Business

Photo: 123RF Economist Craig Renney counts himself lucky that he has known what job he wanted to do since he was 12. "I saw my first [government] Budget when I was nine. When I was 12 I knew what I wanted to do for a living, which was to write a Budget. "I've been very lucky and written three … but for a lot of people, they don't know what to do and are attracted by whatever dollars [are] available." Renney said for many young people, that meant choosing whether they would head to university, go into a trade, or straight into work - with relatively little information to guide their decision. The best career path is a perennial point of conversation for New Zealanders - but what does the data tell us about might be the best outcome over a person's working life? Healthcare workers hav...

Fletcher Building could be eyeing up a joint venture to avoid a capital raising. Photo: RNZ / Cole Eastham-Farrelly Market speculation about Fletcher Building's plans have gone into overdrive, as reports suggest the field is narrowing in the race to acquire its Tradelink business. And the company could be eyeing up a joint venture to avoid a capital raising. The Australian reported Fletcher was assessing a joint venture project involving its land bank in New Zealand that could see the company earn about $500 million, meaning it could avoid an equity raising. It comes after Fletcher revealed it faced a $10-30 million hit to its earnings because of problems with supplying cement to its North Island customers. The paper said it could sell half of its land bank - worth about $1 billion - to...

Photo: 123rf A man using the online share trading platform Sharesies has found himself in hot water for suspected market manipulation. The Financial Markets Authority issued a warning to the individual trader, for engaging in low-level trading that could create a false or misleading appearance in the share price for an unnamed company. The trader, who was also not named, used his partner's Sharesies account to place eight sell orders for the shares, while at the same time, used his own Sharesies account to place 11 buy orders, and his partner's account to place another four buy orders. The FMA said the orders were placed in a way that saw the share price move higher on at least 10 occasions. The alleged conduct occurred over two weeks in November 2021. Sharesies detected and reported the...

File photo. Air New Zealand chief executive Greg Foran. Photo: RNZ / Nate McKinnon Air New Zealand has pulled the plug on its climate targets saying the resources needed to meet them are unaffordable and unavailable. In a statement the airline said it was removing its 2030 carbon intensity reduction target and will withdraw from the Science Based Targets initiative. It said the new aircraft and alternative jet fuels were hard to get and are expensive. Chief executive Greg Foran said these supply chain issues and expenses could slow the introduction of newer, more fuel efficient aircraft into the fleet. Photo: RNZ / Nate McKinnon He said work had begun to consider a new near-term climate target that would better reflect industry challenges. Air New Zealand chair Dame Therese Walsh s...

Fog at Wellington Airport (file photo). Photo: RNZ / Patrice Allen There will be less disruption to flights during bad weather after two new satellite dishes were switched on, the land information minister says. The two 11-metre satellite dishes are part of the Southern Positioning Augmentation Network - also known as SouthPAN - which improves GPS accuracy from five to 10 metres, down to less than a metre. Minister Chris Penk said while New Zealanders use GPS daily for all manner of tasks, one of the most noticeable changes will be less disruption to flights in poor weather conditions, with the service making it safer for planes to land when visibility is poor. "Only a few weeks ago winter weather conditions caused widespread flight cancellations, underscoring the need for modern digita...

Many Wellington businesses say they are in a "survive til 25" holding pattern. File photo. Photo: RNZ / Richard Tindiller Sarah Chambers, owner of Wellington's Little Makos Swim School, might not normally think of her business as having anything to do with the government - but she has felt the impact of public sector job cuts. She has about 100 fewer children enrolled this year compared to last winter, and has had emails from people telling her that they are holding off due to job insecurity. There have also been more subtle signs that people might be affected. "A lot of people use their work email addresses to sort stuff for their kids. It's noticeable even if they haven't told me that they've gone from a .govt email address to a gmail. People who've emailed for four or five years from...

Henderson Dairy is recalling specific batches of its Farm Fresh Raw Milk (unpasteurised) 1 Litre as the product may contain listeria. Photo: Supplied / Ministry of Primary Industries Henderson Dairy is recalling two batches of its raw milk product due to concerns it may contain listeria. The batches, sold by Henderson Dairy, are: 1 litre Farm Fresh Raw Milk batch code 240724 with use-by 280724 1 litre Farm Fresh Raw Milk batch code 260724 with use-by 300724 New Zealand Food Safety acting deputy director-general Jenny Bishop said the products under recall were identified through routine testing, and there have been no reports of associated illness. "New Zealand Food Safety will work with Henderson Dairy to understand how the contamination occurred and prevent its recurrence," she said....

(file image) Photo: 123RF Wholesale interest rates have "collapsed" - but retail home loan rates are likely to follow at a slower pace. Kiwibank economists have pointed out that the two-year swap rate hit a low of 4.19 percent last week, the lowest it had traded in just under two years and well below the recent peak of more than 5.2 percent. That is being driven by a market expectation that the Reserve Bank is planning cuts to the official cash rate (OCR) much quickly than it has previously signalled. "Market traders are now pricing 15bps [basis points] of cuts in August," Kiwibank's economists said. "That's a 60 percent chance of a rate cut in just a couple weeks' time. And looking ahead, traders have priced in just over 75bps of cuts by November. That's a whopping three cuts." They sa...

Comvita posted a $16.8 million net loss after tax in its unaudited financial results for the 2024 financial year. Photo: Supplied New Zealand honey company Comvita is looking at cutting jobs and slashing production amid lower sales and weak demand from Chinese consumers. The NZX-listed company posted a $16.8 million net loss after tax in its unaudited financial results for the 2024 financial year on the NZX on Monday morning. The figure was subject to an impairment adjustment, yet to be calculated - which will be advised on by an independent expert engaged by the board. Total revenue was $204m - much lower than previous guidance of $211m to $218m. Chief executive David Banfield said the result was "extremely disappointing" - driven by challenging trading conditions, non-recurring expens...

The Southern Lakes, West Coast and Kaikōura had a boost in sales due to international tourists, according to the Restaurant Association's latest report. (file image) Photo: 123rf Overseas visitors are boosting sales in cafes and restaurants in tourist hotspots but that only reflects some of the conditions faced by the hospitality sector. The Restaurant Association's latest report paints a mixed picture for many operators hit hard by difficult trading but catering and takeaways defied the downturn. The industry's annual report showed higher sales of $15.7 billion for the year ended March, but rising costs remained a concern. The annual growth rate of 5.8 percent was mostly offset by high inflation. Here's what it takes to open an eatery in a cost of living crisis Chief executive Marisa ...