Business

Photo: RNZ / Kate Green The owner of Pandoro Wellington has announced its closure after nearly three decades in business. A note in the store window from director Tony Beazley said it had just become too tough to keep its three bakeries open. "The economic downturn, customers working from home, the redundancies in the public sector, cycle lanes and the Wellington City Council are all contributors," it said. "A heartful thank you goes to my entire team over the year. To our customers thank you for your amazing support." Photo: RNZ / Kate Green Beazley told Stuff the economic downturn and mass redundancies had "absolutely gutted" business in the capital. "There was a day on The Terrace where 2500 people were made redundant one Friday, we sold a lot of cakes, but we didn't see anybod...

Jasper Thompson, middle right, shovels debris into a wheelbarrow as residents of Reavers Lane, Queenstown begin clearing up after heavy rains. Photo: RNZ / Angus Dreaver The Queenstown Lakes District Council has filed charges against three companies over a slip in 2023 which forced the evacuation of homes, and left ten homes red-stickered. On 22 September the homes in Reavers Lane were hit by debris during torrential rain. In October the Queenstown Lakes District Council (QLDC) mayor Glyn Lewers said that Skyline Gondola had apologised, and said it believed debris from its worksite contributed to the flooding. Forty-one people had to be evacuated from their homes on the night, and later 10 homes were red-stickered and two yellow-stickered. On Friday the Queenstown Lakes District Council...

Photo: Getty Images Synlait's two biggest shareholders will be able to vote on a $218-million rescue package they are bankrolling at next week's special meeting. Market regulator RegCo dismissed a complaint brought by former chief executive and board member John Penno aiming to prevent the big two shareholders, A2 Milk and Bright Dairy, from voting on the bail-out package. In a statement, Synlait said the support of all shareholders remained essential to safeguard the future of Synlait, and all shareholders were encouraged to exercise their right to vote at the special meeting, schedule for 18 September. Penno brought the action, calling the bail out package a sweetheart deal for Bright Dairy and a2 Milk. The proposed package would give Synlait capital to paid down debt and refinance its...

An apartment in this building on Remuera Road was sold in 2024 for $1 million less than the seller paid for it in 2018. Photo: Supplied / Google Maps An Auckland property that sold for $300,000 less than the owner paid for it two years ago might have made the news this week - but it is far from the biggest loss sustained by a seller this year. The Māngere East property sold at mortgagee sale for $490,000 but last changed hands for $750,000 in March 2022. But Nick Goodall, the head of research at property value firm CoreLogic, said the biggest loss recorded so far this year was for a Remuera apartment, which sold for $1 million less than it had previously been bought for. It was sold for $5.5m on 12 April, after being bought for $6.5m in March 2018. Goodall said it was a higher-end apart...

Photo: 123RF How does your KiwiSaver balance compare others your age? The retirement savings scheme has become a key part of many New Zealanders' financial lives since it was launched in 2007. There is now about $110.8 billion invested in the scheme. The average balance is $31,828, although that is affected by the large number of people who do not contribute to the scheme. Milford said its average balance was about $79,000. Data from actuaries Melville Jessup Weaver for December 2023 shows that balances generally increased as people became older. Under 17-year-olds had an average balance of $2869. People aged 18 to 25 had an average of $8867. For those aged 26 to 30, the average increased to $17,326. People aged 31 to 35 had an average of $21,096. Those 36 to 40 had an average of $26,829...

(file photo) Photo: RNZ Pacific / Lydia Lewis Redacted receivers' report raises serious concerns about Du Val Group Irregular accounting, questionable asset values need further investigation Level of concerns about financial management of group warranted statutory management Receivers for the collapsed Du Val property group have highlighted irregular accounting, questioned valuations of assets, and related party transactions which led to the group being placed into statutory management last month. A redacted initial report from the receivers of accounting firm PwC last month has just been released on High Court orders and it said further investigations were needed into various aspect of the Du Val group's property and investment businesses. "There is evidence of irregular accountin...

Chinese restaurants in Auckland appear to be embroiled in a cut-throat price war in a desperate bid to attract customers. Since August, set meals in the city that comprise meat, vegetables, rice and unlimited helpings of soup have been available at several establishments for less than $10. Restaurant owners say the heavily discounted meals are necessary to combat reduced consumer spending. However, industry observers have expressed concern the strategy could push small businesses to the brink of closure. Yongli Noodle on Auckland's North Shore introduced a Chinese-style bento meal worth $9.90 on 7 August that has attracted a steady stream of customers. Owner Victor Hou says the price-cutting strategy is a last-ditch attempt to keep his business afloat. Hou says his restaurant lost hundreds...

The Commerce Commission's changes require providers to produce standard coverage maps so consumers can compare options. Photo: 123RF Mobile network operators will be required to make it easier for consumers to compare coverage between providers, and to exit without penalty if they run into problems. The Commerce Commission's changes require providers to produce standard coverage maps so consumers can compare options, which must be easy to find on their websites. The maps must be accessible within two clicks from the providers home page. Telecommunications commissioner Tristan Gilbertson said too many consumers were not getting the coverage they expected. Mobile network operators were expected to work together to standardise their maps within 12 months, with regular progress reports. The...

Celery prices are down, which is hurting growers. Photo: Adreas Fischer / 123rf Some established celery growers say their future in the sector is uncertain after nearly a year of being paid below the cost of production. Stats NZ figures show celery prices for July were down 56 percent on the same time last year. While low prices are great for the consumer, growers said they will push them out of business or force them to downsize. Auckland region growers who have all been in business more than 50 years, said they appreciate the ebb and flow of supply and demand, but said something more is happening to market dynamics. They believe a newer entrant is trying to squeeze them out, and for over ten months they have been forced to sell their celery at a big loss. The growers said they have no...

The Commerce Commission is planning to ramp up regulation and enforcement of NZ's grocery industry. File photo. Photo: 123RF We're paying higher prices, specials are confusing and loyalty schemes aren't delivering overly significant rewards. Those aren't just the musings of a frustrated supermarket shopper - but are some of the findings in the Commerce Commission's first annual grocery report, issued on Wednesday. It might have been depressing reading for anyone hoping for major change in the sector. But what does it all mean for consumers? Here are five things households should know. High prices aren't in your head The report notes that food is a major expense for New Zealand households - and that what we pay is high by international standards. In the year to June last year, the averag...