Friday, March 20

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Expect bumps ahead on shaky sharemarkets
Business

Expect bumps ahead on shaky sharemarkets

Japanese stocks rebounded today after suffering their biggest single day fall since 1987. Photo: AFP / Tetsuji Nojuchi Share markets appeared a bit calmer on Tuesday, with S&P Futures up and the Nikkei recovering 9 percent. But local commentators are warning there are likely to be bumps ahead for markets and investors. Markets around the world suffered on Monday due to concerns about the US economy, technology stocks, weaker-than-expected earnings from some countries and the prospect of rising Japanese interest rates. "A fear factor crept in rather than anything substantially changing overnight," said Devon Funds Management head of retail Greg Smith. "It was sort of related to the Yen carry trade - the carry trade has been to borrow yen at low rates and invest in tech stocks, which ...
The Seine is filthy, and Parisians tried to warn us
World News

The Seine is filthy, and Parisians tried to warn us

For more than 100 years, swimming in the Seine had been banned due to concerns over what the water could do to human health. Now Olympic athletes are swimming in it and falling sick. Photo: RNZ / Quin Tauetau News of athletes falling sick after swimming in the River Seine comes as no surprise to Parisians; the city locals know the water is filthy, and they have been trying to warn us since well before the Olympics began. Test results published less than two months before the swimming competitions were scheduled to be held revealed elevated levels of bacteria in the river. Despite a mammoth cleanup effort costing upwards of NZ$2.3 billion (€1.3 billion), it is clear the river is not clean enough to swim in. RNZ unpacks the filthy history of the River Seine. Why swim in the Seine at all? ...
Northport appeals decision to refuse consent for major port expansion
Business

Northport appeals decision to refuse consent for major port expansion

Northport had applied for a raft of resource consents related to a major expansion. Photo: Supplied Northland's port company is appealing a decision to refuse consent for a major expansion, saying the commissioners made a series of errors when they ruled it would have serious adverse effects on cultural and recreational values. Northport had applied to the Northland Regional and Whangārei District Councils for a raft of resource consents, including for an almost 12-hectare reclamation, a 250-metre wharf extension, and 1.7 million cubic metres of dredging. The container terminal would have been built between the existing port and Channel Infrastructure, a fuel import facility, where there is currently a publicly accessible beach. Northport has lodged an appeal in the Environment Court...
Queensland crocodile attack victim identified as Newcastle doctor David Hogbin
World News

Queensland crocodile attack victim identified as Newcastle doctor David Hogbin

By Holly Richardson, Conor Byrne and Romy Stephens, ABC News File image. Photo: AFP / DAVID GRAY Human remains have been found inside a crocodile that wildlife officers euthanased in far north Queensland. Police say Newcastle man David Hogbin, 40, was with family members when he fell into the Annan River near Cooktown and failed to resurface on Saturday. A spokeswoman for Sonic Healthcare Australia said Dr Hogbin would be missed by colleagues. "We are deeply saddened by the news of this tragic event," she said. "This is a very challenging time for our team." Dr Hogbin has worked at several medical centres in New South Wales. His biography at Jewells Medical Centre, 13km south-west of Newcastle, said Dr Hogbin was a Fellow of the Royal Australian College of General Practitioners after...
Major energy users grapple with very high power prices
Business

Major energy users grapple with very high power prices

Winstone Pulp International's chief executive said energy costs had risen from 15 percent of total production to in excess of 40 percent. File picture. Photo: 123RF Major energy users are grappling with extremely high power prices and one timber company has stopped operating to consider if it can keep going. Since September 2021, wholesale prices have risen from around $100 per megawatt hour (MWh) to an average of around $700 per MWh this week. Winstone Pulp International (WPI) has paused work for 14 days at its two operational sites, Tangiwai Sawmill and Karioi Pulpmill. Chief executive Mike Ryan said the company was thinking about its future now that energy costs had risen from 15 percent of total production to in excess of 40 percent. He said the volatile power market in New Zealand ...
Warriors halfback Shaun Johnson on his retirement from the NRL
World News

Warriors halfback Shaun Johnson on his retirement from the NRL

An emotional Shaun Johnson fronted media on Tuesday at Go Media Mt Smart Stadium, saying that it had been a "draining 24 hours" since he made his decision to retire at the end of this season. "A lot went into yesterday," Johnson said. "But it feels good knowing that I've made the decision, a little bit like a weight's been lifted off my shoulders. To be able to come out and say it, announce it the way I wanted to. "Departures can be forced sometimes. So for me to have control over this, knowing that there was something there for me (an offer to stay on) next year, but I've made the decision not to." Johnson will hang up the boots after 11 seasons at the Warriors, as well as a 44-game stint at the Sharks from 2019-21. He guided the side to their last grand final appearance in his first year...
‘There’s no free lunch when it comes to infrastructure’
Business

‘There’s no free lunch when it comes to infrastructure’

No single strategy holds all the answers to the country's infrastructure woes, says Bell Gully. Photo: 123rf.com he true cost of critical infrastructure must be seen in a new light, in order to address a deficit of more than $200 billion, says legal firm Bell Gully. A new report by the law firm says there is an opportunity to ensure funding models apply the true cost of infrastructure to those who use and benefit from it. "There's no free lunch when it comes to infrastructure," Bell Gully infrastructure partner Angela Harford said. "I think we need people to be onboard with having to directly put their hand in their pocket." She said decision-makers needed to know the voting public was willing to pay for improved infrastructure. The report highlighted a number of ways to use pricing sig...
Recap: Japanese shares rebound sharply in opening trade after rout
World News

Recap: Japanese shares rebound sharply in opening trade after rout

A man looks at an electronic quotation board displaying stock prices of Nikkei 225 on the Tokyo Stock Exchange in Tokyo on August 6, 2024. Tokyo stocks bounced back in early trade on August 6 following a historic selloff on worries over the US economy and a stronger yen. Photo: AFP / KAZUHIRO NOGI Japanese stocks rebounded sharply in early trade on Tuesday, after their biggest single day rout since the 1987 Black Monday sell-off in the previous session. The Nikkei rallied 8.1 percent at 34,004.22 as of 0026 GMT, while the broader Topix was up 8.57 percent. The Nikkei plunged 12.4 percent on Monday in its worst performance since the October 1987 crash, as investors were shaken by last week's plunge in global stock markets, US recession risks and worries investments funded by a cheap yen ...
Smith and Caughey’s confirms it will downsize, some jobs cuts remain
Business

Smith and Caughey’s confirms it will downsize, some jobs cuts remain

The Queen Street store will remain open by downsizing its operations to one floor in the central city. Photo: Supplied / Smith and Caughey's Auckland retailer Smith and Caughey's has confirmed it will downsize, rather than closing the doors for good. The 144-year-old department store announced in May that it would permanently shut in 2025. But last week, it said another option for the future of the business had been identified, and that was to scale back. On Tuesday, the retailer confirmed the plan which would save about 100 jobs, while another 100 people would still face redundancy. The Queen Street store will remain open by downsizing its operations to one floor in the central city, while the Newmarket store will still close, earlier than anticipated, at the end of next month. The com...
GSK wins latest trial over Zantac cancer claims
World News

GSK wins latest trial over Zantac cancer claims

The discontinued heartburn drug Zantac. Photo: 123rf / © Terry Putman 2016 By Brendan Pierson, Reuters GSK won the latest trial over claims that discontinued heartburn drug Zantac caused cancer, as a jury on Monday found that the drug was not responsible for an Illinois woman's illness, a company spokesperson said. Carrie Joiner had alleged in her lawsuit in state court in Chicago that she developed colorectal cancer from a carcinogenic contaminant called NDMA found in the once-blockuster drug. A lawyer for Joiner did not immediately respond to a request for comment. Zantac was sold at different times by GSK, Pfizer, Sanofi and Boehringer Ingelheim. First approved by US regulators in 1983, it became the world's best-selling medicine in 1988 and one of the first to top $1 billion in annu...