Fonterra has unveiled its new pared-back ambitions along with its dismal 2019 result. Business editor Maria Slade analyses what it all means. Kāpiti cheese no longer made on the Kāpiti Coast. On any normal day, this would be grim news. But on the day that Fonterra announces a $605 million loss and calls time on … Read more
Moves to finally outlaw the exploitation of dependent contractors is vindication for a pair who battled for years on their behalf. A former truckie and a high-profile lawyer who have spent a decade fighting for the little guy are claiming victory following the government’s announcement it will change the law to protect small operators. Peter … Read more
Having just returned from a trip to Spain, Avondale resident Maria Slade wonders what New Zealand can do to create more spaces for locals to gather and hang out. The Spanish have a thing they call la hora de paseo – literally, the hour to walk. It occurs after the strangely quiet time of the … Read more
Record low borrowing costs are a precious opportunity for business owners who now need to make savvy decisions about what to do with the cash. The experts may have been caught off-guard when the Reserve Bank opened fire on interest rates earlier this month, but the fact of the matter is the Kiwi economy needs … Read more
In the final of our series on the loss of faith in free market economics we ask New Zealand business leaders how they’re grappling with the almighty power of a technology that barely existed 20 years ago. Hands up who’s read the Financial Markets Authority’s website. Come on, be honest. No, of course you haven’t. … Read more
New Zealand’s largest construction company and controversial owner of the disputed Ihumātao land near Auckland airport has made a $164m profit, a big turnaround from its losses last year. Business editor Maria Slade analyses what it all means. What has Fletcher Building announced? The construction and building products company with operations on both sides of … Read more
Backed by businessman Eric Watson and launched in a blaze of publicity, online trader Fashbae disappeared almost as quickly as it arrived. Now its founder is traversing the globe in a jeep. Business editor Maria Slade tries to keep up with events. It had it all. A suave multi-millionaire investor and his lookalike son. An … Read more
Several labels turned down a proposal that would have seen a multinational cigarette manufacturer pay their fees and venue costs. Business editor Maria Slade reports. Fashion designers were offered the opportunity to stage a show at this year’s New Zealand Fashion Week (NZFW) virtually for free – if they accepted help from tobacco company Philip … Read more
New Zealand’s largest company has warned it will lose as much as $675m this year. What has happened in dairying and are we doomed? What has Fonterra said? Fonterra Co-operative Group has given farmers and the markets an update on its financial situation. It says it will make a whopping loss for the year of … Read more
Adrian Orr has brought out the big guns to put a sorely needed bomb under the New Zealand economy and now the government needs to do its bit, a top economist says. The Reserve Bank’s decision to slash interest rates is a good move that shouldn’t come as a surprise, Kiwibank chief economist Jarrod Kerr … Read more
Last week we asked New Zealand CEOs whether greed is still good. In the second part of our series on the ethics of NZ businesses, we put them on the spot over whether short term profits trump long term environmental impacts. “If I had a choice I would much prefer not to sell fossil fuels … Read more
Longed for stirrings in the local investment sector are a positive sign that New Zealand businesses may be able to keep calling Aotearoa home. What do hydrofoiling freight boats, chicken-free chicken and a customer feedback platform have in common? Not much, except that they are the first Kiwi businesses to be backed by Australian investor … Read more
Authorities are failing to probe the root causes of truck accidents despite a rise in crash fatalities, writes business editor Maria Slade. Police did not have the authority to investigate possible health and safety causes of commercial truck crashes for two-and-a-half years thanks to a hole in the regulations. From April 2016 to October 2018, … Read more
Do New Zealand firms still think greed is good – or are the days of unfettered pursuit of profits over? In a three-part series we get business bosses to front up over capitalism’s fault lines. Rob Everett knew he was setting the cat among the pigeons. No, he hadn’t “gone communist”, the Financial Markets Authority … Read more
New Zealanders are as parochial about charity as they are about sport, with only a fraction of the money we donate leaving our shores or even going outside our local areas. Less than 9% of private donations in New Zealand go to international charities because Kiwis prefer to give as close to home as possible. … Read more
Finance companies say they shouldn’t have to be ‘fit and proper’ even though in some cases they charge more than the planned clampdown on high cost lending. A group of finance companies that charges well over the government’s proposed cap on loan repayment costs is distancing itself from lenders who “cause the most harm to … Read more
Quotas of women at the top are creating a backlash; an ‘opt-out’ system of considering all suitably qualified females for promotion is a better way forward, argues an expert. For years women have been told that to break through the glass ceiling they need to be proactive, find mentors, deconstruct the barriers they create for … Read more
An online shopping platform that lets you see with one click how healthy and sustainable a product is and whether it’s locally made is on the way, reports Maria Slade. Peanut butter choice is a deeply personal thing and the wrong brand at breakfast is a bad start to anyone’s day. Left to my own … Read more
In the same week as Steve Brooks placed an unorthodox election ad for National his fringe lending business has called for looser restrictions on its activities. The businessman behind a bizarre unauthorised ad for the National Party runs a payday lending operation that has opposed government efforts to limit the amount vulnerable borrowers must pay. … Read more
One of the country’s highest paid chief executives has lost his job after an embarrassing brouhaha over personal expenses. Business editor Maria Slade tries to make sense of the mess. Who is David Hisco? David Hisco was the CEO of ANZ New Zealand from 2010 until Monday. He started out working for a local branch … Read more
The Sallies are taking on unscrupulous mobile traders with their own rival service. Business editor Maria Slade went out riding with the Good Shop. It’s a freezing cold day with rain going sideways but Savannah is wearing shorts. She’s been vacuuming, and it’s hot work. The thirty-something mum of four does a lot of cleaning … Read more
Labour’s debut wellbeing budget is a solid jump to the social spending left but could hardly be described as transformational, writes Maria Slade in Wellington. With its wood panelling and forest green décor parliament’s neo-classical 1920s debating chamber has a surprisingly inviting feel. Normally a humble business reporter based on Auckland’s CBD fringe, I felt … Read more
Budget 2019: Fresh from the parliamentary budget lockup, Spinoff business editor Maria Slade summarises the funding announcements from Labour’s first Wellbeing Budget. Mental health services, KiwiRail, beneficiaries and startup companies are some of the big winners on a government budget day that has otherwise been dominated by accusations of leaking and calls for ministers’ heads. … Read more
Budget 2019: What are the Ardern government’s much-talked about Budget Responsibility Rules, and why doesn’t it have to stick to them? When the Labour government came to power in 2017 it set itself five rules of engagement for handling the country’s money. The Budget Responsibility Rules are self-imposed and do not have any legal standing, … Read more
Think the dark times of the finance company collapses are well behind us? The regulatory environment that allowed the collapse of South Canterbury Finance exists to this day. Allan Hubbard’s failed investments included $30m lost on the Lord of the Rings trilogy and $10m in a Blenheim company that claimed to have found a cure … Read more
This month sees a landmark moment in the economic approach of the Ardern government, with the first ‘wellbeing Budget’ unveiled. How is it different, and what can we expect? Maria Slade sits down with the finance minister, Grant Robertson Grant Robertson isn’t Peter Jackson and the Treasury can’t do Weta-Workshop-level special effects, but the finance … Read more
The printer company has worn sackcloth and ashes since being caught out inflating its New Zealand revenue by $350m. Now it’s in line for lucrative government work again, and boss Peter Thomas tells of lessons learned. Staggering corporate blunders like Kodak failing to spot the rise of digital photography and the gazillion-dollar bailout of General … Read more
There are serious flaws in the theory that the ‘jobpocalypse’ is nigh, and technology is not about to replace New Zealand workers anytime soon, according to a new book. ‘Machines as ministers to man’, screams the US newspaper headline. Apart from the slightly old-fashioned language, the banner could be describing the conventional modern wisdom that … Read more
In a polite Herne Bay kind of way, locals are gearing up for a battle royale with retailing millionaire Rod Duke over his plans for a helipad on a neighbourhood beach. Maria Slade went down to hang out. Karen Sims’ dog Lily isn’t the typical Herne Bay resident. The tan bitzer of uncertain provenance wouldn’t … Read more