Business

Photo: Supplied More retailers are worried they will have to shut up shop if tough economic conditions continue but hopes of rate cuts might help turn the mood around. Retail NZ's latest member survey shows almost 43 percent are unsure if their business will survive the next 12 months, up from 32 percent the previous quarter. Meanwhile more than 70 percent of retailers did not meet sales targets this quarter. Chief executive Carolyn Young said it shows deepening pessimism about trading conditions. But she says the survey closed before the Reserve Bank changed its tone on the official cash rate, which could make a difference to next quarter's results. "So it may be that we have seen the worst, and we might be on the road to recovery and that's what we're really hope because more and more ...

The southern end of the Brynderwyn Hills road construction project, 2024. Photo: Supplied/ NZTA A Northland businessman says a decision to build a Northland expressway as one big public-private partnership has given him hope it will be completed during his lifetime. This week, Transport Minister Simeon Brown announced the three separate Roads of National Significance making up the planned expressway from Warkworth to Whangārei would be combined into one large project delivered in three phases. It would be built as a public-private partnership (PPP), potentially using fast-track legislation or changes to the Public Works Act to further speed up construction. Riki Kinnaird, co-owner of Russell's Duke of Marlborough Hotel, said many businesses had been hit hard by the lack of a reliable tr...

Fonterra is proposing job cuts at its Waikato headquarters. Photo: RNZ / Cole Eastham-Farrelly Dairy giant Fonterra is proposing cutting jobs at its Waikato headquarters as it outsources labour to overseas. Last week, finance staff at the central Hamilton office were informed about proposed changes as part of an operating model review for the dairy co-operative. Its incoming chief finance officer Andrew Murray said part of the proposed changes to finance operations included outsourcing work to India and the Philippines. "[It] includes co-sourcing elements of our transactional work with an existing partner who has facilities in Bangalore and Manila," Murray said. "The changes... relate to us optimising core operational efficiency to support the entire business." He said the proposed chan...

Job seekers should not be afraid to use AI to beef up their resumes if they are struggling to find work, a recruitment expert says. Photo: CORBIS Job seekers should not be afraid to use AI to beef up their resumes if they are struggling to find work, a recruitment expert says. With unemployment up, it can be a tough market out there if you're looking for a job. The latest figures put the unemployment rate up to 4.3 percent for the March quarter, from 4 percent on the previous quarter. Job ad numbers from Seek released last week showed a drop of 8 percent in June and 35 percent down year on year. "At the moment, it is quite a competitive labour market and we're seeing that from the Seek data in all regions across New Zealand," Leah Lambart, who runs career counselling service ReLaunch Me...

Westpac says it has reduced its advertised special home loan rates across all terms by between 0.1 and 0.4 percent since the start of July. Photo: 123rf Westpac is lowering its home loan interest rates for the second time this month. The bank says it now has the lowest rates for three and four year terms of the five major banks. Westpac's special fixed home loan rate for a one year term is now 6.85 percent with no change to its six month term. Its standard rate for one year is 7.45 percent and 7.09 for two years. The bank is also decreasing a range of term deposit rates by between 0.1 and 0.3 percent. Westpac NZ spokesperson Sarah Hearn said wholesale rates had fallen and the bank was passing that on to its customers. "This will be welcome news for customers due to re-fix their home loa...