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Newshub, owned by Warner Bros. Discovery, shut down operations last month. Photo: Screenshot / Newshub The owner of New Zealand television channel Three posted a hefty loss last year, as advertising revenue fell sharply and as it wrote down the value of assets. Warner Bros. Discovery New Zealand (WBD), which owned television channels Three, Bravo Eden and Rush, and online platform Three Now, revealed a $138.2 million after-tax loss for the 12 months ended December 2023, compared to a $34.9m loss in 2022. Revenue fell 17 percent to $131.9m, with advertising income falling by $23.4m in what was a challenging period for all commercial media players in New Zealand. The results also included a $79.5m accounting write down in the value of its assets. WBD announced the closure of its news oper...

The Grocery Commisioner sent a message to the Woolworths and Foodstuffs in April about fair treatment and negotiation of supply contracts. Photo: RNZ / Marika Khabazi, Simon Rogers The Grocery Commissioner says one of the key measures to improve competition in the grocery market isn't working properly. Pierre van Heerden has started a review of the Grocery Supply Code, which only came into force last September and is aimed at improving the relationship between the two big chains and suppliers. He said there are reports suppliers are concerned about how they are being treated by Woolworths and Foodstuffs. "Some of the signs I am seeing is that suppliers are very fearful of repercussion, there's a lack of trust." Pierre van Heerden. Photo: "The grocery agreements that were sent out...

Photo: 123RF Around half of New Zealanders feel they aren't making the most of their money due to a lack of financial knowledge. New research by Partners Life shows many people struggle to pay their monthly expenses and lose sleep over money. It found three-quarters think financial literacy is important during a cost of living crisis. The insurance firm has partnered with financial educator Banqer to offer a free two-week course in personal finance in August. Banqer chief executive Simon Brown said the high cost of living was putting pressure on people and growing confidence around money matters would help. "I think underpinning that is a sort of taboo around talking about money and talking about personal finances. From my perspective, we're not having enough conversations around kitchen...

There were 383 business liquidationa in Auckland in the second quarter of this year, compared to 56 in Wellington, 118 in the rest of the North Island, and 61 in Canterbury. (file image) Photo: RNZ / Cole Eastham-Farrelly Auckland businesses are bearing the brunt of the current downturn, new data suggests. Centrix data shows the number of business liquidations is increasing in all regions, but most sharply in Auckland, where there were 383 in the second quarter of this year, compared to 56 in Wellington, 118 in the rest of the North Island, and 61 in Canterbury. That equates to about 1.8 business closures per 1000 business in Auckland, well ahead of the rate of less than one per 1000 being recorded in Wellington. Economist Shamubeel Eaqub said that rate was likely to get worse. "This is...

The Verkerks brand markets salamis and small goods into many New Zealand supermarkets. File picture Photo: RNZ / Cole Eastham-Farrelly Small goods meat business Verkerks is selling its Mid-Canterbury abattoir to a large Japanese meat company for $15 million. New Zealand-based Japanese subsidiary SFJ Holdings was granted approval by the Overseas Investment Office to acquire the company's meat processing plant in Ashburton in June - under the Benefit to New Zealand test. The pending multi-million dollar sale would include 37 hectares of land for meat processing and all shares to Ashburton Meat Processors, owned by Verkerks. The well-known Verkerks brand markets salamis and small goods into many New Zealand supermarkets - and its founder Aalt Verkerk started the company, officially named A...