Business

All Blacks game against Argentina at Sky Stadium in Wellington on 10 August. Photo: Andrew Cornaga/www.photosport.nz A soft turnout for Saturday's All Blacks game against Argentina is probably a reflection of the state of Wellington's economy, an economist says. There was a 25,000 crowd for the game, which was the lowest level recorded in Wellington since the All Blacks took on Fiji in 2002 at Westpac Trust Stadium, or since they played Argentina at Athletic Park in 1997, Infometrics chief executive Brad Olsen said. He said the 72 percent capacity was also the worst since the second test versus Australia in August 2021, which was moved last minute from Perth because of the trans-Tasman bubble closing. "For that game, turnout was only 50 percent of capacity, given the very limited lead-i...

Hoki fish. Photo: jackf/123RF The deputy secretary of trade says the seafood industry is not making the most of free trade deals. Vangelis Vitalis said FTAs with the UK and European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) eliminated tariffs on some seafood - giving New Zealand an advantage over other countries. However at the recent Seafood Conference, he told the industry the Ministry of Foreign Affairs and Trade has crunched some numbers - which show seafood exporters are not making the most of them. "You're exporting mussels to Mexico and paying a 20 percent tariff that means for every $100 of exports you're giving $20 to the Mexican customs administration, but the CPTPP which came into force five years ago eliminated that tariff, y...

Photo: supplied Fletcher Building has made a deal to sell its Australian plumbing supplies and distribution business for A$170 million (NZ$155.2m). The construction company announced a decision to sell Tradelink in February following a comprehensive strategic review that concluded the business did not fit with its long-term strategic focus. Australia's trade distribution business Metal Manufactures will buy all the shares in Tradelink with A$160m cash on the 30 September settlement date. The remaining A$10m cash payment will be deferred based on meeting separation milestones over the next two years ending by September 2026, which could cost Fletcher about A$20m in costs. Fletcher Building acting chief executive Nick Traber said: "We are pleased to have signed the Tradelink sale agreement...

Will the Reserve Bank deviate this week from its long run of holding the Official Cash Rate steady at 5.5 percent? Photo: RNZ There are growing expectations the Reserve Bank will cut the official cash rate when it releases its monetary policy statement (MPS) on Wednesday. Business leaders, as well as an increasing number of bank economists, were pencilling in a 25-basis-point (bps) cut to the Official Cash Rate (OCR), which would see the interest rate drop to 5.25 percent from the current rate of 5.5 percent. The OCR had been sitting at a 14-year-high of 5.5 percent since May 2023, after rising steadily from a record low of 0.25 percent in October 2021. Employers and Manufacturers Association head of advocacy Alan McDonald said the business community had been doing it tough for a number...

The multi-million dollar Pan Pac paper pulp making plant, near Napier, has ground to a halt due to sky high power prices, and they are calling on the government to do more. Photo: Supplied/ WB Action is desperately needed as large power companies profit while growing numbers of manufacturers and households power down, unable to afford soaring electricity bills, commentators say. Wholesale electricity prices doubled in the last three weeks, and rose to more than $900 per megawatt hour on Wednesday, with New Zealand's hydro lakes storage drastically lower than normal for this time of year and households warned to expect big increases in their bills. North Island pulp and paper plants have also temporarily closed down, and businesses have turned hundreds of workers away. University of Auck...

Tanya Barlow is a multidisciplinary artist based in Auckland, known for her intricate nail art designs. Photo: Tanya Barlow For Auckland nail artist Tanya Barlow, other people's fingernails are a canvas where her imagination runs wild. While clients sometimes want a specific design on their nails, Barlow says often the "inspo" they bring is just a vibe or cultural reference which kicks off a creative collaboration. Yellow-orange sunset nails inspired by "Leo season vibes", red-black-and-gold nails a la In The Mood For Love and bright green nails painted with hyperrealistic brown slugs are some of her recent creations. The slug manicure - which Barlow saw an overseas nail artist create - was a recent "artist's choice" for an open-minded regular. "I was like 'You know what's gonna be make...

Photo: RNZ Do you have money questions you'd like answered? Email susan.edmunds@rnz.co.nz I am probably typical of a growing percentage of women who find themselves unexpectedly single after a long marriage. I have always been the homemaker and secondary income earner, which means that now I am 59, single, my salary level is moderate and I have a limited number of years until retirement age. I am mortgage free and have around $160,000 in my KiwiSaver. Additionally I have about $250,000 capital in a term deposit at 6.25 percent. My question is should I invest my capital? I know that interest rates are likely to start falling by next year but investing is scary. When my money is in the bank it feels safe. For me it's a large sum of money and I don't want to risk seeing it decrease in val...

Photo: 123RF What happens when the price at the supermarket checkout keeps rising but your budget does not? In our latest installment of Checkpoint's new series Crunching the Numbers, we are drilling into the detail of the weekly shop from Countdown and PAK'n SAVE to see how much it has gone up since 2022. It is no secret Kiwis are feeling the pinch, so RNZ asked shoppers how much the weekly shop was setting them back. One woman said for a household of four it cost them $200. Another shopper said for their household of four with three teenagers it cost $500. A single pensioner said he usually paid $100 a week. For over two years, Checkpoint has been tracking the price of 36 supermarket items in the same area. Our first shop in May 2022 at Greenlane Countdown cost us $238 dollars and th...

There's a brighter future for many as the economic clouds over New Zealand are starting to lift, Kiwibank's latest report says. Photo: Pablo Heimplatz / Unsplash Most of the country is starting to recover economically, even if it doesn't feel like it, Kiwibank says. It has released its latest annual regional report, which it described as "tentatively optimistic" about what lies ahead for the country's economy. Every region increased its economic score compared to last year - with the exception of Wellington - although the highest score remains only five out of 10, recorded in Southland. "We're not shooting the lights out by any stretch of the imagination," said Kiwibank chief economist Jarrod Kerr. "What we're really feeling is that things are slightly better than last year but still at...

Karangahape Road in Auckland. Photo: 123RF Auckland's Karangahape Road restaurants say road works, no parking and anti-social behaviour are putting customers off. Several hospitality businesses along the colourful strip have been forced to shut their doors or move as tough economic times bite, including some veteran restaurants. Figures released earlier this week show unemployment is at a three-year high and retail spending has slumped. K Road restaurant Madame George announced its closure this week, saying the economic downturn made it 'impossible to continue' after almost a decade on the iconic street. Fabio Bernardini, the owner and chef of Latin eatery Tempero, just up the road from Madame George, told Checkpoint the once bustling strip was now half empty and in a battle for surviva...