21b vs $1.12b Operating profit $136.4m vs $134m Interest expense $1m vs $0.14m Final dividend unchanged 37 cents per share The company, which owned brands including New Zealand Couriers, Post Haste and Big Chill Distribution, said tough economic conditions meant domestic customer volumes were lower, although it was mitigated to some extent by new business gains. New Zealand courier volumes fell about 5 percent in a sign of the slo...

Photo: RNZ The Commerce Commission is set to reveal its eagerly awaited final report into competition in the retail banking sector on Tuesday. Its draft report found the sector lacks competition, with a two-tier market dominated by the big four Australian-owned banks, ANZ, ASB, BNZ and Westpac. The report suggested that the sector lacked disruptive forces to drive change and deliver benefits. It stopped short of calling for a break-up of the big banks, and there was little indication a drastic measure might emerge in the final report. The draft report also recommended the government look at ways to beef up [https://www.rnz.co.nz/news/business/524216/how-a-kiwibank-sale-might-work Kiwibank] by increasing its capital. When it came to competition for home loans (retail banks' biggest busine...

Photo: RNZ / Rebekah Parsons-King There is light at the end of the tunnel for the economy, as inflation and interest rates continue to ease. ASB's latest quarterly forecast indicates economic growth will be flat or down for the rest of this year, while global growth also remained below average. GDP, which had contracted in two of the past six quarters through to March 2024, was also down 0.5 percent from its 2022 peak, and more than 4 percent down on a per-capita basis. ASB chief economist Nick Tuffley said the economy had been showing "increasing signs of brittleness under the continued pressure from high interest rates", but there were brighter days ahead. "Painful as it is, inflation is getting under control," he said. "Recent encouraging signs suggest the Reserve Bank can be confiden...

The NZX in Auckland. Photo: RNZ / Kymberlee Gomes Retailers and construction companies are expected to suffer this earnings season, reflecting the domestic economic slowdown. Companies listed on the stock exchange will release their latest financial results over the next two weeks. Forsyth Barr is picking it will be the sixth-straight season of decline for the NZX. It would be an unprecedented backwards run worse than during the global financial crisis. Senior analyst Aaron Ibbotson said soft market conditions will have battered earnings and confidence, and expectations for companies such as Fletcher Building and the Warehouse were already very low because they have communicated demand is poor. "We've called out Vulcan, Warehouse, Sky TV, Air New Zealand that we think potentially will p...

Photo: RNZ / Angus Dreaver The cost of workplace accidents rose to $4.9 billion in 2023, up from $4.4b the year before, a new report shows. The State of a Thriving Nation report was released by the Business Leaders' Health and Safety Forum on Monday. Written by economist Shamubeel Eaqub, the report tallied the cost of lost lives and earnings, serious injury costs to ACC, and health issues to reach the $4.9b figure. "Catching up to Australia's performance would save New Zealand $1.4 billion each year, and if we were to match the UK's performance, we would save $3.4 billion per year," the forum's chief executive Francois Barton said. The report also found that close to 50 percent of New Zealanders had been affected by a workplace accident involving either themselves, a colleague, their fam...