Business

Photo: 123rf A Canadian energy company will be in the country next week for a close inspection of possible oil and gas investment in Taranaki region. Monumental Energy said it would work with the New Zealand Energy Corporation (NZEC), which it owns close to nine percent of, to look at new exploration and development projects. The company's director and founder, Maximilian Sali, said its strong links with NZEC made a closer look at New Zealand opportunities sensible. "It seemed only natural for us to take another step farther into oil and gas in this prolific basin in New Zealand and begin assessing opportunities for Monumental to generate its own revenue by partnering on certain assets and potentially bidding on new blocks with NZEC," he said in a statement to the Toronto Stock Exchange....

By Dan Fastnedge and Melissa L Gould* of Controversial advertising holds a mirror up to society. It can unite us in laughter or outrage, spark debates that shape our beliefs - and sometimes expose our political differences. But where do lines of acceptability or offensiveness get drawn? Earlier this year the New Zealand Advertising Standards Authority (ASA) announced the percent7E:text=1.,our percent20pizza percent20for percent20meat percent20lovers. percentE2 percent80 percent9D most complained about ads ever. Categories ranged from political advocacy to household products. And the most complained about spot belonged to Hell Pizza's "Lust condom" mailers. The brand's "Hell Crossed Buns" billboard came in third. This is not surprising, given the brand is often in the hea...

Photo: Unsplash An Auckland hospitality entrepreneur hopes to flip the New Zealand culture of 'no tipping' at bars and restaurants. Luke Dallow told Morning Report a struggling economy means many hospitality spots are employing fewer waiters, so diners are getting slack service. With the cost of goods and rents increasing, something needs to change, he said. "And what is controllable is wages. My concept would be to reduce the menu price on the menu, then that would get more consumers into the restaurants or bars. "Now to top this up you would tip, encourage tipping." He said it would mean minimum wage plus tips for wait staff, though Dallow's maths could be a bit off. "Minimum wage is $24 or I think it's roughly around that at the moment, and a waitress or waiter could easily make $10 i...

The Tāhunanui Slump is one area covered by the slope risk overlay and now insurers appear to be retreating from properties in the area. Photo: Supplied / Nelson City Council Proposed hazard maps for Nelson are allegedly preventing properties across the city from being insured. The claim has been put to the commissioners overseeing the hearing for the city council's controversial overhaul of its planning rules. The original maps the council put out for consultation included several areas shaded with flooding, inundation, fault hazard, and slope risk overlays. One Rocks Road resident, whose home falls within the slope risk overlay, said that her property has never failed to be insured until the council put out its map for consultation. "It has essentially rendered our property uninsura...

Photo: 123RF There are more men named Mark than there are women chief executives of companies listed on the NZSX - despite one university professor saying young women are "significantly better" at business. A survey of the companies listed on the NZX shows that there are nine that have a chief executive named Mark - Mark Freeman at the Australian Foundation Investment Company, Mark Francis at Asset Plus, Mark Aue at Chorus, Mark Heine at Eroad, Mark Troughyear at Freightways, Mark Turnbull at Foley Wines, Mark Winter at My Food Bag, Mark Peterson at the NZX and Mark Malpass at Steel & Tube. There had been 10 - Mark Lucas was chief executive at beleaguered Cannasouth, until he resigned from the company in April. In comparison, there are six women across the board - Carrie Hurihanganui...

Photo: 123RF AMP Wealth Management NZ says it is well on its way to driving growth in its Global Climate Fund, with an international investment in partnership with US-based investment company BlackRock. AMP has made an initial capital investment of $28 million into BlackRock's Global Renewable Power Fund IV, which was focused on Canadian-based solar energy operation Recurrent Energy and German commercial and industrial solar start-up Enviria. AMP general manager Aaron Klee said it was committed to investing about $75m in global private markets and was looking to double that amount and invest $150m in New Zealand-based renewable energy infrastructure by the end of the year. "Most retail customers aren't able to participate in private equity investments of this nature due to the high barri...

Photo: RNZ / Rebekah Parsons-King From time to time throughout the year, you might hear about people in a certain part of the country getting a discount on their power bills - or a credit in their bank accounts. Here's how that works, and why some people miss out. Community and consumer trusts often own shares in their local lines company. Wellington Electricity and Powerco are notable exceptions. Each year, the lines company may pay a dividend to shareholders, or the trust may have its own accumulated funds, and this money is paid out to the trust's beneficiaries - consumers of power using the network. For consumers in parts of Auckland, that process is underway at the moment, delivering a $350 power bill credit or bank account payment for people served by Vector in the Entrust area of ...

Photo: RNZ A number of factors may be converging that could bring interest rates down more quickly - and two-year fixed home loans to at or below 5 percent by the middle of next year, commentators say. The banks have been cutting interest rates in recent weeks, taking two-year fixed rates below 5.8 percent, from a peak of about 7 percent late last year. Commentators say developments offshore and domestically could help keep that pressure on. Bank competition Housing market turnover is low, which may make banks keener to compete for the smaller number of customers who might be looking for a home loan. But David Cunningham, chief executive at mortgage broking firm Squirrel, said although it seemed that the banks were vying to have a market-leading rate, the situation couldn't be described ...

The Warehouse has issued a recall notice for the Roo Crew Take-Apart Vehicle, saying its small parts pose a choking hazard for children under three. Photo: The Warehouse / Supplied The Warehouse is facing criminal charges over a children's toy. The Commerce Commission said it would soon file charges in the District Court over the Roo Crew Take-Apart Vehicle toys, which had been sold at the retailer from March 2021. The Warehouse had issued a voluntary recall for the product. Commerce Commission principal compliance adviser Grant McIntosh said it was concerned about the risk the toys could pose to small children and was urging anyone who may have bought them to return them. "Businesses must ensure that the products they supply comply with legal requirements and are safe for the intended ...

Photo: 123rf.com Economy shrinks 0.2% in June quarter Growth contracts 0.5% for the year ended June December quarter 2023 revised from a fall to flat, meaning NZ not in recession Households spend on food but not takeaways, cars, mobile phones Agriculture, construction, retail weaker; manufacturing, IT and health services grow The economy went backwards mid-year as a slide in retailing, construction, agriculture, and service industries stymied growth. Stats NZ data shows gross domestic product the broad measure of economic growth fell 0.2 percent for the three months ended June, with annual growth of -0.5 percent. Revisions to the December 2023 quarter changed a small contraction to flat, meaning the economy had not fallen into recession as previously thought. The numbers were better th...