Business

Photo: Supplied / Google Maps Wellington's The Hudson bar is the next in line to close next month as businesses in the capital face challenging times. A staff member confirmed to RNZ The Hudson will close on 11 October for refurbishments and is expected to reopen sometime next year. They said the plan is to upgrade furniture and repaint the establishment. They said The Hudson is still in the process of debating whether it will keep its same name or rebrand. Source link

Photo: RNZ / Russell Palmer New Zealand's recent energy shortage sparked several urgent conversations about increasing supply to shore up security in dry years. And with EVs and industry electrification expected to push up demand going forward, the country could be looking at a renewable energy boom. But getting the projects from proposal to operational was key, and sector experts say New Zealand is a long way off an energy system that is comprised entirely of renewable sources. The government wants to reduce processing times for consents, but according to economist Geoff Bertram, there are bigger issues at play. "The incumbents, the people who already own the system, have no incentive to expand their capacity beyond the point where there is an ongoing scarcity of supply which keeps th...

Photo: RNZ / Alexander Robertson Mortgage brokers are concerned a Commerce Commission suggestion they present buyers with at least three bank offers could end up making things harder for borrowers. In its final report into the banking sector, the commission said mortgage advisers needed to "become champions of price competition" and where possible they should present clients with at least three actual offers from lenders. They should also highlight to clients any banks they were not able to work with, as well as the interest rates that might be available there. The commission said about two-thirds of new home lending by value was happening through mortgage advisers. In 2014, it was just under 30 percent. Squirrel chief executive David Cunningham said the suggestion the adviser should pre...

Lisa Fong built a business based on exercise making you feel good. Then she realised she might have to change her tune. Photo: Stacey Cavalier By Emily Brookes Lisa Fong has "banged on" about how women should take time to exercise to make themselves feel good. She's built a successful business out of it. The 41-year-old is known to many as the founder of Move It Mama, the virtual fitness platform that began when she was at home in Christchurch with four boys under five, doing high intensity workouts by herself. "My arms were drawn like an octopus because I had so many children, so it was the only thing I could do to pick myself up and get a bit of a boost just for me." Move It Mama has a thriving online community of women trying to fit exercise into their lives. Photo: Supplied Wh...

ACC is looking to increase its levies by more than 7 percent for motorists. File photo. Photo: The Accident Compensation Corporation (ACC) levies should have been increased in the last review three years ago, says the Automobile Association (AA). ACC is consulting on its proposal to increase its levies by more than 7 percent for motorists, and more than 4 percent for employers and earners. It says the number of injuries has been rising, along with the cost of treating them, and higher levies are needed to pay for that. AA principal policy advisor Terry Collins said ACC needed to be financially sustainable to continue to support people involved in motor vehicle crashes. "The government of the day decided not to increase the levies because of the economic conditions of the time. You cann...

Photo: RNZ House prices have softened in most suburbs around the country in the past quarter - with some notable exceptions. Corelogic's latest Mapping the Market data showed 50 percent of the suburbs it tracked had "meaningful" value increases over the past year. Out of 951 suburbs, 480 had at least a 1 percent increase in their median value compared to September 2023. But since June, 674 - or 71 percent - saw their values drop, and 175 by at least 2 percent. Among those that did not drop in the most recent month or three months were Kew, Invercargill, with a median price of $371,450. Its price was up 6.9 percent over three months and 1.8 percent over one month. Otautau had the next biggest increase, up 6.3 percent over three months. Clifton, Invercargill was third, up 5.1 percent. Doub...

Gift cards will have a minimum expiry date of three years from initial purchase. Photo: 123RF Forgetful shoppers are about to get a lifeline, after legislation to extend gift card expiry dates passed its third and final reading at Parliament. The private member's bill - originally introduced by National's Melissa Lee and handed over to her party colleague Dan Bidois when she became minister - will amend the Fair Trading Act 1986 to ensure gift cards have a minimum expiry date of three years from their initial purchase. "Today is a good day for consumers, who will have clarity to know that when they have a gift card they are able to realise the full value of that gift card. "Today is a good day for businesses, who will have clarity on their liability when they issue gift cards. And today...

ACC's motor vehicle fund, work fund, and earners' account are in line for levy rises. Photo: 123rf The Accident Compensation Corporation (ACC) has revealed a nearly $1 billion hole in revenue will need to be covered when levies are raised next year. ACC says it will need to collect $4.7 billion in levies in the 2025/26 financial year, to fund support for about 930,000 claims on three levy schemes - the motor vehicle fund, the work fund, and the earners' account. In the 2022/23 financial year, ACC brought in just under $3.8 billion in levies from those accounts, and it didn't cover the claims being made. It has signalled levies will need to take a significant jump over coming years in order to cover increasing costs, likely by up to about 20 percent. Consultation is beginning on proposed...

By Anne Gibson of The vast new Kmart store is due to open in 2026. It will be in Maki Place off Maki Street, across from Costco Wholesale. Photo: Supplied / Kmart Low-price Australasian retail chain Kmart has announced it will open its largest New Zealand store. An outlet spanning more than half a hectare is to be built in Auckland's northwest at Westgate. That will be almost directly opposite the American-owned Costco Wholesale, in a street yet to be created: Maki Place, off the Maki Street thoroughfare. Kmart Australia and New Zealand chief executive John Gualtieri said the new store would be the 28th in this country where the business employs about 2400 staff. "This is testament to the strong traction the Kmart brand has amongst New Zealand consumers, particularl...

National Fieldays Society CEO Peter Nation at Fieldays in Waikato in June 2024. Photo: RNZ/Monique Steele The chief executive of the organisation behind the southern hemisphere's largest agricultural event, Peter Nation, is stepping down from the helm later this year. Nation has worked in and around the New Zealand National Fieldays Society for nearly 30 years, before being appointed to chief executive in 2016. The society owned iconic agricultural event Fieldays and operated the Mystery Creek Events Centre near Hamilton in Waikato. "As CEO I have been given many opportunities both in New Zealand and across the world, attending and speaking at conferences and events, hosting important international delegations, promoting agriculture and food producers, while ensuring we grow New Zealand...