Business

Photo: Supplied / Google Maps Wellington eatery Egmont Street is closing its doors at the end of the month after nine years in business, leaving 15 people without jobs. In a social media post, the deli and diner said the current economic climate has created huge challenges and changes to its business. "We're proud to have experienced many moments of joy, achievement, growth, resilience, tough decisions and change and we're deeply grateful for the supportive customers and community we've had the pleasure of serving throughout our time here. "We extend our sincere gratitude to all of our suppliers and service providers, whom without your partnership and loyalty, we would never have made it this far." Egmont Street is encouraging all its customers to show their support towards other eaterie...

Retail spending has begun to increase, data shows. Photo: Unsplash/ Simon Kadula Retail spending was not great in August, but was not as bad as in July, new data suggests - and commentators say some 'green shoots' are starting to emerge. Data from electronic payments network Worldline showed $2.89 billion was spent in August, down 0.5 percent from the same time last year. But that was an improvement from the 2.6 percent drop recorded in July. Chief sales officer Bruce Proffit said it was tempting to attribute the trend to interest rate cuts and improving business confidence. But he said it was largely due to the usual seasonal increase of this time of year. "There is no doubt that it has been a tough winter for merchants, and the seasonal lift in spending that tends to occur around now ...

By Gary Mortimer, Byron W. Keating, Laszlo Sajtos, Shasha Wang of An estimated 495 million Chinese shoppers used FRPT in 2021 - roughly one third of China's population. Photo: 123RF You have probably opened your smartphone using your face. If you have travelled internationally, you have used your face to exit and enter the country. You may have even scanned your face to "verify" your online dating profile. But are you willing to use your face to pay for your morning coffee? While facial recognition technology isn't new, facial recognition payment technology (FRPT) is - and it's growing very quickly. An estimated 495 million Chinese shoppers used FRPT in 2021 - roughly one third of China's population. In 2025, financial institutions such as JPMorgan Chase and Japan'...

Countdown and Pak'n'Save. Photo: RNZ / Cole Eastham-Farrelly, Simon Rogers Grocery consumer advocates want the Commerce Commission to have greater powers to force more supermarket competition. It comes as the commission's first annual report into competition in the grocery sector since the appointment of Grocery Commissioner Pierre van Heerden is published. The report painted a concerning picture of the $25 billion grocery sector, he said. Supermarket margins have increased, profits remained high and the two main operators, Foodstuffs and Woolworths, remained dominant, van Heerden said. "We want to see more competition and sustained pressure on the major supermarkets to deliver better outcomes for consumers." Grocery Action Group chair Sue Chetwin told Midday Report The Warehouse sellin...

Photo: RNZ/ Nate McKinnon Rocket Lab says very strict laws control what can and cannot be launched into space from New Zealand. This follows criticism from an associate professor of security studies, Damien Rogers, who told Morning Report today launches that support US military aims have not been questioned enough. Responding through a statement, Rocket Lab said that every satellite payload must get approved by the Space Agency and the minister. "Robust regulations govern all satellites launched from New Zealand and the law is very strict about what can and cannot be launched," it said. That would not happen if a payload contributed to nuclear weapons programmes, or to wars in space, or to security operations contrary to government policy, it added. Payloads also had to be consistent wit...

Stock photo. Cosmetic brand Kester Black has been put into administration. Photo: Unsplash A New Zealand woman once celebrated for turning $50 into a multimillion-dollar business empire is now facing angry investors upset at how recent financial problems have been handled. Otago woman Anna Ross founded cosmetic brand Kester Black, which says it makes "natural nail care" and takes a "holistic approach to beauty". In 2021, it was reported that the business had made more than $1.16 million] in revenue in the past 12 months. That same year, the Australian-registered arm of the business, Kester Black Pty Ltd, raised more than A$2 million from investors via equity crowdfunding platform Birchal. At that point, the company was valued at A$22 million. But the company entered voluntary administra...

By Gianina Schwanecke Photo: 123RF Despite fewer hives around and an expected drop in honey production, it looks to be another challenging season for beekeepers. With the new honey season getting underway, many are expecting to make a loss due to an ongoing glut of honey. Barry Hantz of Hantz Honey in mid-Canterbury said it was a big concern. "There's been oversupply probably for the last five years, especially of mānuka honey," he said. "There is a big stockpile out there." Hantz, who has just over 5000 hives between Ashburton and Christchurch, didn't think many beekeepers were expecting to make a profit this season. "We definitely won't be expecting to make a profit. We haven't done in the last two years and I don't see anything changing in the foreseeable future." It comes as honey...

Photo: 123RF Directors working longer for little or no pay increase Median pay falls to $50,000 from $52,000 Hours worked rises to 178 a year from 132 Gender pay gap widens with women directors earning median $45,000 Company directors are working longer hours for little or no increase in pay, with higher workloads seeing them refusing roles because of a lack of time. The latest Directors' Fees Report from the Institute of Directors (IoD) and Ernst and Young (EY), showed the median fee for non-executive directors fell to $50,000 from $52,000. The decline in fees was said to reflect more people in lower paid roles being covered by the survey, which was also a factor in the pay gap between male and female widening. The average hours worked surged to 178 a year from 132 last year. The repo...

Photo: RNZ / Cole Eastham-Farrelly, Simon Rogers Competition in the grocery sector has not improved and the Commerce Commission says it's planning to ramp up regulation and enforcement, and recommending a regime of stiff penalties. It's the first of the annual report into competition in the grocery sector since the appointment of Grocery Commissioner Pierre van Heerden in 2023. Grocery Commissioner Pierre van Heerden. Photo: Van Heerden has recently criticised supermarkets for pricing errors, saying New Zealanders were likely losing tens of millions of dollars a year. And last month he said the Grocery Supply Code was not working properly. In February, a new tool was launched for whistleblowers to help lift the lid on potential anti-competitive behaviour in the grocery sector. ...

Photo: RNZ / Cole Eastham-Farrelly, Simon Rogers The Commerce Commissioner has released the first report into competition in the grocery sector. It's the first of the annual reports since the appointment of Grocery Commissioner Pierre van Heerden in 2023. Grocery Commissioner Pierre van Heerden. Photo: van Heerden has recently criticised supermarkets for pricing errors, saying New Zealanders were likely losing tens of millions of dollars a year. And last month he said the Grocery Supply Code was not working properly. In February a new tool was launched for whistleblowers to help lift the lid on potential anti-competitive behaviour in the grocery sector. Source link