Business

Photo: Unsplash/ Simon Kadula Retailers running into cash-flow troubles are surviving off bank overdrafts, as the spending downturn pushes businesses to the brink. Latest spending data from payment operator Worldline shows another decline, with consumers spending 3.4 percent less than a year ago. Retail NZ said April to September was a typically quieter period, and with the economic downturn, businesses were feeling the pinch and unable to restock. Chief executive Carolyn Young said some retailers were relying on the bank to make it through. "A number of businesses are surviving through having an overdraft with their bank and then really one of the things that businesses need to consider is when they look at their business structure, should their overdraft be an overdraft or should it be...

Not every business is following best practice when it comes to storing that information, nor disposing of it when it is no longer needed. Photo: 123rf It seems almost impossible to make a transaction of any sort these days without being required to hand over personal information. But that information is not always disposed of it when it is no longer needed. In August, a major audiology chain of clinics admitted much of its customer data had been leaked onto the dark web - potentially including bank account details, patient records and insurance information. One of those caught up in the Bloom Hearing Specialists hack was Auckland man Russell (full name withheld on request) - and he was not even a customer of theirs. "I had some hearing loss, industrial deafness. ACC covered me for up to...

Nathan Guy Photo: Meat Industry Association The red meat sector has welcomed news the EU is delaying its deforestation regulation by 12 months. Due to come into force at the end of this year, the rules mean exporters have to prove their products are not linked to deforestation. The EU said the main driver of deforestation is the expansion of agricultural land that is linked to the production of commodities like cattle, wood, cocoa, soy, palm oil, coffee, rubber, and some of their derived products, such as leather, chocolate, tyres or furniture. New Zealand's red meat industry has been advocating for a delay and review of the rules for almost two years. Meat Industry Association (MIA) chair Nathan Guy said while the red meat sector supports the intent to tackle global deforestation, both...

An Interislander ferry in Wellington Harbour. Photo: KiwiRail Greater Wellington Regional Council (GWRC) wants to refloat plans for all Cook Strait ferries to work out of the same port. Between 2018 and 2020 when the former government's plans for new Cook Strait ferries were in play, GWRC was pushing for a multi-user port which Bluebridge and the Interislander would work out of. The Future Ports Forum was made up of GWRC, the Wellington City Council, Centreport, NZ Transport Agency Waka Kotahi, KiwiRail and Bluebridge. It was tasked with finding the best place to situate such a port. The forum decided Kaiwharawhara (where Interislander worked out of currently) would be the best spot to build a multi-user port. KiwiRail did not agree, preferring a new terminal at Kings Wharf, beside Blue...

Photo: 123RF When Claire Nickson applied for the Family Boost early childhood education rebate this week, she was surprised to be declined. "Our combined income is around $150,000 - well below the $180,000 cap that has been advertised." Claims for rebates from the new scheme began to be accepted by Inland Revenue from the start of this month. The subsidy took effect in July but is paid out quarterly. Families can claim 25 percent of their weekly cost of childcare, up to a maximum $75. Payments for those earning between $140,000 and $180,000 are gradually reduced and those earning more than $180,000 are not eligible. Nickson said the payment would be a help to her family. Her daughter has just started daycare and will increase to four days a week from January next year. She expected to pa...

The MV Regatta, Whangārei's first cruise ship, arrives at Northport early on 4 February 2024. Photo: Supplied / NorthPort, Adam Jones Whangārei is hoping to cash in on the cruise ship boom with the number of vessels calling in to the northern city going from zero last year to four next season - and possibly as many as 30 by 2044. Cruise ship spending in the city is expected to be just under $1 million in the upcoming season, with more than 3000 passengers and crew due ashore. That number could rise to 45,000 by 2044, according to an economic impact report prepared for the Whangārei District Council. Whangārei mayor Vince Cocurullo told Midday Report the city had been seen in the past as a mere stop-off. "Now it's actually a destination point for people. They can see the Hundertwasser A...

Queenstown Lakes Mayor Glyn Lewers. Photo: RNZ / Niva Chittock Cuts to Air New Zealand regional routes will mean less money circulating in the economy of larger cities, the Queenstown Lakes District mayor says. The national carrier has announced more trims to regional flights, including swapping out larger jets for much smaller twin engine turboprop planes on some Queenstown and Dunedin flights - meaning there will be 100 fewer seats on a flight. In some cases, morning departure times will be later and return flights will be earlier in the afternoon, compressing any day trips. Air New Zealand also announced it was ditching direct flights from Invercargill to Wellington from January. Queenstown Lakes District mayor Glyn Lewers told Checkpoint it had come as "a bit of a surprise", and he ...

Photo: RNZ/Tess Brunton A private company that builds hospitals is putting its hand up to play a part in Dunedin's beleaguered public project. The government is looking at cutting back the scope of the new hospital or breaking it into more stages to deal with cost blowouts. Vital Healthcare Property Trust already leases some small health facilities to the government, and owns a couple of billion dollars worth across the Tasman. Its fund manager Aaron Hockly told Morning Report it was willing to be part of the Dunedin solution. "We could certainly look at breaking up part of this project, acquiring part of it and leasing that back to the government for a very long term," he said. "There'd be a whole range of contractual projections for the state, and essentially they would pay us rent." ...

Director of Du Val, Kenyon Clarke. Photo: kenyonclarke.com The convoluted drama playing out for Auckland property developer Du Val has ensnared small-scale investors and subbies alike The fascination with Auckland property developer Du Val's collapse has commanded headlines for weeks on end, in part because of the enormous scale of the debt it's said to owe - $250 million - and in part because of the ostentatious show of wealth that Du Val's founders, Kenyon and Charlotte Clarke, flaunted. On Kenyon's website, one of the few of his public platforms that hasn't been taken down, a video of him driving a Ferrari and standing next to a private jet with his wife plays on loop underneath a tag line: "building a billion dollar empire." But the billion dollar empire was a carefully-crafted ill...

Hundreds of mill workers near Ohakune farewelled their workplace for the final time today, as Winstone Pulp International closed the doors on 45 years of operations. Two-hundred and thirty workers from Winstone Pulp International lost their jobs when the mill confirmed last month that it'd close because of low pulp and timber prices and the soaring cost of wholesale power. The move is expected to decimate the local towns of Raetihi and Ohakune who rely on the two mill sites for employment as it's the largest source of work in the rural area. But for many it's more than just a job, with a number of employees having worked there for decades. "A lot of guys been coming here a long time and this was their life," said mill electrician Daniel Abernathy. He's worked at the mill for 11 years. "It'...