/news/business/rss ob体育接口 Keep up with the latest in business and financial sector news with Newstalk ob体育接口. Thu, 01 May 2025 00:50:17 Z en /news/business/indonesian-school-milk-programme-could-create-opportunities-for-nz-s-dairy-sector-rabobank/ /news/business/indonesian-school-milk-programme-could-create-opportunities-for-nz-s-dairy-sector-rabobank/ A new Indonesian school milk programme is expected to increase the country’s total dairy consumption and create opportunities for New Zealand and other global dairy players. This is according to a recent report, “Indonesia’s new school milk programme could nourish minds and global dairy markets”, by food and agribusiness banking specialist Rabobank. Rabobank said the recently elected Indonesian Government had introduced a range of policy measures with the potential to transform the country’s dairy supply chain. RaboResearch senior analyst Michael Harvey said policy was centred around the nutritious meals programme, which aimed to combat malnutrition and promote healthy eating among school children. He said a key feature of the programme was to provide food, including milk, to 60 million students on every school day by 2029. RaboResearch estimates the total milk required at full implementation could surpass two billion litres. “This estimate is based on an anticipated 83 million recipients accounting for school absenteeism, lactose intolerance, and an average serving size between 125ml and 200ml,” Harvey said. The report said the ambitions behind the school milk programme had the potential to significantly increase Indonesian demand for liquid milk. Harvey said most of the milk consumed by Indonesia’s 280 million people in 2024 was imported, with domestic production estimated at 900 million litres, and an additional 2.5 billion litres (liquid milk equivalent) imported. To meet the growth in demand that will result from the programme, he said the Government and industry planned to significantly increase the national dairy herd. The report said that, as the rollout of the programme gathered pace, investment across Indonesia’s dairy sector was expected to accelerate, with more pronounced impacts on the global sector. “For Indonesia to achieve its ambitious milk supply growth targets and accommodate the considerable number of dairy cattle needed, it will need to scale up both live cattle supply and the local dairy supply chain,” Harvey said. “This will include need for feed genetics, farm infrastructure and farm management skills to support the expanding local industry. “And overall, we expect global input players and dairy companies to benefit.” While the school milk programme was likely to increase domestic supply and provide a tailwind for local Indonesian dairy players, Harvey said that Indonesian dairy import demand was also expected to rise. “Fundamentally, RaboResearch expects Indonesia to remain a net importer of dairy and anticipates that annual import volumes are likely to grow over the medium term.” Opportunities for New Zealand RaboResearch senior analyst Michael Harvey. Harvey said New Zealand had grown its market share in Indonesia’s skim milk powder market in recent years. He said the new programme could create opportunities to further lift dairy exports to Indonesia. “Even before the announcement of the school milk programme, Indonesia was viewed as a dairy market with long-term high growth potential and, in 2020, Fonterra announced plans to further invest in Indonesia by enhancing its blending and packing capabilities. Harvey said this investment had paid dividends, with New Zealand’s market share of Indonesian milk powder exports growing rapidly from 11% in 2019 to 39% in 2024. “And this significant recent growth places New Zealand in a strong position to capitalise on the expected lift in Indonesian dairy demand over the years ahead. “Clearly, Indonesia is an important trading partner for New Zealand dairy and will continue to present growth opportunities moving forward.” Harvey said the new school milk programme could also create live cattle export opportunities for New Zealand, given Indonesia’s desire to expand its domestic dairy cattle herd. “Historically, New Zealand had a large dairy cow/ heifer export business, exporting on average 90,000 head annually. “However, a ban was implemented in 2023 following several maritime incidents. “Public consultation on a repeal of the ban is currently under way, and should this ban be reversed, it’s likely Indonesia would provide a viable market for New Zealand live dairy exports.” Wed, 30 Apr 2025 04:03:07 Z /news/business/business-confidence-falls-9-points-as-us-tariff-turmoil-takes-a-toll/ /news/business/business-confidence-falls-9-points-as-us-tariff-turmoil-takes-a-toll/ ANZ‘s Business Outlook survey shows confidence has taken a hit in April as US trade policy rattled markets. “The month of April was punctuated by global market turmoil precipitated by US tariff announcements,” said ANZ chief economist Sharon Zollner. “We can divide our sample into those received early in the month, mostly between 1 and 4 April, and those received late in the month.” “The latter sample is smaller and therefore subject to more statistical noise and volatility and we would take it as a directional signal rather than taking the numbers as gospel.” However, the data did support the idea that the turmoil has had a marked negative impact on most forward-looking indicators, she said. The impact was most acute on headline business confidence and businesses’ plans to invest. Business confidence fell nine points to +49 in April. Meanwhile, expected own activity fell just one point to 48. More positively, past own activity jumped 10 points to 11, while past employment jumped eight points to two, Zollner said. “Activity indicators overall continue to tell a tale of an economy that’s recovering,” she said. Pricing and cost indicators indicated a margin squeeze from ongoing cost pressures. But one-year-ahead inflation expectations were little changed at 2.65%. “Looking at the detail, firms on average expect costs to rise 2.7% over the next three months, while they expect to raise prices by just 1.8% over the same period. “That indicates margin squeeze – a long-running theme – amidst persistent cost pressures,” she said. Zollner noted that ANZ had recently revised down its forecast for growth and the Official Cash Rate, “partly because some of the high-frequency data has started to stutter a little”. “But also because we suspected that the uncertainty around the global outlook and broader policy moves by the US administration would lead some firms to put their investment and employment plans back on the shelf. “This month’s survey results suggest that could well be the case. But we’ll have to wait and see whether the impact is short-lived or lasting. “That in itself will depend not least on whether trade spats de-escalate or worsen from here”. ANZ economists now expect the Reserve Bank to cut the Official Cash Rate to 2.5% – 50 basis points lower than previously assumed. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist and also presents and produces videos and podcasts. He joined the Herald in 2003. Wed, 30 Apr 2025 02:00:11 Z /news/business/amazon-launches-first-starlink-rival-internet-satellites/ /news/business/amazon-launches-first-starlink-rival-internet-satellites/ Amazon has launched its first batch of Project Kuiper internet satellites, marking the start of its push to rival Elon Musk’s Starlink. The mission, called Kuiper Atlas 1, lifted off from Cape Canaveral Space Force Station in Florida at 7pm local time aboard a United Launch Alliance (ULA) Atlas V rocket that will carry 27 satellites into orbit. A previous attempt was scrubbed earlier this month because of bad weather. Project Kuiper, a subsidiary of the online retail giant founded by Jeff Bezos, is playing catch-up with Starlink – SpaceX’s sprawling network of internet satellites that has reshaped the sector and handed Musk significant geopolitical clout. The US$10 billion ($16.7b) initiative plans to deploy 3200 satellites into low Earth orbit – the region of space up to 1900km above the planet – with hopes of going live later this year. Pricing has not yet been revealed, but Amazon has pledged it will align with its reputation as a low-cost retailer. “Atlas V is on its way to orbit to take those 27 Kuiper satellites, put them on their way, and really start this new era in internet connectivity,” said ULA’s Caleb Weiss. With today’s launch, Amazon formally enters a crowded and fast-growing field that includes not just Starlink but other emerging players in the satellite internet race. SpaceX launched the first batch of Starlink satellites in 2019 and now boasts more than 6750 operational units, serving more than five million customers worldwide – by far the sector’s dominant force. Starlink has also provided crucial internet access in disaster and war zones, including Morocco after its devastating 2023 earthquake and on the frontlines in Ukraine’s war against Russia. Amazon plans to accelerate launches in the coming months and years, with more than 80 flights booked through United Launch Alliance (a Boeing-Lockheed Martin joint venture), France’s Arianespace, Bezos’ own Blue Origin and even Musk’s SpaceX. Its satellites will gradually join the swelling ranks in low Earth orbit, alongside Starlink, Europe’s OneWeb and China’s Guowang constellation. The increasing crowding of this orbital neighbourhood has sparked concerns about congestion, potential collisions and disruptions to astronomical observations. The expanding role of private companies in space has also raised thorny political questions, especially as Musk’s influence stretches beyond business into politics and diplomacy. Musk has sent mixed signals on Starlink’s future role in Ukraine, where it remains vital to Kyiv’s war effort – a conflict that Musk ally US President Donald Trump has vowed to bring to an end. –Agence France-Presse Tue, 29 Apr 2025 02:22:48 Z /news/business/airports-up-in-arms-over-fresh-regulatory-review-blindside/ /news/business/airports-up-in-arms-over-fresh-regulatory-review-blindside/ The country’s airports have been blindsided by a further review of their regulatory arrangements when they believe the party most requiring regulation is Air New Zealand on its regional domestic routes. “We are disillusioned that the Government continues to focus its time and resource on airport regulations when there is overwhelming evidence that the domestic airline market requires focused attention,” the chief executive of the NZ Airports Association, Billie Moore, told BusinessDesk. Particularly alarming for regional airports is the inclusion of Queenstown as one of a limited number of parties chosen for consultation by the Ministry of Business, Innovation and Employment (MBIE). “Regional airports deal with the dominance of Air New Zealand in the market every day. They will not understand why even more focus on airport regulation is the choice the Government has decided to make. I have already heard from one airport concerned about their investment outreach due to the chilling effect of a further consultation that is so loosely framed,” said Moore. Read the full story at BusinessDesk. Mon, 28 Apr 2025 01:07:45 Z /news/business/delegat-group-lowers-profit-outlook-after-us-tariffs/ /news/business/delegat-group-lowers-profit-outlook-after-us-tariffs/ Wine producer and exporter Delegat Group has revised down its sales and operating profit guidance for the June year due to the imposition this month of trade tariffs by the United States. The company now expects an operating net profit after tax of $47.0 million to $50.0m, down from its previous guidance of $55.0m to $60.0m. Delegat Group said its performance for the nine months ended March 31 was in line with its forecast and market guidance. “However, the introduction of a 10% tariff on imports imposed by the US administration, announced on April 3, has resulted in significant uncertainty expressed by our US distributors regarding forward shipments for Q4 [April – June 2025],“ it said. “This uncertainty has led to a revised global case sales and profit guidance.” The group now forecasts global case sales of 3,182,000 cases for the 2025 year, down 5% from previous guidance and 12% down on last year. The company said its Oyster Bay brand continued to hold a leadership position in the US market and had a strong network of US distributors who were working closely with the group to navigate through the current uncertainty. Delegat Group said it would continue to engage with its distributors to confirm forward trading plans. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Sun, 27 Apr 2025 22:29:11 Z /news/business/newmarket-unit-owner-fined-7000-for-feeding-birds-outside-apartment/ /news/business/newmarket-unit-owner-fined-7000-for-feeding-birds-outside-apartment/ A Newmarket resident has been fined $7000 after neighbours complained about unsightly and unhygienic effects from her feeding birds outside an apartment building. The Tenancy Tribunal ordered Jill Veronica Watt, of Khyber Pass Rd, to pay the fine after her body corporate acted on neighbours’ complaints, although it did not go ahead with trying to recoup costs for building painting work. Watt acknowledged having a habit of feeding birds in the courtyard of her unit. Photographs taken between June and August show the number of birds frequenting the unit and the extent of their droppings on the pergola over her courtyard, balcony railings and nearby units. A neighbouring unit owner gave evidence of the effect on his use and enjoyment of his unit, of the presence of the birds and their droppings. Rental appraisals were provided from mid-August, showing a reduced prospective rent return from his unit without the bird droppings being cleaned away. His evidence was that the property manager providing the appraisals would not rent the premises with access to the balcony because of the droppings. The evidence suggests similar concerns being expressed by other unit owners, the tribunal decision says. Bird droppings were a big problem at the apartments. Photo / Thinkstock The body corporate arranged extensive cleaning last April that improved the condition or presentation of the building somewhat. But the neighbour said Watt’s bird feeding had continued and the problem with accumulated bird droppings increased once again. The neighbour was unable to comment on the cleaning work Watt recently had done, which she says shows the bird droppings could be removed quite quickly and easily. Watt was told she had breached the apartment owners’ rules by feeding birds, leading to an unsightly and unhygienic condition of the building and causing damage to common property paintwork. The body corporate wrote to her, although Watt told the tribunal because she was not conversant with email, she received only one of those notices, which she believes was in September. She was unable to recall whether that was a notice from the body corporate or its lawyers. Watt says after receiving that notice, she did modify her habit for several months by feeding the birds only outside the property on the berm, and she was told on good authority this was not a breach of the rules. She acknowledges, though, that after becoming concerned for the birds’ wellbeing, she resumed her practice of feeding them in her courtyard. Watt must pay $5900 in legal costs leading up to the tribunal hearing, $575 for that hearing and a further $500 filing fee, resulting in the total award against her of $7031. The money was due immediately. The Herald has reported on bird deterrent system Symterra Pulse being used in New Zealand prisons and Auckland railway stations. Australia-based Peter McCarthy said birds damaged roofs and left droppings, causing problems for the owners. Inmates at some New Zealand prisons were feeding birds in the yards out of boredom or loneliness, McCarthy said. He cited the character Brooks in the film The Shawshank Redemption, who kept a pet crow. Auckland lawyer and ex-Kaipātiki Local Board member Nick Kearney has invested in Symterra Pulse, previously marketed as Flock Off. Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas. Sun, 27 Apr 2025 22:16:39 Z /news/business/what-s-the-catch-shopback-s-rapid-nz-growth-raises-questions/ /news/business/what-s-the-catch-shopback-s-rapid-nz-growth-raises-questions/ ShopBack is growing fast, offering cash back from 1% to 100% on purchases through its platform. Chris Wilkinson says it boosts retailer profiles, but Bodo Lang warns it may encourage overspending and reduce market transparency. Lang advises caution, noting it could disadvantage small retailers and lead consumers to miss better deals. By Susan Edmunds of RNZ ShopBack says New Zealand is its fastest-growing market – but many shoppers are still asking, “What’s the catch?” The online platform offers to pay back a percentage of shoppers’ online purchases. It has about 300 brands listed, and people who sign up and go to those sites via ShopBack can receive a payout of anything from 1% to 100% of their purchase. Angus Muffet, general manager for Australia and New Zealand, said it was a relatively new model for New Zealand but was launched in Australia seven years ago. He said retailers would pay a commission to ShopBack for transactions made by its members, and most of that would then be passed on to the shopper. Cash back specials If it was a travel purchase, the cash back would arrive in the customer’s ShopBack account once the travel had been completed. Other purchases would have their cash back paid when the retailer’s returns policy had expired. Members could get $1000 a year if they were booking travel on the site, he said, or $20 or $30 if they were just doing the odd bit of online shopping. Retailers would run specials increasing the amount of cash back they offered. Retailers with higher margins could offer higher cash backs than others, he said. Muffet said it worked for retailers because they would only pay if they made a sale, whereas if they were advertising on a platform like Facebook they would pay for customers clicking on their links. “There is no catch. It’s a marketing channel and we share the commission.” Muffet said data was only collected to enhance the ShopBack experience for members and was not shared with third parties. He said ShopBack had started to offer incentives for people playing mobile games, too. Chris Wilkinson, of First Retail Group, said ShopBack was popular in other parts of the world, particularly Singapore. “We know it has been successful for the brands - selling direct to consumers - and retailers, as consumers channel purchases towards participants, many of whom are already value-oriented choices - such as Chemist Warehouse. Essentially, it provides another window to those selling products and services - heightening their profile and priority in shoppers’ choices.” But Professor Bodo Lang, a marketing expert at Massey University, said there was reason to be wary. Professor Bodo Lang is cautious of the scheme. Photo / University of Auckland ‘Gamifies shopping’ “ShopBack essentially gamifies shopping. Therefore, it may encourage consumers to potentially spend more money than they otherwise would, all under the premise of ‘saving’ money. “Consumers who are prone to overspending, gambling or impulse buying should use such platforms with caution because there is a risk of becoming addicted to this type of shopping. “This is a major concern, as studies have found that around 5% of consumers suffer from compulsive buying behaviour. Younger consumers and females are more likely to exhibit this trait. “Second, platforms such as ShopBack make the marketplace less transparent for consumers. This is the last thing we want from a consumer protection perspective. “In an ideal world, consumers would have perfect information, including the pricing of products. Platforms such as Shopback make the marketplace more opaque and make it more difficult for consumers to access clear and easy-to-understand information when needing to buy a product.” He said people might also be tempted to only look for brands that were available on ShopBack and miss out on other deals. “These brands may not always offer the exact product that consumers need, or they may not always offer the lowest price for the product consumers are seeking to buy. “Therefore, consumers may end up buying products that are not quite right, or they may spend more than they would have if they had bought the product through another retailer.” He said because ShopBack tended to feature larger brands, it could make it harder for smaller retailers to compete. Lang said people could save more money by finding the products they wanted through independent reviews, such as by Consumer NZ, and then using a price comparison site. “Never pay full retail or the recommended retail price (RRP). Instead, ask for a discount, particularly if you are a regular customer, are buying more than one product, or are spending a lot of money in one session.” RNZ Sun, 27 Apr 2025 01:51:26 Z /news/business/anti-trans-posts-pass-muster-under-meta-s-new-hate-speech-rules/ /news/business/anti-trans-posts-pass-muster-under-meta-s-new-hate-speech-rules/ Meta’s top public policy officials issued an unexpected warning last year to the company’s Oversight Board: Two upcoming cases, involving videos about trans people, should be treated with extreme sensitivity. Top executives rarely discuss the inner workings of specific cases with the board, a tribune of journalists, analysts and experts who oversee the social media giant’s treatment of controversial posts. Although the two executives - Joel Kaplan and Nick Clegg, who has since left the company - stopped short of telling the board how to rule, they said the cases were particularly sensitive given the fraught political debate about the rights of trans people in the United States, according to three people familiar with the matter who spoke on the condition of anonymity to discuss private deliberations. The Oversight Board sided with Meta on lWednesday and ruled that the two posts about trans people didn’t violate the company’s hate-speech rules. The board’s decisions on specific cases are considered binding. The ruling focuses on disparaging comments accompanying two videos, one showing a trans woman using a woman’s bathroom and another showing a trans girl winning a female sports competition. The videos and posts responding to them circulated on social media last year. In both cases, Meta determined that while posts about the videos questioned a trans person’s gender identity, they didn’t violate its rules against hate speech or harassment. Both posts came to the Oversight Board’s attention after being reshared by conservative activist Chaya Raichik, who operates several controversial social media accounts known as Libs of TikTok, according to four people familiar with the matter. Raichik’s social media accounts have become a fixture in American politics, and she has amassed an audience of millions while routinely attacking the cultural acceptance of trans people. Libs of TikTok has been blamed for sparking threats at hospitals and encouraging restrictions on LGBTQ+ -related content in schools. Raichik said the allegations about hospitals are false. The Oversight Board’s ruling is the first major test of Meta’s latest efforts to rebrand itself for a MAGA-dominated Washington. Meta CEO Mark Zuckerberg pledged in January to take the company back to its roots by “restoring free expression” after years of what he said were too many restrictions on speech. That same month, Meta weakened its hate-speech rules, offering users greater freedom to call for gender-based restrictions in bathrooms, sports and specific schools, and to characterise gay people as mentally ill. The Oversight Board as a whole said the posts didn’t violate Meta’s new or old hate-speech rules because they did not directly attack people based on their gender identity. A minority on the board argued that the posts would have violated Meta’s old hate-speech rules before the changes in January. The board on Wednesday also issued a broader critique of Meta’s latest policy changes, including calling on the social media giant to improve how it enforces violations of its bullying and harassment rules. The Oversight Board planned to release the gender identity case ruling, among several others, next week but moved up the announcement to Wednesday after a Washington Post reporter requested comment this week on the pending ruling. Ayobami Olugbemiga, a spokesperson for the Oversight Board, said the group would offer a comment for this report by the end of Tuesday (local time) but did not. Meta spokesman Corey Chambliss said in a statement on Wednesday the company appreciates “the work of the Oversight Board” and welcomes its decisions. Clegg didn’t respond to a request for comment. Even before Wednesday’s ruling, the board’s judgment on the gender identity cases had become a lightning rod among social media policy watchers, attracting scores of comments about how the group should rule, including from LGTBQ+ advocacy groups and conservative critics. The ruling could also affect how other internet platforms draw the line about what is considered acceptable speech amid a fierce global debate about the rights of trans people. “This ruling tells LGBTQ people all we need to know about Meta’s attitude towards its LGBTQ users - anti-LGBTQ hate, and especially anti-trans hate is welcome on Meta’s platforms,” Sarah Kate Ellis, CEO of the LGBTQ+ activist group GLAAD, said in a statement. “This is not ‘free speech,’ this is harassment that dehumanises a vulnerable group of people.” Critics argue that leaving the content up could open the door to more harmful rhetoric about trans people, at a time when the LGBTQ+ community is facing rising harassment and legislative efforts to limit trans people’s ability to use bathrooms or compete in sports competitions in accordance with their gender identity. Meanwhile, conservative free-speech advocates argue that people should be allowed to criticise the rights of trans people - a position that polls show is gaining popularity among the general public in the United States. “This isn’t hate speech,” said Beth Parlato, a senior legal adviser for Independent Women’s Law Centre, a conservative group that advocates for restrictions on trans people’s participation in sports and their presence in bathrooms and locker rooms that match their gender identity. “More than half of the country believes there are two sexes - male and female - and we should not be quieted or censored from discussing any issues that involve transgenders,” she added. The Oversight Board is undergoing its own reinvention, five years after it launched as an experimental way for Meta to offload contentious content-moderation decisions to an independent party. Critics of the board, both inside and outside the company, have alleged that it has moved too slowly to issue decisions, failed to substantially change the company’s approach to moderation, and operated at too hefty a price tag. Some have also characterised the Oversight Board as too liberal, applying pressure that incentivised the group to take up the gender identity cases in the first place, one of the people said. The 21-member Oversight Board, which is funded by the tech company but operates independently, includes a global roster of well-known public figures in media, politics, civil society and academia. Its members include former Danish prime minister Helle Thorning-Schmidt, University of Notre Dame professor Paolo Carozza, Prospect magazine editor Alan Rusbridger, Nobel Peace Prize Laureate Tawakkol Karman and Cato Institute Vice President John Samples. The Oversight Board reviewed a Facebook post that shared a video in which a woman films herself confronting a transgender woman for using the women’s bathroom, according to the board’s description of the case. The woman asked the trans woman why she was using the women’s bathroom. The board is also reviewing an Instagram post sharing a video of a transgender girl winning a sports competition in the United States, with some spectators expressing disapproval of the result. The post refers to the trans athlete as a boy, according to the board. Both posts, which were shared last year, were reported by users as violating the company’s hate speech and bullying and harassment policies. But Meta left the posts up, determining that the videos or posts didn’t specifically call for the exclusion of trans people, according to one of the people and a description of the case from the Oversight Board. At least two of the users who originally reported the content appealed that decision to the board. Meta’s old hate-speech or anti-harassment rules banned users from calling for the political, social or economic exclusion of people based on characteristics such as race, gender, or sexual orientation. Meta’s new rules give users the freedom to say certain jobs, such as the military or teaching, should be limited by gender. Social media posters are also free under the new rules to say they support denying access to certain spaces on the basis of gender. Meta’s rules never blocked users from “misgendering” people, by using someone’s non-preferred pronouns. Meta initially told the Oversight Board that the posts didn’t break the rules but that even if they did, they would be considered exempt under the company’s newsworthiness allowance. Later, Meta reviewed its new hate-speech rules with the Oversight Board, whose members took them into consideration for its ruling, two of the people said. Since the board took up the cases in August, activists on both sides of the issue have weighed in. GLAAD argued that the posts should be considered a violation of the company’s hate-speech rules because misgendering someone is equivalent to “denying [the] existence” of people based on a sensitive characteristic. By contrast, the Independent Women’s Forum argued that allowing the contested videos to be posted is a crucial tool for women to be able to advocate against having trans women, whom they call men, use women-only spaces. For now, Meta is siding with the latter. Zuckerberg told podcaster Joe Rogan in January that one reason the company changed its rules is because then-defence secretary nominee Pete Hegseth’s previous criticism of policies allowing women in combat would probably be debated in his confirmation hearing. “If it’s okay to say on the floor of Congress, you should probably be able to debate it on social media,” Zuckerberg said. Thu, 24 Apr 2025 03:47:59 Z /news/business/boeing-says-china-not-accepting-planes-over-us-tariffs/ /news/business/boeing-says-china-not-accepting-planes-over-us-tariffs/ Boeing has confirmed that China has stopped accepting new aircraft because of the US-China trade war, as the company’s shares surged after a smaller-than-expected loss.  In a televised interview with CNBC, Boeing chief executive Kelly Ortberg said Chinese customers had “stopped taking delivery of aircraft due to the tariff environment”, adding that, if the halt continued, the aviation giant would soon market the jets to other carriers.  United States President Donald Trump’s trade conflicts with China and other countries loom as a question mark for Boeing, a major US exporter, despite this week’s solid financial results.  Boeing planned to deliver about 50 aircraft to China this year, Ortberg said, adding that it wouldn’t “wait too long” to send the planes to other customers.  “I’m not going to let this derail the recovery of our company, so we’ll give the customers an opportunity if they want to take the airplanes.  “That’s what we prefer to do. But if not, we’re gonna remarket those airplanes.”  The comments came as Trump and top administration officials have started talking more optimistically about a trade accord with China.  However, Treasury Secretary Scott Bessent said on Wednesday that Washington was “not yet” speaking to Beijing about tariffs.  Boeing’s engagement with the White House on trade had been “very dynamic”, Ortberg said on a conference call with analysts.  “I can’t predict” the course of trade talks, he added.  “We do hear signs that indicate that there will be negotiated settlements ... I just don’t know the timing.”  A priority was “to make sure we don’t see more countries in a similar boat as where we are with China”, he said.  Boeing downplayed the impact of Trump’s tariffs, saying steel and aluminium made up only 1% or 2% of aircraft costs, with most of the raw material supplied domestically.  US Treasury Secretary Scott Bessent says the US and China are still not talking formally about a tariffs deal. Photo / Chris Kleponis, CNP, Bloomberg via Getty Images  Under a US duty drawback scheme, Boeing can recover customs duties on certain goods when it exports the taxed items.  The company reported a loss of US$123 million (NZ$207m) in the first quarter, smaller than the $343m loss in the corresponding quarter a year ago. Revenues rose 18% to $19.5 billion.  In its earnings release, Boeing confirmed targets to raise commercial plane production as it bolsters its safety efforts after two fatal crashes of its 737 MAX planes and other major incidents.  It reaffirmed that production of its 737 MAX will hit 38 a month this year, while output of the 787 Dreamliner will climb to seven a month from five.  Boeing still expects the first delivery of its 777-9 next year.  It also reported a cash burn of $2.3b, “much better” than the expected $3.7b hit, according to analysts at TD Cowen.  On Tuesday, it announced plans to sell portions of its digital aviation solutions business to software-focused investment firm Thoma Bravo for $10.6b as it seeks to bolster its financial position.  Ortberg told analysts he was considering other divestments of assets “smaller” than those in the Thoma Bravo deal, which includes Jeppesen, an 81-year-old aviation navigation company.  Ortberg joined Boeing last summer after a leadership shakeup in the wake of a January 2024 Alaska Airlines flight that made an emergency landing after a panel blew out mid-flight.  Before that, there were fatal crashes of the 737 MAX in 2018 and 2019 in Indonesia and Ethiopia.  To win back the confidence of lawmakers and customers, Boeing has been enhancing quality control under the scrutiny of federal regulators.  “Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality,” Ortberg said in a press release.  Boeing led the Dow index on Wednesday, rising 6%.  © Agence France-Presse  Wed, 23 Apr 2025 23:15:37 Z /news/business/three-ex-lg-new-zealand-staff-guilty-of-destroying-evidence-in-anti-competitive-investigation/ /news/business/three-ex-lg-new-zealand-staff-guilty-of-destroying-evidence-in-anti-competitive-investigation/ The Commerce Commission filed criminal charges against three former LG New Zealand staff after evidence was destroyed during an investigation. In 2020, the Commission opened an investigation into potential resale price maintenance (RPM) in the supply of televisions in New Zealand. The investigation concluded with the Commission sending a compliance letter to LG and a warning to Panasonic. Two former managers of LG New Zealand who pleaded guilty for their involvement in destroying evidence during an investigation into potential anti-competitive conduct can now be named. Dowan Kim, the former country manager of LG New Zealand, and Nicholas Clarke, a former LG key account manager, lost name suppression more than three years after charges were filed by the Commerce Commission. Both Kim and Clarke were discharged without conviction, with a third former staff member who has permanent name suppression. The Commission opened an investigation in 2020 into potential resale price maintenance (RPM) in the supply of televisions in New Zealand. RPM, which is a form of anti-competitive conduct, prevents resellers from setting their prices independently and can lead to increased prices for consumers. As part of the investigation, LG was requested to provide the Commission with documents recording communications between various persons. However, LG’s response omitted instant messages, such as those sent via WhatsApp. The Commission queried that omission and compelled LG to provide instant messages relevant to the notice. In January 2021, the Commission received whistleblower information that Kim had instructed two staff members to delete material considered “an issue” the day after LG received the Commission’s letter querying the failure to include instant messages. The Commission said Kim gave this instruction following a call from an offshore senior manager at LG. Kim maintained in the proceedings that he merely passed on the instruction to delete messages from the offshore senior manager. LG denies this. Charges were filed in September 2021. Kim pleaded guilty to a charge under the Crimes Act of wilfully attempting to obstruct the course of justice. Clarke and the other staff member pleaded guilty to offences of failing to comply with a statutory notice, in breach of the Commerce Act. Both the District Court and the High Court denied permanent name suppression for Kim and Clarke. The Commission’s investigation into potential anti-competitive conduct in the supply of televisions concluded with the Commission issuing a compliance letter to LG and a warning to Panasonic. Wed, 23 Apr 2025 03:03:38 Z /news/business/the-doge-5-things-emails-have-fallen-apart-as-elon-musk-readies-exit/ /news/business/the-doge-5-things-emails-have-fallen-apart-as-elon-musk-readies-exit/ Elon Musk’s directive for federal workers to submit weekly accomplishment emails was largely ignored. The Office of Personnel Management stated the emails were voluntary and noncompliance wouldn’t be considered a resignation. Some agencies have stopped requiring the emails, while others maintain inconsistent policies on compliance. When Elon Musk and President Donald Trump commanded all federal workers to submit weekly emails listing five accomplishments, they warned of harsh consequences: failure to comply would count as a resignation. Musk called the emails an accountability measure needed to ensure that staff even had a “pulse”. But records obtained by the Washington Post, and interviews with three dozen managers and employees across government, reveal that officials refused to comply with core aspects of the directive from the beginning. In a briefing for top human resources officers across government held just two days after Musk’s directive went out to all federal employees on February 22, the Office of Personnel Management said the initiative was voluntary and non-compliance would not be considered a resignation, according to an email obtained by the Post. Further undermining Musk’s effort, OPM leaders said in the briefing that the agency did not intend to do anything with the messages that employees did submit, the email stated. As the billionaire prepares to exit Government later this year and his influence appears to be waning, the conflicting messages and confusion have had a predictable result. As of this month, agencies maintain an inconsistent patchwork of policies on the email responses, according to the Post analysis and the employees, all of whom spoke on the condition of anonymity for fear of retaliation. Some federal agencies have stopped requiring the messages. A shrinking number of departments mandate strict compliance, while others say they are requiring the emails but are not checking for compliance or tracking responses in any way that is detectable to all employees. Many federal workers who still answer the message are either churning out lightly modified versions of the boilerplate each week – or treating the whole thing as a joke, such as by submitting replies in a foreign language. A White House spokesperson declined to comment on how many agencies are still requiring the emails. Musk did not respond to a request for comment. Musk announced the email requirement on a Saturday afternoon in February, just a few weeks into his US Doge Service’s campaign to downsize the government and slash spending. The billionaire said at the time that he was obeying Trump’s instructions to be more “aggressive” toward the federal workforce. The email, which bore the subject line “What did you do last week?” and asked for five bullet points of accomplishments, sparked consternation among government employees. Many worried both about potential privacy issues and whether they would lose their jobs if they didn’t reply. Some of Trump’s top advisers and Cabinet nominees didn’t like Musk’s email idea, either – and, after pushback, the White House clarified that Cabinet secretaries could decide whether their employees had to write up weekly accomplishments. In recent weeks, more are opting out. The Environmental Protection Agency told employees in late March that the task would be considered “encouraged, but optional”, according to an email obtained by the Post. The National Institutes of Health this month told staff that the mandate had ended, according to an email signed “NIH Executive Secretariat” and obtained by the Post. The emails were unnecessary, the message stated, because “NIH manages its own performance review processes and will notify employees directly if any information related to work duties or performance is needed”. At the opposite extreme, a small number of agencies have institutionalised the practice or created automated forms to collect responses. The Securities and Exchange Commission, for example, has often reminded staff about the emails in its daily internal newsletter. “Zero idea how it’s used,” one SEC employee told the Post. Musk's departure from the Government is still uncertain. Photo / Getty Images It is unclear precisely when Musk will leave the Government; his status as a special Government employee is expected to expire at the end of May. The billionaire is ready to exit because he is tired of fielding what he views as a slew of nasty and unethical attacks from the political left, according to a person familiar with his thinking. He believes his departure will not diminish the power or work of Doge, his brainchild, the person said, noting that Doge team members are already established across scores of federal agencies. Doge stands for the Department of Government Efficiency, though it is not a Cabinet-level agency. The administration holds up Doge as an exemplar of how to rapidly reshape ponderous bureaucracies. “No one can say Doge has not achieved a historic amount of success. The results speak for themselves,” said a senior White House official, speaking on the condition of anonymity to discuss internal deliberations. The weekly update emails are a persistent feature of Musk-run companies, where they are used to drive a high-intensity work culture – but also to support personnel decisions. A key individual involved in reviewing those weekly emails, software engineer Christopher Stanley, followed Musk to the federal Government. At Twitter, now X, according to a person familiar with the situation, Stanley was the key person who received and reviewed the weekly update emails; leadership consulted the memos when making personnel decisions. “If they were planning to do more layoffs, they would go back and look at those emails for potential layoffs and see what they’re working on,” the person said, noting that the emails could be used as a pretext for letting a staffer go, for example. “That’s just another data point for why you should lay someone off.” Within the federal workforce, it is unclear what the email responses are being used for, if anything. There was never a central strategy for how to handle the replies, an email obtained by the Post shows. In late February, human resources leaders known as chief human capital officers from across the Government gathered for a meeting, according to the email, which detailed summary notes from the session. The meeting was led by the OPM, which acts as the human resources arm for the entire Government. The first topic of discussion was Musk’s “weekend email”, which he had announced on X two days prior, the notes show. In addition to declaring the emails voluntary and saying non-compliance would not count as resignation, OPM officials said their agency would not provide any further guidance to other departments about the emails, although some divisions were contemplating making them a weekly requirement, according to the meeting summary. Next, the notes show, an attendee asked, “What will be done with the information that staff have provided?” “OPM’s response - No plans,” the notes state. It is not clear who from the OPM led that meeting, although other such discussions have been led by top political appointees at the agency. At least one agency collecting the emails has announced vague plans for their fate. The acting director of OPM, Chuck Ezell, sent an email last month requiring employees to complete a weekly form with five spaces to detail accomplishments, according to OPM staffers and records obtained by the Post. Staffers’ replies will be “aggregated and shared with Associate Directors and Office Heads”, Ezell wrote in his message. “This information will inform reporting to OPM leadership and will be used to track progress, make course corrections, and celebrate accomplishments.” Someone is evidently paying attention to what gets sent in, said an OPM staffer, because at least one employee was disciplined for replying with profanities. Within the Defence Department, the initial request for one email has mushroomed into a weekly saga of several messages, said an employee there. Every Thursday or Friday, staffers receive a reminder telling them to send in their bullet points no later than the following Tuesday, with their supervisor cc’d. After employees send in responses on Mondays, in at least some parts of the department, a team lead gathers and summarises colleagues’ replies in one message to a supervisor. The supervisor then condenses responses again and sends a summary message to another, higher-up official – and so on, the Defence Department employee said. “Then we do it all again next week,” said the employee, who added that most people he knows in the department are submitting a slightly altered version of the same copied-and-pasted piece of text each week. “I don’t know anyone who’s manually creating a new response each week.” At the Agriculture Department, staff initially received instructions not to reply to the email, said a USDA employee. Then area leadership told them maybe they should consider responding after all, the employee said, and gave some suggestions for ideal messages. The week after that, state-level leaders told staff to definitely send a response and forward it to their direct managers – but balked at calling the messages absolutely mandatory, according to the employee. Since then, many confused staffers have chosen not to reply, the employee said. Some have begun responding in Russian, just to confuse whoever – or whatever AI program, as some staff like to joke – is reviewing the messages. “I have not sent one in at all,” the USDA employee said. “I don’t think I should have to justify my job to some unknown entity, especially when I’m handling private customer information.” The employee said they have faced no consequences. In a Florida Veterans Affairs office, by contrast, one employee said her bosses warned that failing to respond would be counted against her. So she sends in replies religiously, crafting a brand-new message each time and hoping it will help her keep her job. A Food and Drug Administration employee sends in the same vague but accurate five bullets each week. His agency is requiring responses, but he is determined not to reveal confidential information related to drug approval applications. And in the Department of Housing and Urban Development, one employee has chosen resistance. The employee uses ChatGPT to generate 10 to 20 pages of word salad each week, then hits send. Elizabeth Dwoskin contributed to this report. Tue, 22 Apr 2025 01:20:35 Z /news/business/major-loser-us-stocks-dollar-tumble-as-trump-slams-fed-s-powell-again/ /news/business/major-loser-us-stocks-dollar-tumble-as-trump-slams-fed-s-powell-again/ Wall Street stocks tumbled early on Monday (Tuesday NZT) amid lingering uncertainty over Donald Trump’s trade policy as the President slammed Federal Reserve chair Jerome Powell in a new social media post.  Stocks had opened lower after China warned other countries against negotiating trade deals with the United States at Beijing’s expense.  But equities fell further shortly after the market opened when Trump called Powell a “major” for not cutting interest rates, underscoring questions about whether Trump will attempt to fire Powell in a move that would further unnerve markets.  In late trading, the Dow Jones Industrial Average was down 2.5% at 38,170.  The broad-based S&P 500 declined 2.4% to 5158, while the tech-rich Nasdaq Composite Index shed 2.6% to 15,871.  Nvidia shares closed down 4.51% to US$96.91. The stock is now down 29.9% year-to-date.  Tesla shares fell 6.0% to US$227.42. The stock was at US$432.49 on January 21 as Trump took power.  The Dow industrials index dropped almost 1000 points and is now pace for its worst April since 1932, according to a Wall Street Journal report.  Gold surged to over US$3400 a troy ounce, a new record.  The ICE US dollar index, a measure of the dollar against a basket of major currencies, slipped more than 1% to its lowest level in three years. The dollar hit fresh lows against the euro, pound, yen and Swiss franc.  10-year Treasury yields rose to 4.40%  Trump’s attack on Powell “creates more uncertainty”, said Adam Sarhan of 50 Park Investments.  “Nobody knows what’s going to happen going forward.  “And the fear that, we might actually have a recession unfold is stronger than anything else right now.”  Among individual companies, Netflix climbed 1.5% following better-than-expected results as revenues rose following subscription price hikes.  This week’s earnings calendar includes reports from Tesla, Boeing and Procter & Gamble.  Also on the agenda will be the annual spring meetings in Washington at the International Monetary Fund and World Bank.  -Agence France-Presse. With reporting by Herald staff  Mon, 21 Apr 2025 23:39:13 Z /news/business/google-has-illegal-monopoly-in-ad-tech-us-judge-rules/ /news/business/google-has-illegal-monopoly-in-ad-tech-us-judge-rules/ A US judge on Thursday ruled that Google illegally wielded monopoly power in the online ad technology market, in a legal blow that could rattle the tech giant’s revenue engine. The federal government and more than a dozen US states filed the antitrust suit against Alphabet-owned Google, accusing it of acting illegally to dominate three sectors of digital advertising - publisher ad servers, advertiser tools, and ad exchanges. “Google’s monopolies allow it to soak up excessive profits, leaving less for the workers and businesses whose livelihoods depend on online advertising,” said New York attorney general Letitia James, whose state took part in the suit. “Everyone from major news organisations to small independent bloggers has taken a financial hit because of Google’s conduct.” It is one of two federal suits targeting Google that could ultimately see the company split up and curb its influence - and part of a wider government push to rein in Big Tech. The vast majority of websites use Google ad software products that, combined, leave no way for publishers to escape Google’s advertising technology, the plaintiffs alleged. District Court Judge Leonie Brinkema agreed with most of that reasoning, ruling that Google built an illegal monopoly over ad software and tools used by publishers, but partially dismissed the argument related to tools used by advertisers. “Google has willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power in the publisher ad server and ad exchange markets for open-web display advertising,” Brinkema said in her ruling. The judge concluded that Google further entrenched its monopoly power with anticompetitive customer policies and by eliminating desirable product features. “In addition to depriving rivals of the ability to compete, this exclusionary conduct substantially harmed Google’s publisher customers, the competitive process, and, ultimately, consumers of information on the open web,” Brinkema wrote. Google quickly vowed to appeal the ruling. “We won half of this case and we will appeal the other half,” the company’s vice president of regulatory affairs, Lee-Anne Mulholland, said in a statement. “The court found that our advertiser tools and our acquisitions, such as DoubleClick, don’t harm competition,” Mulholland said. For Emarketer senior analyst Evelyn Mitchell-Wolf, “The bigger picture is crystal clear: the antitrust tides have turned against Google and other digital advertising giants. “The extent of the fallout will depend on the legal remedies employed,” Mitchell-Wolf told AFP. What to do? Launched under the presidential administrations of Donald Trump and Joe Biden, five major antitrust cases from the Federal Trade Commission and the US Justice Department are proceeding against major US technology companies. These cases represent an aggressive shift in antitrust enforcement, after a relatively quiet period in antitrust prosecution since the Microsoft case in the late 1990s. In August last year, a US judge ruled that Google maintained a monopoly with its dominant search engine. The company has appealed that ruling as well. Online advertising is the driving engine of Google’s fortune and pays for widely used online services such as Maps, Gmail, and search offered free. Money pouring into Google’s coffers also allows the Silicon Valley company to spend billions of dollars on its artificial intelligence efforts, as it tries to keep up with rivals. Brinkema gave attorneys on both sides of the online ad tech case seven days to submit a schedule for arguing their positions regarding what remedies should be imposed on Google. Ordering Google to spin off its ad publisher and exchange operations is likely to be among the plaintiffs’ proposals. For Mitchell-Wolf, the ruling has “profound implications for the advertising industry”. “The open web is so deeply rooted in Google’s advertising technology that any change to the status quo could crush vulnerable publishers,” the analyst said. Nicole Gill, co-founder of advocacy group Accountable Tech, called Brinkema’s decision a “massive victory”, while Amnesty International Secretary-General Agnes Callamard called for a “rights-respecting structural break-up of Google”. -Agence France-Presse Fri, 18 Apr 2025 01:48:34 Z /news/business/job-hunters-facing-more-fraud-and-ai-powered-deepfake-video-interviews/ /news/business/job-hunters-facing-more-fraud-and-ai-powered-deepfake-video-interviews/ Job hunting for some people might have just got even trickier. Fake job sites and scammers using AI for deepfake video “interviews” have sparked concern from Microsoft. The company’s Australia and New Zealand chief security officer Mark Anderson said AI was generating realistic but deceptive job postings. And it was even enabling deepfake video interviews, he said. “For Kiwi job seekers, the risks are no less significant than anywhere else in the world.” Anderson said people should never share personal or financial information with unverified employers. “Watch for red flags, such as upfront payment requests or communication via free email domains, which are often signs of fraud.” He said it was essential to verify employer legitimacy through official websites or platforms such as LinkedIn or Glassdoor. Scammers generated fake profiles with stolen credentials, fake job postings with auto-generated descriptions and AI-driven email campaigns, he said. These campaigns aimed to trick job seekers into giving away information. Anderson also urged caution if a remote video call interview seemed unnatural. He said “odd facial expressions or speech delays” could indicate AI was being used to deceive people. And it was now possible for scammers using AI to establish fraudulent e-commerce websites within minutes, Anderson said. Kiwi clothing and outdoor brand Kathmandu was one recent target of an imposter shop on Facebook and it told the Herald the scams were getting more frequent. And today, ASB said a share trading platform scam used text messages and then an invitation to connect on platforms including WhatsApp. Kathmandu customers and a Reddit user raised suspicions about what turned out to be a scam e-shop. Photo / DeerSimilar8170 Reddit “AI-powered scams are making it harder for people to distinguish legitimate offers from fraudulent ones, whether through fake product reviews or convincing countdown timers on e-commerce sites,” Anderson said. He said Kiwis should avoid impulse buying by verifying deals, and cross-checking domain names and reviews before clicking on social media ads. People should also use secure payment methods with fraud protections instead of direct bank transfers or cryptocurrency, he said. In response to scams, Microsoft said it had introduced new in-product safety controls. Anderson said the “Fraud-resistant by Design” policy introduced in January meant Microsoft product teams must perform fraud prevention assessments and implement fraud controls as part of their design process. He said consumer awareness and vigilance was the most powerful tool to tackle scams, backed with technological solutions. “The battle against scams will continue, and we remain committed to empowering consumers to protect themselves and their data.” An online scam misusing New Zealand actor Martin Henderson's identity is one high-profile recent con, but Microsoft says fake job listings are increasingly problematic. Composite photo / Sylvie Whinray Microsoft said in the year to April it had thwarted US$4 billion ($6.74b) in fraud attempts globally. “AI has started to lower the technical bar for fraud and cybercrime actors looking for their own productivity tools, making it easier and cheaper to generate believable content for cyberattacks at an increasingly rapid rate,” the tech company added. Microsoft said it had also blocked about 1.6 million bot sign-up attempts on average every hour. In its Cyber Signals Issue 9 report released today, Microsoft said some bad actors were luring victims into increasingly complex fraud schemes using fake AI-enhanced product reviews. These scams could also involve AI-generated storefronts, where scammers created entire websites and e-commerce brands. The sham companies could include fake business histories and customer testimonials. Actors Russell Crowe and Martin Henderson, and New Zealand singer Anna Coddington are among public figures who have been impersonated by scammers. And after scammers stole broadcaster Wendy Petrie’s identity last year, cyber security agency Cert NZ warned about the misuse of AI. Microsoft said fraudsters used deepfakes, voice cloning, phishing emails and authentic-looking fake websites to appear legitimate on a wider scale. Thu, 17 Apr 2025 04:09:26 Z /news/business/asb-securities-impersonated-scammers-suspected-of-targeting-volatile-economy/ /news/business/asb-securities-impersonated-scammers-suspected-of-targeting-volatile-economy/ ASB says an impersonation and investment scam currently doing the rounds uses text messages and then an invitation to connect on WhatsApp. The bank said the scam promised “too good to be true” investment opportunities and falsely claimed to be from ASB Securities. The scammers asked potential victims to connect over WhatsApp and other channels, then click on a link to log into their “investments” or bank account. Brodie Macdonald, ASB GM for fraud and scams, said the scammers seemed to be taking advantage of current market uncertainty. Macdonald said in the current turbulent environment, investments could be front of mind for many people. Local sharemarket investor sentiment has been subdued, with the Sharesies Index falling into the “cautious” range in the first quarter as worries about US tariffs mounted. Other issues potentially worrying some investors included inflation creeping back up and volatile sharemarkets. Macdonald said at such times, people might be more susceptible to act quickly and potentially miss some of the red flags around scams. “I encourage everyone to be vigilant, particularly if you’re asked to make a payment or provide sensitive information,” Macdonald said. “Anyone can fall victim to a scam, and staying alert to scammers is our first defence.” She said the bank’s fraud experts were available at all times, including over the public holidays. ASB Securities is the bank’s share trading platform. The bank said anyone who clicked on a suspicious link or handed over their payment details should block their cards and contact their bank immediately. People receiving a suspicious text could report the message to the Department of Internal Affairs for free by forwarding it to 7726. Macdonald said ASB customers affected could phone the bank by calling 0800 ASB FRAUD (0800 272 372). Thu, 17 Apr 2025 03:51:13 Z /news/business/commerce-commission-approves-woolworths-beak-johnston-acquisition/ /news/business/commerce-commission-approves-woolworths-beak-johnston-acquisition/ The Commerce Commission has granted clearance for Woolworths to acquire 100% of Australian food manufacturer Beak & Johnston (B&J) after initially extending the date for a decision by an extra month.  The decision follows the Australian Competition and Consumer Commission’s (ACCC) verdict on April 9 to approve the proposal.  In deciding whether to approve the acquisition the commission considered the potential impact on competition in national markets for a range of food products that B&J manufactures.  This includes slow-cooked meats, chilled and canned soups, chilled and frozen ready-made meals, and pies (which are all different types of convenience or ready meals).  The business also manufactures private label products for retailers and other food service providers and is a non-exclusive distributor of the ‘Impossible’ meat alternative brand in New Zealand.  Chairman Dr John Small said the commission was satisfied that the acquisition is unlikely to substantially lessen competition in the New Zealand market.  “Our investigation found that notwithstanding Woolworths’ significant retail grocery business, the proposed acquisition was unlikely to result in the merged entity refusing to supply Beak & Johnston products to rival grocery retailers, refusing to purchase products from a rival supplier, or doing so on less favourable terms such that it would substantially lessen competition,” Small said.  “We don’t believe that Woolworths would have the ability or incentive to restrict rival retailers’ access to convenience or ready meals, nor do we consider any attempt to do so would result in a substantial lessening of competition in relevant retail markets.”  Small also said that rival grocery retailers could still acquire products from alternative suppliers across the relevant categories, whether they are branded B&J products or private label products that it manufactures.  Commerce Commission chairman Dr John Small said the commission was satisfied that the acquisition is unlikely to substantially lessen competition in the New Zealand market.  The commission’s deliberation considered whether there was a risk of Woolworths either delisting the products of rival suppliers to B&J or compromising the attractiveness of their products, but decided it would not be a likely scenario as the items in these categories are generally projected to grow.  Any efforts by Woolworths to compromise the attractiveness of rival suppliers’ products were also unlikely to substantially lessen competition.  “While we recognise the proposed acquisition may result in Woolworths potentially ranging more Beak & Johnston products, given the limited nature of the range, and the projected growth of the sales of convenience or ready meals, we don’t believe this will be sufficient to cause competitive harm in the market.  “We saw no evidence to indicate the proposed acquisition would materially change decisions on the ranging, shelf-positioning or pricing of private label and Beak & Johnston-branded products in Woolworths stores in a way that would substantially lessen competition.”  B&J was founded in 1986 by David Beak, who remains executive chairman, with Shannon O’Connell as the New Zealand business director.  Woolworths already owns 23% of the Australian sister company, B&J City Kitchen, which it intends to wholly acquire through this deal.  Woolworths and B&J City Kitchen have been formal partners since December 2017.  The acquisition will see it wholly acquire the B&J New Zealand business, which operates out of its site in Wiri, South Auckland.  The New Zealand business currently employs 65 people.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Thu, 17 Apr 2025 00:48:50 Z /news/business/mercury-revises-down-earnings-forecast-due-to-dry-weather/ /news/business/mercury-revises-down-earnings-forecast-due-to-dry-weather/ Mercury NZ’s annual profit will be affected by dry weather in 2025, the company says.  The power generator and retailer said it had revised its earnings before interest, tax, depreciation, amortisation and financial instruments for the year down to $760 million from $820m.  “This reflects an expected 150 gigawatt hour (GWh) decrease in full-year hydro generation to 3400GWh owing to continued dry weather in the Taupō catchment, and projected below-mean hydro inflows and lake level through to June 30, 2025,” the company said.  The full-year ordinary dividend guidance remained unchanged at 24 cents a share and its “stay-in-business” capital expenditure guidance was unchanged at $150m.  In February, the company — 51% owned by the Government — said it expected power prices for its residential customers to rise on average by 9.7% from this month.  The company said then that energy prices — gas and electricity — for consumers were expected to increase across the board.  The rise primarily reflected increases in lines and transmission charges due to rising costs and the level of investment in infrastructure required, in line with the Commerce Commission’s price path reset for the next five-year period.  It also reflected the rise in the cost of wholesale electricity and other costs.  Mercury’s downgrade follows a challenging 2024 for most of the power generator-retailers, who faced a gas shortage, low hydro inflows and calm wind conditions, which combined to drive power prices to more than $800 per megawatt hour in August.  Jamie Gray is an Auckland-based journalist covering the financial markets, the primary sector and energy. He joined the Herald in 2011.  Wed, 16 Apr 2025 02:40:16 Z /news/business/gloomy-forecast-anz-sees-ocr-falling-to-25-as-recovery-falters/ /news/business/gloomy-forecast-anz-sees-ocr-falling-to-25-as-recovery-falters/ ANZ economists now expect the Reserve Bank (RBNZ) will have to cut the Official Cash Rate to 2.5% as the economic recovery progresses at a slower-than-expected pace.  They had previously forecast the RBNZ to pause at 3%. The rate is currently sitting at 3.5%.  Recent data suggested the economic recovery, while certainly well under way, was looking a bit more stop-start than our current forecasts imply, ANZ chief economist Sharon Zollner said.  “In addition, persistent uncertainty on the global trade front and a darker and murkier outlook for global growth is likely to dampen investment and broader risk-taking to some extent.  “We therefore now think that the economy will require a bit more support from monetary policy to ensure that the recovery remains on track.”  Zollner expected the RBNZ’s forecast revisions would have “the same broad flavour” in next month’s Monetary Policy Statement.  ANZ has revised down its forecast for GDP and the housing market.  It now sees an annual average GDP growth of 1% for 2025 (down from 1.3%) and 2.6% in 2026 (down from 2.9%).  ANZ chief economist Sharon Zollner at ANZ Tower Albert Street. New Zealand Herald photograph by Corey Fleming 25th March 2025  “Our forecast for annual average growth in 2027 has been revised up from 2.4% to 2.6% as stimulatory monetary policy settings eventually flow through.”  Softer economic momentum would be expected to leave the labour market loose for a little longer, she said.  “After ending 2024 at 5.1%, the unemployment rate is expected to lift to 5.3% in early 2025 and remain around that level for most of the year.”  Thereafter, the trajectory for the unemployment rate was similar to prior forecasts: on a path towards 4.3%.  House price expectations had been downgraded to 4.5% growth for 2025.  Previously, ANZ had anticipated growth of up to 7%.  ANZ would also be reducing expectations for CPI inflation but would wait until after tomorrow’s first quarter data was released to get an updated starting point.  Lower inflation is likely due to falling oil prices (on the tradable side) and the economy running further below capacity (on the non-tradeable side, Zollner said.  ANZ had not yet “centralised” the downside risks of tariff fallout or the upside risk of higher bond yields.  Like the RBNZ, it would continue to take a wait-and-see approach.  But trade tensions and ongoing uncertainty surrounding the global growth and markets outlooks had very likely weighed on confidence across both households and businesses, “eroding a key pillar of support to the recovery”, Zollner said.  “As a result, we think further policy support is required to keep the recovery on track.”  Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.  Wed, 16 Apr 2025 01:17:17 Z /news/business/nz-s-house-price-median-drops-30-000-annually-auckland-down-28-reinz/ /news/business/nz-s-house-price-median-drops-30-000-annually-auckland-down-28-reinz/ House prices are continuing to fall, down $30,000 in the latest year, according to Real Estate Institute data out today. The median price for New Zealand declined by $30,000 or 1.4% to $790,000 year-on-year, REINZ said. Prices also fell or remain unchanged in 10 regions and only rose in six regions, REINZ said. It now takes a median 41 days to sell a house in this country, an increase of three days in the year to March. Auckland’s median fell 2.8% annually, to $1.04m. First-home buyers, investors, and owner-occupiers were the most active. “Some vendors were realistic regarding the asking price, motivated to sell, and met market expectations, while others expected to obtain a price they thought was right, which was always on the higher end of the scale. Attendance at open homes varied across the region; while some may have numerous walk-throughs, others may have none – particularly with existing stock," the REINZ statement for the Auckland region said. Auckland auction room attendance varied. Economic conditions, lending criteria and buyer confidence influenced market sentiment. Local agents are cautiously optimistic that the market will improve in a gradual, incremental manner, REINZ said. Northland’s median sale price was down nearly 0.6% to $695,000. Waikato’s median declined 1.6% to $745,000 and Taranaki’s stayed unchanged at $600,000. Bay of Plenty prices were down 0.3% to a median $650,000 and Hawke’s Bay’s median was down 3.4% to $700,000. Gisborne was one of the few areas to buck the rent, prices there rising 4% annually to a median $650,000. Wellington’s median fell 2.4% to $800,000. Canterbury prices were unchanged in the March year at a median $695,000 while Otago’s fell 8.8% to $661,000. Unsold inventories are rising too. “More properties hit the market than in March 2024, with an increase of 5% nationally, from 11,455 to 12,029 listings,” REINZ said. Acting chief executive Rowan Dixon was upbeat. “The market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don’t sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community.” The West Coast region experienced the highest increase, rising by 11.5% from $370,000 to $412,500. Two regions had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. Nelson’s median price significantly declined year-on-year from $722,000 to $640,000 which was down 11.4%. “New Zealand’s property market remains the same: high listings result in decreased buyer urgency. If a buyer misses out on a property, they can easily find a similar one for sale,” Dixon said. Michael Gordon, Westpac chief economist, said house prices had been ticking higher in recent months, as lower interest rates have helped to revive buyer interest. The REINZ House Price Index rose by 0.2% in March, the fifth straight month of similarly-sized gains, he noted. Sharon Zollner, ANZ chief economist, said sales were lifting but prices were constrained by high inventories of unsold stock. “New listings lifted slightly in Mrch and are around decade highs, meaning there is still plenty of choice for buyers. That means price tension remains limited. Despite strengthening sales, recent data suggest downside risk to our forecast fo house prices to rise 6% over 2025,” Zollner said. This month, the Herald reported Auckland’s largest real estate agency pushing up sales in March but its glut of unsold homes has now hit a record. Barfoot & Thompson’s unsold stock numbers have been climbing lately, with 5300 places unsold in January and 5900 in February but 6200 last month. Peter Thompson, managing director, said: “The Auckland housing market has responded aggressively to improved buying conditions with turnover in March hitting the highest number of sales in a month for more than three years, and with prices at their highest this calendar year. The long-anticipated housing market recovery has finally arrived.” The agency sold 1213 properties in March, the most since July 2021. Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas. Tue, 15 Apr 2025 02:50:37 Z /news/business/man-charged-over-tesla-arson-as-anti-musk-wave-sweeps-us/ /news/business/man-charged-over-tesla-arson-as-anti-musk-wave-sweeps-us/ A man who allegedly torched two vehicles at a Tesla dealership and painted “Die Elon” on the side of the building has been hit with federal charges, the US Department of Justice said on Monday. The charges are the latest to be levied in connection to attacks on the EV maker whose boss, Elon Musk, has become a hate figure for some over his role in slashing government as a top adviser to President Donald Trump. Two Tesla vehicles were badly damaged in the firebomb attack on a showroom in Albuquerque on February 9, and slogans likening Musk and his company to Nazis were sprayed on the walls. Jamison Wagner, 40, who lives in the city in the western state of New Mexico, was also charged over a firebomb attack that hit an office of the state’s Republican Party last month. If convicted on the two charges of malicious damage or destruction of property by fire or explosives, he could be jailed for up to 20 years on each ccharge, the Department of Justice said. “Let this be the final lesson to those taking part in this ongoing wave of political violence,” Attorney General Pam Bondi said. “We will arrest you, we will prosecute you and we will not negotiate. Crimes have consequences.” Federal prosecution carries a stiff penalty compared with local law, where such a crime typically results in a sentence starting from only 18 months of incarceration and a US$5000 ($8500) fine. In March, Trump even suggested that people who vandalise Tesla property could be deported to prisons in El Salvador. Musk, the South Africa-born billionaire chief of Tesla and SpaceX, is leading Trump’s ruthless cost-cutting drive at the head of the so-called Department of Government Efficiency (DOGE). Lauded on the right, he has rapidly become one of the most controversial figures in the country. Several Tesla dealerships and cars in the US and worldwide have been vandalised and the company’s share price has taken a hammering. - Agence France-Presse Tue, 15 Apr 2025 01:14:26 Z /news/business/food-prices-35-higher-in-march-2025-compared-to-last-year/ /news/business/food-prices-35-higher-in-march-2025-compared-to-last-year/ Food prices have steadily increased in March, with the monthly change driven by higher prices for grocery food and non-alcoholic beverages.  According to the latest Stats NZ Selected Price Index, monthly food prices increased by 0.5% in March compared with a 0.5% monthly decrease in February.  But on an annual basis, food prices were 3.5% higher than in March 2024.  Grocery food and non-alcoholic beverages had the biggest monthly impact on food price in March 2025, up 0.9% and 1.1%, respectively.  Higher prices for chocolate and yoghurt drove the increase in grocery food prices, while higher prices for instant coffee and soft drinks drove the increase in non-alcoholic beverage prices.  On an annual basis, butter prices are more expensive by 63.6% compared to March 2024, cheese is up by 20.4%, and milk is more expensive by 16%.  Stats NZ prices and deflators spokeswoman Nicola Growden said “The average price for a 250g block of chocolate was $5.99 in March 2025, that’s $1.60 more expensive than three years ago”.  Chocolate and yoghurt had the biggest contributions to the monthly increase in food prices.  Monthly fruit and vegetable prices fell by 0.3% compared with February, and were down 2.7% compared to March 2024, still the only food group to record lower prices compared to 2024.  Tomatoes and cabbage had the largest monthly price shifts, with their weighted average retail price up by 15.2% and 12.1% respectively.  Meat, poultry and fish prices were virtually flat for the month, growing by 0.1%, but on an annual basis they remain high, up by 5.3% compared to March 2024.  Likewise, restaurant meals and ready-to-eat food remained steady, also increasing by 0.1% for the month.  Alcohol monthly prices grew slightly in March, up by 0.2%, while monthly tobacco prices fell by 0.1%.  Monthly petrol prices fell in March, dropping by 2.1%, and are now 6.2% cheaper than in March 2024.  Monthly diesel prices were down by 2.3%. Annually, diesel prices were down by 10.6%.  Domestic air travel prices rose in March by 2.2%, while international air transport prices fell by 4% compared to February.  Domestic accommodation service prices fell 2.9% in March but international accommodation services increased by 8.8%.  After a few months of delay, Stats NZ has also been able to reveal the changes in rental prices.  The stock measure grew by 0.3% monthly, now 3.3% more expensive compared to last year.  The stock measure shows rental price changes across the whole rental population, including renters currently in tenancies.  The flow measure of rents captures rental price changes only for dwellings that have a new tenancy started in the reference month.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Tue, 15 Apr 2025 00:10:26 Z /news/business/raygun-founder-john-daniel-trask-describes-wellington-as-a-talent-repellent/ /news/business/raygun-founder-john-daniel-trask-describes-wellington-as-a-talent-repellent/ Entrepreneur John-Daniel Trask has described Wellington as a “talent repellent” saying he wouldn’t set up business in the capital today. Trask says he has lost staff because of the “abject wokeness” in the city. Jugnu’s Little India owner Jugnu Gill agrees, saying after 28 years running restaurants in the city, Wellington is “not the right place at the present time” to open a restaurant. A successful Wellington entrepreneur says if he was starting again he would not launch his business in the capital, describing it as a “talent repellent”. John-Daniel Trask founded Raygun, a software products company based in Wellington and used by subscribers around the world. The company employs about 25 staff and has helped build other software platforms such as Givealittle, Mindscape and Valuecruncher. Trask joined Jugnu’s Little India owner Jugnu Gill on a business panel with Newstalk ob体育接口’s Wellington Mornings host Nick Mills today. The tech entrepreneur said he had been building businesses for 18 years, starting his first proper one when he was 23. Asked whether he would start his business again in the current climate, Trask was positive about the tech industry. “I would absolutely start a business now in tech. The AI super cycle that is just kicking off is going to dwarf the internet. It’d be like saying to someone if it was 1995, ‘Do you think you should get into tech?’ and we know in retrospect that would have been a great time. “Whether you should do it in Wellington, though, I would say no. “I think Wellington is actually a talent-repellent system at the moment. “We’ve had people in our own organisation who have left and said I’m going to places like Auckland because they are so tired — their own words — of the abject wokeness that is in this city. “As an employer who is bringing money into this country, paying people who are spending in our city, the relentless — relentless — attacks from the keyboard warriors who never leave their house. It’s a very sad state of affairs. “I moved here about 20 years ago, and I’d say Auckland was counter cycle then. Nobody really wanted to move to Auckland around 2000, and Wellington was amazing. That is now inverted, in my opinion.” Trask said his biggest concern was whether it was going to take another 20 years for Wellington to “turn it around”. “The psychology of Wellington is the problem. Business is something that provides value to other people in the community. “And that’s one of the most despised structures by many of the people in this city. It’s the most bananas set-up you can consider.” Raygun founder John-Daniel Trask says Wellington is currently a "talent repellent" system. Photo / Supplied Trask said he finds the situation very concerning and has been actively taking moves to try to help the city, including having all staff working back in the office for the past 18 months. But he worried it wasn’t enough. “It’s the same people we see walking around. You go out at lunch, and we feel like we’re one of the few sets of folks investing and spending money locally. “I like to make the joke that Courtenay Place KFC only really exists because Raygun comes to the office.” Jugnu Gill opened his first restaurant in Wellington in 1997, but like Trask, said he would not set up business in the capital today. “Wellington is not in good shape. There are very few places that are doing really well in Wellington at the moment. “To be successful in Wellington, with all of the work going on over the streets and the council not having good leadership, today you have to think outside the box to really set something up that will be successful. “I would say I would not be looking to open, even if I was younger. I feel that Wellington is not the right place at the present time. Unless you have an extremely different idea.” Gill said Wellington was in need of good leadership, and he was confident that with that would come change. Mon, 14 Apr 2025 04:09:49 Z /news/business/overseas-visitor-arrivals-down-in-february-but-us-tourists-break-record/ /news/business/overseas-visitor-arrivals-down-in-february-but-us-tourists-break-record/ Overseas visitor arrivals were down in February compared to the same time last year. Statistics NZ recorded 354,400 arrivals in the month, a decrease of 8400 from February 2024, which had one extra day with the leap year and a later start to the Chinese New Year. But there were substantial increases this year in visitors from the US, Australia and the UK. “There were 63,700 overseas visitor arrivals from the United States in February 2025, which is a record for any month from that country,” Stats NZ said today. Visitor numbers from several major Asian markets, especially China, were down compared to February 2024. Chinese tourist numbers were down by 18,400 compared to the same time last year, and Stats NZ attributed that to the timing of the Chinese New Year. This year, the Chinese New Year began on January 29 but last year it started on February 10. “Monthly arrivals from China typically peak in January or February each year, depending on the timing of the Chinese New Year,” Stats NZ added. The total number of overseas visitor arrivals in February this year was 85% of the number recorded in February 2019, before the Covid pandemic. Of the 354,400 overseas visitor arrivals in February this year, 33% were from Australia and 18% were from the US. Across the year to the end of February, overall visitor numbers were up to 3.35 million, an increase of 240,000 from the prior year. New Zealand across the year attracted more tourists from Australia, China, the UK, the US, Japan and Taiwan. “The 379,000 overseas visitor arrivals from the United States in the February 2025 year was a record for any year from that country,” Stats NZ said. The US was the second-largest source of overseas visitor arrivals in the year, after Australia. Infometrics economists today said tourism arrivals were up 7.8% in the three summer months, compared to a year before. Infometrics said despite the slight slowdown in overall February arrival numbers, Queenstown and Christchurch Airports both recorded year-on-year increases in arrivals, up 3.5% and 1.3% respectively. The strong US arrival numbers were partly attributed to a weak New Zealand dollar. “Although the US is our second-largest tourism market behind Australia, recent strength may not persist given economic instability in the world’s largest economy.” The current trade war made the outlook for tourism arrival numbers uncertain, Infometrics said. The economists said global growth expectations for 2025 and 2026 were expected to be slower than historical levels at around 2.5% a year. But escalating trade protectionism may lead to slower growth in New Zealand’s key tourism markets, meaning lower future arrival numbers, Infometrics added. Westpac senior economist Michael Gordon said relative to the year before Covid, US visitor numbers were running more than 20% higher. Gordon said other key sources such as Australia, Japan and the UK had not yet fully recovered but were gaining momentum. This afternoon, Tourism and Hospitality Minister Louise Upston announced a $13.5m advertising boost aimed at enticing visitors from China, Australia, the US, India, Germany and South Korea. Upston said the campaign would generate an estimated 23,000 or more additional international visitors and an extra $100 million in spending. “We have encouraging signs coming through from our ‘Everyone Must Go!’ campaign focused on Australia, but we won’t stop there,” the minister said. The campaign Upston referred to was launched in February. Labour Party tourism spokeswoman Cushla Tangaere-Manuel at the time said the new campaign slogan sounded like a clearance sale. Hospitality New Zealand today welcomed the $13.5m investment. “Attracting more international visitors will mean more people experiencing Kiwi hospitality, which is especially important during the traditionally quieter off-peak periods,” Hospitality NZ chief executive Steve Armitage said. Mon, 14 Apr 2025 03:38:37 Z /news/business/kiwi-card-spending-drops-08-in-march-stats-nz-data-reveal/ /news/business/kiwi-card-spending-drops-08-in-march-stats-nz-data-reveal/ Card spending by Kiwi consumers fell in March, with most measured categories reporting declines when compared to February, Stats NZ data have revealed. Spending in the retail industries decreased 0.8% ($52 million) in March 2025 compared with the month prior, while spending in the core retail industries also decreased by 0.8% ($46m). Looking at the categories, durables reported the largest decline month-on-month, dropping by 2.5% or $39m. Shoppers also spent less on fuel, likely because of seasonal factors, and apparel, dropping by 2.3% ($12m) and 2.1% ($6.9m) respectively. Hospitality also reported a drop in spending, down by 1.1% or $14m. The category with the largest increase in March compared with February was in motor vehicles (excluding fuel), where spending grew by 2.1% or $4m. Consumables also reported a minor increase, with spending in the category up by 0.4% or $9.5m. Services, including repair and maintenance, personal care, funeral and other personal services reported minor spending growth of 0.3% or $1m. Spending in the non-retail (excluding services) category decreased in March, down by 3.3% or $7.6m compared to February. That category included medical and other healthcare spending, travel and tour arrangements, postal and courier delivery and other non-retail industries. The total value of electronic card spending, including the two non-retail categories (services and other non-retail), decreased from February by 1.5% or $137m. In actual terms, card holders made 169 million transactions across all industries in March 2025, with an average value of $54 per transaction. The total amount spent using electronic cards was $9.2 billion. March quarter Stats NZ also reported the data for the wider March quarter compared to the December quarter, in which spending in the retail industries increased by 0.7% or $131m and spending in the core retail industries also increased by 0.4% or $74m. Spending on motor vehicles (excluding fuel) and fuel itself both reported the highest spending growth for the quarter, increasing by 1.6% or $9m and 1.3% or $20m respectively. Consumable spending also grew over the quarter, with Kiwis spending 0.8% or $65m more compared to the December quarter. Durables reported the largest spending decline in the quarter, dropping by 2.5% or $118m. In unfortunate news for the hospitality industry, it also reported a decline over the March quarter of 0.5% or $18m. Apparel spending was virtually flat for the quarter, down by 0.1% or $0.7m. The non-retail (excluding services) category was down by 0.6% ($44m) for the March quarter, while the services category was up by 1.9% ($21m). The total value of electronic card spending, including the two non-retail categories (services and other non-retail) was flat, growing by 0.1% or $23m when compared with the December 2024 quarter. Momentum stalled Westpac senior economist Satish Ranchhod said the results were much weaker than expected. “We had expected a modest 0.2% gain, in line with earlier trends. March’s fall in retail spending was widespread across discretionary spending categories,” Ranchhod said. “The only major category to record an increase this month was grocery spending, which was up 0.4%. However, the past few months have also seen large increases in the prices of many grocery items.” He said that looking at the wider trends of the economy, it appears to have lost some momentum, noting that core spending (excluding fuel) has essentially remained flat since the start of this year. Ranchhod also said that in discussions he has had with retailers around the country, he’s continued to hear about sluggish sales, with cost-of-living pressures a continued drag on spending. “Today’s soft result reinforces our expectations that the broader recovery in the New Zealand economy will remain gradual in the near term. “As we’ve previously highlighted, 90% of New Zealand mortgages are on fixed rates and many borrowers are still on relatively high rates. “Over the next six months more than half of all mortgages will come up for refixing and many borrowers will roll on to lower rates, which will help to boost spending through the latter part of the year.” Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Mon, 14 Apr 2025 00:39:19 Z /news/business/brain-drain-kiwi-departures-remain-high-but-numbers-leaving-have-stabilised/ /news/business/brain-drain-kiwi-departures-remain-high-but-numbers-leaving-have-stabilised/ The annual rate of net migration gain has stabilised at 32,900 for the year to February. That compares with a gain of 32,500 in the year to January but follows a big slump as departures soared and arrivals fell last year. Annual net migration peaked in the year ending October 2023, with a gain of 135,500. The annual net migration gain in the year to February 2024 was 113,700. Compared with the February 2024 year, the latest data showed migrant arrivals were 154,300, down 30%. Migrant departures were 121,300, up 15%. For migrant departures in the February 2025 year, citizens of New Zealand were the largest group, with 69,100 departures. While this remains at historically high levels, it represents a plateau in departure numbers – compared to 69,200 in the year to January. The net migration gain of 32,900 was made up of a net gain of 77,000 non-New Zealand citizens and a net migration loss of 44,100 New Zealand citizens. Annual migrant arrivals peaked at 234,800 in the year to October 2023, Stats NZ said. Annual migrant departures provisionally peaked at 122,000 in the year ending January 2025. “The long-term average for February years (2002 to 2019) before Covid-19 is 118,800 migrant arrivals, 91,600 migrant departures, and a net migration gain of 27,300,” Stats NZ said. For migrant arrivals in the February 2025 year, citizens of New Zealand were the largest group, with 25,100 arrivals. The next largest groups were citizens of India, 24,800; China, 19,000; and the Philippines, 13,100. Aussie exodus New data for migration with Australia was also released by Stats NZ – for the year to September 2024. There was a net migration loss of 30,400 people to Australia in the year ended September 2024. This was made up of a net loss of 29,100 New Zealand citizens and a net loss of 1200 non-New Zealand citizens. This compared with a net migration loss to Australia of 26,100 in the year ended September 2023 – made up of a net loss of 25,400 New Zealand citizens and a net loss of 700 non-New Zealand citizens. Traditionally, there had been a net migration loss from New Zealand to Australia, Stats NZ said. This averaged at about 30,000 a year from 2004 to 2013, and 3000 a year from 2014 to 2019. In the September 2024 year, 58% of New Zealand citizen migrant departures were to Australia. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. To sign up for his weekly newsletter, click on your user profile at nzherald.co.nz and select “My newsletters”. For a step-by-step guide, click here. Sun, 13 Apr 2025 23:50:22 Z /news/business/former-national-candidate-jake-bezzant-faces-fraud-case/ /news/business/former-national-candidate-jake-bezzant-faces-fraud-case/ Former National Party candidate Jake Bezzant and his New Zealand business partners are being sued by a US investor over an alleged fraudulent scheme to solicit a US$50,000 ($86,000) investment in a company represented as an EV charging business. Georgia resident John Stapleton on Wednesday (NZ time) filed a civil action for securities fraud and related claims against New Zealand company Invisible Urban Charging and Bezzant among others. Invisible Urban Charging, co-founded by Bezzant in 2019, is an electric vehicle charging service providing high volumes of EV chargers to customer sites for a flat monthly fee. Bezzant resigned as a director of Invisible Urban and left politics after former partner Tarryn Flintoft said in a podcast at the time he had been impersonating her online without her consent and soliciting images from other social media users. He denied the allegations. Stapleton’s case, filed in a Georgia court, alleges violations of the Securities Exchange Act, claiming he was fraudulently induced to invest US$50,000 in a company represented as Invisible Urban. Bezzant and the company were approached for comment. Read more on BusinessDesk here. Sun, 13 Apr 2025 20:39:55 Z /news/business/tech-stocks-tumble-and-market-retreats-as-us-china-trade-war-worsens/ /news/business/tech-stocks-tumble-and-market-retreats-as-us-china-trade-war-worsens/ Stocks fell sharply due to rising US-China tensions, with major indexes losing 5% to 7%.  Technology companies like Tesla, Amazon, and Apple saw significant stock declines.  Analysts warn of continued market volatility and uncertainty in US trade policy.  Stocks fell sharply Thursday (local time) as attention shifted to rising tensions between the United States and China.  The S&P 500 fell nearly 6% by early afternoon (local time) and tech-heavy Nasdaq composite index lost 7%, while the more narrow Dow Jones Industrial Average dropped 5%. If the trend holds up for the rest of the day, it would unwind much of Wednesday’s gains, in which the S&P 500 rose almost 10%. All three major indexes are down significantly from where they started the year.  Analysts said the US-China situation could still bring more volatility to markets, as the 90-day tariff reprieve announced by President Donald Trump on Wednesday excludes China. Trump instead announced another increase in tariffs on Chinese goods, further inflaming a fast-moving trade war between the world’s two biggest economies.  Several prominent technology companies with extensive business related to China saw their stocks pummelled. Tesla tumbled more than 10%, while Amazon and Apple lost 7%. Chipmaker Nvidia lost more than 8%.  Meanwhile, US tariff policies for the rest of the world remain uncertain, as the United States has just started trade negotiations with dozens of countries in the ensuing months.  “Volatility is the one thing we can all count on, and we’re seeing a good deal more of it today as markets settle in and really find the right price for what this all means,” said Michael Farr of the DC-based investment firm Farr, Miller and Washington.  The Chinese Government sharply criticised Trump’s decision to increase tariffs on China to a minimum of 125% and punched back with a limit on US films allowed into the Chinese market.  “The US is openly defying global norms and going against the entire world,” said Lin Jian, a Chinese Foreign Ministry spokesperson. “China does not want a fight, but it is not afraid of one either.”  Relief in other countries after tariff delay  Other governments across Asia expressed relief at the tariff delay for their countries, and Asian markets posted significant gains overnight. Indexes tied to Japan, South Korea and Taiwan jumped between 6 and 10%. Hong Kong’s Hang Seng Index, which lists many companies from the Chinese mainland, gained a smaller 2%.  For the European Union, Wednesday’s announcement amounted to a tenuous moderation of trade tensions. The EU announced a corresponding 90-day pause of its own retaliatory tariffs before US markets opened on Thursday. European markets rebounded, with stock indexes tied to Britain, France and Germany climbing between 4 and 6%. The Pan-European STOXX 600 rose 5%.  Analysts worry that the continued shifts are leading many investors to leave the market until long-term US trade policy becomes clear.  The repeated market declines have led to a cash crunch for some large investors that forced them to unload certain assets, said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.  Trump’s Wednesday tariff delay, for example, was preceded by a sell-off in US Treasury bonds, raising fears about whether investors are beginning to question US debt as a safe haven.  US Steel fell almost 7% by 11am Eastern time, a day after Trump said he doesn’t want to see the company in the hands of a foreign company. The steel company has been seeking to merge with Japanese conglomerate Nippon.  Wedbush senior analyst Dan Ives said in a research note Thursday that the “economic twilight zone” that has followed last week’s tariffs announcement has created enough uncertainty in the market to affect corporate spending.  “This has created real damage to the corporate spending mentality,” Ives wrote in lowering his price target for Microsoft.  Any company with ties to China has very little certainty about what happens next, analysts, and their stock prices are taking a beating as a result. And the White House’s repeated reversals on trade have left Wall Street wary.  “The 90-day suspension gives everyone a sigh of relief, as if they’ve dodged a bullet for now … but the President may have another bullet in the gun,” said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.  Katrina Northrop is a China correspondent for The Washington Post. Previously, she covered China’s global impact on business and technology for The Wire China. Aaron Gregg is a business reporter for the Washington Post. Andrew Jeong is a reporter for The Washington Post in its Seoul hub. Leo Sands is a breaking-news reporter and editor in The Washington Post’s London Hub, covering news as it unfolds around the world.  Thu, 10 Apr 2025 19:50:19 Z /news/business/mining-business-fined-27k-as-figures-reveal-worst-immigration-offenders/ /news/business/mining-business-fined-27k-as-figures-reveal-worst-immigration-offenders/ 142 infringement notices were issued to 139 employers in the first year of the Immigration Employment Infringement scheme. A total of $431,000 in penalties was dealt out. Construction, hospitality, and the beauty industry received the most infringements. A business in the mining industry fined $27,000 for underpaying a significant number of migrant workers was among the biggest penalties issued in the first year of the Immigration Employment Infringement scheme. The Ministry of Business, Innovation and Employment (MBIE) released figures today showing 142 infringement notices were issued to 139 employers in the scheme’s first year. Among those was a Wellington construction company fined $18,000 after it was found to have five migrants working in breach of their visa conditions, and a migrant who was unlawfully in New Zealand. In total, $431,000 in penalties was dealt out. Most of the infringement fees ranged from $1000 to $3000. The three industries to receive the most infringements were construction, hospitality, and beauty. Acting general manager, immigration compliance and investigations, Michael Carley, said the scheme has enabled MBIE to tackle non-compliance more effectively and swiftly. “Before the scheme, there were limited tools for us to use to address lower-level immigration offending,” Carley said. “Now, employers can no longer claim they are unaware of the rules of hiring migrants, nor can they rely on their past compliance to escape the consequences. “There are serious penalties for those who fail to follow immigration laws.” Infringements also mean employers are unable to hire migrants for a minimum of six months, depending on the number of infringement notices the employer receives. “When hiring migrants, it’s really important that employers check that their visa allows them to work in New Zealand,” Carley said. “We strongly advise that all employers use our visa view tool to verify the work rights of prospective employees. Taking the time to conduct this check could help avoid significant financial penalties and being stood down from hiring migrants for a time.” Thu, 10 Apr 2025 03:05:03 Z /news/business/official-cash-rate-decision-reserve-bank-makes-call-today-amid-tariff-turmoil/ /news/business/official-cash-rate-decision-reserve-bank-makes-call-today-amid-tariff-turmoil/ The Reserve Bank has cut the Official Cash Rate (OCR) by 25 basis points to 3.5% in its Monetary Policy Review.  The move was widely expected by economists and is the lowest the OCR has been at since October 2022.  The recently announced increases in global trade barriers weaken the outlook for global economic activity, the RBNZ said.  On balance, these developments create downside risks to the outlook for economic activity and inflation in New Zealand.  “Having consumer price inflation close to the middle of its target band puts the Committee in the best position to respond to developments.  “As the extent and effect of tariff policies become clearer, the Committee has scope to lower the OCR further as appropriate.  “Future policy decisions will be determined by the outlook for inflationary pressure over the medium term.”  The Reserve Bank said the recent decline in the New Zealand dollar would help to cushion the immediate effect of decreased global demand for New Zealand exports.  “Lower oil prices will also support domestic consumption and production.”  Economists say it is too early to know what the inflationary fallout from the United States’ tariff policy will be.  On that basis, Acting Governor Christian Hawkesby and the Monetary Policy Committee (MPC) will likely stick to their already well-signalled path.  “Given the RBNZ in February clearly signalled confidence that they’d be cutting 25bp[s] this month, the burden of proof is on finding reasons not to deliver,” ANZ chief economist Sharon Zollner said.  “We don’t think the threshold for either a pause or a larger cut has been cleared.”  The decision should be a straightforward one despite being made in an “increasingly less straightforward world”, ASB chief economist Nick Tuffley said.  Domestic developments had been largely in line with the RBNZ’s outlook, he said.  “But it’s hardly a bed of roses. [US President] Donald Trump’s tariff bad medicine, including this week’s ‘reciprocal tariffs’, have created much more uncertainty about the path of New Zealand growth and inflation.”  Some economists have suggested the tariff hit to global growth may mean the RBNZ needs to cut the OCR below its current projected end point at 3%.  But more guidance is expected on the future interest rate path in May when the RBNZ delivers its next full Monetary Policy Statement.  Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist and also presents and produces videos and podcasts. He joined the Herald in 2003.  Wed, 09 Apr 2025 01:17:20 Z /news/business/trump-tariffs-zuru-co-founder-nick-mowbray-says-us-tariffs-will-raise-prices-slow-innovation/ /news/business/trump-tariffs-zuru-co-founder-nick-mowbray-says-us-tariffs-will-raise-prices-slow-innovation/ Zuru Toys co-founder Nick Mowbray has hit out at US President Donald Trump’s tariffs, saying “tariff wars miss the point” and “penalising trade doesn’t bring jobs back – it just raises prices and slows innovation”.  The Kiwi toy and consumer product manufacturer makes baby care, beauty, confectionery, home care, pet food and wellness products, largely in Asian territories.  Many of the locations that Zuru has investments in or relies on are now being faced with steep tariffs, particularly China.  Trump originally unveiled a 34% additional tariff on Chinese goods.  But after China announced its own 34% counter-tariff, Trump vowed to pile on another 50% duty – bringing the additional rate on Chinese products to 104%, the White House confirmed.  In a LinkedIn post, Mowbray said it was “sad to see what is happening”.  “Since 1945, globalisation has powered the biggest boom in prosperity the world’s ever seen.  “When countries focus on what they’re best at and trade freely, everyone wins – better products, lower prices, more innovation. The world works better when it works together.“  He said while the US officially exports over US$3 trillion worth of goods a year, that didn’t include trillions more in products and services sold overseas by American giants like Apple, Microsoft, Mattel, Nike, Google and others who manufacture or sell services abroad.  “Their global sales are a massive, often-overlooked part of America’s economic footprint. China’s exports are higher on paper ([US]$3.5 trillion), but they’re shipping a lot of those goods for US companies. So when we talk about a trade imbalance, it’s often a measurement problem, not a real deficit in value creation.”  Countries all around the globe are facing threats from Donald Trump's tariffs, with China now facing even greater impacts than originally announced.  The US has become Zuru’s main export market, supplying the likes of Walmart, Target, Costco and Amazon.  Zuru is also currently building a pet food factory in Thailand, which faces tariffs of 36% on exports into the US.  Zuru prides itself on low-cost, state-of-the-art efficient production and under-cutting the opposition.  Its particular interest in automated production lines and the ownership of its factories in Guangzhou does give it an advantage in that there is less need to negotiate with manufacturers, unlike some of its competitors.  Zuru chief financial officer Michael Wilding told the Herald that while Zuru has a presence in more than 120 markets, a large proportion of its revenue is from outside of the US.  “Despite the scale of the tariffs announced by the US Government ... our team are focused on what is within our controllable universe and we strongly believe world-class innovation will always beat tariffs,” Wilding said.  “Although our automation and manufacturing systems are based in China, over 75% of the toy category, for example, is produced there, so nothing is going to change in a hurry.”  Wilding said that adversity and volatility lead to opportunity and the team were still excited about what it can deliver in the short and long term.  Zuru has over 5000 employees in around 30 global locations, with over 3000 based in the company’s Shenzhen office in China.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Wed, 09 Apr 2025 00:24:30 Z