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Photo: Photo / 123RF New Zealanders are feeling financial strain which is threatening emergency and retirement savings. One in five retirees have less than a year's worth of savings to maintain their current lifestyle. 50 percent of people reported the economy has had a negative impact on personal finances. Renters are less likely to manage through these tough conditions compared to homeowners. A new report shows short term financial strain is leading to a looming retirement savings crisis. The Financial Services Council's latest research reveals households are facing the choice between relieving immediate financial pressures or saving for the future. Its latest Money & You research showed 94 percent of people are concerned about their finances as the cost of food, petrol, ren...

Photo: RNZ / Nate McKinnon House price expectations fell - only net 13% of respondents believed house prices will increase A net 20 percent of respondents expect lower interest rates, the highest share since October 2020 Only a net 8 percent think now is a good time to buy Confidence in the property market has nose-dived in the latest survey with price expectations dropping. The ASB Bank's Housing Confidence Survey for the three months to July showed people were not expecting an uptick in prices any time soon. ASB senior economist Kim Mundy said: "The gloomy sentiment from most Kiwis regarding house price gains is in step with the recent data we've seen showing house prices falling over the past three months. "We're currently seeing a soft housing market, with plentiful supply, high...

Photo: Supplied / Google Maps Wellington eatery Egmont Street is closing its doors at the end of the month after nine years in business, leaving 15 people without jobs. In a social media post, the deli and diner said the current economic climate has created huge challenges and changes to its business. "We're proud to have experienced many moments of joy, achievement, growth, resilience, tough decisions and change and we're deeply grateful for the supportive customers and community we've had the pleasure of serving throughout our time here. "We extend our sincere gratitude to all of our suppliers and service providers, whom without your partnership and loyalty, we would never have made it this far." Egmont Street is encouraging all its customers to show their support towards other eaterie...

Retail spending has begun to increase, data shows. Photo: Unsplash/ Simon Kadula Retail spending was not great in August, but was not as bad as in July, new data suggests - and commentators say some 'green shoots' are starting to emerge. Data from electronic payments network Worldline showed $2.89 billion was spent in August, down 0.5 percent from the same time last year. But that was an improvement from the 2.6 percent drop recorded in July. Chief sales officer Bruce Proffit said it was tempting to attribute the trend to interest rate cuts and improving business confidence. But he said it was largely due to the usual seasonal increase of this time of year. "There is no doubt that it has been a tough winter for merchants, and the seasonal lift in spending that tends to occur around now ...

By Gary Mortimer, Byron W. Keating, Laszlo Sajtos, Shasha Wang of An estimated 495 million Chinese shoppers used FRPT in 2021 - roughly one third of China's population. Photo: 123RF You have probably opened your smartphone using your face. If you have travelled internationally, you have used your face to exit and enter the country. You may have even scanned your face to "verify" your online dating profile. But are you willing to use your face to pay for your morning coffee? While facial recognition technology isn't new, facial recognition payment technology (FRPT) is - and it's growing very quickly. An estimated 495 million Chinese shoppers used FRPT in 2021 - roughly one third of China's population. In 2025, financial institutions such as JPMorgan Chase and Japan'...

Countdown and Pak'n'Save. Photo: RNZ / Cole Eastham-Farrelly, Simon Rogers Grocery consumer advocates want the Commerce Commission to have greater powers to force more supermarket competition. It comes as the commission's first annual report into competition in the grocery sector since the appointment of Grocery Commissioner Pierre van Heerden is published. The report painted a concerning picture of the $25 billion grocery sector, he said. Supermarket margins have increased, profits remained high and the two main operators, Foodstuffs and Woolworths, remained dominant, van Heerden said. "We want to see more competition and sustained pressure on the major supermarkets to deliver better outcomes for consumers." Grocery Action Group chair Sue Chetwin told Midday Report The Warehouse sellin...

Photo: RNZ/ Nate McKinnon Rocket Lab says very strict laws control what can and cannot be launched into space from New Zealand. This follows criticism from an associate professor of security studies, Damien Rogers, who told Morning Report today launches that support US military aims have not been questioned enough. Responding through a statement, Rocket Lab said that every satellite payload must get approved by the Space Agency and the minister. "Robust regulations govern all satellites launched from New Zealand and the law is very strict about what can and cannot be launched," it said. That would not happen if a payload contributed to nuclear weapons programmes, or to wars in space, or to security operations contrary to government policy, it added. Payloads also had to be consistent wit...