Business

Laura Maxwell. Photo: Stuff chief executive Laura Maxwell will depart the business, a little over a year after taking on the job. Owner Sinead Boucher, who bought Stuff for $1 from Australian owners Nine Entertainment in 2020, will resume the role of chief executive Stuff Group, the owner of the Stuff website and various newspapers including The Post and The Press, said its chief executive Laura Maxwell would be leaving the company for an unspecified role in Australia. The news was confirmed in a company-wide 'Town Hall' meeting on Thursday. Maxwell joined Stuff in 2022 as chief growth officer and has been in the top seat for just over a year. Boucher said Maxwell left with the organisation's best wishes and thanked her for her leadership. "In her time with the business - first as chie...

File photo. Reserve Bank governor Adrian Orr. Photo: The Reserve Bank governor has hit out at comments claiming the central bank has done a complete U-turn from its May forecasts. The RBNZ reduced the cash rate for the first time in four years on Wednesday and noticeably cooled the interest rate outlook, with further cuts expected. It marked a departure from the bank's May statement, when it raised the possibility of further hikes. The so-called "flip-flop" drew criticism from Infometrics chief economist Brad Olsen and some in the mortgage sector. At Thursday's Finance and Expenditure Select Committee hearing, governor Adrian Orr was not keen on entertaining the comments when asked by committee chair Stuart Smith. "I can't give air time to that comment," Orr told the committee. "You mi...

Gumboots were the dress code for the launch of the Te Wai Koiora project at Te Aroha Marae in Kai Iwi north of Whanganui. Photo: RNZ / Robin Martin Rubber goods manufacturer Skellerup has defied the odds in poor global economic conditions to report a solid profit. Key numbers for the year ended June compared with a year ago: Net profit $46.9m vs $50.9m Revenue $330.5m vs $333.5m Final dividend 15.5 cents per share vs 22 cents per share Skellerup chief executive Graham Leaming said he's pleased with the year's result. "Of course we would like to do better but given the economic environment we think it's a pretty strong result and coming off a weak first half, a very good second-half result and we're in good shape for the future." Increased demand for product drove earnings from its ind...

Christopher Luxon has changed tack on sustainability issues since becoming PM, Sir Jonathon Porritt says. Photo: RNZ / Nathan McKinnon British environmentalist Sir Jonathon Porritt says he was a "mug" to proudly chair Air New Zealand's sustainability panel and the airline is a "climate leader no more". Sir Jonathon Porritt Photo: Supplied In a LinkedIn post taking aim at the former Air New Zealand chief and now Prime Minister Christopher Luxon, whom he described as a "hypocrite", the high profile climate champion said he felt sorry for the airline's "brilliant sustainability team" and New Zealanders "watching the much-loved national carrier assiduously trashing its own reputation". The airline made global headlines last week with an announcement that it was pulling the plug on its...

Photo: No 1 China Restaurant/Facebook The owner of a liquidated Taupō Chinese restaurant has been ordered to pay a former employee $43,000 after he was paid less than the minimum wage and didn't receive public holiday entitlements. The Employment Relations Authority also found New Zealand LJ Food Express Taupō Limited, which traded as No 1 China Restaurant, did not pay the employee his annual leave when he stopped working at the restaurant. The employee worked at the restaurant from March 2019 until May 2021. The business went into liquidation in November 2022. The owner of the company, Xian Zeng, was named as the person liable to pay, the Ministry of Business Innovation and Employment (Mbie) said in a statement. The Labour Inspectorate investigated following a complaint and found breach...

Photo: RNZ National average asking prices for homes have dropped to a three-year low. The TradeMe Property Price Index indicates asking prices fell 1.1 percent in July to $824,900, which was the lowest since 2021. Trade Me property customer director Gavin Lloyd said nearly $150,000 had been shaved off the average house price since the peak. He said a drop in the official cash rate to 5.25 percent, and forecasts for further interest rate cuts could give would-be buyers more confidence. "For those that have been thinking about buying a property, now could be the perfect opportunity to capitalise on low house prices and interest rates that are expected to fall further," Lloyd said. However, other commentators said rising unemployment, set to peak at 5.4 percent in the new year, would be a d...

Yesterday's cut to the OCR was the first in four years. File photo. Photo: RNZ New Zealanders are being told yesterday's unexpected cut to the Official Cash Rate (OCR) will provide some relief for those struggling with the cost of living crisis. The Reserve Bank dropped the OCR by 25 basis points to 5.25 percent - the first cut in four years. Some banks immediately lowered their lending rates, and Loan Market director Bruce Patten said the rest should follow suit by the weekend. He said while the move to cut the OCR was unexpected, it was the right one. "It's good to see the Reserve Bank has actually taken a bit of advice from the rest of the industry - which is the economy is in some serious strife and they needed to do something to give some relief to both homeowners and business owne...

Inland Revenue are reminding share investors of their obligations, and some commentators say a lot of people may potentially be caught. File photo. Photo: RNZ / Rebekah Parsons-King If you're buying shares with the intention of selling them for a higher price in future, take note: You might have a tax bill to pay. Inland Revenue (IR) has released draft guidance reminding share investors of their obligations, and some commentators say a lot of people may potentially be caught. Among the points covered by the guidance, it makes clear that even people who only make occasional share sales need to pay tax on their gains if the shares were bought for the purpose of reselling. It also outlines the expectations of people who hold offshore investments to which foreign investment fund (FIF) rules...

Photo: RNZ The Reserve Bank governor is confident inflation is down, and will stay down, but says he's not hitting the accelerator just yet, despite Wednesday's cash rate cut. The central bank cut the official cash rate by 25 basis points to 5.25 percent, the first cut in more than four years. Governor Adrian Orr was accused of a major flip-flop but told RNZ people should expect more cuts, to as low as 3 percent by the end of 2025. "We are confident in both current and the near term outlook for consumer price inflation, we estimate it to be around 2.3 percent for the year ending this September quarter, the quarter we're currently in, and for it to remain near the midpoint our 2 percent target range over time." That meant they could reduce the level of restraint, Orr said. "We aren't ac...

A new report shows 89 percent - or $2.35b - of NZ's healthtech revenues were generated overseas. File photo. Photo: sinenkiy/123RF The value of healthtech exports has more than doubled in the past decade to $2.6 billion from $1.27b, but investment is lagging behind global peers. A report by Technology Investment Network (TIN) with partners Medtech-iQ indicates the healthtech sector is second only to fintech in tech sector exports, based on information collected from 233 New Zealand healthtech companies. "After a period of rapid growth, New Zealand healthtech firms are adjusting to a more stable demand environment," report author and TIN head of research Alex Dickson said. The healthtech sector's revenue grew 2.4 percent in 2023, with 89 percent - or $2.35b - generated overseas. About 12...