Business

The software many councils use to process building consents may cost more in the future, with the increased fees likely to passed on. File photo. Photo: 123rf An Australian company fined more than a million dollars for muscling into the market for software that processes building consents is making IT changes that could push up consenting fees in many cities and districts. Objective Corporation's new moves could push up IT costs at cash-strapped councils. When Objective took over the two closest local competitors in the building consent software market in 2019, the court said it was advised this "would effectively hand over the New Zealand market to Objective". The listed Sydney company went ahead with the takeovers, but later admitted its move had "substantially lessened competition" a...

At the end of last year, rents were increasing at a rate of more than 7 percent a year. File photo. Photo: RNZ Christchurch woman Tara has seen her rent increase from $480 a week to $580 in the past two years - and she's now living in a smaller house. She had to move because the owners wanted to move back in. "It took four months to find something 'affordable' that was dry and near my son's kindy." She said she was staring to feel real pressure. Her sole parent support is $618 a week and she also receives Working for Families and child support. She says without those, she would be in real trouble. She has not accessed any additional support. "I often find the applying for assistance more stressful than helpful and I have been doing small amounts of contract work which makes it practical...

Some online mega retailers are moving to charge people for returning unwanted purchases. Photo: 123rf A move by online mega retailers to charge for returns could push shoppers back into local bricks and mortar stores. Clothing giant ASOS previously allowed people to return unwanted purchases for a full refund, but not anymore. They will be stung about NZ$8 unless they keep a minimum purchase value. Amazon is also charging a return fee and UK fashion retailer Boohoo is now charging for freight. First Retail Group managing director of retail strategy experts Chris Wilkinson told Checkpoint changes like these had been happening across the e-commerce market. "We've seen the change in GST over the last couple of years, which has reduced the appetite for people to be buying overseas. All thes...

Thirty-two New World supermarkets throughout the South Island will have their off-licenses suspended for 48 hours. Photo: 123rf A two-day suspension from selling booze for most New Worlds in the South Island will be a major financial blow, an alcohol watchdog says. Thirty-two New World supermarkets throughout the South Island will have their off-licenses suspended for 48 hours for breaching online alcohol advertising rules. The Alcohol Regulation and Licensing Authority (ARLA) released its reserved decision on Friday, ordering a suspension of the supermarkets' licences to sell alcohol in the South Island. Three of the police's applications were dismissed by the authority. Alcohol Healthwatch executive director Andrew Galloway told Midday Report police deserved credit for how they had ha...

Photo: RNZ The tit for tat interest rate battle between retail banks continues with Kiwibank cutting fixed home loan and deposit rates across the board following falls in wholesale rates. The bank has responded to recent cuts by the market's biggest lender, ANZ, matching it for most durations, but with a market leading one-year rate of 6.29 percent. Kiwibank has shaved between 4 basis points from its six month loan to as much as 20 basis points for its longer term fixed terms. The six month rate has become a favourite among borrowers looking to position themselves for further falls. The state-owned bank has also reduced deposit rates between 10 and 30 basis points. The rate cuts reflect falls in wholesale interest rates in New Zealand and on global finance markets as slowing inflation ha...

People who have $5 to invest should have the same choices as people with $5 million, Brooke Roberts believes. She shares her ideas for the RNZ series RICH: The meaning of wealth in Aotearoa. In 1986 when I was 11-years-old my school teacher, Miss Edmonton, used to bring newspapers in to class and get us to go through the stock market listings and pick our favourite shares. This theoretical exercise in the name of financial literacy was thrilling, because almost every day our shares climbed. Miss Edmonton's enthusiasm for shares was not unique, the stock market at the time was surging in the wake of the Lange government's free market reforms. Kiwis from all walks of life were investing, and it was paying off. But the easy money didn't last. On October 20, 1987, the stock market crashed and ...

The events took place when the person was a junior employee at the bank in 2020 and 2021. Photo: 123RF The Financial Markets Authority (FMA) has filed criminal proceedings against an individual connected to Heartland Bank for insider trading. The regulator alleged the individual traded and encouraged others to buy or hold shares in the bank's parent company, Heartland Group Holdings. It said the events took place when the person was a junior employee at the bank in 2020 and 2021. The FMA claimed the person also disclosed information that was not available to the public to others. Heartland Bank confirmed the former employee appeared in the Auckland District Court on Tuesday. In a statement, the bank and Heartland Group Holdings said they were not parties to the court case and have coope...

Spark confirmed it plans to cut $50 million, or 10 percent, from labour costs in the current financial year ending June 2025. Photo: RNZ / Nate McKinnon Telecommunications firm Spark is offering litte detail about another round of job cuts expected by the end of the year. Spark's full year earnings for the year ended June showed earnings and margins under pressure following what it described as a challenging year. It planned to change its operating structure, which began in 2024, resulting in some 190 fewer staff. "This of course includes all movements as people come and go from the business, not only changes we have made to our operating model," it said. Spark declined to talk about how it was achieving labour cost savings, other than to confirm it planned to cut $50 million, or 10 per...

Photo: RNZ The tit for tat interest rate battle between retail banks continues with Kiwibank cutting fixed home loan and deposit rates across the board following falls in wholesale rates. The bank has responded to recent cuts by the market's biggest lender, ANZ, matching it for most durations, but with a market leading one-year rate of 6.29 percent. Kiwibank has shaved between 4 basis points from its six month loan to as much as 20 basis points for its longer term fixed terms. The six month rate has become a favourite among borrowers looking to position themselves for further falls. The state-owned bank has also reduced deposit rates between 10 and 30 basis points. The rate cuts reflect falls in wholesale interest rates in New Zealand and on global finance markets as slowing inflation ha...

Bank statements supplied to the lender showed "extensive" Google Pay purchases on the borrower's credit card. Photo: Unsplash / Blake Wheeler A borrower who did not reveal he had a problem with gambling has had his complaint about "unaffordable" loans turned down - but mortgage advisers say it highlights a problem lenders face. The man borrowed $11,000 in 2015 to repay an overdraft. Over the next eight years, he topped up his loan 10 times, most recently in May last year for house renovations. In November, he was made redundant and in February this year he asked his lender for hardship relief because he was struggling to make his payments. His loan payments were deferred until 3 June. He went to a financial mentor for help and revealed his problem with gambling. The mentor looked into t...