# Twtxt is an open, distributed microblogging platform that # uses human-readable text files, common transport protocols, # and free software. # # Learn more about twtxt at https://github.com/buckket/twtxt # # This is an automated Yarn.social feed running feeds v0.1.0@72e53a9 # Learn more about Yarn.social at https://yarn.social # # nick = businessdesk-nz-breaking-news-and-commentary-on-business-nzx-and-politics # url = https://feeds.twtxt.net/businessdesk-nz-breaking-news-and-commentary-on-business-nzx-and-politics/twtxt.txt # type = rss # source = https://businessdesk.co.nz/feed # avatar = # description = # updated_at = 2024-03-28T16:03:22Z # 2024-03-03T22:47:00Z **Fletcher calls in the consultants as chair quits**
Fletcher Building has called in high-profile Australian corporate consultants to gauge the mood of its major shareholders.

Leaked correspondence revealed Fletcher Building shareholder Simplicity, the New Zealand Shareholders Association (NZSA) and Blackbull Research wrote to the listed building giant in late February formally calling for an “orderly” resignation of its entire board and an independent valuation of the business i ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/fletcher-calls-in-the-consultants-as-chair-quits) 2024-03-03T22:45:00Z **RBNZ wants regulated entities reporting cyber incidents ASAP**
The Reserve Bank of New Zealand has beefed up its cyber security requirements, wanting its regulated entities to report material incidents “as soon as possible”.

After seeking feedback last year, the bank (RBNZ) is implementing new requirements in phases over 2024. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-wants-regulated-entities-reporting-cyber-incidents-asap) 2024-03-04T01:50:00Z **KPMG left with 'no alternative' but to resign as Downer EDI's auditor**
KPMG Australia says it has no alternative but to resign as auditor for publicly listed infrastructure group Downer EDI.

Downer – which is listed on both the ASX and NZX – told investors on Monday it would be dragging KPMG Australia in on its class action lawsuit brought by shareholders after the company admitted  overstating its pre-tax earnings due to accounting irregularities. ⌘ [Read more](https://businessdesk.co.nz/article/markets/kpmg-left-with-no-alternative-but-to-resign-as-downer-edis-auditor) 2024-03-04T01:55:00Z **Aussie rules for trading halts in place on NZX by March 29**
Aussie rules for trading halts and suspensions will be in place on the New Zealand stock exchange by the end of March.

The diverging rules were exposed in February [after Fletcher Building shareholders across the Ditch](https://businessdesk.co.nz/article/markets/nzx-rule-shift-should-defuse-another-fletcher-bombshell) were privy to the information that outgoing chief executive [Ross Taylor was considering hi ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/aussie-rules-for-trading-halts-in-place-on-nzx-by-march-29) 2024-03-04T02:20:00Z **PM heads to Asean-Australia special summit in Melbourne**
Prime minister Christopher Luxon is off to Melbourne on Tuesday to meet his Southeast Asian counterparts.

He’ll also meet key trans-Tasman business leaders on his two-day trip across the Ditch. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/pm-heads-to-asean-australia-special-summit-in-melbourne) 2024-03-04T03:00:00Z **Macquarie lifts Xero 12-month target price by 75%**
Macquarie analysts are upbeat on Xero, lifting their rating to outperform from underperform and their 12-month target price to A$152.60 (NZ$163.27) from A$87.00.

The stock last traded at A$135. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/macquarie-lifts-xero-12-month-target-price-by-75) 2024-03-04T04:25:00Z **State highway spending takes centre stage in new GPS**
The government is proposing a more than $20 billion spend-up on land transport over the next three years, with a focus on new state highways.

Transport minister Simeon Brown released the draft government policy statement (GPS) on land transport on Monday, a document outlining spending priorities from the national land transport fund (NLTF). ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/state-highway-spending-takes-centre-stage-in-new-gps) 2024-03-04T05:15:00Z **NZ sharemarket down after wobbly trading day**
The New Zealand sharemarket continued to drift following a volatile earnings season while offshore bourses climbed to new highs.

The S&P/NZX 50 Index traded in a narrow range of 11,695.68 and 11,746.02 before closing at 11,724.21, down 20.18 points or 0.17%. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-down-after-wobbly-trading-day) 2024-03-04T16:00:00Z **Sponsored: Transforming the construction sector**
Southbase Group is 100% New Zealand-owned and operated with a track record of delivering over $2.0b in total project value over the last 10 years Quin Henderson, Southbase Group CEO, says, “We need to acknowledge that the vertical construction sector faces a multitude of challenges. While sharp increases in the price of materials and inflationary pressures have added to the problem, we believe the approach to projects from their very conception ne ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/transforming-the-construction-sector) 2024-03-04T16:00:00Z **Cryptopia customers to get their coin back**
Holders of accounts with failed cryptocurrency exhange Cryptopia will have until Dec 31 to prove what they had in their accounts if they want to see it returned.

After a [protracted legal process](https://businessdesk.co.nz/article/finance/high-court-declines-account-holders-bid-for-independent-adviser-in-cryptopia-collapse), Justice Matthew Palmer laid out how distributions would be paid from the holdings currently in trust, including how ... ⌘ [Read more](https://businessdesk.co.nz/article/finance/cryptopia-customers-to-get-their-coin-back) 2024-03-04T16:00:00Z **Push for more NZ-South America flights**
A major institution dedicated to helping New Zealanders understand opportunities in the Latin American market is still on track to close down, but a push for greater air connectivity with the continent is just getting off the ground.

Last week, the Centres of Asia-Pacific Excellence (Cape) for Latin America released a tool for analysing data around trade and diplomatic flows between NZ and Latin America at events in Wellington and Auckland. ⌘ [Read more](https://businessdesk.co.nz/article/economy/push-for-more-nz-south-america-flights) 2024-03-04T16:00:00Z **What to remember if the stock market takes a dive**
By Suzanne Woolley

(Bloomberg) -- The return of Fomo is fuelling concern that the market may take a tumble. ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/what-to-remember-if-the-stock-market-takes-a-dive) 2024-03-04T16:00:00Z **The world is in for another China shock**
By Jason Douglas

In the late 1990s and early 2000s, the US and the global economy experienced a “China shock”: a boom in imports of cheap Chinese-made goods that helped keep inflation low but at the cost of local manufacturing jobs. ⌘ [Read more](https://businessdesk.co.nz/article/world/the-world-is-in-for-another-china-shock) 2024-03-04T16:00:00Z **Powering up an ultrafast broadband world**
One of the more interesting surprises for the casual observer in the latest earnings season was the encroaching heft of the power companies in the broadband space.

Contact Energy has been dabbling there for a few years now and Mercury NZ swept up Trustpower’s bundle of electricity, gas and telco services, both of which largely remain rounding errors in the mammoth gentailers’ accounts. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/powering-up-an-ultrafast-broadband-world) 2024-03-04T16:00:00Z **Why consumers are getting fed up with the electricity industry**
We all know about the certainties in life – death and taxes. Well, there seem to be two certainties when it comes to electricity – price rises and the threat of winter power shortages.

This year alone the announcements have been as regular as rain in an Auckland summer – Contact, Mercury and Genesis have all signalled higher prices. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/why-consumers-are-getting-fed-up-with-the-electricity-industry) 2024-03-04T16:00:00Z **Lessons from a global scam buster**
“The problem with Kiwis is that they take people at face value, and if someone is ringing you up if they are well spoken, speak well and are very polite, you automatically trust them,” says scam expert Ken Gamble.

Gamble presented at the OffshoreAlert Bangkok 2024 conference in Thailand last week with the private sector investigator explaining how he tracked down and exposed a group of scammers who swindled more than A$1 billion (NZ$1.06b) from unsuspecting ... ⌘ [Read more](https://businessdesk.co.nz/article/finance/lessons-from-a-global-scam-buster) 2024-03-04T16:00:00Z **Green bonds now a big slice of NZX debt market**
Nearly a third of all debt on the NZX debt market is in green or sustainable bonds, a nominal increase of 40% in two years, the New Zealand stock exchange says.

In 2021, green and sustainable bonds comprised 21% of all issued debt on the NZX debt market (NZDX). In its Dec 31 2023 annual report, the NZ stock exchange (NZX) reported that it had risen to 29.4%. ⌘ [Read more](https://businessdesk.co.nz/article/markets/green-bonds-now-a-big-slice-of-nzx-debt-market) 2024-03-04T16:00:00Z **School building consultant spend ‘relatively modest’, InfraComm says**
Education minister Erica Stanford says “fancy architects” are one of the reasons she launched an inquiry into school buildings, but official data reveals the Ministry of Education's cost of designers has remained below 10% of capital spending.

Stanford last week announced an inquiry into school properties, citing cost escalations and overspending on “bespoke” designs. The move followe ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/school-building-consultant-spend-relatively-modest-infracomm-says) 2024-03-04T20:15:00Z **QuiznessDesk: Tuesday, March 05**
02. Cyril Ellis of Taihape was awarded the George Cross in 1954 for his heroism in what tragedy?
03. Who was married to the actor Sean Penn and the director Guy Ritchie?
04. Which word best describes a contumacious person: insubordinate, selfish or gullible?
05. In what city would you find the Cahill Expressway?
06. Where in New Zealand is the Catholic church known as St Mary of the Angels?
07. What actress from the golden age of Hollywood featured in the title o ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-tuesday-march-05) 2024-03-04T20:35:00Z **Three is the magic number for Xero**
It’s all about the number three.

Xero says it will focus on micro and small businesses in the next three years as it targets the three largest opportunities in the three largest markets it operates in. ⌘ [Read more](https://businessdesk.co.nz/article/markets/three-is-the-magic-number-for-xero) 2024-03-04T22:55:00Z **Whakaata Māori signs deal with Google**
Public broadcaster Whakaata Māori (formerly Māori Television) has become the latest media group to sign a commercial deal with Google.

Whakaata Māori has agreed to join the search engine giant’s News Showcase platform and will receive money for curating a selection of Te Ao Māori News stories on Google. ⌘ [Read more](https://businessdesk.co.nz/article/technology/whakaata-maori-signs-deal-with-google) 2024-03-04T23:10:00Z **Worldline data shows retail growth slowing**
Payment processor Worldline reported Tuesday underlying retail spending, excluding the hospitality sector, was mixed in February and that overall trends indicate slowing growth.

Payments on credit and debit cards rose 5.2% to $2.88 billion compared with the same month last year. ⌘ [Read more](https://businessdesk.co.nz/article/retail/worldline-data-shows-retail-growth-slowing) 2024-03-04T23:55:00Z **NZME buys SunMedia, owner of SunLive website**
NZME has bought one of the country’s leading regional news companies – reinforcing, it says, its commitment to local and community journalism.

The NZ Herald and Bay of Plenty Times publisher has bought Tauranga-based SunMedia – owner of the SunLive website and publisher of the Weekend Sun, Coast & Country News and New Farm Diaries publications – for an undisclosed, confidential sum. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nzme-buys-sunmedia-owner-of-sunlive-website) 2024-03-05T01:35:00Z **One new oil and gas exploration permit granted**
One onshore oil and gas exploration permit has been granted in what was set to be the last tender under the previous government’s policy settings.

Greymouth Gas Turangi won a permit under the tender process known as Block Offer 2020. That was the date the process started in what used to be an annual competitive tender process. ⌘ [Read more](https://businessdesk.co.nz/article/energy/one-new-oil-and-gas-exploration-permit-granted) 2024-03-05T02:30:00Z **EV sales struggle to start again, utes back on the road**
The hangover from the removal of the clean car feebate on Dec 31 continued into February as light vehicle registrations dipped to 5,951 cars, which the Motor Industry Association said was the lowest level since 2013.

Adjusted for the impacts of Cyclone Gabrielle last February, sales dropped 22.7% last month to 9,663 units, including light and heavy commercial vehicles. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/ev-sales-struggle-to-start-again-utes-back-on-the-road) 2024-03-05T03:15:00Z **Willis walks back on promise to return books to surplus**
Finance minister Nicola Willis is continuing to walk away from National’s pre-election promise to get the government’s books back in surplus by the 2026-27 fiscal year.

“I will be updating our fiscal goals at our Budget Policy Statement on the 27th of March,” Willis told media Tuesday morning. ⌘ [Read more](https://businessdesk.co.nz/article/economy/willis-walks-back-on-promise-to-return-books-to-surplus) 2024-03-05T04:35:00Z **McClay welcomes ban on digital trade duties**
The extension of a global moratorium on customs duties on digital trade has been welcomed by the trade minister, Todd McClay.

The decision was one of many made at the recent World Trade Organisation (WTO) ministerial conference in Abu Dhabi. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/mcclay-welcomes-ban-on-digital-trade-duties) 2024-03-05T05:30:00Z **Rebound in property stocks helps lift NZ sharemarket**
The New Zealand sharemarket had a late bounce on a quiet day and was helped along by a rebound in the property stocks.

The S&P/NZX 50 Index reached an intraday low of 11,658.13 and climbed to positive territory by the end of the day, gaining 28.8 points or 0.25% to 11,753.02. ⌘ [Read more](https://businessdesk.co.nz/article/markets/rebound-in-property-stocks-helps-lift-nz-sharemarket) 2024-03-05T16:00:00Z **Default brands and the new ‘not unreasonable’**
Kiwi Wealth has gone to brand heaven.

Dispatched by marketing experts and lawyers, the former government-owned KiwiSaver and investment house will take on another identity as christened by its new owner, Fisher Funds. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/default-brands-and-the-new-not-unreasonable) 2024-03-05T16:00:00Z **Resident visa scheme driving investment where it's most needed: NZTE**
A residence visa scheme launched in 2022 has so far led to $17 million of investments going into New Zealand with more to come, NZ Trade and Enterprise says.

According to NZ Trade and Enterprise (NZTE), the active investor plus (AIP) visa scheme was attracting overseas investment into more production parts of the economy than had earlier schemes. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/resident-visa-scheme-driving-investment-where-its-most-needed-nzte) 2024-03-05T16:00:00Z **Business of Government: a brave new digital world and more...**
**Judith Collins – from bad cop to good?**

Judith Collins earned the nickname “Crusher” as a police minister because of her penchant for sending seized cars to the wreckers. ⌘ [Read more](https://businessdesk.co.nz/article/policy/business-of-government-a-brave-new-digital-world-and-more) 2024-03-05T16:00:00Z **Australia to offer 10-year visa, financing for Southeast Asia**
(Bloomberg) - Prime minister Anthony Albanese will unveil longer business visas and an A$2 billion (NZ$2.1b) financing facility as the centrepiece of a package to drive Australian trade and investment in Southeast Asia, deepening regional ties at a time of uncertainty over the US-China economic relationship.

Albanese will announce the measures in a speech to top executives at a summit between Australi ... ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/australia-to-offer-10-year-visa-financing-for-southeast-asia) 2024-03-05T16:00:00Z **Apple fined US$2 billion in one of Europe’s largest antitrust actions**
BRUSSELS — The European Union fined Apple about US$2 billion (NZ$3.2b), saying the iPhone maker set unfair rules for developers of music-streaming apps. The fine was one of the EU’s largest antitrust penalties.

The move could mark the start of a wider battle between the bloc’s regulators and the tech giant. ⌘ [Read more](https://businessdesk.co.nz/article/world/apple-fined-us2-billion-in-one-of-europes-largest-antitrust-actions) 2024-03-05T16:00:00Z **Eroad's new 'dual' CEOs could split a salary bill of $1.4m**
Eroad says it will disclose the cost of transitioning United States-based marketing consultant David Kenneson into a joint-chief executive role when it publishes its annual report in May.

But he's likely to come in at a base salary of about $700,000, plus incentives. ⌘ [Read more](https://businessdesk.co.nz/article/markets/eroads-new-dual-ceos-could-split-a-salary-bill-of-14m) 2024-03-05T16:00:00Z **A future where every student intervention is tracked, including lunch**
Act party leader David Seymour hopes the Ministry of Education will collect better data from students, and more of it.

Seymour has his school lunches portfolio in mind when he thinks of areas that badly need better metrics around it. ⌘ [Read more](https://businessdesk.co.nz/article/business-of-education/a-future-where-every-student-intervention-is-tracked-including-lunch) 2024-03-05T20:15:00Z **QuiznessDesk: Wednesday, March 06**
02. What was the nationality of Freda du Faur, the first woman to climb Aoraki/Mt Cook?
03. Russian, French and Thousand Island are types of what?
04. What word can mean summaries of facts in a court case or a style of underpants?
05. Name the year in which civil unions were legalised in NZ, Labour narrowly won a general election and former prime minister David Lange died.
06. What are the three colours on the Irish flag?
07. Mary Elizabeth Gore, wife of form ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-wednesday-march-06) 2024-03-06T01:15:00Z **Craigs beefs up its investment banking office**
Craigs Investment Partners has confirmed the appointments of Goldman Sachs' Justin Queale and Steve Sue as its new investment banking chief executive and managing director respectively.

Queale has been in the same role at Goldman New Zealand for 20 years, and Sue has been an executive director at the firm since 2013. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/craigs-beefs-up-its-investment-banking-office) 2024-03-06T01:40:00Z **Business payment register axed, voluntary code coming**
An imminent move to force large businesses to record their payments' performance on a central register is being stopped by the government.

A bill repealing the Business Payment Practices Act 2023 was set to pass in parliament on Wednesday afternoon, small business minister Andrew Bayly arguing it would save the taxpayer and individual businesses millions of dollars. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/business-payment-register-axed-voluntary-code-coming) 2024-03-06T02:15:00Z **IkeGPS's share price has modest jump after tough year**
IkeGPS's share price received a welcome bump on Wednesday, up 4.4% to $0.47 after a year of decline.

The 2-cent rise followed a release to the New Zealand stock exchange (NZX) about a new customer joining its PoleForeman platform in a deal worth $800,000 over three years. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ikegpss-share-price-has-modest-jump-after-tough-year) 2024-03-06T04:00:00Z **Passenger unwittingly creates chaos at Queenstown airport**
It was chaos and unhappy travellers at Queenstown airport late Wednesday morning after a passenger managed to stumble into the domestic departures lounge without first passing through security screening.

Under local aviation security rules, every passenger that had already been through security had to be re-screened. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/passenger-unwittingly-creates-chaos-at-queenstown-airport) 2024-03-06T05:20:00Z **NZ sharemarket turnaround as Mercury Energy hits all-time high**
The New Zealand sharemarket staged a major turnaround, with Mercury Energy hitting an all-time high and property stocks continuing to rebound.

Following a sharp fall on Wall Street, the S&P/NZX 50 Index fell at the opening and reached a morning low of 11,656.38 points. But the index picked up steam during the afternoon, particularly in the end-of-day matching session, and closed at 11,795.9, up 42.88 ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-turnaround-as-mercury-energy-hits-all-time-high) 2024-03-06T16:00:00Z **Sponsored: 2024’s hottest travel trends**
**NZ’s first 5 Green Star hotel ready as green travel trends emerge** ⌘ [Read more](https://businessdesk.co.nz/sponsored/2024s-hottest-travel-trends) 2024-03-06T16:00:00Z **Parkable raises 'strategic' $4m in round led by US investors**
New Zealand parking software startup Parkable has raised $4 million in an oversubscribed round.

The raise was led by two investors based in California in the United States, along with support from the company’s existing investors. ⌘ [Read more](https://businessdesk.co.nz/article/technology/parkable-raises-strategic-4m-in-round-led-by-us-investors) 2024-03-06T16:00:00Z **'Roads of National party significance': Wayne Brown questions Auckland highways**
Major highway projects identified by the government as priorities for Auckland aren’t priorities for mayor Wayne Brown.

On Monday, the transport minister released the [draft government policy statement](https://businessdesk.co.nz/article/infrastructure/state-highway-spending-takes-centre-stage-in-new-gps) (GPS) on land transport, a strategic document that functio ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/roads-of-national-party-significance-wayne-brown-questions-auckland-highways) 2024-03-06T16:00:00Z **Phoenix uprising: Auckland council accused of ‘unethical’ practice**
A national recycling and deconstruction business has accused Auckland council of resorting to bullying private contractors to support its "flawed" procurement process.

The owner directors of Phoenix Metalman Recycling, which employs 240 staff and operates 19 sites across the country, including six in Auckland, said the firm was excluded from a tender process after calling out the council ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/phoenix-uprising-auckland-council-accused-of-unethical-practice) 2024-03-06T16:00:00Z **Fonterra’s bullish outlook on UK market**
It is not often that a new market opens up in the dairy sector, Fonterra’s Atlantic president Richard Allen says, especially in one of the largest economies in the world. But that’s what happened with the United Kingdom.

Last year, the NZ/UK free trade agreement (FTA) came into force, coinciding with the start of the new dairy season in June, after three years of negotiations. Within the FTA, 60% of NZ’s dairy can enter the UK duty-free, i ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fonterras-bullish-outlook-on-uk-market) 2024-03-06T16:00:00Z **Minority shareholders join Burger Fuel legal battle**
Burger Fuel [founder Chris Mason](https://businessdesk.co.nz/article/markets/burger-fuel-founder-serves-up-legal-action-against-4m-payout) has rallied minority shareholders to oppose a $4 million investor payout, with several of them filing a notice to appear in court in May.

Court documents obtained by BusinessDesk show on March 1 the shareholders, who control more than 870,000 shares in the listed fast-food brand, asked ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/minority-shareholders-join-burger-fuel-legal-battle) 2024-03-06T16:00:00Z **Giving schools power to choose may start with reading**
A major shift in how children learn to read could also be a testing ground for how schools purchase the materials they use for education.

Education minister Erica Stanford said decisions are expected “imminently” around how the Ministry of Education (MoE) will implement [a National party promise](https://businessdesk.co.nz/article/policy/luxons-most-worrying-discovery-as-an-mp) to teach children to read ... ⌘ [Read more](https://businessdesk.co.nz/article/business-of-education/giving-schools-power-to-choose-may-start-with-reading) 2024-03-06T16:00:00Z **Media woes: You can’t innovate your way out of a market failure**
News media bosses in New Zealand and Australia’s commercial media are contemplating the future of their fragile industry after last week’s shock news that [Newshub is to close](https://businessdesk.co.nz/article/media/warner-bros-discovery-to-close-most-of-nz-tv-division-including-newshub) at the end of June.

People from the tech startup world I’ve debated the Newshub bombshell with over the past wee ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/media-woes-you-cant-innovate-your-way-out-of-a-market-failure) 2024-03-06T16:00:00Z **Bezos topples Musk as world's richest person**
By Alyssa Lukpat

Jeff Bezos is back on top. ⌘ [Read more](https://businessdesk.co.nz/article/world/bezos-topples-musk-as-worlds-richest-person) 2024-03-06T16:00:00Z **We’ve lost that strategic feeling, now it’s gone, gone, gone**
The adage 'prevention is better than cure' holds much truth, especially in the complex world of policy and business decision-making.

The impact of prevention is often challenging to quantify. The process of predicting future outcomes is inherently uncertain. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/weve-lost-that-strategic-feeling-now-its-gone-gone-gone) 2024-03-06T16:00:00Z **Tunnicliffe Timber’s big (pipe) dreams: $60m business employing 120 people**
“Manufacturing high value-added timber that is environmentally sustainable, thermally building envelope solutions in the Eastern Bay of Plenty”.

That was how Tunnicliffe Timber Solutions pitched itself to the Provincial Growth Fund (PGF) four years ago when it applied for $8 million, aiming to become a $60m business creating up to 120 jobs in the “socially deprived” region. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/tunnicliffe-timbers-big-pipe-dreams-60m-business-employing-120-people) 2024-03-06T16:00:00Z **Bitcoin price slump follows upswing**
By Muyao Shen and David Pan

For a brief moment, nearly everyone who invested in Bitcoin was profitable. Now, with the cryptocurrency retreating from its still-fresh record high, all are left to wonder how long they’ll be caught up in the “sell-the-news” trade that has followed. ⌘ [Read more](https://businessdesk.co.nz/article/cryptocurrency/bitcoin-price-slump-follows-upswing) 2024-03-06T16:00:00Z **BD AI, BusinessDesk’s NZX robot reporter, nominated for global news award**
[BD AI, BusinessDesk’s pioneering artificial intelligence journalism tool](https://businessdesk.co.nz/markets/announcements-generated-by-ai), is a finalist in the prestigious Global Media Awards.

The awards, held by the International News Media Association and date back to 1937, have added artificial intelligence (AI) as a category this year. ⌘ [Read more](https://businessdesk.co.nz/article/self-promotion/bd-ai-businessdesks-nzx-robot-reporter-nominated-for-global-news-award) 2024-03-06T17:00:00Z **Business of Tech podcast: Kiwi cloud – grey skies or silver-lined?**
Amazon and Microsoft have thrown around some big numbers about how their impending New Zealand-based datacentres will benefit the NZ economy. But is it really that simple? ⌘ [Read more](https://businessdesk.co.nz/article/technology/business-of-tech-podcast-kiwi-cloud-grey-skies-or-silver-lined) 2024-03-06T20:15:00Z **QuiznessDesk: Thursday, March 07**
02. According to the American statesman Benjamin Franklin, what were the only two things in the world that could be considered certain?
03. Good George, Fortune Favours and Sawmill are brands of what?
04. What type of mayonnaise has a name of French origin that combines words meaning “garlic” and “oil”?
05. What state highway runs between Napier and Taupo?
06. What New Zealand TV drama series took its title from the address of the studio where it was originally ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-thursday-march-07) 2024-03-06T22:00:00Z **More than 60 roles to go at TVNZ**
Up to 68 roles at TVNZ will be cut and some of the company’s top news and current affairs shows are facing an uncertain future, as the broadcaster strives to remain “sustainable”.

More than a dozen staff from the Sunday show have been called to a consultation meeting at 9am tomorrow - one of many meetings across the company through the day. ⌘ [Read more](https://businessdesk.co.nz/article/media/more-than-60-roles-to-go-at-tvnz) 2024-03-06T22:30:00Z **RMA fast track legislation has no projects attached – yet**
One of the final parts of the National-led government's 100-day plan will be introduced to parliament today: fast track consenting legislation.

But contrary to rumours floating around prior to the legislation's release, no pre-approved list of projects has been attached for fast tracking – yet. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/rma-fast-track-legislation-has-no-projects-attached-yet) 2024-03-07T00:30:00Z **Tourism Holdings sells 14.14% stake in Camplify**
Tourism Holdings has sold a 14.14% shareholding in ASX-listed peer-to-peer RV rental operator Camplify Holdings for about A$19.2 million, based on a sale price of A$1.90 per CHL share.

Chief executive Grant Webster said the company had reviewed its position on the Camplify shareholding and “decided to divest, given our focus on return on funds employed at [Tourism Holdings]  and the fact that the shareholding is not currently deliv ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/tourism-holdings-sells-1414-stake-in-camplify) 2024-03-07T00:35:00Z **Burger Fuel disputes minority shareholders' claims**
Burger Fuel has hit back against claims its proposed $4 million [shareholder payout could be unfair to small investors](https://businessdesk.co.nz/article/markets/minority-shareholders-join-burger-fuel-legal-battle).

The New Zealand stock exchange (NZX) listed company has a court date set for May for its proposed scheme of arrangement to return millions to shareholders. ⌘ [Read more](https://businessdesk.co.nz/article/retail/burger-fuel-disputes-minority-shareholders-claims) 2024-03-07T02:00:00Z **Tower insurance 'misled customers', FMA says**
The Financial Markets Authority has taken a case against [Tower](https://businessdesk.co.nz/company/tower), alleging it did not hand out discounts to tens of thousands of customers who were eligible for them.

Tower offered customers discounts for taking out two or more insurance policies – known as multi-policy discounts – but the Financial Markets Authority (FMA) alleges invoices and certificates, issued when the policies were bou ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/tower-insurance-misled-customers-fma-says) 2024-03-07T05:00:00Z **Govt moves to clear the way for build-to-rent**
Amendments to the Overseas Amendment Act will be a key part of streamlining the consent pathway for build-to-rent developments, according to housing and associate finance minister Chris Bishop.

Bishop announced on Thursday that cabinet had agreed to make changes to a complex law that was "holding the build-to-rent sector back". ⌘ [Read more](https://businessdesk.co.nz/article/property/govt-moves-to-clear-the-way-for-build-to-rent) 2024-03-07T05:15:00Z **NZ sharemarket has third consecutive rise this week**
The New Zealand sharemarket posted its third consecutive rise, albeit small, as a re-energised a2 Milk reached an 11-month high with another solid gain.

The S&P/NZX 50 Index traded strongly for most of the day but had a late dip and closed at 11,803.93, up 8.03 points or 0.07%. The index reached an intraday high of 11,850.37 and a low of 11,785.62. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-has-third-consecutive-rise-this-week) 2024-03-07T16:00:00Z **Sponsored: Could US golf cart trend happen in NZ?**
Yamaha [dealer](https://www.nzherald.co.nz/sponsored-stories/could-us-golf-cart-trend-happen-in-nz/XX5D2CH5BBCH7NNAFCW4L6BAPA/#no_universal_links): golf carts may one day be a transport option.

It’s happened in the US and it could happen here – Kiwis may begin using golf carts as a second car. In the US, golf cart sales have surged as people in retirement villages, university campuses and small towns take up the option rather than owning a b ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/could-us-golf-cart-trend-happen-in-nz-1) 2024-03-07T16:00:00Z **Uranium firms revive forgotten mines as price of nuclear fuel soars**
By Jacob Lorinc and Maria Clara Cobo

(Bloomberg) – Across the United States and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalise on rising demand for the nuclear fuel. ⌘ [Read more](https://businessdesk.co.nz/article/energy/uranium-firms-revive-forgotten-mines-as-price-of-nuclear-fuel-soars) 2024-03-07T16:00:00Z **Temu’s push into America pays off big time for Meta and Google**
By Dana Mattioli, Suzanne Vranica and Miles Kruppa

Meta Platforms’ top advertiser by revenue in 2023 was the e-commerce company Temu, an upstart discounter founded in China that has emerged as an increasingly potent force in American business. ⌘ [Read more](https://businessdesk.co.nz/article/technology/temus-push-into-america-pays-off-big-time-for-meta-and-google) 2024-03-07T16:00:00Z **Navigating the new fast-track**
It is full steam ahead for the [National-led government’s Fast-track Approvals Bill](https://businessdesk.co.nz/article/law-regulation/rma-fast-track-legislation-has-no-projects-attached-yet), but the road might not be as smoothly laid out as it seems.

Prime minister Christopher Luxon announced the bill at the Basin Reserve in Wellington on Thursday morning, flanked by regional development minister Shane Jones, Resource Management Act (RMA) reform minister Chris Bis ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/navigating-the-new-fast-track) 2024-03-07T16:00:00Z **Wayne Brown confident 25.8% water hikes can be reduced**
Auckland mayor Wayne Brown doesn’t support a proposal to increase water user charges by 25.8% and believes a solution to avoid the hikes will be in place by June.

If negotiations with the government to achieve balance-sheet separation for Watercare aren't successful, Brown suggests the scale of its capital works programme could be pared back to avoid the worst of the increases. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/wayne-brown-confident-258-water-hikes-can-be-reduced) 2024-03-07T16:00:00Z **Du Val investors regroup in wake of 'solvency questions'**
The legal team representing a bloc of concerned investors in Du Val Group's wholesale funds has opened the door to a group action against the Auckland property developer.

Litigation lawyer Kim Francis of Lindsay & Francis,William van Roosmalen of Keegan Alexander and barrister Jeremy Johnson are meeting with a group of disaffected investors across Du Val's mortgage, build-to-rent and opportunities funds next Tues ... ⌘ [Read more](https://businessdesk.co.nz/article/property/du-val-investors-regroup-in-wake-of-solvency-questions) 2024-03-07T16:00:00Z **Is a levy on digital advertising the answer to the media's woes?**
The impending closure of Newshub and [job cuts at TVNZ](https://businessdesk.co.nz/article/news-in-brief/more-than-60-roles-to-go-at-tvnz) are the latest signs of market failure in the news media, with pressure building on the government to intervene in the sector.

One plan to save the industry, Labour’s Fair Digital News Bargaining Bill, looks doomed to failure, raising urgent questions about the c ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/is-a-levy-on-digital-advertising-the-answer-to-the-medias-woes) 2024-03-07T16:00:00Z **Mansons TCLM plans major Newmarket build**
One of the wealthiest privately owned commercial developers in New Zealand is doubling down on the Auckland suburb of Newmarket.

Family-owned Mansons TCLM recently constructed a nine-level office building on Carlton Gore Rd in Newmarket. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/mansons-tclm-plans-major-newmarket-build) 2024-03-07T16:00:00Z **The case for breaking up Fletcher Building**
Fletcher Building could unlock value and raise billions by focusing on four core assets and divesting other assets, an analyst says.

A note published by Jarden analysts Grant Swanepoel and Luan Nguyen on March 6 said Fletcher Building had not been able to consistently manage its immediate challenges, and its conglomerate structure was ineffective. ⌘ [Read more](https://businessdesk.co.nz/article/markets/the-case-for-breaking-up-fletcher-building) 2024-03-07T16:00:00Z **All options 'on the table' over Crown Irrigation's future, ag minister says**
Agriculture minister Todd McClay says any revival of Crown Irrigation Investments hasn’t been decided on yet, but “all options remain on the table”.

The crown entity, set up by the previous National government as a financier for irrigation schemes, transitioned to investment management after the Labour-led coalition agreed to stop funding large-scale schemes. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/all-options-on-the-table-over-crown-irrigations-future-ag-minister-says) 2024-03-07T16:00:00Z **Kathmandon't: analysts pan NZ outdoor retailer**
Few New Zealand retailers have been spared in the age of inflation and Chinese giants such as Shein and Temu.

Perhaps none have had it as rough as those selling outdoor apparel. ⌘ [Read more](https://businessdesk.co.nz/article/retail/kathmandont-analysts-pan-nz-outdoor-retailer) 2024-03-07T20:15:00Z **QuiznessDesk: Friday, March 08**
02. What famous person has a troublesome pet dog named Commander?
03. Who served as New Zealand’s prime minister between 1997 and 1999?
04. What surname was shared by fictional cousins who were police inspectors in the TV series “Midsomer Murders”?
05. The University of New England is in what country?
06. What islands in the South Atlantic were ceded by Spain to Britain in 1771?
07. What was the name of the town in a song that topped the NZ pop charts twice: in a 1 ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-friday-march-08) 2024-03-07T20:25:00Z **Fisher & Paykel Healthcare chair Scott St John to step down**
Fisher & Paykel Healthcare chair Scott St John announced his intention to retire from the board to the New Zealand stock exchange (NZX) on Friday morning.

“I’m grateful to have played a part in the company’s growth trajectory and to have worked alongside an exceptional team,” St John said. ⌘ [Read more](https://businessdesk.co.nz/article/markets/fisher-paykel-healthcare-chair-scott-st-john-to-step-down) 2024-03-07T22:20:00Z **Your employee thinks they’re God’s gift. How to break it to them**
By Callum Borchers

They think their most banal ideas are brilliant, ignore signs that they’re struggling and treat corrections like suggestions. ⌘ [Read more](https://businessdesk.co.nz/article/business-advice/your-employee-thinks-theyre-gods-gift-how-to-break-it-to-them) 2024-03-07T23:30:00Z **The careless death of NZ newsrooms is dangerous for democracy**
To lose one TV newsroom may be regarded as a misfortune. To [lose both](https://businessdesk.co.nz/article/news-in-brief/more-than-60-roles-to-go-at-tvnz) looks like carelessness.

The perilous state of TV news media in New Zealand is not, as Donald Trump would have us believe because they trade solely in "fake news" but because the considerable expense of producing the news is currently not being match ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/the-careless-death-of-nz-newsrooms-is-dangerous-for-democracy) 2024-03-08T03:00:00Z **Air NZ comes up with alternative Auckland airport development plan**
Air New Zealand has released images of what it says is a cheaper alternative to Auckland airport’s integrated domestic terminal as it turns up the heat on proposed fee changes. The airport has hit back, branding the “nice picture” a publicity stunt.

In the latest round of an increasingly bitter battle, the airline has commissioned a firm that has previously worked for the airport to co ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/air-nz-comes-up-with-alternative-auckland-airport-development-plan) 2024-03-08T03:55:00Z **NZSA wants Meng Foon out as a PGW director**
The New Zealand Shareholders Association has described moves by PGG Wrightson’s largest shareholder to dump most of its independent directors as “one of the worst cases of board interference” in the past few years.

Last month, Agria, which has a 44% stake in the listed rural services firm, [requested a special meeting](https://businessdesk.co.nz/article/markets/pgw-questions-dissident-shareholders-nominees-credentials) to have Alan ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/nzsa-wants-meng-foon-out-as-a-pgw-director) 2024-03-08T04:50:00Z **Ingham’s inks $35.5m deal for Bostock Brothers organic chickens**
Australian-listed poultry company Ingham’s announced on Thursday it plans to acquire 100% of New Zealand organic chicken business Bostock Brothers for $35.5 million.

If the deal gets regulatory approval, Inghams would take full control of the Bostock Brothers brand, three freehold farms and a primary processing plant in Hastings, four hours from Ingham’s Waitoa operations.

The transaction will be fun ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/inghams-inks-355m-deal-for-bostock-brothers-organic-chickens) 2024-03-08T05:30:00Z **NZ sharemarket ends week up 1.5%**
The New Zealand sharemarket ended the week with a 1% surge, fuelled by banking and building materials takeover activity in Australia and the bull market on Wall Street.

The S&P/NZX 50 Index momentarily reached a mid-morning low of 11,786.35 but then climbed steadily to close at 11,923.72, up 119.79 points or 1.01% – its highest close in five weeks. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-ends-week-up-15) 2024-03-08T16:00:00Z **Bitcoin: Pay attention, the cryptocurrency is too big to ignore**
If you haven’t noticed what’s happening with bitcoin in the last few weeks, you are sleeping in a cave.

Get on X (Twitter) – it’s blowing up the internet (the memes are amazing).  This is a US$1.3 trillion (NZ$2.1t) asset class now, with bitcoin hitting a record US$69,191 on Tuesday this week before dropping back and taking a breather. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/bitcoin-pay-attention-the-cryptocurrency-is-too-big-to-ignore) 2024-03-08T16:00:00Z **On the Money: plane-spotting, pun-making, spin bowling and more ...**
**Has Jack Ma been in town?**

An object of idle curiosity for anyone landing at Auckland airport is the ever-changing line-up of VIP jets at the eastern end of the runway, but it was a much larger plane parked on the apron in front of the international terminal recently that caught the eye of one of our informants. ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-plane-spotting-pun-making-spin-bowling-and-more) 2024-03-08T16:00:00Z **Why prices of the world's most expensive handbags keep rising**
By Carol Ryan

The price of a basic Hermès Birkin handbag has jumped US$1,000 (NZ$1,620). This First World problem for fashionistas is a sign that luxury brands are playing harder to get with their most sought-after products. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/why-prices-of-the-worlds-most-expensive-handbags-keep-rising) 2024-03-08T16:00:00Z **Capital-gains tax hike wouldn't drive away the UK's wealthy**
By Matthew Brooker

Notting Hill, home of celebrities and the setting for one of the most saccharine romantic comedies ever made has a new public role: poster child for the absurd unevenness of the British tax system. Will it prove a catalyst for change? ⌘ [Read more](https://businessdesk.co.nz/article/politics/capital-gains-tax-hike-wouldnt-drive-away-the-uks-wealthy) 2024-03-08T16:00:00Z **Money Answers: Can you start investing later in life?**
**BusinessDesk investments editor Frances Cook responds to emails from readers each week, answering questions about money. Below, you will find her expert advice. Send your questions to answers@businessdesk.co.nz.**

Hi Frances, ⌘ [Read more](https://businessdesk.co.nz/article/investments/money-answers-can-you-start-investing-later-in-life) 2024-03-09T16:00:00Z **Gastropubbing: Our top 50 digested**
Leave it to foodies to fix what ain't broken. But folks are fickle.

Even though urban watering holes pretty much have to offer food as part of their offering under liquor laws, there's still the opportunity to throw some decent fare into the mix. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/gastropubbing-our-top-50-digested) 2024-03-09T16:00:00Z **Insect farming may mean we eat more meat, not less**
By David Fickling

No dystopian picture of a climate-ruined planet is complete until you’ve been put off your lunch. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/insect-farming-may-mean-we-eat-more-meat-not-less) 2024-03-09T16:00:00Z **My Net Worth: Richard Burke, chief executive of LeaderBrand**
Richard Burke has worked with LeaderBrand for more than 30 years. He started as a tractor driver in Tairāwhiti Gisborne after returning to New Zealand from overseas. Under the guidance of founder Murray McPhail, he moved through various roles within the business, including planter and harvester, in production and as farm manager. When McPhail stood down about 13 years ago to enjoy the finer things in life, B ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-richard-burke-chief-executive-of-leaderbrand) 2024-03-09T16:00:00Z **The stress of being an only child when your parents get old**
By Clare Ansberry, with photographs by Stephanie Strasburg

When the lives of Lori Hanasko’s parents unravel, so does her own. ⌘ [Read more](https://businessdesk.co.nz/article/health/the-stress-of-being-an-only-child-when-your-parents-get-old) 2024-03-09T16:00:00Z **He lost $816,000 on bitcoin. Now he’s celebrating**
By Joe Pinsker and Caitlin Ostroff

Joe Oathout lost US$500,000 (NZ$816,000) on bitcoin, but he didn’t lose faith. ⌘ [Read more](https://businessdesk.co.nz/article/finance/he-lost-816000-on-bitcoin-now-hes-celebrating) 2024-03-09T16:00:00Z **The rise of the do-nothing holiday**
By Allison Pohle and Rachel Wolfe

The pendulum is swinging away from jam-packed trips and Instagram-worthy adventures and towards holidays with little to write home about beyond a pretty sunset and a cold drink. ⌘ [Read more](https://businessdesk.co.nz/article/travel/the-rise-of-the-do-nothing-holiday) 2024-03-10T00:00:00Z **Govt restores interest deductibility on investment properties**
Reinstating the ability for landlords to deduct interest expenses on their tax returns from next month will ease pressure on rents and simplify the tax code, associate finance minister David Seymour says.

Seymour announced on Sunday that the government would phase in interest deductibility on mortgage interest paid on residential investment properties. Landlords will be able to claim 80% of interest exp ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/govt-restores-interest-deductibility-on-investment-properties) 2024-03-10T16:00:00Z **Sponsored: "True Kiwi ingenuity" boosts exports**
**Battery-powered invention set to change the world of tower cranes - and the environment.**

When we look at those tower cranes populating the city, we often see giant construction devices belching diesel fumes into that same skyline. ⌘ [Read more](https://businessdesk.co.nz/sponsored/true-kiwi-ingenuity-boosts-exports) 2024-03-10T16:00:00Z **Simon Bridges frontrunner for New Zealand Transport Agency chair**
Former National party leader Simon Bridges looks set to be selected as chair of [the New Zealand Transport Agency](https://businessdesk.co.nz/article/infrastructure/highway-network-at-tipping-point-waka-kotahi-ceo).

BusinessDesk understands the appointment process has progressed to its final stages and Bridges is the preferred candidate. ⌘ [Read more](https://businessdesk.co.nz/article/politics/simon-bridges-frontrunner-for-new-zealand-transport-agency-chair) 2024-03-10T16:00:00Z **Councils' growth gripe, when paying for growth means halting it**
A Tale of Two Cities started with the line “It was the best of times, it was the worst of times”; if that line were being written about the councils governing New Zealand’s cities today, you'd probably [knock off the last half of](https://businessdesk.co.nz/article/policy/cash-strapped-councils-need-their-funding-doubled-to-survive) that sentence.

In its first 100 days, the coalition government has lo ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/councils-growth-gripe-when-paying-for-growth-means-halting-it) 2024-03-10T16:00:00Z **Funding roads of national significance**
The gap between funding available in a draft 10-year transport budget and leaked cost estimates for 15 new roads of national significance, if they were to be built within a decade, ranges between $3 billion and $23.3b.

The size of the gap illustrates the importance of financing tools to spread the costs over longer periods, such as private-public partnerships (PPP), or the need for additional revenue or Crown top-ups for the government to b ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/funding-roads-of-national-significance) 2024-03-10T16:00:00Z **Big gas customers increasingly wary of electrification, Powerco says**
Industrial and commercial gas users who were planning on electrifying are now having second thoughts when faced with the cost and difficulty.

Powerco general manager of gas Don Elers was speaking on a future of gas panel at last Wednesday’s Downstream energy conference in Lower Hutt. He said the narrative from customers had changed from two or three years ago. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/big-gas-customers-increasingly-wary-of-electrification-powerco-says) 2024-03-10T16:00:00Z **Fitch sounds alarm on possible China slowdown impact**
A severe economic growth shock would particularly hit economies in the Asia-Pacific and commodity exporters in China, Fitch Ratings’ analysts say.

According to the analysts, there would also be "a significant dampening effect on international price pressures”. ⌘ [Read more](https://businessdesk.co.nz/article/economy/fitch-sounds-alarm-on-possible-china-slowdown-impact) 2024-03-10T16:00:00Z **Auditor general wants MPs to quiz food safety officials later this year**
The auditor general has told the primary production select committee it should "quiz" food safety officials on their progress in implementing a levy on food imports.

The government watchdog recently published a report that found the Ministry for Primary Industries (MPI) didn’t know how effective the safety system was for importing high-risk food. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/auditor-general-wants-mps-to-quiz-food-safety-officials-later-this-year) 2024-03-10T16:00:00Z **Hughes clues: the search for a new public service commissioner**
With four top vacancies to fill, the new government has a prime opportunity to stamp a new face on the public sector.

The vacant roles are the heads of the Department of the Prime Minister and Cabinet (DPMC), the Ministry of Foreign Affairs and Trade (MFat), the Defence Force and the top job itself – public service commissioner. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector/hughes-clues-the-search-for-a-new-public-service-commissioner) 2024-03-10T16:00:00Z **EVs can’t fix a global epidemic of ‘car harm’, study finds**
By Eric Roston

(Bloomberg) - Electric vehicles promise cleaner air and less climate pollution. But a new analysis suggests that even a global all-EV fleet would perpetuate some of the most devastating impacts of cars and auto infrastructure. ⌘ [Read more](https://businessdesk.co.nz/article/cars/evs-cant-fix-a-global-epidemic-of-car-harm-study-finds) 2024-03-10T16:00:00Z **China intensifies push to ‘Delete America’ from its technology**
By Liza Lin

For American tech companies in China, the writing is on the wall. It’s also on paper, in Document 79. ⌘ [Read more](https://businessdesk.co.nz/article/technology/china-intensifies-push-to-delete-america-from-its-technology) 2024-03-10T16:00:00Z **Cooking the Books: Why the RBNZ thinks your money life is about to get better**
**Each week BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s what to expect from interest rates and the cost of living this year. Hosted by Frances Cook.** ⌘ [Read more](https://businessdesk.co.nz/article/podcasts/cooking-the-books-why-the-rbnz-thinks-your-money-life-is-about-to-get-better) 2024-03-10T16:00:00Z **How Fonterra aims to milk Thai consumer market**
The hustle and bustle of one of Bangkok’s most popular fast-food outlets may feel a world away from a typical Fonterra farmer’s operation.

Yet KFCs all over Thailand use milk from New Zealand farms thanks to a recent custom partnership. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/how-fonterra-aims-to-milk-thai-consumer-market) 2024-03-10T20:15:00Z **QuiznessDesk: Monday, March 11**
02. Which New Zealand provincial airport has a railway line running across the runway?
03. If you ordered cerveza in a Spanish bar, what would you be served?
04. Who wrote a song that included the lines, “Come congressmen, senators, please heed the call/Don’t stand in the doorway don’t block up the hall”?
05. The edible plant known as samphire grows where: on riverbeds, tree trunks or the coast?
06. If your name is Karen, in which decade would you have most likely ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-monday-march-11) 2024-03-10T21:30:00Z **Lawyers team up to launch Asia-Pacific business dispute firm**
New Zealand lawyers Timothy Lindsay and Kim Francis have partnered with Singapore-based Australian Mark Mangan and launched a specialist business litigation and arbitration practice focused on the Asia-Pacific.

Across two offices in Auckland and Singapore, Lindsay Francis & Mangan will have nine associates, the company said on Monday. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/lawyers-team-up-to-launch-asia-pacific-business-dispute-firm) 2024-03-11T00:00:00Z **2degrees changes up tech execs as CTO departs**
2degrees has restructured its executive team after Martin Sharrock resigned from the chief technology officer role in February.

Formalised on Monday, Stephen Kurzeja has been named chief technology information officer, and Adrian Dick has been named chief transformation officer. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/2degrees-changes-up-tech-execs-as-cto-departs) 2024-03-11T01:40:00Z **Farmer confidence edges up**
Confidence among farmers has risen from the lows of last year, but concerns around high interest rates, commodity prices and red tape still linger.

Federated Farmers’ Farm Confidence Survey last year reached its lowest point in the survey’s 15-year history. The latest survey, taken in January, shows confidence has increased. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/farmer-confidence-edges-up) 2024-03-11T02:00:00Z **New genetic engineering law expected by end of next year: Judith Collins**
The government will enact legislation to overhaul New Zealand’s gene-editing legislation by the end of 2025, science and technology minister Judith Collins confirmed on Monday.

 The legislation would be ready to go before parliament by the end of this year, Collins told the second annual Life Sciences summit in Wellington. ⌘ [Read more](https://businessdesk.co.nz/article/technology/new-genetic-engineering-law-expected-by-end-of-next-year-judith-collins) 2024-03-11T02:15:00Z **Simon Bridges confirmed as new NZTA chair**
Former National Party leader Simon Bridges has been confirmed as the new chair of the New Zealand Transport Agency.

BusinessDesk reported Monday morning that Bridges was a forerunner for the role and transport minister Simeon Brown confirmed [the appointment](https://businessdesk.co.nz/article/politics/simon-bridges-frontrunner-for-new-zealand-transport-agency-chair) a short time ago. Bridges has also been a minister of transport unde ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/simon-bridges-confirmed-as-new-nzta-chair) 2024-03-11T04:10:00Z **Luxon will send trade delegation to India in third quarter of the year**
Prime minister Christopher Luxon says he expects to take a “big” trade delegation to India in the third quarter of 2024.

Luxon faced questions about his planned trips to Asia this year at his post-cabinet press conference on Monday, after he met Vietnam prime minister Pham Minh Chinh in Wellington. ⌘ [Read more](https://businessdesk.co.nz/article/politics/luxon-will-send-trade-delegation-to-india-in-third-quarter-of-the-year) 2024-03-11T05:00:00Z **Trusts earning less than $10,000 likely to be exempt from tax hike**
The government has detailed how it wants to exempt low-income earning trusts from a tax hike due to take effect on April 1.

It proposes to ensure trusts that earn less than $10,000 a year continue to be taxed at 33%, leaving those that earn more than this sum to be taxed at the new trustee rate of 39% on all their income. ⌘ [Read more](https://businessdesk.co.nz/article/policy/trusts-earning-less-than-10000-likely-to-be-exempt-from-tax-hike) 2024-03-11T05:23:00Z **US inflation fears put dampener on NZ sharemarket**
The New Zealand sharemarket gave up some of the strong gains from last week as investor uncertainty crept back over United States inflation.

After a down day on Wall Street at the weekend (NZ time), the S&P/NZX 50 Index fell 50.05 points or 0.42% to 11,873.67, though there was a late rise in the matching session. ⌘ [Read more](https://businessdesk.co.nz/article/markets/us-inflation-fears-put-dampener-on-nz-sharemarket) 2024-03-11T16:00:00Z **Sponsored: Fortinet - Cyberthreat Predictions for 2024 Report**
An Annual Perspective from FortiGuard Labs.

FortiGuard Labs' 2024 threat predictions report explores the rise of advanced cybercrime, the impact of AI on attacks, emerging threat trends and provides guidance on strengthening organisational resilience in the face of evolving threats. To have a read of this report and see how you can protect your organisation from cyber threats click the [link](https://global.fortinet.com/ ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/fortinet-cyberthreat-predictions-for-2024-report) 2024-03-11T16:00:00Z **KiwiRail on the hook: ferry termination talks roll on**
Experts advising the government on the future of the Interislander ferry service have reportedly highlighted the value of retaining options associated with an existing shipbuilding contract.

KiwiRail entered into a $551 million contract with South Korean shipyard Hyundai Mipo Dockyard in 2021 to build two large rail-enabled ferries to replace its ageing and increasingly fault-prone fleet. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/kiwirail-on-the-hook-ferry-termination-talks-roll-on) 2024-03-11T16:00:00Z **One of the most infamous trades on Wall Street is roaring back**
(Bloomberg) -- Forget the artificial intelligence frenzy – the most exciting trade on Wall Street right now might just be betting on boring.

As winners of the AI boom like Nvidia Corp power benchmark stock gauges to record after record, a less remarked-upon phenomenon has been unfolding at the heart of the United States market: Investors are sinking vast sums into strategies whose performance hinge ... ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/one-of-the-most-infamous-trades-on-wall-street-is-roaring-back) 2024-03-11T16:00:00Z **TikTok crackdown shifts into overdrive, with sale or shutdown on table**
By Natalie Andrews, Georgia Wells, Kristina Peterson. Stu Woo, Keach Hagey and Jessica Toonkel

WASHINGTON – Legislation that would ban TikTok in the United States or force its sale is hurtling toward a vote in the House after months of behind-the-scenes efforts on Capitol Hill. ⌘ [Read more](https://businessdesk.co.nz/article/technology/tiktok-crackdown-shifts-into-overdrive-with-sale-or-shutdown-on-table) 2024-03-11T16:00:00Z **Liquidators finish up on Developers Institute after six months**
The liquidation of Developers Institute has wrapped up after the online educator’s intellectual property failed to sell.

Last September, the Northland-based educator fell into liquidation after the Tertiary Education Commission (TEC) tried to claw back $1.3 million in overpaid fees. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/liquidators-finish-up-on-developers-institute-after-six-months) 2024-03-11T16:00:00Z **Defence Force's readiness claims unreliable say MPs**
MPs have questioned the New Zealand Defence Force’s capability, saying its performance measures and readiness claims are unreliable as it struggles with numerous issues, which means new ongoing operations could not be sustained.

Parliament’s foreign affairs, defence and trade committee annual reviews of the Ministry of Defence and the NZ Defence Force (NZDF) raise several concerns, including funding, attrition rates ... ⌘ [Read more](https://businessdesk.co.nz/article/public-sector/defence-forces-readiness-claims-unreliable-say-mps) 2024-03-11T16:00:00Z **Double-dip threat casts its shadow over NZX**
New Zealand’s economy is dragging its knuckles on the ground at the moment, and another headline contraction would tip us into a double-dip recession in all its George Constanza-like glory.

Not too many people are picking a recession when the December quarter gross domestic product figures are released on March 21, due largely to the inflow of new migrants bolstering the aggregate figures. ⌘ [Read more](https://businessdesk.co.nz/article/markets/double-dip-threat-casts-its-shadow-over-nzx) 2024-03-11T16:00:00Z **The battle for structured literacy funding**
Commercial interests could unduly capture funding for a major shift in how children learn to read, experts warn.

Education minister Erica Stanford [told BusinessDesk](https://businessdesk.co.nz/article/business-of-education/giving-schools-power-to-choose-may-start-with-reading) this month she was working at pace to implement her party’s election promise to mandate “structured literacy” amid declines in literacy rates in recen ... ⌘ [Read more](https://businessdesk.co.nz/article/business-of-education/the-battle-for-structured-literacy-funding) 2024-03-11T16:00:00Z **New audit standards to take a harder look at fraud**
Auditors will be expected to cast a more sceptical eye over financial reports when faced with misleading information, the visiting head of a global standards board says.

Tom Seidenstein, chair of the International Auditing and Assurance Standards Board (IAASB), visited New Zealand in late February to consult with NZ’s own standard setter, the External Reporting Board (XRB) and others. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/new-audit-standards-to-take-a-harder-look-at-fraud) 2024-03-11T16:00:00Z **Does your business have a corporate ghost problem?**
Ghostbusting is a commonly engaged, though rarely discussed, service in the corporate PR adviser toolkit.

Engagement requests from clients usually arrive as a variation on: “We had coffee, we got on well, I told them about our business. It’s been three weeks. Why haven’t they called to hire our services yet? If they’re not interested, why don’t they just let us know?” ⌘ [Read more](https://businessdesk.co.nz/article/opinion/does-your-business-have-a-corporate-ghost-problem) 2024-03-11T19:55:00Z **Government raises building levy threshold to lower costs**
The government has agreed to scrap the building levy for all projects under $65,000 in its fight “to lower building costs and reduce red tape”.

Currently, any building project worth $20,444, including GST or more, is subject to the building levy, which is paid at $1.75 per $1,000 of building work value. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/government-raises-building-levy-threshold-to-lower-costs) 2024-03-11T20:15:00Z **QuiznessDesk: Tuesday, March 12**
02. “Wearing the fame like a loaded gun” is a line from what NZ hit song of the 1980s?
03. Does an alfonsino have fins, flowers or feathers?
04. The Puerto Rican actress Rita Moreno featured in a 2021 remake of the 1961 musical movie that originally made her a star. What was its title?
05. Ludwig, Pearl, Tama and Premier are brands of what musical instrument?
06. In which decade did New Zealand speed limits change from miles to kilometres per hour?
07. If you ord ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-tuesday-march-12) 2024-03-11T21:00:00Z **Here's where major asset managers are investing**
Infratil manager Morrison recently told investors in the New Zealand stock exchange-listed company that global infrastructure deal activity reached a new low in 2023.

In the June quarter of last year, about US$56 billion (NZ$90.8b) in infrastructure deals were struck, falling from US$111b in the same quarter in 2022, while infrastructure sector capital raising dropped about 50% in 2023. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/heres-where-major-asset-managers-are-investing) 2024-03-11T22:00:00Z **Commission proposes big drop in ETS volumes**
The Climate Change Commission is recommending significant reductions in the volume of carbon credits available through the emissions trading scheme.

In its third round of advice to the government on the emissions trading scheme (ETS), which was tabled in parliament on Tuesday, the commission highlighted the market's volatility over the past year. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/commission-proposes-big-drop-in-ets-volumes) 2024-03-11T22:53:00Z **Air NZ pauses Chicago service amid engine shortage**
Air New Zealand will pause its direct Auckland to Chicago service over the American summer amid ongoing issues with engine availability.

The route will go on hold between March 31 and October 25 because of continuing challenges with the availability of serviceable Rolls-Royce Trent 1,000 engines, which are used in Boeing 787 aircraft.

The route was launched in November 2018 as part of the company's expansion into the Unite ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/air-nz-pauses-chicago-service-amid-engine-shortage) 2024-03-12T00:20:00Z **Card spending down as OCR and inflation bite**
New Zealand credit and debit card spending slowed in the final month of summer as high rates and inflation put pressure on household finances.

The total value of electronic card spending, including the non-retail services and other non-retail categories, was down 1.9% to $176 million in February from January, according to Stats NZ in their monthly report, released on Tuesday. ⌘ [Read more](https://businessdesk.co.nz/article/economy/card-spending-down-as-ocr-and-inflation-bite) 2024-03-12T02:45:00Z **Aorere chair apologises for not warning investors of USX delisting**
Aorere Resources chair and managing director Chris Castle has apologised to shareholders for not telling them the company would be delisted from the Unlisted stock exchange.

Last week, an announcement was made to the Unlisted stock exchange (USX) saying the company – which was previously listed on the New Zealand stock exchange (NZX) – would be delisted at the end of March. ⌘ [Read more](https://businessdesk.co.nz/article/markets/aorere-chair-apologises-for-not-warning-investors-of-usx-delisting) 2024-03-12T03:25:00Z **NZ Merino Company revises guidance, expects full-year loss**
The New Zealand Merino Company expects to fall into the red for the current financial year, with tough trading conditions putting pressure on earnings.

While it reported a net profit of $1.8 million for the first half of the year – "in line with budget expectations" – it's forecasting a net loss after tax of between $400,000 and $900,000 for the 12 months to June 30.

For the six months to Dec 31, it recorded ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-merino-company-revises-guidance-expects-full-year-loss) 2024-03-12T04:30:00Z **Health and Safety, Holidays Acts reform on the agenda**
The government intends to reform health and safety laws and set performance targets for regulators like WorkSafe.

In a speech to the Auckland Business Chamber on Tuesday, workplace relations and safety minister Brooke van Velden set out her priorities for the remainder of the term, emphasising her ambition to restore business confidence and certainty. ⌘ [Read more](https://businessdesk.co.nz/article/policy/health-and-safety-holidays-acts-reform-on-the-agenda) 2024-03-12T05:20:00Z **NZ sharemarket slides 0.37%**
The New Zealand sharemarket was in a lacklustre mood and posted a near half percent fall, with debt-laden Synlait Milk hitting a new all-time low.

The S&P/NZX 50 Index was on a gradual slide for most of the day and was again saved by a late rise in the matching session. The index declined 44.49 points or 0.37% to 11,829.18 – its second successive fall this week. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-slides-037) 2024-03-12T16:00:00Z **Sponsored: "Elysian Emerges: Timing Is Key in Auckland’s Market Upswing"**
For those in the know, timing is everything when it comes to real estate investments. Right now, [Elysian](https://www.elysian-parnell.nz/) stands out as a golden opportunity amidst the market's ebb and flow.

It is poised to become a beacon of lasting value and elegance which will redefine Auckland's skyline. As we watch the market gather momentum, getting in on Elysian feels like securing a piece of ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/elysian-emerges-timing-is-key-in-aucklands-market-upswing) 2024-03-12T16:00:00Z **Tales of a takeover target**
The first takeover contact came in July.

A player in the industry that US firm Bettcher Industries had bought mentioned to MHM Automation's chief executive officer that perhaps it, too, should be on Bettcher’s shopping list. ⌘ [Read more](https://businessdesk.co.nz/article/markets/tales-of-a-takeover-target) 2024-03-12T16:00:00Z **Got a yen for a yen? Better move fast**
The Bank of Japan looks poised to scrap the world’s last negative interest rates, news that should cheer New Zealand exporters.

Japan is NZ’s fourth biggest export market, with $3.7 billion of exports in the 12 months to Jan 31, down 12.5% on the year. ⌘ [Read more](https://businessdesk.co.nz/article/markets/got-a-yen-for-a-yen-better-move-fast) 2024-03-12T16:00:00Z **What you need to know about gold’s curious rally**
By Bob Henderson

“Quiet.” “Stealthy.” “Surprising.” Gold prices are hitting record highs, and Wall Street analysts say they have been caught off guard. ⌘ [Read more](https://businessdesk.co.nz/article/world/what-you-need-to-know-about-golds-curious-rally) 2024-03-12T16:00:00Z **Business of Government: the fiscal fine print, musical chairs and more...**
**Reading the fine print on budget cuts**

The government is already backtracking on its commitment to running a budget surplus by 2027 and on some of the ‘fine print’ in its coalition agreement, such as trustee tax rates and depreciation allowances. ⌘ [Read more](https://businessdesk.co.nz/article/policy/business-of-government-the-fiscal-fine-print-musical-chairs-and-more) 2024-03-12T16:00:00Z **Bank margins improve despite tough outlook**
New Zealand’s four largest trading banks and state-owned competitor, Kiwibank, all improved their net interest margins in calendar 2023, despite the latest KPMG survey of the sector finding a more pessimistic outlook.

Net interest margins (Nims) for the sector at December last year stood at an average of 2.34%, an improvement on the 2.1% average recorded in 2022 across all 20 registered banks included in the regular Financial Institutions ... ⌘ [Read more](https://businessdesk.co.nz/article/finance/bank-margins-improve-despite-tough-outlook) 2024-03-12T16:00:00Z **Safe on first: cash a hit for NZ investors**
New Zealand investors played it safe last year, according to the latest central bank-ordained survey of the local fund sector.

The new Reserve Bank of NZ (RBNZ) batch of managed fund data shows cash and fixed income played starring roles in portfolios last year, with the proportion invested in both assets rising more than 20% over 2023. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/safe-on-first-cash-a-hit-for-nz-investors) 2024-03-12T16:00:00Z **Carbon market remains moribund after commission's advice**
Carbon prices barely moved in reaction to the Climate Change Commission’s advice that the supply of auctioned units be strongly tightened in the years ahead.

The commission’s report on emissions trading scheme settings for 2025 to 2029 estimates that stockpiled New Zealand Units (NZUs, a proxy for one tonne of carbon) have increased and supply should be cut to help achieve carbon budgets. ⌘ [Read more](https://businessdesk.co.nz/article/markets/carbon-market-remains-moribund-after-commissions-advice) 2024-03-12T16:00:00Z **Ascension Capital deal looks good, dilution is eye-watering**
Ascension Capital’s bid to tap into the artificial intelligence hype will improve its position, but independent shareholders will be “significantly diluted”, according to a report from Armillary.

If the deal goes through, Ascension Capital (Ace) will rebrand as Being AI and be the [first artificial intelligence (AI) stock](https://businessdesk.co.nz/article/markets/first-ai-developer-to-debut-on-nzx) on the ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/ascension-capital-deal-looks-good-dilution-is-eye-watering) 2024-03-12T16:00:00Z **What is the difference between a founder, director and shareholder?**
In New Zealand's dynamic business environment, business owners need to understand the key roles or “hats” they may wear as founders of their business.

The terms "founder", "director", and "shareholder" are often used interchangeably. However, each role has distinct responsibilities with different legal obligations and entitlements. This article explains the differences between a founde ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/what-is-the-difference-between-a-founder-director-and-shareholder) 2024-03-12T16:00:00Z **Cooperation the key to electrifying the economy while addressing hardship**
At a time when the energy sector is ramping up consumer care efforts and developing innovations to help electrify New Zealand’s economy, it’s disappointing to see the Consumer Advocacy Council claim the sector is risking its social licence to operate.

Consumer Advocacy Council (CAC) chair Deborah Hart says customers want electricity that is ”affordable, reliable and sustainable; ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/cooperation-the-key-to-electrifying-the-economy-while-addressing-hardship) 2024-03-12T20:15:00Z **QuiznessDesk: Wednesday, March 13**
02. Which Australian state didn’t decriminalise homosexuality until 1997?
03. Formula One driver Lewis Hamilton recently shocked the motorsport world by announcing a move from Mercedes to what team?
04. Cobs and pens are the males and females of what bird species?
05. In which Australian state would you drive on a scenic highway named in honour of the TV celebrity Steve Irwin?
06. What word can follow green, safety, asteroid and weight?
07. What famous line w ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-wednesday-march-13) 2024-03-13T01:10:00Z **New BusinessDesk editor announced**
BusinessDesk has appointed investigations editor Victoria Young as its new editor, New Zealand Media and Entertainment (NZME) announced today.

Young will replace Pattrick Smellie, who will move to founding editor in a writing and news-breaking role. ⌘ [Read more](https://businessdesk.co.nz/article/self-promotion/new-businessdesk-editor-announced) 2024-03-13T01:25:00Z **Hotel sales pipeline hits $250m, but new developments slow**
International private equity could drive a resurgence in New Zealand hotel sales and development, with $250 million already in the sales pipeline this year, a new report says.

That’s almost double the “relatively subdued” $138.3m in transactions last year, which was down 50% year-on-year on 2022, as a spillover from pandemic slowdown, a report by commercial realtor Jones Lang LaSalle (JLL) said. ⌘ [Read more](https://businessdesk.co.nz/article/property/hotel-sales-pipeline-hits-250m-but-new-developments-slow) 2024-03-13T02:00:00Z **Synlait partners with Nestlé to reduce farm emissions**
Synlait will work with Nestlé to reduce farm emissions in a new co-investment structure.

Describing it as a "unique three-way partnership with Synlait farmers", Nestlé said the investment would focus on "pragmatic on-farm solutions that improve efficiency". ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/synlait-partners-with-nestle-to-reduce-farm-emissions) 2024-03-13T04:15:00Z **$7m for RAL is final bailout, say ministers**
The operator of the Whakapapa ski field has received another government bailout, but regional development minister Shane Jones insists it is the last one.

Cabinet has agreed to provide $7 million of financial support to Ruapehu Alpine Lifts (RAL), Jones announced Wednesday afternoon. It also pledged to provide $3.05m in equity and loan funding to enable the sale of Tūroa ski field assets to Pure Tūroa Ltd (PTL), a company owned by property ... ⌘ [Read more](https://businessdesk.co.nz/article/tourism/7m-for-ral-is-final-bailout-say-ministers) 2024-03-13T05:20:00Z **NZ sharemarket not inspired by Briscoe's strong result**
Retailer Briscoe Group delivered the goods again and the latest United States data rekindled investor sentiment, but the New Zealand sharemarket remained uninspired.

The S&P/NZX 50 Index fell to a morning low of 11,770.84 and closed at 11,809.02, down 20.15 points or 0.17%. The index has now fallen nearly 1% so far this week. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-not-inspired-by-briscoes-strong-result) 2024-03-13T16:00:00Z **Sponsored: Cybersec professionals must be experts - and expert storytellers**
**In a world where new technologies are being rapidly adopted, cybersecurity is in a constant state of evolution. So how do you balance protecting your business and people from continuously advancing cyber threats while enabling them to make the most of new technology?**

This quarter Insight Engine from Spark are helping protect businesses in Aotearoa and their people, by sharing expert advice ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/cybersec-professionals-must-be-experts-and-expert-storytellers) 2024-03-13T16:00:00Z **Scott Tech’s Rocklabs opens new Auckland facility**
Rocklabs, a subsidiary of New Zealand stock exchange-listed Scott Technology, officially opened a new facility in Auckland on Wednesday as the company’s anticipates growth in the mining sector.

The facility is an upgrade that represents an investment of hundreds of thousands of dollars and will provide more space for the production of the company's lucrative mineral sampling machinery. ⌘ [Read more](https://businessdesk.co.nz/article/markets/scott-techs-rocklabs-opens-new-auckland-facility) 2024-03-13T16:00:00Z **Parched prospects: The water infrastructure crisis in Wellington and elsewhere**
[Wellington](https://businessdesk.co.nz/article/infrastructure/will-wellington-be-cancelled) is a city where the sun is so rare a good day is declared whenever it appears.

Yet as New Zealand enters autumn, the capital city’s water authority, Wellington Water, is still putting the risk of an upgrade to the city’s water shortage alert level at 43%. ⌘ [Read more](https://businessdesk.co.nz/article/policy/parched-prospects-the-water-infrastructure-crisis-in-wellington-and-elsewhere) 2024-03-13T16:00:00Z **Volpara takeover by Lunit gets tick from Grant Samuel**
Directors in Wellington-headquartered health-tech firm [Volpara](https://businessdesk.co.nz/company/volpara-health-technologies-limited) are recommending shareholders accept a 100% takeover bid from a Korean-listed counterpart after a favourable independent valuation.

ASX-listed Volpara was judged by independent valuer Grant Samuel to be worth between A67c (72c) and A82c per share, compared with the takeover from Seou ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/volpara-takeover-by-lunit-gets-tick-from-grant-samuel) 2024-03-13T16:00:00Z **Realistic or undervalued? Putting a fair value on our startups**
If our entrepreneurs are hoping 2024 will see a revived appetite for investment in startup companies, there’s a deeper question for them to ponder - are our startups chronically undervalued?

Two articulate veterans of the startup world and venture capital investment have debated the question via thoughtful LinkedIn posts this week. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/realistic-or-undervalued-putting-a-fair-value-on-our-startups) 2024-03-13T16:00:00Z **1Q inflation looking hotter than the RBNZ expects**
Economists see upside risks to the central bank’s first quarter inflation forecasts but say recent data won’t ruffle too many of its feathers.

The Reserve Bank is expecting the consumers price index (CPI) to lift 0.4% quarter-on-quarter and for annual inflation to be 3.8%. ⌘ [Read more](https://businessdesk.co.nz/article/economy/1q-inflation-looking-hotter-than-the-rbnz-expects) 2024-03-13T16:00:00Z **'Back to science' theme for Wellington's second life sciences conference**
With reform to genetic engineering laws in the pipeline, New Zealand’s biotech sector put politics to one side at the second life sciences conference in Wellington this week.

This year, the science took centre stage. The keynote speaker was Jon Pilcher, of Neuren Pharmaceuticals, who launched straight into a talk on improved synthetic peptides to treat neurodevelopmental disorders ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/back-to-science-theme-for-wellingtons-second-life-sciences-conference) 2024-03-13T16:00:00Z **Taratahi Agricultural Training Centre liquidators waiting on deal to be signed**
The liquidators of Taratahi Agricultural Training Centre are waiting on a signed sales and purchase agreement to get a long-awaited deal to sell off its campus and farm over the line.

Five years ago, Grant Thornton’s David Ruscoe and Russell Moore took control of the agri-education provider as declining student numbers meant its funding dropped faster than it co ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/taratahi-agricultural-training-centre-liquidators-waiting-on-deal-to-be-signed) 2024-03-13T16:00:00Z **TikTok needs to sell while ByteDance can get top dollar**
By Dave Lee

It’s panic stations at TikTok. Last week’s lightning-fast creation of a bill that would force the platform’s divestiture or bar it in the US, and the legislation’s almost instantaneous passage by the US House Energy and Commerce Committee, has the Chinese-owned app scrambling to avoid a ban that could be only months away. ⌘ [Read more](https://businessdesk.co.nz/article/policy/tiktok-needs-to-sell-while-bytedance-can-get-top-dollar) 2024-03-13T16:00:00Z **US lawmakers to push for deep-sea mining funding in new bill**
By Yusuf Khan

US lawmakers have presented a new bill to Congress aimed at stepping up American interests in deep-sea mining, specifically pushing for financial, diplomatic and infrastructure support for the industry. ⌘ [Read more](https://businessdesk.co.nz/article/world/us-lawmakers-to-push-for-deep-sea-mining-funding-in-new-bill) 2024-03-13T16:00:00Z **Conflict of interest claim for 'dogmatic' WorkSafe official**
WorkSafe says it is managing a perceived conflict of interest with one of its Wellington-based staff who is accused of using her position to further the interests of her husband’s business.

Demolition and asbestos disposal specialist firms have taken issue with Marta Roberts, the workplace safety regulator’s technical specialist in construction and asbestos. ⌘ [Read more](https://businessdesk.co.nz/article/property/conflict-of-interest-claim-for-dogmatic-worksafe-official) 2024-03-13T16:00:00Z **Sponsored: Strategies to help when your job is stressing you out**
**Each week, BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s what you can do to manage stress levels at work. Hosted by Frances Cook.**

**This episode is brought to you by AIA New Zealand.** ⌘ [Read more](https://businessdesk.co.nz/article/podcasts/sponsored-strategies-to-help-when-your-job-is-stressing-you-out) 2024-03-13T17:00:00Z **Builtsmart boosts capacity with new Feilding factory**
A building firm specialising in offsite manufacturing for government and iwi clients has opened a third factory in Feilding.

Builtsmart, which was founded in 1982 by Phil Leather, has its main factory and office in Huntly as well as a second factory, a joint venture with local iwi, in Gisborne. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/builtsmart-boosts-capacity-with-new-feilding-factory) 2024-03-13T17:00:00Z **Business of Tech podcast: The value of AI built by Kiwis, for Kiwis**
What exactly is sovereign AI and why would we want it? ⌘ [Read more](https://businessdesk.co.nz/article/technology/business-of-tech-podcast-the-value-of-ai-built-by-kiwis-for-kiwis) 2024-03-13T20:00:00Z **Reinz property results: Queenstown hits median of $1.55m as national sales improve**
Home sellers will be given cheer by the latest moderately positive sales and listing numbers from the Real Estate Institute, with the price index up 1.1% from January to February and 3.2% over the past 12 months.

It’s still better news for house hunters, however, on the back of a “substantial” 60.4% jump in listings to 11,788 nationally, leaving inventory levels ... ⌘ [Read more](https://businessdesk.co.nz/article/property/reinz-property-results-queenstown-hits-median-of-155m-as-national-sales-improve) 2024-03-13T20:15:00Z **QuiznessDesk: Thursday, March 14**
02. America has never had a Jewish president – true or false?
03. New Zealand has never had a Jewish prime minister – true or false?
04. What country was the subject of a patriotic poem that included the line “I love a sunburnt country”?
05. The Kuomintang is a major political party in what country?
06. Former All Black first five-eighth Tony Brown recently announced he was joining the rugby coaching staff of what country?
07. Kevin McCloud hosts what long-runn ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-thursday-march-14) 2024-03-13T21:05:00Z **Jarden shareholders support NAB tie-up**
A majority of Jarden Group shareholders voted in favour of selling its wealth and asset management business to form a new entity with NAB called FirstCape.

The deal, [announced in December](https://businessdesk.co.nz/article/finance/jardennab-tie-up-creates-big-new-markets-player-firstcape), will see Jarden take a 20% stake in FirstCape, bringing together NAB’s JBWere NZ and BNZ Investment Services Ltd. ⌘ [Read more](https://businessdesk.co.nz/article/markets/jarden-shareholders-support-nab-tie-up) 2024-03-13T22:38:00Z **Govt suspends 'significant natural areas' rules for three years**
The government is suspending councils' requirement to comply with the significant natural areas provisions in the National Policy Statement for Indigenous Biodiversity.

Associate environment minister Andrew Hoggard announced on Thursday that the significant natural areas provisions (SNA) provisions would be suspended for three years while the government works on replacing the Resource Management Act ( ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/govt-suspends-significant-natural-areas-rules-for-three-years) 2024-03-13T22:35:00Z **New Zealand’s net migration hits new peak**
The immigration boom showed few signs of abating in January, according to new figures from Stats New Zealand released on Thursday.

NZ’s net migration has hit another fresh peak with a gain of 133,800 for the year to January. That’s up from an annual gain of 126,000 in the December 2023 year and just shy of the record 134,400 for the October 2023 year. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/new-zealands-net-migration-hits-new-peak) 2024-03-13T23:30:00Z **TikTok vows to fight on after US House votes to ban it**
TikTok has told employees the company isn’t planning to change its approach to protecting user data even after US lawmakers passed a bill to ban the app in the country unless its Chinese owner sells it.

“Our strategy remains the same – we continue to believe that the best way to address concerns about national security is with transparent, US-based protection of US user data and systems with robust third-party moni ... ⌘ [Read more](https://businessdesk.co.nz/article/politics/tiktok-vows-to-fight-on-after-us-house-votes-to-ban-it) 2024-03-13T23:52:00Z **Wind generation rising as solar power begins to shine**
The growing influence of wind and solar generation is shown in the latest statistics.

The renewable share of electricity generation was 90.3% for the October to December 2023 quarter, according to the Ministry of Business, Innovation and Employment’s (MBIE) energy quarterly statistics. ⌘ [Read more](https://businessdesk.co.nz/article/energy/wind-generation-rising-as-solar-power-begins-to-shine) 2024-03-14T00:50:00Z **Spark staff called into restructure meetings**
Spark staff were called to restructuring meetings this morning, the New Zealand Herald reports.

The telco says higher labour costs are not sustainable and technologies including artificial intelligence (AI) will feature in an efficiency drive. ⌘ [Read more](https://businessdesk.co.nz/article/markets/spark-staff-called-into-restructure-meetings) 2024-03-14T01:05:00Z **DGL relocating head office to Sydney**
ASX-listed chemicals business DGL Group Ltd is relocating its head office, now in Auckland, to Sydney.

Founder and chief executive Simon Henry said the move involved shifting the finance, legal and other key corporate functions, with the new office expected to be operational by May. ⌘ [Read more](https://businessdesk.co.nz/article/markets/dgl-relocating-head-office-to-sydney) 2024-03-14T01:30:00Z **Public markets risk being strangled, says Steven Joyce**
Far too many companies are deciding they “can’t be bothered” seeking a listing on the New Zealand stock exchange, says a John Key-era finance minister, Steven Joyce.

Speaking to BusinessDesk on the latest [Sharesies Shared Lunch](https://www.youtube.com/watch?v=p0VbD0kkzeE) podcast, the recently appointed director of The Icehouse and its venture capital subsidiary Icehouse Ventures said the range of alternative sourc ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/public-markets-risk-being-strangled-says-steven-joyce) 2024-03-14T05:14:00Z **NZ sharemarket drifts aimlessly as investors hibernate**
The New Zealand sharemarket, without any positive leads from offshore, continued to drift aimlessly, though a late rebound rescued it.

The S&P/NZX 50 Index was up and down all day and then rose in the last half-hour matching session to close at 11,808.33, down 0.68 points or 0.01%. The index hit a mid-morning low of 11,757.91 points. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-drifts-aimlessly-as-investors-hibernate) 2024-03-14T16:00:00Z **China sends foreign minister as NZ eyes new priorities**
The Chinese foreign minister, Wang Yi, will visit next week in the highest-level diplomatic engagement with the country’s largest trading partner on New Zealand soil for at least seven years.

While a string of senior NZ ministers have visited Beijing, including prime ministerial state visits in 2019 and 2023, Wang last visited NZ in 2017 and is the most senior Chinese politician to have come to the country since then ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/china-sends-foreign-minister-as-nz-eyes-new-priorities) 2024-03-14T16:00:00Z **Whakaari – some sombre finality**
I have written in this column before about the tragic loss of life and serious injuries suffered by guides and visitors to Whakaari White Island on Dec 9, 2019.

On March 1, 2024, the high court handed down its sentence in relation to fines and reparations to those parties associated with ownership and tours of Whakaari. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/whakaari-some-sombre-finality) 2024-03-14T16:00:00Z **House building: NZ needs 125,000 homes in 5 years to meet high migration – Westpac**
Westpac Bank says New Zealand will need to again ramp up its home-building machine after the post-pandemic slowdown to about 125,000 additional homes over the next five years, if it hopes to keep up with rampant migration.

Westpac senior economist Satish Ranchhod said while some parts of the country were catching up with longer-term underbuilding of homes, t ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/house-building-nz-needs-125000-homes-in-5-years-to-meet-high-migration-westpac) 2024-03-14T16:00:00Z **Insolvency 2023: Who got the most work?**
High-profile retailers, promising startups, hospitality operators and builders; there was no shortage of commercial collapses to keep insolvency practitioners busy last year.

Across the three formal insolvency processes – liquidation, receiverships and administration – there were 1985 appointments in 2023. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/insolvency-2023-who-got-the-most-work) 2024-03-14T16:00:00Z **NZ one of five countries with costliest year ever for weather damage**
New Zealand was one of five countries that experienced the costliest ever year for weather events in 2023, a new international report has found.

Insurance and risk consulting firm Aon said the Auckland floods, followed closely by Cyclone Gabrielle, had together caused nearly $12 billion in economic losses and $4.25b in insured loss. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/nz-one-of-five-countries-with-costliest-year-ever-for-weather-damage) 2024-03-14T16:00:00Z **Import LNG or intervene in gas sector, ministers told**
Government intervention in the gas sector to maintain supply or spending between $140 million and $600m-plus to develop facilities to import liquefied natural gas are among the options put to ministers in briefing papers to ensure energy security.

Under the previous Labour government, officials were working on a gas transition plan on how to shift the sector to a low-carbon future and still maintain energy security. ⌘ [Read more](https://businessdesk.co.nz/article/policy/import-lng-or-intervene-in-gas-sector-ministers-told) 2024-03-14T16:00:00Z **NZ Rapid Tests failed owing $4.6m of GST to IRD**
A covid-19 testing company tipped into liquidation by law firm Bell Gully owes more than $4.6 million in unpaid GST to Inland Revenue.

Rhys Cain and Larissa Logan, of Ernst & Young, were appointed as liquidators of NZ Rapid Tests after [a high court decision last month](https://businessdesk.co.nz/article/law-regulation/bell-gully-succeeds-in-liquidation-bid-against-testing-company). ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/nz-rapid-tests-failed-owing-46m-of-gst-to-ird) 2024-03-14T16:00:00Z **Electric-vehicle startup Fisker prepares for possible bankruptcy filing**
By Sean McLain

Troubled electric vehicle startup Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, according to people familiar with the matter. ⌘ [Read more](https://businessdesk.co.nz/article/technology/electric-vehicle-startup-fisker-prepares-for-possible-bankruptcy-filing) 2024-03-14T16:00:00Z **As Bitcoin climbs, is crypto becoming mainstream?**
As prices for cryptocurrency scale fresh highs on a near-daily basis, are analysts in New Zealand starting to take it more seriously?

Fuelled by confidence after getting the green light from the United States' market regulator, Bitcoin surged in price to a record US$74,000 (NZ$120,000) this week, up nearly 40% in the past month. ⌘ [Read more](https://businessdesk.co.nz/article/markets/as-bitcoin-climbs-is-crypto-becoming-mainstream) 2024-03-14T20:15:00Z **QuiznessDesk: Friday, March 15**
02. According to an old tongue-twister, who picked a peck of pickled peppers?
03. What was the name of the female title character in hit songs by Them (1964) and Laura Brannigan (1982)?
04. King Frederik X recently acceded to the throne of what country?
05. What historic document proclaimed the right to “life, liberty and the pursuit of happiness”?
06. What word can precede start, orders and ovation?
07. Which former New Zealand netball captain married former Black ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-friday-march-15) 2024-03-14T22:30:00Z **EY chair Braden Dickson leaves after 'historical behavioural matter' investigated**
EY New Zealand's chair has left the role following an investigation into a "historical behavioural matter", the company says.

In a written statement from a public relations firm, EY said Braden Dickson departed EY in early February. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/ey-chair-braden-dickson-leaves-after-historical-behavioural-matter-investigated) 2024-03-14T22:45:00Z **BNZ chair retires after more than eight years in the role**
Bank of New Zealand director and chair Douglas McKay ONZM is retiring at the end of May, the bank says.

McKay has been a member of the BNZ board since March 5 2013 and has been chair since Aug 1 2015, it said. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/bnz-chair-retires-after-more-than-eight-years-in-the-role) 2024-03-14T23:50:00Z **Nicola Willis says government will drive harder on spending cuts**
Finance minister Nicola Willis says soon-to-be-released growth forecasts on the economy won't make for "happy reading", but the government remains committed to tax cuts.

At a speech to the Auckland Chamber of Commerce at the Cordis Hotel on Friday afternoon, Willis said a budget policy statement would be released in two weeks, providing an update on the economy. ⌘ [Read more](https://businessdesk.co.nz/article/economy/nicola-willis-says-government-will-drive-harder-on-spending-cuts) 2024-03-15T02:45:00Z **ComCom prosecutes Go Car Finance**
The Commerce Commission is prosecuting Go Car Finance for allegedly failing to sufficiently assess whether borrowers could make payments under consumer credit contracts without suffering substantial hardship.

The enforcement action came after a two-year investigation into Go Car’s responsible lending practices. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/comcom-prosecutes-go-car-finance) 2024-03-15T05:23:00Z **NZ sharemarket's wild ride continues as week ends on a fall**
The New Zealand sharemarket had a wild ride of price swings caused by index changes and fell for the fifth successive day.

The S&P/NZX 50 Index fell at the opening and never recovered, declining 41.35 points or 0.35% to 11,766.98. The index was down 1.3% for the week and is flat for the year to date. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarkets-wild-ride-continues-as-week-ends-on-a-fall) 2024-03-15T16:00:00Z **Sponsored: Why so many Kiwis work after 65**
**Planning crucial to avoid running out of money in retirement.**

New Zealand has one of the highest rates of people aged 65 and over still working at 24 per cent, according to a report from the Retirement Commission - Te Ara Ahunga Ora. ⌘ [Read more](https://businessdesk.co.nz/sponsored/why-so-many-kiwis-work-after-65) 2024-03-15T16:00:00Z **On the Money: Bowling for the bourse, dicky AI, and more ...**
Ex-Hobson Wealth head of investments-turned-Saturday columnist for BusinessDesk, **Simon Robertson**, is never one to let the grass grow under his feet.

Particularly if that grass is on a lawn bowls green, where the grass is never long at the best of times. ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-bowling-for-the-bourse-dicky-ai-and-more) 2024-03-15T16:00:00Z **Magnates pour big money into ‘greening’ dreadful polluter**
By Konrad Putzier

Bill Gates, Jeff Bezos and former Los Angeles Lakers basketball player Rick Fox are part of a new wave of investors and entrepreneurs looking to make one of the world’s worst pollutants greener. ⌘ [Read more](https://businessdesk.co.nz/article/environment/magnates-pour-big-money-into-greening-dreadful-polluter) 2024-03-15T16:00:00Z **Two hot topics beginning with I: Inflation and India**
**Hot topic one: Inflation**

I was fortunate enough this week to go to a small lunch with a fixed-income legend with an outstanding track record and one of the largest trading books in the world. ⌘ [Read more](https://businessdesk.co.nz/article/economy/two-hot-topics-beginning-with-i-inflation-and-india) 2024-03-15T16:00:00Z **Expect Trump to double down on vile migrant rants**
By Timothy L. O'Brien

Donald Trump took centre stage at a campaign rally in Rome, Georgia, this month to warn Americans that immigrants are holding the US hostage. ⌘ [Read more](https://businessdesk.co.nz/article/politics/expect-trump-to-double-down-on-vile-migrant-rants) 2024-03-15T16:00:00Z **Money Answers: Is KiwiSaver good for kids?**
**BusinessDesk investments editor Frances Cook responds to emails from readers each week, answering questions about money. Below, you will find her expert advice. Send your questions to answers@businessdesk.co.nz.**

Hi Frances, ⌘ [Read more](https://businessdesk.co.nz/article/investments/money-answers-is-kiwisaver-good-for-kids) 2024-03-15T16:00:00Z **Fail File: Bruce Sheppard, founder of the NZ Shareholders' Association**
**Each fortnight, Victoria Carter speaks to someone about failure and disappointment and what they learned. This week, she talks to Bruce Sheppard, co-founder of accountancy firm Gilligan Sheppard and founder of the New Zealand Shareholders' Association.**

**I was really disappointed:** In my bad judgment of two people, which isn’t bad in a 45-plus-year career. I was disappointed ... ⌘ [Read more](https://businessdesk.co.nz/article/business-advice/fail-file-bruce-sheppard-founder-of-the-nz-shareholders-association) 2024-03-16T16:00:00Z **Sponsored: Why so many Kiwis work after 65**
New Zealand has one of the highest rates of people aged 65 and over still working at 24 per cent, according to a report from the Retirement Commission - Te Ara Ahunga Ora.

This is significantly higher than the UK at 10 per cent and Australia at 12 per cent while the percentage of those aged 65-69 still working is even higher at 44 per cent. ⌘ [Read more](https://businessdesk.co.nz/sponsored/why-so-many-kiwis-work-after-65-1) 2024-03-16T16:00:00Z **Ultra-processed foods: what they're doing to your brain**
By Andrea Petersen

Ultra-processed foods may affect not only our bodies, but our brains, too. ⌘ [Read more](https://businessdesk.co.nz/article/health/ultra-processed-foods-what-theyre-doing-to-your-brain) 2024-03-16T16:00:00Z **The wealthy are starting to have more babies than the poor again**
By Justin Fox

For most of human history (and probably prehistory), higher male status was linked to having more children. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/the-wealthy-are-starting-to-have-more-babies-than-the-poor-again) 2024-03-16T16:00:00Z **My Net Worth: John Small, chair of the Commerce Commission**
John Small grew up in Christchurch before studying economics and becoming head of economics at the University of Auckland. He founded economics consultancy Covec in 2001 and was appointed a commissioner of the competition watchdog in 2020.

**At home, I had a lot of siblings – an older sister and five younger brothers.** Itwas a busy household. I had a lot of responsibility and spent a lot of time entertaining ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-john-small-chair-of-the-commerce-commission) 2024-03-16T16:00:00Z **The Robertson Gift: masterpieces that will take your breath away**
It’s hard to imagine living in a world where you can have a Mondrian hanging casually on your wall.

On another wall, you might have a Matisse, another a Picasso, yet another a Monet. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/the-robertson-gift-masterpieces-that-will-take-your-breath-away) 2024-03-16T16:00:00Z **Review: The Hotel Britomart, the capital of a new republic**
Auckland’s Britomart precinct wouldn’t be in existence under today's resource consenting rules.

But back in 1870, it was deemed a good idea to reclaim land from the sea around Port Britomart, an area that now includes Customs St, Quay St and the huge Commercial Bay retail, dining and commercial centre. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-the-hotel-britomart-the-capital-of-a-new-republic) 2024-03-17T16:00:00Z **Sponsored: "True Kiwi ingenuity" boosts exports**
**Battery-powered invention set to change the world of tower cranes - and the environment.**

When we look at those tower cranes populating the city, we often see giant construction devices belching diesel fumes into that same skyline. ⌘ [Read more](https://businessdesk.co.nz/sponsored/true-kiwi-ingenuity-boosts-exports) 2024-03-17T16:00:00Z **Sponsored: New work-life balance in Hamilton**
**This content has been prepared by Orient Industrial Park and is being published by NZME as advertorial.**

Embrace work-life balance at Hamilton’s newest and largest commercial and industrial unit development – where business and pleasure can seamlessly coexist. ⌘ [Read more](https://businessdesk.co.nz/sponsored/new-work-life-balance-in-hamilton) 2024-03-17T16:00:00Z **NZ scam victims gain access to international fraud recovery service**
A new partnership between Netsafe and an international fraud recovery service is offering New Zealand scam victims fresh hope of getting some of their money back.

Since March 1, scam victims who contact Netsafe to report they have lost money and been unable to recover the funds have been given the option of employing the services of international non-profit Cybera to help them retrieve the mo ... ⌘ [Read more](https://businessdesk.co.nz/article/money/nz-scam-victims-gain-access-to-international-fraud-recovery-service) 2024-03-17T16:00:00Z **Recession or not, the economy is anaemic**
The jury is out on whether New Zealand entered another recession in the fourth quarter, but what is certain is that growth was anaemic in 2023.

ASB Bank economist Nathaniel Keall was tipping a 0.2% contraction in quarter and said the weakness in growth was broad-based. ⌘ [Read more](https://businessdesk.co.nz/article/economy/recession-or-not-the-economy-is-anaemic) 2024-03-17T16:00:00Z **'Scope, Scope, Scope': the mantra behind Auckland Transport's $23m bet**
When Auckland Transport chief executive [Dean Kimpton](https://businessdesk.co.nz/article/news-in-brief/new-auckland-transport-ceo-appointed) told me how much a large technology project is going to cost, a part of me was a little surprised the “million” at the end of his answer wasn’t “billion”.

And can you blame me? This is a world where a simple no-frills [bridge across a harbour](h ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/scope-scope-scope-the-mantra-behind-auckland-transports-23m-bet) 2024-03-17T16:00:00Z **Carbon auction: bargain chance or money down the drain**
The first carbon auction of the year on Wednesday will be keenly watched by finance minister Nicola Willis, with at least $225 million in cash revenue at stake as she stitches together her first budget.

On offer is 3.525m New Zealand Units (NZUs, a proxy for one tonne of carbon emissions). ⌘ [Read more](https://businessdesk.co.nz/article/markets/carbon-auction-bargain-chance-or-money-down-the-drain) 2024-03-17T16:00:00Z **OpenAI inks deals with European publishers Le Monde, Prisa**
By Shirin Ghaffary

(Bloomberg) - OpenAI has inked licensing deals with major European publishers, French paper Le Monde and Spanish media conglomerate Promotora de Informaciones SA, or Prisa – agreements that will bring French and Spanish language news content to ChatGPT and help train the startup’s models. ⌘ [Read more](https://businessdesk.co.nz/article/technology/openai-inks-deals-with-european-publishers-le-monde-prisa) 2024-03-17T16:00:00Z **Liquidators take legal advice on a Chris Cook entity, owes $32.6m**
The liquidators of one of well-known property developer Chris Cook’s entities say they’ve taken legal advice on “certain matters”.

But Cook says no legal action is ongoing. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/liquidators-take-legal-advice-on-a-chris-cook-entity-owes-326m) 2024-03-17T16:00:00Z **JPMorgan fined US$350m over compliance failures**
By Alexander Saeedy

Federal regulators have fined JPMorgan Chase roughly US$350 million (NZ$574m) for failing to properly monitor billions of trades that the bank has executed since 2019. ⌘ [Read more](https://businessdesk.co.nz/article/finance/jpmorgan-fined-us350m-over-compliance-failures) 2024-03-17T16:00:00Z **Christchurch buses sitting on $17m central city site**
A prime central Christchurch site worth at least $17 million is being used to store buses, although other options have been explored.

The 2.71-hectare property, on the corner of Fitzgerald and Moorehouse Aves, was the main bus depot for Red Bus, a transport provider the local council owned through its commercial arm, Christchurch City Holdings (CCHL). ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/christchurch-buses-sitting-on-17m-central-city-site) 2024-03-17T16:00:00Z **Four founders: a VC model with lessons for NZ deeptech**
Deeptech startups should have four founders, Gabrielle Munzer from Australia’s Main Sequence Ventures said at the Bridgewest Ventures conference in March.

International speakers gave a room full of New Zealand science and business leaders their advice on how to establish and grow highly successful companies built on deeptech, technology that requires significant scientific research. ⌘ [Read more](https://businessdesk.co.nz/article/technology/four-founders-a-vc-model-with-lessons-for-nz-deeptech) 2024-03-17T16:00:00Z **Cooking the Books: ‘Rich listers get addicted to the success, not the money’**
**Each week, BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s how economics becomes the engine room behind your money. Hosted by Frances Cook.** ⌘ [Read more](https://businessdesk.co.nz/article/podcasts/cooking-the-books-rich-listers-get-addicted-to-the-success-not-the-money) 2024-03-17T19:00:00Z **Christopher Luxon struggling to connect: leaked poll**
The prime minister, Christopher Luxon, continues to struggle to connect with voters despite a rush of activity in recent weeks to complete the coalition government’s first 100-day plan.

A report for corporate clients by pollsters Talbot Mills, sighted by BusinessDesk, shows Luxon dropping three percentage points to 24% as preferred prime minister, just one point ahead of Chris Hipkins, on 23%, the Labour party leader he ... ⌘ [Read more](https://businessdesk.co.nz/article/politics/christopher-luxon-struggling-to-connect-leaked-poll) 2024-03-17T20:15:00Z **QuiznessDesk: Monday, March 18**
02. Fans of Taylor Swift are known as what?
03. What fashionable part of London gave its name to a type of bun and a style of men’s boot?
04. According to an old saying, what is confession good for?
05. What style of outdoor chair takes its name from a mountain range in New York State?
06. What murderous dictator was known as Brother Number One?
07. An American disc jockey named Adrian Cronauer had a signature phrase that became the title of a 1987 hit film starrin ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-monday-march-18) 2024-03-17T22:15:00Z **BNZ predicts return to growth after positive PSI data**
New Zealand’s services sector continued its path of expansion in February, according to the BNZ-Business NZ Performance of Services Index (PSI).

The PSI for February was 53 – a reading above 50 indicates that the service sector is generally expanding, and below 50 indicates a decline. ⌘ [Read more](https://businessdesk.co.nz/article/economy/bnz-predicts-return-to-growth-after-positive-psi-data) 2024-03-17T22:00:00Z **Not such an Ezibuy**
Ezibuy’s liquidators managed to squeeze an extra $600,000 out of Mosaic Brands after it threw in a lowball offer to buy back the group.

After putting it into administration nearly 12 months ago, owing more than $100 million, the Australian securities exchange-listed (ASX) retail group originally lobbed in a $6.4m offer in August last year to purchase the Palmerston North-headquartered retailer’s inventory and business back. ⌘ [Read more](https://businessdesk.co.nz/article/retail/not-such-an-ezibuy) 2024-03-18T00:30:00Z **Queenstown hotel revenues hit $309, sector back to pre-pandemic levels**
Room asking rates in the Queenstown Lakes district continued to lead the country, hitting average revenue per available room, or RevPar, of $309 last month, on an average daily rate of $352.

That's up a third in RevPar terms – with 88% of its 4,748 available rooms filled during February – on the comparable month's $232. ⌘ [Read more](https://businessdesk.co.nz/article/property/queenstown-hotel-revenues-hit-309-sector-back-to-pre-pandemic-levels) 2024-03-18T02:40:00Z **Reckoning or rebound? Forsyth Barr rates retailers ahead of earnings**
Much of the action from the upcoming reporting season may already be out of the way, with Forsyth Barr describing February as a "confession" season.

Over the next two weeks, New Zealand stock exchange-listed (NZX) retail companies – KMD Brands, Hallenstein Glasson (HLG) and Warehouse Group (WHS) – are all set to report their earnings. ⌘ [Read more](https://businessdesk.co.nz/article/retail/reckoning-or-rebound-forsyth-barr-rates-retailers-ahead-of-earnings) 2024-03-18T04:10:00Z **ComCom decision on Foodstuffs merger pushed back**
A decision on the merger of the North and South Island Foodstuffs co-operatives has been pushed back, with the regulator saying it will now release an issues paper.

Foodstuffs North Island and Foodstuffs South Island operate as separate co-operatives, but with the proposed merger they would become a single national grocery entity. ⌘ [Read more](https://businessdesk.co.nz/article/retail/comcom-decision-on-foodstuffs-merger-pushed-back) 2024-03-18T05:20:00Z **Another day of falling prices on the stock exchange**
The lacklustre New Zealand sharemarket fell for the sixth successive trading day – the second time in a month.

After a down day on Wall Street, the S&P/NZX 50 Index fell sharply at the opening and had a late rise to close at 11,728.01, down 38.97 points or 0.33% after reaching an intraday low of 11,690.78. ⌘ [Read more](https://businessdesk.co.nz/article/markets/another-day-of-falling-prices-on-the-stock-exchange) 2024-03-18T16:00:00Z **China starts $6.4b power transmission and storage project**
By Dan Murtaugh

(Bloomberg) -- China’s largest utility has started construction on a 28 billion yuan (NZ$6.4b) project to transmit electricity across three provinces and store it in mountain reservoirs as the country integrates growing amounts of intermittent renewable energy. ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/china-starts-64b-power-transmission-and-storage-project) 2024-03-18T16:00:00Z **Chorus invests in data centres to lift ‘non-regulated revenue’**
Of the 600 old telephone exchange buildings scattered around New Zealand, about 70 are fit to host racks of hard drives and servers that could be a boon to Chorus’ bottom line.

Since 2015, Chorus has invested several million dollars into the infrastructure for what it calls EdgeCentre Colocation; that is, small and geographically dispersed data centres that customers can rent space within for data stor ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/chorus-invests-in-data-centres-to-lift-non-regulated-revenue) 2024-03-18T16:00:00Z **Uber to pay $293.1m to settle lawsuit from Australian taxi drivers**
By Mike Cherney

SYDNEY – Uber has agreed to pay A$272 million (NZ$293.1m) to settle a class-action lawsuit in Australia that claimed the ride-sharing company destroyed the livelihoods of taxi and hire-car drivers, the law firm representing the drivers said. ⌘ [Read more](https://businessdesk.co.nz/article/technology/uber-to-pay-2931m-to-settle-lawsuit-from-australian-taxi-drivers) 2024-03-18T16:00:00Z **PGG Wrightson needs a replacement white knight for Agria**
PGG Wrightson needs a white knight.

Today's share price is languishing near the four-year low it hit when covid was spooking everyone, and it hasn’t been consistently this low in adjusted terms since the tail end of 2016. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/pgg-wrightson-needs-a-replacement-white-knight-for-agria) 2024-03-18T16:00:00Z **The rise of solar power needs financing**
A new paper argues that financing for solar power would be the cheapest and most efficient way to electrify the economy.

The Electric Houses report, put together by Rewiring Aotearoa and others, argues that rooftop solar is now far cheaper than any other source of electricity with households well placed to cut their costs and reduce emissions. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/the-rise-of-solar-power-needs-financing) 2024-03-18T16:00:00Z **Let's Go Beverages in liquidation in Australia**
An Australian entity related to a New Zealand liquor company that gave away a nearly $400,000 car is in liquidation after a successful court application.

Let’s Go Beverages – the NZ entity – is [itself facing liquidation proceedings](https://businessdesk.co.nz/article/retail/mclaren-winner-takes-court-action-against-lets-go) brought by the winner of the 2022 McLaren GT, Michael Edwards. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/lets-go-beverages-in-liquidation-in-australia) 2024-03-18T16:00:00Z **Toll Tales: a cross-country journey through toll road controversies**
Australian investment manager [Magellan](https://www.afr.com/markets/magellans-gerald-stack-why-roads-are-the-kings-of-infrastructure-20181128-h18hhz) once referred to toll roads as the “kings of infrastructure” because of how solid the returns from them were.

Now, the New South Wales government seems to be considering regicide, just as New Zealand moves to embrace more tolls. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/toll-tales-a-cross-country-journey-through-toll-road-controversies) 2024-03-18T16:00:00Z **ASX-listed company bringing Nvidia cloud gaming to NZ**
Nvidia’s GeForce Now cloud gaming service is officially heading to New Zealand thanks to an expanded agreement with Perth-based internet service provider Pentanet.

The Australian securities exchange (ASX) listed company’s stock price rose nearly 90% from A$0.50 (NZ$0.54) to A$0.93 after an announcement on Friday outlining changes to its agreement with Nvidia. ⌘ [Read more](https://businessdesk.co.nz/article/technology/asx-listed-company-bringing-nvidia-cloud-gaming-to-nz) 2024-03-18T16:00:00Z **The companies making money out of free school lunches**
Big businesses dominate the provision of free lunches in schools, data released under the Official Information Act reveals.

The Ka Ora, Ka Ako programme is under review, with Act minister David Seymour [looking to axe its funding](https://www.rnz.co.nz/national/programmes/checkpoint/audio/2018928617/healthy-lunches-programme-wasteful-spending-act) by 50%. ⌘ [Read more](https://businessdesk.co.nz/article/markets/the-companies-making-money-out-of-free-school-lunches) 2024-03-18T20:15:00Z **QuiznessDesk: Tuesday, March 19**
02. Vincent van Gogh’s painting “La Notte Stellata” is better known by what English title?
03. What common life-threatening illness has the initials CVD?
04. Golden Queen is a variety of what?
05. The mountain resort town of Telluride, famous for its international film festival, is in which American state?
06. What film had the tagline “Just when you thought it was safe to go back in the water”?
07. “Got on board a westbound747” was the opening line of what hit s ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-tuesday-march-19) 2024-03-18T20:22:00Z **Scott Technologies John Kippenberger to step down**
[Scott Technologies](https://businessdesk.co.nz/article/technology/scott-technology-looks-to-automate-factories-across-the-globe?gad_source=1&gclid=CjwKCAjwzN-vBhAkEiwAYiO7oMsiVC67PvXwz2DCcL_r9i5-SqAHeLnB6zTnP567QTTBuSGLZ0eKLRoCVAYQAvD_BwE)' chief executive, John Kippenberger, will step down in May.

The New Zealand stock exchange-listed (NZX) company's president of Europe and North America, Aaron Vanwalleghem, will serve as i ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/scott-technologies-john-kippenberger-to-step-down) 2024-03-19T02:21:00Z **Kathmandu still battered by headwinds, reports $9.7m net loss**
KMD Brands' chief executive, Michael Daly, told BusinessDesk he is “obviously disappointed” after his company reported a significant sales drop in half-year earnings on Tuesday and scaled back sales targets.

The company, which owns the Kathmandu, Rip Curl and Oboz footwear brands, reported that profits decreased nearly 170% to a $9.7 million loss after revenue fell to $468m, down 14.5% compared with the si ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/kathmandu-still-battered-by-headwinds-reports-97m-net-loss) 2024-03-19T02:47:00Z **ANZ CEO looks for India, China growth as focus shifts**
By Harry Brumpton and Yvonne Man

(Bloomberg) - ANZ Group Holdings Ltd chief executive officer Shayne Elliott aims to grow the firm’s presence in India and Vietnam as well as in China as his clients require the bank’s services in an increasing number of locations. ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/anz-ceo-looks-for-india-china-growth-as-focus-shifts) 2024-03-19T04:35:00Z **Wang Yi visit highlights choices ahead for NZ**
Wang Yi’s visit to New Zealand will likely be the first in a flurry of high-level diplomatic exchanges between NZ and China this year.

Prime minister Christopher Luxon, foreign minister Winston Peters and trade minister Todd McClay all met China’s foreign minister Wang on Monday, with Peters treating Wang to Garage Project craft beer. ⌘ [Read more](https://businessdesk.co.nz/article/politics/wang-yi-visit-highlights-choices-ahead-for-nz) 2024-03-19T05:20:00Z **NZ sharemarket up more than 0.5%**
The New Zealand sharemarket had a welcome rise of more than 0.5% as Australia kept interest rates unchanged and Japan raised theirs in a historic move.

The S&P/NZX 50 Index climbed steadily, especially after the Reserve Bank of Australia (RBA) announcement, and closed at 11,817.91, up 89.9 points or 0.77%. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-up-more-than-05) 2024-03-19T16:00:00Z **Sponsored: Accountability key to project delivery**
Southbase model brings certainty to large construction projects.

The successful delivery of projects in the vertical construction sector is jeopardised by a broken process. Traditional contract procurement methods and the inclusion of multiple parties with little accountability or ‘skin in the game’, have ultimately led to significant cost and time overruns, says Quin Henderson, Southbase Group CEO. ⌘ [Read more](https://businessdesk.co.nz/sponsored/accountability-key-to-project-delivery) 2024-03-19T16:00:00Z **FMA fair ‘outcomes’ agenda cops industry flak as misguided**
Last November, the Financial Markets Authority set course for a regulation revolution by nailing seven new guiding principles in a manifesto for change.

According to the draft Financial Markets Authority (FMA) proposal, the new world of financial regulation will be centred around “seven fair outcomes for consumers and markets that we consider firms should be working towards”. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/fma-fair-outcomes-agenda-cops-industry-flak-as-misguided) 2024-03-19T16:00:00Z **'Competing bid': developer Ninety-Four Feet sought to sidestep Precinct Properties**
Just days before Auckland council entered into a conditional agreement with another party, Australian developer Ninety-Four Feet submitted an unsolicited and higher bid to buy the Downtown Carpark building for $180 million.

When the bid was received on Nov 21 last year, Auckland councillors were being lobbied by local developer Andrew Krukziener, who presented a ... ⌘ [Read more](https://businessdesk.co.nz/article/property/competing-bid-developer-ninety-four-feet-sought-to-sidestep-precinct-properties) 2024-03-19T16:00:00Z **Business of Government: seconds thoughts on social investment, the return of Simon Bridges and more...**
**Rethinking social investment**

Admitting you got things wrong is usually hard, but housing minister Chris Bishop was up-front about the fact that it was a National government policy to try and manage disruptive Kāinga Ora tenants rather than evict them. ⌘ [Read more](https://businessdesk.co.nz/article/policy/business-of-government-seconds-thoughts-on-social-investment-the-return-of-simon-bridges-and-more) 2024-03-19T16:00:00Z **How your KiwiSaver investment started the year**
January was a solid month for most KiwiSaver investors, with the 236 funds tracked in this month's report returning an average of 0.8% during the month.

Growth and equities funds both returned about 1.5%, on average. Equities funds were more of a mixed bag, with a handful of funds returning losses of 5% or more, while there were 5%+ gains for some funds invested in international and US equities. ⌘ [Read more](https://businessdesk.co.nz/article/kiwisaver/how-your-kiwisaver-investment-started-the-year) 2024-03-19T16:00:00Z **Push for transparency around building consents**
Councils will have to submit quarterly data on building consent processing times under changes brought in by the coalition government.

The move is intended to standardise data around consents and code compliance certificates and pressure consenting authorities to match the processing times of their better-performing peers. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/push-for-transparency-around-building-consents) 2024-03-19T16:00:00Z **China Evergrande fraudulently boosted sales, regulator says**
By Rebecca Feng

China Evergrande Group faces a potential fine of more than NZ$953 million after Chinese regulators found its most important subsidiary had fraudulently boosted sales and profit in the years before the property company’s spectacular collapse. ⌘ [Read more](https://businessdesk.co.nz/article/world/china-evergrande-fraudulently-boosted-sales-regulator-says) 2024-03-19T16:00:00Z **Israel Adesanya is building apartments in Auckland**
Mixed martial arts fighter Israel Adesanya's property company is behind a new residential development in Mount Wellington, BusinessDesk can reveal.

Stylebender Ltd, which has Israel’s father Olufemi as the director, received resource consent from Auckland council in May 2023 to build an apartment block on 60 Hillside Road and to subdivide the address into 43 principal units, with two or three bedrooms per residence. ⌘ [Read more](https://businessdesk.co.nz/article/property/israel-adesanya-is-building-apartments-in-auckland) 2024-03-19T16:00:00Z **Democracy needs a digital shakeup to solve today's problems**
Democracy needs to be dragged out of the 19th century and into the digital age if countries are to solve the 21st-century problems beating at their doors, a visiting UK academic says.

Geoff Mulgan isn’t just talking about the need for change. He recently founded an institute to try to do something about it. ⌘ [Read more](https://businessdesk.co.nz/article/policy/democracy-needs-a-digital-shakeup-to-solve-todays-problems) 2024-03-19T16:00:00Z **Du Val investors aim to liquidate mortgage fund**
The legal team representing a group of disgruntled investors in Du Val property funds wants to have a liquidator appointed to the mortgage fund's limited partnership.

The lawyers – Auckland barrister Jeremy Johnson and solicitors Kim Francis and William van Roosmalen – are representing [as many as a dozen investors](https://businessdesk.co.nz/article/property/du-val-investors-regroup-in-wake-of-solvency-questions) across both th ... ⌘ [Read more](https://businessdesk.co.nz/article/property/du-val-investors-aim-to-liquidate-mortgage-fund) 2024-03-19T20:08:00Z **Global dairy prices take another hit**
Global dairy prices have taken another big hit a day before Fonterra reports its interim results.

At the overnight fortnightly auction, the Global Dairy Trade (GDT) index dropped 2.8% to an average price of US$3,497 (NZ$5,780) per metric tonne. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/global-dairy-prices-take-another-hit) 2024-03-19T20:15:00Z **QuiznessDesk: Wednesday, March 20**
02. He was christened Salvatore, married the singer Cher and ended up in politics. What was his surname?
03. In the army, what rank do the letters WO denote?
04. The cartoon character Hello Kitty – now said to be worth more than Mickey Mouse – originated in what country?
05. What is the name of the digital assistant available to Apple users?
06. Which member of the British royal family was a pupil of Australia’s Geelong Grammar School?
07. Carrie Hurihanganui ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-wednesday-march-20) 2024-03-19T20:50:00Z **Warehouse to ditch online entity after poor result**
The Warehouse Group made a $23.7 million net loss in six months amid grim retail conditions and a poor performance from the now-discarded Torpedo7.

It now plans to sell its underperforming online shopping platform TheMarket. ⌘ [Read more](https://businessdesk.co.nz/article/retail/warehouse-to-ditch-online-entity-after-poor-result) 2024-03-19T21:00:00Z **Offshore wind on the rise in NZ say promoters**
Despite the cost of offshore wind-electricity generation, the promoters say its time is coming and it will significantly boost the economy.

A study released as the Offshore Renewable Energy Forum met in Taranaki said New Zealand needed an offshore wind sector, not least because of the existence of the abundant resource in this country. ⌘ [Read more](https://businessdesk.co.nz/article/energy/offshore-wind-on-the-rise-in-nz-say-promoters) 2024-03-19T22:15:00Z **Consumer confidence perks up, but not among everyone**
The Westpac McDermott Miller consumer confidence index rose 4.3 points to 93.2 last month, its highest point in more than two years, as household confidence improved.

That is, however, still down on the average of 108.2, reflecting a continued level of pessimism about economic conditions. ⌘ [Read more](https://businessdesk.co.nz/article/economy/consumer-confidence-perks-up-but-not-among-everyone) 2024-03-19T23:30:00Z **ETS auction partially clears and raises $190m**
The first carbon auction of the year has partially cleared raising more than $190 million for the government’s coffers.

Of the 3,525,000 New Zealand Units on offer, 2,974,300 were sold at $64 raising $190,355,200. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ets-auction-partially-clears-and-raises-190m) 2024-03-19T23:35:00Z **Proposal to increase Beef & Lamb NZ's directors' fees fails**
Beef and Lamb NZ has failed to get the support from its levy-payers to give its directors a pay rise.

At the industry body’s annual meeting in Nelson on Tuesday, farmers were asked to vote on increasing the pool for directors fees by roughly 9% to $475,000. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/proposal-to-increase-beef-lamb-nzs-directors-fees-fails) 2024-03-20T00:25:00Z **Current account deficits improve on higher tourism levels**
New Zealand’s annual current account deficit has continued to improve – thanks largely to the continued return of overseas tourists.

The deficit was $27.8 billion (6.9% of gross domestic product) in the year ended December 31, 2023, according to figures released by Stats NZ today. ⌘ [Read more](https://businessdesk.co.nz/article/economy/current-account-deficits-improve-on-higher-tourism-levels) 2024-03-20T01:00:00Z **IMF expects rate cuts toward the end of 2024**
The International Monetary Fund expects New Zealand’s inflation to fall below 3% in the third quarter and forecasts a “gradual easing of monetary policy toward the end of 2024”.

Inflation was 4.7% in the December quarter, and the official cash rate (OCR) is currently at 5.5%. The Reserve Bank of NZ (RBNZ) has indicated interest rate cuts [could kick off in 2025](https://businessdesk.co.nz/article/economy/recent-data-gives-rbnz-more-con ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/imf-expects-rate-cuts-toward-the-end-of-2024) 2024-03-20T01:20:00Z **Warehouse pares back further amid NZ retail reckoning, TheMarket.com to be dropped**
As retail earnings season rolls on, so does the misery for retailers.

The Warehouse Group (WHS) told the New Zealand stock exchange (NZX) it intends to “sell or close” its e-commerce division, TheMarket.com, after what chief executive Nick Grayston described as a “sobering” first half trading period. ⌘ [Read more](https://businessdesk.co.nz/article/retail/warehouse-pares-back-further-amid-nz-retail-reckoning-themarketcom-to-be-dropped) 2024-03-20T03:00:00Z **Reopening Marsden Point refinery a billion dollar pipe dream**
The government plans to investigate reopening the Marsden Point oil refinery, an exercise likely to cost billions of dollars given the refinery has been fully decommissioned.

Channel Infrastructure, the publicly-listed company that owns the Northland facility, had spent $163 million as of Dec 31 on its project to convert its operations from a refinery to an import-only terminal. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/reopening-marsden-point-refinery-a-billion-dollar-pipe-dream) 2024-03-20T04:10:00Z **Ministry thinks KiwiRail could exit Interislander services**
The Ministry of Transport is considering the possibility of KiwiRail exiting the Cook Strait ferry market entirely following the collapse of its multi-billion-dollar Interislander replacement project.

Only one other company, StraitNZ, provides a freight and passenger connection between Wellington and Picton – a key corridor that effectively extends State Highway 1. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/ministry-thinks-kiwirail-could-exit-interislander-services) 2024-03-20T05:15:00Z **NZ sharemarket makes small gain**
A cautious New Zealand sharemarket crawled to a slight rise as it awaited two key economic events – here and in the United States.

The S&P/NZX 50 Index was down in the morning and up in the afternoon before closing at 11,832.71, up 14.8 points or 0.13% after reaching an intraday low of 11,768.7. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-makes-small-gain) 2024-03-20T05:30:00Z **Buyer couldn't be found for Godfreys, heading for 'progressive' wind down**
The administrators of Godfreys haven’t managed to find a buyer for the business and will now turn their attention to a “progressive” wind down of its operations.

PwC’s Stephen White and John Fisk were appointed to [NZ Vacuum Cleaner Company](https://businessdesk.co.nz/article/law-regulation/pwc-appointed-administrators-of-godfreys-group-restructure-and-sale-under-way) – the vacuum an ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/buyer-couldnt-be-found-for-godfreys-heading-for-progressive-wind-down) 2024-03-20T16:00:00Z **Carbon prices plunge after auction**
Carbon prices plunged after the first auction of New Zealand Units partially cleared on Wednesday.

Four consecutive auctions failed in 2023, but the first of 2024 resulted in 2,974,300 NZ Units being sold of the 3,525,000 on offer. ⌘ [Read more](https://businessdesk.co.nz/article/markets/carbon-prices-plunge-after-auction) 2024-03-20T16:00:00Z **Marsden Point oil refinery – it's not coming back**
The announcement of a government-funded inquiry into whether to [reopen the Marsden Point](https://businessdesk.co.nz/article/infrastructure/reopening-marsden-point-refinery-a-billion-dollar-pipe-dream) oil refinery is performative nonsense.

The refinery is privately owned by Channel Infrastructure, which concluded it couldn’t be made to run profitably. ⌘ [Read more](https://businessdesk.co.nz/article/economy/marsden-point-oil-refinery-its-not-coming-back) 2024-03-20T16:00:00Z **BusinessDesk’s tech podcast nominated for journalism award**
BusinessDesk's [The Business of Tech podcast](https://businessdesk.co.nz/business-of-tech) is a finalist in the 22nd Australian IT Journalism Awards, the only New Zealand-based podcast in the Best Audio Program category.

The awards, known as The Lizzies, celebrate technology-focused news media across Australia and NZ. ⌘ [Read more](https://businessdesk.co.nz/article/self-promotion/businessdesks-tech-podcast-nominated-for-journalism-award) 2024-03-20T16:00:00Z **Softer interest rates will mean 'moderate decline' in commercial property yields – CBRE**
Prime commercial property prices have bottomed out, and the secondary market is close to that point as investors start to price in a likely dip in interest rates later this year.

That's according to CBRE head of capital markets Brent McGregor, who claims that good-quality real estate “isn’t going to be worth less next year than it is now”. ⌘ [Read more](https://businessdesk.co.nz/article/property/softer-interest-rates-will-mean-moderate-decline-in-commercial-property-yields-cbre) 2024-03-20T16:00:00Z **NZX directors must 'work harder' on markets: NZSA**
NZX Limited’s shares aren't performing but that doesn’t mean its directors shouldn’t get a pay rise, the New Zealand Shareholders Association says.

The operator of the NZ stock exchange (NZX) is itself a listed company and proposes to increase its director remuneration pool from $564,000 to $779,000. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nzx-directors-must-work-harder-on-markets-nzsa) 2024-03-20T16:00:00Z **Fixed vs fibre: product diversity pushing telco competition**
The competition between fibre and fixed wireless is heating up in a push and pull between wholesale and retail, according to Jarden’s latest New Zealand Telco report.

The report focuses on Chorus and Spark but describes a wider trend in the market: the push for telcos to grow their margin by increasing the number of customers on mobile network broadband, known as fixed wireless. ⌘ [Read more](https://businessdesk.co.nz/article/markets/fixed-vs-fibre-product-diversity-pushing-telco-competition) 2024-03-20T16:00:00Z **Exxon chief goes on the offensive as Wall Street sours on ESG**
(Bloomberg) - After coming under attack from environmentalists and investors in the first half of his seven-year tenure at the helm of Exxon Mobil Corp, Darren Woods is on the offensive.

Already this year, Woods filed an arbitration case against Chevron Corp for trying to buy into Exxon’s massive offshore oil project in Guyana and a lawsuit against investors demanding that his company cut emissions. ... ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/exxon-chief-goes-on-the-offensive-as-wall-street-sours-on-esg) 2024-03-20T16:00:00Z **Understanding the Boeing mess after two crashes**
By Holman W. Jenkins, snr

Opportunism is obviously at work in the many explanations of Boeing’s safety lapses circulated in the media and social media: Boeing was too preoccupied with diversity goals (says Elon Musk), it was too focused on reducing the clout of organised labour (say supporters of organised labour), it was too focused on shareholder profit (goes the press’s reflexive narrative). ⌘ [Read more](https://businessdesk.co.nz/article/transport/understanding-the-boeing-mess-after-two-crashes) 2024-03-20T16:00:00Z **Time to switch off ‘strategic cruise control’**
The coalition government may have ticked off the items on its carefully curated 100-day plan, but does anyone believe it has a coherent vision for the country's future?

The same question could have been asked in 2018 in the early stages of the Jacinda Ardern government. The handful of ambitious social reforms that were flagged subsequently had limited impact due to poor execution. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/time-to-switch-off-strategic-cruise-control) 2024-03-20T16:00:00Z **Reinventing government for the age of digital capitalism**
The private and public sectors are struggling to adapt to the brave new world of digital capitalism. **Jem Traylen** talks to UK public policy expert James Plunkett about the required changes.

James Plunkett looks far too young to have worked in a British prime minister’s office more than a decade ago. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector/reinventing-government-for-the-age-of-digital-capitalism) 2024-03-20T17:00:00Z **Business of Tech: Aoteaora's tech future needs some big structural changes**
New Zealand futurist Ben Reid joins the ( [award nominated!](https://businessdesk.co.nz/article/self-promotion/businessdesks-tech-podcast-nominated-for-journalism-award)) podcast for a second time to talk about his new book Fast Forward Aotearoa, which unpacks a path to a future of technological success and positivity for NZ. ⌘ [Read more](https://businessdesk.co.nz/article/technology/business-of-tech-aoteaoras-tech-future-needs-some-big-structural-changes) 2024-03-20T18:25:00Z **Directors' address bill progresses despite National's opposition**
A member’s bill proposing to make it easier for company directors to remove their home addresses from government records has made it to a select committee for consideration despite National and New Zealand First opposing the move.

The Companies (Address Information) Amendment Bill, sponsored by Labour’s Deborah Russell, survived the vote in parliament when the Act party sided with the opposi ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/directors-address-bill-progresses-despite-nationals-opposition) 2024-03-20T20:14:00Z **Fatter margins increase Fonterra's profit by 23%**
Fonterra Co-operative Group’s profit increased by 23% in the first half of the financial year due to higher margins in its food service and consumer business.

Net profit was $674 million in the six months, with continuing operations earnings before interest and tax (Ebit) increasing 14% to $986m. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fatter-margins-increase-fonterras-profit-by-23) 2024-03-20T20:15:00Z **QuiznessDesk: Thursday, March 21**
02. What was the surname of the only father and son to captain the All Blacks?
03. What word of French origin describes a word formed by combining two others, such as brunch or guesstimate?
04. The Thames firm of A&G Price was famous for making what?
05. By changing one letter, what word meaning a type of yacht can be altered to one commonly heard when ordering fish and chips?
06. What was the nationality of the poet Pablo Neruda?
07. Which was New Zealand’s fi ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-thursday-march-21) 2024-03-20T20:35:00Z **Major banks face no strong competition: Commerce Commission**
New Zealand’s major banks do not face strong competition and have high levels of profitability relative to international peers, the Commerce Commission has found.

The competition watchdog released its draft market study into the banking sector on Thursday morning and found there was surprisingly limited investment in innovation by the major banks and that the sector has had sustained high levels of profit. ⌘ [Read more](https://businessdesk.co.nz/article/finance/major-banks-face-no-strong-competition-commerce-commission) 2024-03-20T21:45:00Z **ComCom: Big four banks may limit rivalry to boost profits**
The Commerce Commission says it cannot rule out New Zealand’s big four banks may be limiting their rivalry to boost profits.

The competition watchdog released its [draft market study into personal banking on Thursday](https://businessdesk.co.nz/article/finance/major-banks-face-no-strong-competition-commerce-commission), which found there was no strong competition for personal banking services and sustained high ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/comcom-big-four-banks-may-limit-rivalry-to-boost-profits) 2024-03-20T22:09:00Z **NZ officially in a recession in 4Q 2023**
New Zealand was officially in a recession at the end of 2023.

The gross domestic product contracted 0.1% in the December 2023 quarter, compared with the September 2023 quarter when it contracted 0.3%. ⌘ [Read more](https://businessdesk.co.nz/article/economy/nz-officially-in-a-recession-in-4q-2023) 2024-03-20T23:00:00Z **Auckland council gets extension on housing deadline ... again**
Housing minister Chris Bishop says the government has given Auckland council an extra year to change its plans around where housing can and cannot be built in the city.

Bishop met Auckland mayor Wayne Brown on Tuesday to confirm the council had been given an extension on "Plan Change 78". ⌘ [Read more](https://businessdesk.co.nz/article/policy/auckland-council-gets-extension-on-housing-deadline-again) 2024-03-20T23:15:00Z **We're not out of the woods yet, says BusinessNZ**
Business confidence is close to a decade high, but it will be “a long journey” before economic growth rates really start to improve, says peak lobby group BusinessNZ.

The latest [BusinessNZ planning forecast](https://businessnz.org.nz/wp-content/uploads/2024/03/240319-BusinessNZ-Planning-Forecast-Mar-quarter-2024.pdf), released on Thursday, said the economy faced ongoing headwinds with respect to growth prospects, with geopolitical ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/were-not-out-of-the-woods-yet-says-businessnz) 2024-03-21T00:00:00Z **Recession tilts the balance towards the RBNZ moving sooner**
New Zealand was officially in a recession at the end of 2023, adding to the view the central bank may cut rates before this year is out.

The gross domestic product contracted 0.1% in the December 2023 quarter, compared with the September 2023 quarter when it contracted 0.3%. ⌘ [Read more](https://businessdesk.co.nz/article/economy/recession-tilts-the-balance-towards-the-rbnz-moving-sooner) 2024-03-21T00:30:00Z **Skellerup's David Mair: 'You have to let people fail'**
Skellerup’s outgoing chief executive officer, David Mair, says leaders need to create a safe environment for people to learn and fail. ⌘ [Read more](https://businessdesk.co.nz/article/markets/skellerups-david-mair-you-have-to-let-people-fail) 2024-03-21T05:15:00Z **NZ sharemarket gains over 0.5% amid recession news**
New Zealand joined rising offshore markets with a gain of more than 0.5% as the United States looked forward to three interest rate cuts this year.

The S&P/NZX 50 Index began climbing at lunchtime and closed at 11,915.71, up 83 points or 0.57% after falling to a morning low of 11,781.51. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-gains-over-05-amid-recession-news) 2024-03-21T16:00:00Z **Sponsored: Bayleys Total Property Issue 2 out now**
For 25 years [Bayleys' Total Property](https://www.bayleys.co.nz/totalproperty) has delivered the very best of commercial property. Showcasing exclusive market insights into New Zealand’s property market and the latest property opportunities for sale nationwide. Underpinned by our local, national, and global sales teams, we connect buyers and vendors with opportunities, to deliver altogether better results every time.

In this issue, we look ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/bayleys-total-property-issue-2-out-now-1) 2024-03-21T16:00:00Z **Bishop's moves questioned as construction sector deals with recession**
On Thursday morning, housing minister Chris Bishop walked straight into [a recession](https://businessdesk.co.nz/article/economy/nz-officially-in-a-recession-in-4q-2023).

As he was making his way onstage for the Property Council [residential development summit](https://businessdesk.co.nz/article/policy/auckland-council-gets-extension-on-housing-deadline-again) in Auckland, conference pre ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/bishops-moves-questioned-as-construction-sector-deals-with-recession) 2024-03-21T16:00:00Z **Build-to-rent: Simplicity Living's Shane Brealey on the tough sector**
Shane Brealey, managing director of Simplicity Living, says the “dirty little secret” about build-to-rent as an asset class is that it doesn’t work.

It’s a slightly tongue-in-cheek observation from the head of a firm with its sights set on building enough homes for 25,000 people in the coming years – all as build-to-rent (BTR) developments. ⌘ [Read more](https://businessdesk.co.nz/article/property/build-to-rent-simplicity-livings-shane-brealey-on-the-tough-sector) 2024-03-21T16:00:00Z **KiwiRail selling gear for cancelled Interislander replacement project, iReX**
KiwiRail is holding an everything-must-go-type sale for miscellaneous construction goods and materials intended for its cancelled Interislander replacement project.

The state-owned ferry operator [wrote off $382 million in costs](https://businessdesk.co.nz/article/infrastructure/interislander-write-offs-drive-407m-kiwirail-deficit) associated with the project, called i ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/kiwirail-selling-gear-for-cancelled-interislander-replacement-project-irex) 2024-03-21T16:00:00Z **Is CEO Miles Hurrell ready to jump off the Fonterra ship?**
In the financial year that Miles Hurrell took over the top job at Fonterra, the business reported a net loss of $605 million. That was 2019.

The co-op wasn’t paying a dividend, with the farmgate milk price at $6.35 per kilogram of milk solid. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/is-ceo-miles-hurrell-ready-to-jump-off-the-fonterra-ship) 2024-03-21T16:00:00Z **King Salmon's deepsea farm not just about consent, capital matters**
It’s one thing to get a fast-tracked project onto the approved “list” that will accompany the controversial new regime the government hopes will help kick-start the New Zealand economy out of its doldrums.

However, the government can want as many new oil and gas rigs, windfarms, gold mines and aquaculture ventures as it likes. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/king-salmons-deepsea-farm-not-just-about-consent-capital-matters) 2024-03-21T16:00:00Z **Let's Go Beverages liquidated by McLaren winner**
It started with a glitzy launch party at a luxury Auckland hotel, replete with influencers, fireworks and wagyu beef.

It ended in the high court at Auckland on Thursday. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/lets-go-beverages-liquidated-by-mclaren-winner) 2024-03-21T16:00:00Z **Donald Trump in line for a US$3.5b windfall**
By Amrith Ramkumar

Donald Trump’s supporters are pushing to hand him a nearly US$3.5 billion (NZ$5.7b) windfall by driving up the value of his also-ran social-media platform, which is on the cusp of getting approval to list on the stock market. ⌘ [Read more](https://businessdesk.co.nz/article/politics/donald-trump-in-line-for-a-us35b-windfall) 2024-03-21T16:00:00Z **App Store payment restrictions 'commercially unusable', court told**
By Emily Birnbaum

(Bloomberg) - Four big tech companies have asked a federal judge to reject Apple Inc's plan to open its App Store to outside payment options. ⌘ [Read more](https://businessdesk.co.nz/article/technology/app-store-payment-restrictions-commercially-unusable-court-told) 2024-03-21T16:00:00Z **A sentimental dilemma: are we there yet?**
The profound impact of sentiment on our approach to business, community, the economy and, ultimately, our success cannot be overstated.

Henry Ford's words, "If you think you can or if you think you can't, you're right," resonated with me more than ever during my recent visit to Australia. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/a-sentimental-dilemma-are-we-there-yet) 2024-03-21T20:15:00Z **QuiznessDesk: Friday, March 22**
02. What two townships in Marlborough were named after former New Zealand prime ministers?
03. What British newspaper is known in rhyming slang as the currant bun?
04. What proportion of the nation’s power supply is consumed by the Tiwai Point aluminium smelter: eight, 13 or 21%?
05. Former Black Cap Daniel Vettori is on the cricket coaching staff of what country?
06. By adding one letter, what word meaning an intuitive feeling can be changed to one meaning the but ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-friday-march-22) 2024-03-21T20:50:00Z **Agria pulls out of PGW board coup**
PGG Wrightson’s largest shareholder has backed down from moving to dump most of its independent directors and reinstall its former chair.

Last month, Agria, which has a 44% stake in the New Zealand stock exchange-listed ((NZX) rural services firm, requested a special meeting to have Alan Lai reinstalled as a director and ultimately chair and install its own three new NZ directors. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/agria-pulls-out-of-pgw-board-coup) 2024-03-22T00:00:00Z **Mainzeal directors pay $23.8m, liquidators say**
Directors of failed construction giant Mainzeal have paid the company $23.8 million in court-ordered litigation funds, a liquidators' report says.

A six-monthly liquidators' report uploaded to the Companies Office on Friday shows $23.8m in litigation funds have been received. Litigation costs had also been settled in the reporting period. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/mainzeal-directors-pay-238m-liquidators-say) 2024-03-22T01:00:00Z **Government outlines three-phase plan to replace the RMA**
The government aims to score some “quick wins” with its resource management reform programme before embarking on a final phase to permanently replace the Resource Management Act, says the minister responsible for RMA reform, Chris Bishop.

**Roadmap** ⌘ [Read more](https://businessdesk.co.nz/article/politics/government-outlines-three-phase-plan-to-replace-the-rma) 2024-03-22T03:30:00Z **Scott Tech double exec resignation 'all on good terms', CEO says**
Scott Technology has announced chief financial officer Cameron Mathewson’s resignation from the company, just days after announcing chief executive John Kippenberger was leaving.

Mathewson is taking up the CFO role at campervan rental company Tourism Holdings, starting July 1. ⌘ [Read more](https://businessdesk.co.nz/article/markets/scott-tech-double-exec-resignation-all-on-good-terms-ceo-says) 2024-03-22T05:13:00Z **NZ sharemarket gets wake-up prod thanks to Fisher & Paykel**
An earnings upgrade from heavyweight Fisher & Paykel Healthcare powered the New Zealand sharemarket to its highest close in nearly eight months, and a hot Wall Street continued to set new records.

The S&P/NZX 50 Index traded strongly following an early-morning rise and finished at 11,978.62, up 62.91 points or 0.53% after reaching an intraday high of 12,002.47. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-gets-wake-up-prod-thanks-to-fisher-paykel) 2024-03-22T16:00:00Z **Sponsored: New Porsche redefines EVs**
**All-electric Macan: superior range, charging & performance marks.**

Ferdinand Porsche crafted iconic cars – the ground-breaking VW Beetle in the 1930s and the futuristic 911 in the 1960s. Testament to his vision, both live on as the VW Group transitions its Porsche marque into 21st century technology that the pioneer engineer could not have imagined: fully electric vehicles. ⌘ [Read more](https://businessdesk.co.nz/sponsored/new-porsche-redefines-evs) 2024-03-22T16:00:00Z **On the Money: Democratising pension policy, odd encounters, and more...**
**Gonna be a revolution**

Here at On the Money, we sometimes worry about coming across as a bit smart-alecky, a little snide: you know the sort of thing. ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-democratising-pension-policy-odd-encounters-and-more) 2024-03-22T16:00:00Z **Key things starting with R**
**Retireme** **nt**

Over the weekend, I was listening to United States political commentator Ben Shapiro, who was arguing that the US retirement age needs to be raised. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/key-things-starting-with-r) 2024-03-22T16:00:00Z **Russia’s backdoor to the global banking system is slamming shut**
By Benoit Faucon, Costas Paris and Joe Wallace,

with assistance from Patricia Kowsmann and Jared Malsin

When the US and Europe tried to sever Russia from the Western financial system, Moscow found workarounds. Key among them: banks in the Gulf and Europe that maintained ties with Russia. ⌘ [Read more](https://businessdesk.co.nz/article/finance/russias-backdoor-to-the-global-banking-system-is-slamming-shut) 2024-03-22T16:00:00Z **Complaints about AI scams just the tip of the iceberg**
By Parmy Olson

Where new technology goes, the unscrupulous follow. ⌘ [Read more](https://businessdesk.co.nz/article/technology/complaints-about-ai-scams-just-the-tip-of-the-iceberg) 2024-03-22T16:00:00Z **Money Answers: Shares or mortgage?**
**BusinessDesk investments editor Frances Cook responds to emails from readers each week, answering questions about money. Below, you will find her expert advice. Send your questions to answers@businessdesk.co.nz.**

Hi Frances, ⌘ [Read more](https://businessdesk.co.nz/article/opinion/money-answers-shares-or-mortgage) 2024-03-22T16:00:00Z **Fail File: Bonnie Robinson MNZM, CEO Presbyterian Support Northern**
**Each fortnight, Victoria Carter speaks to someone about failure and disappointment and what they learned. This week, she talks to Dr Bonnie Robinson MNZM, CEO of Presbyterian Support Northern.**

**I am really disappointed when:** people tell me their values but their behaviours don’t match them. When someone says they are all about this particular value, but it’s not how they actually ... ⌘ [Read more](https://businessdesk.co.nz/article/business-advice/fail-file-bonnie-robinson-mnzm-ceo-presbyterian-support-northern) 2024-03-23T16:00:00Z **Sponsored: Unique Family Home on the Taieri - with Vendor Finance**
Perfectly located four bedroom family home. Dunedin city an easy 20 minutes away at any time of the day as is Dunedin Airport.

Vendor finance available on a 50% deposit - 1.95% fixed interest rate for the balance over two years to approved purchaser.Terms and conditions available on request. Consent is in place for a second dwelling to be erected. Price by negotiation. ⌘ [Read more](https://businessdesk.co.nz/sponsored/unique-family-home-on-the-taieri-with-vendor-finance) 2024-03-23T16:00:00Z **Brilliant history sweeps aside lagoon city's myths**
By Gregory Dowling

Dennis Romano’s Venice: The Remarkable History of the Lagoon City begins with a series of observations about Venice made by eminent personages over the years. ⌘ [Read more](https://businessdesk.co.nz/article/books/brilliant-history-sweeps-aside-lagoon-citys-myths) 2024-03-23T16:00:00Z **My Net Worth: Nadine Tereora, CEO, NZ Automobile Association**
Nadine Tereora became the chief executive officer of the New Zealand Automobile Association in February 2022 after working in the insurance industry for 25 years, including leadership roles at Fidelity Life, Asteron/Suncorp Life, and AIA New Zealand. She was raised on the North Shore of Auckland.

**As a little girl,** I always wanted to be either a doctor or a paramedic. Medicine always fascinated me, and ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-nadine-tereora-ceo-nz-automobile-association) 2024-03-23T16:00:00Z **Predicting chaos: NZ app helps sailors navigate rough waters**
Two notable features of the ocean are, first, that it is completely devoid of roads and, second, that it tends to move around a bit.

These features make creating a wayfinding solution for seafaring vehicles a tad more complicated than choosing the best road with the least traffic; the chaos of the weather and waves would need a tool with far more depth. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/predicting-chaos-nz-app-helps-sailors-navigate-rough-waters) 2024-03-23T16:00:00Z **Marry a rich man: that's the Republicans' plan for mums**
By Kathryn Anne Edwards

The Republican Party is making yet another appeal to mothers, hoping to get them in Donald Trump’s camp ahead of this year’s presidential election. ⌘ [Read more](https://businessdesk.co.nz/article/policy/marry-a-rich-man-thats-the-republicans-plan-for-mums) 2024-03-23T16:00:00Z **Communist Cuba is on the brink of collapse**
By Juan Pablo Spinetto

Almost unnoticed amid the drama and crisis that hit Latin America every week, in the last days of February the Cuban government asked the United Nations for aid to address a growing food shortage. ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/communist-cuba-is-on-the-brink-of-collapse) 2024-03-24T16:00:00Z **Sponsored: City hotel embracing new form of eco-tourism**
**An immersive regenerative travel experience for visitors.**

Auckland’s The Hotel Britomart is setting up a new form of tourism for its guests, catering for the growing number of travellers concerned about people-positive travel, forging deeper human connections, as well as considering the environmental and social impacts of their travel. ⌘ [Read more](https://businessdesk.co.nz/sponsored/city-hotel-embracing-new-form-of-eco-tourism) 2024-03-24T16:00:00Z **Gluckman tipped to lead reviews into science and university sectors**
The government plans to announce major reviews into how science and universities are operated and funded.

BusinessDesk understands a review into both is likely to be announced in the coming days, with the former chief science adviser to the prime minister, Peter Gluckman, tipped to lead the reviews. ⌘ [Read more](https://businessdesk.co.nz/article/policy/gluckman-tipped-to-lead-reviews-into-science-and-university-sectors) 2024-03-24T16:00:00Z **Court of appeal dismisses Wikeley application**
The court of appeal has declined Ken Wikeley’s request for leave to appeal a high court decision about proceedings brought by Sir Owen Glenn’s Kea Investments against him and ex-rich lister Eric Watson.

Kea alleges that Wikeley and Watson have engaged in a worldwide conspiracy to defraud Kea. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/court-of-appeal-dismisses-wikeley-application) 2024-03-24T16:00:00Z **Luxon's toughest cost-cutting task yet**
The last election presented a straightforward choice: stick with the "bread and butter" candidate or pivot to the contender promising cheaper spreads.

Cheaper spreads are one of the things prime minister Christopher Luxon achieved at Air New Zealand, launching a line-by-line cost-cutting drive to find cash savings to reinvest in better services – or deferring spending to conserve money. ⌘ [Read more](https://businessdesk.co.nz/article/policy/luxons-toughest-cost-cutting-task-yet) 2024-03-24T16:00:00Z **Liquidators looking to sell prominent Aitchison agricultural machinery brand**
The downturn in the farming sector has seen a prominent agricultural machinery brand fall into the hands of liquidators, owing creditors $6.6 million.

Ecovis KGA’s Ray Cox and Gareth Hoole are now considering selling Reese Engineering, the business behind the Aitchison brand known for its seeders and other equipment, such as rollers, spreaders and bale feeders. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/liquidators-looking-to-sell-prominent-aitchison-agricultural-machinery-brand) 2024-03-24T16:00:00Z **New Australian student visa rules a ‘big opportunity’ for NZ**
Tighter student visa rules across the Tasman represents a chance for New Zealand universities to recover their international student numbers, according to experts.

On March 23, Australia began enforcing stricter entry requirements for foreign students in an effort to drive migration levels down after record-high figures in the years since covid restrictions. ⌘ [Read more](https://businessdesk.co.nz/article/services/new-australian-student-visa-rules-a-big-opportunity-for-nz) 2024-03-24T16:00:00Z **Billion-dollar mining funds manager says NZ's door is open**
A multi-billion dollar funds manager specialising in the mining sector is paying more attention to New Zealand after the change in government, and it's actively looking at at least one project.

Taurus Fund Management met resources minister [Shane Jones](https://businessdesk.co.nz/article/energy/nz-needs-to-get-back-to-drilling-and-mining-minister-jones-says) in Auckland last week and said it believed “the door ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/billion-dollar-mining-funds-manager-says-nzs-door-is-open) 2024-03-24T16:00:00Z **Migration's impact on inflation – it all depends**
With migration flows at near-record levels, the Reserve Bank of New Zealand has been pondering its relationship with inflation.

Unfortunately, according to Reserve Bank of NZ (RBNZ) chief economist Paul Conway, there are no clear rules of thumb. ⌘ [Read more](https://businessdesk.co.nz/article/economy/migrations-impact-on-inflation-it-all-depends) 2024-03-24T16:00:00Z **Funds cut payments, hive off assets to survive, until better times come**
The stress cracks in the unlisted property sector are widening as managers cut investor payments and sell down assets to service debt.

Or, as with speculative wholesale fund Fortland Capital, they have simply opted to shut up shop. ⌘ [Read more](https://businessdesk.co.nz/article/property/funds-cut-payments-hive-off-assets-to-survive-until-better-times-come) 2024-03-24T16:00:00Z **Private credit’s default recovery rates are worse than its biggest rival**
By Lisa Lee

(Bloomberg) - The danger of private credit firms overvaluing their assets has become one of the booming US$1.7 trillion (NZ$208t) industry’s most contentious topics in recent weeks. ⌘ [Read more](https://businessdesk.co.nz/article/bloomberg/private-credits-default-recovery-rates-are-worse-than-its-biggest-rival) 2024-03-24T16:00:00Z **US sues Apple, alleges tech giant exploits illegal monopoly**
By Dave Michaels and Aaron Tilley

The US accused Apple of monopolising the smartphone market in a landmark antitrust lawsuit that threatens to disrupt the tech giant’s business model and how millions of consumers use their iPhones. ⌘ [Read more](https://businessdesk.co.nz/article/technology/us-sues-apple-alleges-tech-giant-exploits-illegal-monopoly) 2024-03-24T16:00:00Z **How to talk to your kids about investing**
**Each week BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s how to help your kids feel confident in the money world. Hosted by Frances Cook.** ⌘ [Read more](https://businessdesk.co.nz/article/podcasts/how-to-talk-to-your-kids-about-investing) 2024-03-24T20:15:00Z **QuiznessDesk: Monday, March 25**
02. What two countries fought in the short-lived Winter War of 1939-40?
03. What does the word “sentient” mean: having psychic abilities, being capable of feeling or having the ability to reason?
04. What word can follow: balance, clean or rap?
05. Where is Motutapu Island: the Hauraki Gulf, the Bay of Islands or the Marlborough Sounds?
06. In what country would you hear the greeting “kia orana”?
07. On a map of the South Island, what word can precede Sound, River ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-monday-march-25) 2024-03-24T20:10:00Z **Ross Taylor to exit Fletcher Building on March 29**
Ross Taylor is out as chief executive officer of building giant Fletcher Building, while two directors follow former chair Bruce Hassall out the door.

Fletcher Building said on Monday morning that Taylor will no longer be Fletcher’s boss as of March 29, replaced by concrete boss [Nick Traber](https://businessdesk.co.nz/markets/announcements-generated-by-ai/nick-traber-named-acting-ceo-of-fletcher-building) as acting CEO ⌘ [Read more](https://businessdesk.co.nz/article/markets/ross-taylor-to-exit-fletcher-building-on-march-29) 2024-03-24T23:30:00Z **CBL’s Harris accepts management ban**
CBL Corporation's managing director, Peter Harris, says he will not take on any management or director positions at any public company or licensed insurer in New Zealand after admitting to breaching sharemarket rules.

The Financial Markets Authority (FMA) has reached a settlement with the former CBL boss, who admitted continuous disclosure and fair-dealing breaches under market rules. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/cbls-harris-accepts-management-ban) 2024-03-25T05:15:00Z **NZ sharemarket closes with decent rise**
The New Zealand sharemarket, having a broad-based rally, charged to one of its highest closes in 13 months with another decent rise.

The S&P/NZX 50 Index’s morning fall to 11,911.9 points belied the coming action. The index turned around strongly in the afternoon and closed at 12,067.03, up 88.41 points or 0.74%. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-closes-with-decent-rise) 2024-03-25T16:00:00Z **Fletcher's largest shareholder backs board upheaval**
Fletcher Building’s largest shareholder says its leaders must demonstrate a willingness to take accountability for the building conglomerate’s poor performance.

On Monday morning, the New Zealand stock exchange-listed (NZX) building giant said this would be chief executive officer [Ross Taylor’s last week on the job](https://businessdesk.co.nz/article/markets/ross-taylor-to-exit-fletcher-building-on-march-29). ⌘ [Read more](https://businessdesk.co.nz/article/markets/fletchers-largest-shareholder-backs-board-upheaval) 2024-03-25T16:00:00Z **Analysts tweak 12-month target prices on Fisher & Paykel Healthcare**
Analysts rejigged their 12-month target prices on Fisher & Paykel Healthcare after it lifted its full-year guidance but retained fairly downbeat ratings.

Last Friday, the healthcare products manufacturer [lifted its full-year revenue guidance](https://businessdesk.co.nz/markets/announcements-generated-by-ai/fisher-paykel-raises-20232024-revenue-forecast) to $1.73 billion, from $1.7b, and net ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/analysts-tweak-12-month-target-prices-on-fisher-paykel-healthcare) 2024-03-25T16:00:00Z **University of Auckland reports diminished surplus, citing falling enrolments**
The University of Auckland posted a reduced annual surplus for calendar 2023 despite a 10% growth in revenue.

New Zealand’s largest university saw topline operating revenue increase to $1.6 billion, a 10% increase from $1.4b, according to its annual report out on Monday. ⌘ [Read more](https://businessdesk.co.nz/article/services/university-of-auckland-reports-diminished-surplus-citing-falling-enrolments) 2024-03-25T16:00:00Z **Climate change speeds up as major indicators blow off the charts, WMO warns**
(Bloomberg) -- All the major indicators of climate change smashed historic records last year, with some rising so steeply that the United Nations’ World Meteorological Organization (WMO) warned they were “off the charts.”

The lives of millions of people were upended by natural disasters made worse by climate change, with countries everywhere struggling to cope with bil ... ⌘ [Read more](https://businessdesk.co.nz/article/climate-change/climate-change-speeds-up-as-major-indicators-blow-off-the-charts-wmo-warns) 2024-03-25T16:00:00Z **Big tech’s latest obsession is finding enough energy**
By Katherine Blunt and Jennifer Hiller

HOUSTON – Every March, thousands of executives take over a downtown hotel here to reach oil and gas deals and haggle over plans to tackle climate change. This year, the dominant theme of the energy industry’s flagship conference was a new one: artificial intelligence (AI). ⌘ [Read more](https://businessdesk.co.nz/article/technology/big-techs-latest-obsession-is-finding-enough-energy) 2024-03-25T16:00:00Z **Winton's Wynyard: for the wealthy and well-heeled**
Apartments at The Villard on Auckland’s waterfront will be marketed in a range from $5.4 million for a ground floor to an eye-watering $29m for a sub-penthouse, ensuring its buyers come from the ranks of the wealthy and well-heeled.

The 12-storey, 21-apartment block, on the corner of Daldy St and Pakenham St West – is the final part of Winton Land’s $750m grand design across its 3.5-hectare, freehold site – bought for $100m in ... ⌘ [Read more](https://businessdesk.co.nz/article/property/wintons-wynyard-for-the-wealthy-and-well-heeled) 2024-03-25T16:00:00Z **Meng Foon won't quit as a PGG Wrightson director**
Meng Foon says he has no plans to resign as an independent director of PGG Wrightson.

That’s despite the New Zealand Shareholders (NZSA) sticking with their call for him to be removed and his own board colleagues inviting him to go. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/meng-foon-wont-quit-as-a-pgg-wrightson-director) 2024-03-25T16:00:00Z **Willis to serve up a cold dish for Wellington**
With the economy starving on a per capita basis and government agencies laying off people left, right, and centre, there won’t be too many crumbs available in finance minister Nicola Willis’s budget policy statement.

In fact, the message will probably harness the energy of an old Seinfeld episode in telling the bureaucracy and other Wellington hangers-on: no soup for you! ⌘ [Read more](https://businessdesk.co.nz/article/policy/willis-to-serve-up-a-cold-dish-for-wellington) 2024-03-25T16:00:00Z **Entrepreneur moves to challenge his debts**
A young tech entrepreneur facing bankruptcy proceedings says he has the financial means to repay his former landlord but is challenging the amount owed.

Last February, the tenancy tribunal upheld an earlier decision against Ashutosh Sharma for not paying rent on an expensive North Shore property. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/entrepreneur-moves-to-challenge-his-debts) 2024-03-25T20:15:00Z **QuiznessDesk: Tuesday, March 26**
02. What word can mean either an Australian species of tree or a fleshy growth on the heads or necks of some birds?
03. Which former Beatle recorded a hit song called “All Those Years Ago”?
04. What are the names Kreutzer, Appassionata and Pastoral associated with in classical music?
05. What classic model of Ford took its name from a creature in Native American mythology?
06. In what river would you find Eel Pie Island?
07. Which New Zealand city has had only tw ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-tuesday-march-26) 2024-03-25T21:12:00Z **GCSB: China-backed hackers breached NZ parliament network**
A cyber-attack on the New Zealand parliament by a Chinese government-backed organisation occurred in 2021, as revealed by NZ's external cyber-intelligence agency.

According to a press release from the office of Judith Collins, the minister responsible for the Government Communications Security Bureau (GCSB), the attack came from a state-sponsored group known as APT40, which has links to China. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/gcsb-china-backed-hackers-breached-nz-parliament-network) 2024-03-25T22:06:00Z **TradeWindow announces $2.2m capital raise, narrows guidance**
Digital customs and verification software provider TradeWindow is looking for $2.2 million in its latest attempt to raise fresh capital.

The raise seeks up to a $2m placement of newly issued shares to select investors and a $200,000 share purchase plan to eligible shareholders. It is the company's third such scheme in recent history. ⌘ [Read more](https://businessdesk.co.nz/article/markets/tradewindow-announces-22m-capital-raise-narrows-guidance) 2024-03-25T22:00:00Z **Heads of PM’s department and foreign affairs appointed**
A career diplomat has been appointed to head the prime minister’s department, while another will take over as the head of foreign affairs and trade.

Acting public service commissioner Heather Baggott announced on Tuesday that Ben King, the policy deputy chief executive at the Ministry for Foreign Affairs and Trade (Mfat), was appointed the CE of the Department of Prime Minister and Cabinet (DPMC). ⌘ [Read more](https://businessdesk.co.nz/article/public-sector/heads-of-pms-department-and-foreign-affairs-appointed) 2024-03-25T22:10:00Z **NZ Post confirms 'significant' job losses to come**
NZ Post has confirmed “significant” job losses in mail, delivery, processing and support roles as it transitions to a single network.

NZ Post chief executive David Walsh said NZ Post has been consulting employees and unions and engaging with transport and delivery partners since October 2023. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/nz-post-confirms-significant-job-losses-to-come) 2024-03-25T22:25:00Z **Steven Joyce to chair group looking at new infrastructure agency**
The new National Infrastructure Agency, intended to connect investors with projects in New Zealand, will be up and running next year.

Infrastructure minister Chris Bishop made the announcement at an infrastructure funding and financing conference hosted by sector group Infrastructure NZ in Wellington on Tuesday. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/steven-joyce-to-chair-group-looking-at-new-infrastructure-agency) 2024-03-25T23:00:00Z **The costly flight path: how NZ's aviation schools are trying to keep up**
Hearing that [flight education](https://www.nzherald.co.nz/business/covid-19s-latest-potential-casualty-the-226m-pilot-training-industry/LANGXRB4PSLYUTK6MWLATIILL4/) needs a severe overhaul is not something you want to know just as you are about to take to the skies on a flying lesson.

However, this is Ardmore Flying School chief executive Irene King's argument shortly before BusinessD ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/the-costly-flight-path-how-nzs-aviation-schools-are-trying-to-keep-up) 2024-03-25T23:45:00Z **NZ green concrete startup Neocrete secures $6m in seed funding**
After seeking [between $3 million and $4m](https://businessdesk.co.nz/article/infrastructure/nz-startup-aims-to-slash-global-emissions-from-concrete) in seed funding, Neocrete, a New Zealand startup that decarbonises concrete production, has raised $6m.

The funding round was led by Singapore-based venture capital firm Wavemaker Partners, which took a 15% share for US$2.7m (NZ$4.5m). ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/nz-green-concrete-startup-neocrete-secures-6m-in-seed-funding) 2024-03-26T01:00:00Z **Cuts should start at the top – NZ Initiative**
A lobby group says the government's structure needs to be simplified with fewer ministers, portfolios and departments.

The current government has set a record for the largest executive, with 28 ministers, 78 portfolio areas of responsibility and 42 department heads. ⌘ [Read more](https://businessdesk.co.nz/article/policy/cuts-should-start-at-the-top-nz-initiative) 2024-03-26T03:10:00Z **NZ gives Beijing a nuanced kick in the shins**
In relationships between Western countries and China, there is a pecking order, and New Zealand knows its place – right at the bottom.

So, Tuesday’s announcement by the Government Communications and Security Bureau (GCSB) calling out a Chinese government-sponsored infiltration of parliamentary IT systems in 2021 is a big deal. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/nz-gives-beijing-a-nuanced-kick-in-the-shins) 2024-03-26T03:20:00Z **Auckland council on the hook for $150m building claim**
The high court at Auckland has upheld some claims against Auckland Council for its role in consenting and inspecting the 40-level Harbour Oaks apartment and hotel tower.

However no sums have yet been awarded in the owners’ $150 million claim. ⌘ [Read more](https://businessdesk.co.nz/article/property/auckland-council-on-the-hook-for-150m-building-claim) 2024-03-26T05:15:00Z **NZ sharemarket ends five day bull run**
An uncertain New Zealand sharemarket ran out of puff and finished lower after five consecutive days of heady rises.

The S&P/NZX 50 Index had another turnaround from a fall in the morning to 11,988.05 points. But the afternoon momentum succumbed to a late dip, and the index closed at 12,031.81, down 35.22 points or 0.29% after reaching an intraday high of 12.078. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-ends-five-day-bull-run) 2024-03-26T16:00:00Z **Sponsored: Out Now! Office Options**
We are pleased to announce the launch of "Office Options," a practical commercial real estate publication aimed at businesses seeking office space in Auckland. From bustling CBD locations to smaller, functional workspaces, "Office Options" offers a variety of leasing choices to accommodate businesses looking to expand or downsize.

In this edition, readers will benefit from the expertise of the Barfoot & Thompson team, who bring a wealth of experience in matching clients wi ... ⌘ [Read more](https://businessdesk.co.nz/sponsored/out-now-office-options) 2024-03-26T16:00:00Z **Business of Government: job cut spillovers, more Nats are back and more ...**
**Turning on a dime?**

Finance minister **Nicola Willis** is releasing her budget policy statement on Wednesday, but it’s another set of numbers that she will have received from the Public Service Commission that she will be thinking about. ⌘ [Read more](https://businessdesk.co.nz/article/policy/business-of-government-job-cut-spillovers-more-nats-are-back-and-more) 2024-03-26T16:00:00Z **Auckland International Airport won't go chasing waterfalls**
It won’t have a waterfall, and it won’t be flashy, but Auckland International Airport’s planned $3.9 billion integrated terminal will be the “right front door” representing New Zealand, chief executive officer Carrie Hurihanganui says.

Auckland International Airport (AIA) has billions in planned development works across the next ten years, including bringing domestic and international travellers together on o ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/auckland-international-airport-wont-go-chasing-waterfalls) 2024-03-26T16:00:00Z **Why the EU is pushing its trading partners to go faster on emissions reductions**
The European Union wants the world to play by its climate change rules but says it has everyone’s best interests at heart. Not all countries are convinced.

Against a backdrop of growing protectionism worldwide, the EU is pushing free trade and open markets. But that comes with a catch. These days, one of the bloc’s biggest exports is its rules. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/why-the-eu-is-pushing-its-trading-partners-to-go-faster-on-emissions-reductions) 2024-03-26T16:00:00Z **Job listings down but confidence improving, Westpac and Seek data suggests**
Seek’s employment report from February and Westpac’s quarterly jobs survey indicate the labour market is softening.

As applications per job rose 3%, ads declined 3% from January to February and are now 15% lower than in February 2019, according to Seek. ⌘ [Read more](https://businessdesk.co.nz/article/economy/job-listings-down-but-confidence-improving-westpac-and-seek-data-suggests) 2024-03-26T16:00:00Z **Boeing CEO Dave Calhoun to step down after 737 Max struggles**
By Sharon Terlep

Dave Calhoun stepped in to address a crisis at Boeing. He is stepping aside four years later with the manufacturer still mired in a crisis over the quality of its planes. ⌘ [Read more](https://businessdesk.co.nz/article/world/boeing-ceo-dave-calhoun-to-step-down-after-737-max-struggles) 2024-03-26T16:00:00Z **BNZ KiwiSaver manager do-over heralds FirstCape arrival**
“There’s nothing you need to do,” Bank of New Zealand told its KiwiSaver members last week as the bank-owned scheme prepares for corporate nuptials; no gifts, no cards – just keep sending the money.

In a letter to clients, the bank-owned investment manager says it is business as usual ahead of the impending four-way marriage with JBWere NZ, Jarden Wealth and Harbour Asset Management to create the FirstCape entity. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/bnz-kiwisaver-manager-do-over-heralds-firstcape-arrival) 2024-03-26T16:00:00Z **What is an employee share option scheme?**
In today’s competitive job market, business owners constantly look for ways to attract and retain top talent.

Offering higher salaries is not always an option for businesses, particularly for high-growth startups that need all available capital for growth. For this reason, employee share option schemes (Esops) are popular among businesses in New Zealand. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/what-is-an-employee-share-option-scheme) 2024-03-26T16:00:00Z **Surplus requirements: how NZ universities make their money**
**As BusinessDesk** **[reported](https://businessdesk.co.nz/article/services/university-sector-to-report-an-unprecedented-8m-deficit)** **earlier this year, the university sector was projected to record a deficit for the first time in 2023. Another is predicted for 2024.**

Many individual universities recorded an underlying deficit in 2022, which was masked sector-wide by the $98 million surplus of The ... ⌘ [Read more](https://businessdesk.co.nz/article/investigations/surplus-requirements-how-nz-universities-make-their-money) 2024-03-26T19:30:00Z **Now for the main course: Savor to serve up a profit**
[Savor Group](http://​https://businessdesk.co.nz/company/savor) expects to report net profit after tax of between $1.5 million and $2m for the full year to March on the strength of improved margins and resurgent summer hospitality trading.

In what will be the first full financial year without the [hangover of the prior Moa business](https://businessdesk.co.nz/article/listed-companies/moa-extinct-brewery-sold-group-rebrands ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/now-for-the-main-course-savor-to-serve-up-a-profit) 2024-03-26T20:15:00Z **QuiznessDesk: Wednesday, March 27**
02. What New Zealand band took its name from a creature known to ornithologists as the sooty shearwater?
03. In a sensational murder case, who was convicted of killing Reeva Steenkamp?
04. Which American state gave women the right to vote in 1869, beating NZ by 24 years: California, Massachusetts or Wyoming?
05. The Land Rover, the Citroen 2CV and the Morris Minor were launched in what decade?
06. “Sorry about that, Chief” was a catchphrase in what TV comedy ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-wednesday-march-27) 2024-03-26T22:25:00Z **New Guardians of NZ Super CEO appointed**
Jo Townsend has been appointed as the new chief executive of the Guardians of New Zealand Superannuation.

The crown entity, which manages the $70 billion super fund, will retain Paula Steed as acting CEO until April. ⌘ [Read more](https://businessdesk.co.nz/article/finance/new-guardians-of-nz-super-ceo-appointed) 2024-03-27T00:15:00Z **Budget 2024: tax relief on, surplus further off**
The government will deliver tax relief targeted to lower- and middle-income earners in its first budget, on May 30, but the package will be less generous than National’s election campaign promises.

At the same time, the cost of those tax cuts and a substantially weaker economic growth outlook mean that the finance minister, Nicola Willis, has abandoned predicting a year that the government accounts will move back into surplus. ⌘ [Read more](https://businessdesk.co.nz/article/finance/budget-2024-tax-relief-on-surplus-further-off) 2024-03-27T01:25:00Z **Gluckman confirmed to lead science and universities advisory groups**
Former chief science adviser Sir Peter Gluckman will lead two reviews into science and the tertiary sector.

BusinessDesk reported earlier [Gluckman was tipped to lead](https://businessdesk.co.nz/article/policy/gluckman-tipped-to-lead-reviews-into-science-and-university-sectors) the two reviews, which would look at issues such as university funding. ⌘ [Read more](https://businessdesk.co.nz/article/policy/gluckman-confirmed-to-lead-science-and-universities-advisory-groups) 2024-03-27T02:30:00Z **Tax legislation passes third reading**
New tax legislation is now set to pass into law before April 1.

“The Taxation (annual rates for 2023–24, multinational tax, and remedial matters) Bill will place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system fairer,” finance minister Nicola Willis said. ⌘ [Read more](https://businessdesk.co.nz/article/economy/tax-legislation-passes-third-reading) 2024-03-27T03:00:00Z **Budget 2024: tax cuts a promise not to be broken**
Appeals to the government to add to its recent string of negative headlines by cancelling the National party’s pre-election commitment to tax cuts have cut no ice.

The cacophony of economic rationalists and opposition activists condemning tax relief as fiscally irresponsible and potentially inflationary has been water off a duck’s back. ⌘ [Read more](https://businessdesk.co.nz/article/economy/budget-2024-tax-cuts-a-promise-not-to-be-broken) 2024-03-27T03:30:00Z **Gone in a puff: Sanitarium axes jobs and well-known brands**
Charity-owned Sanitarium will cut 49 jobs and stop production of a range of its breakfast cereals, citing declining demand.

The proposed 15-month plan would involve cutting roles across manufacturing, logistics and head office at the food maker run by the Seventh Day Adventist Church. ⌘ [Read more](https://businessdesk.co.nz/article/retail/gone-in-a-puff-sanitarium-axes-jobs-and-well-known-brands) 2024-03-27T04:00:00Z **TVNZ extends sports lineup**
TVNZ has announced it will be screening a slate of new sporting events, including the Uefa Euro 2024 football championship later this year.

The public broadcaster has also confirmed a multi-year partnership with Hockey NZ to show matches on its streaming service TVNZ+. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/tvnz-extends-sports-lineup) 2024-03-27T05:20:00Z **NZ sharemarket stuck in negative territory ahead of Easter weekend**
Two small-cap stocks, [Savor Group](https://businessdesk.co.nz/article/markets/now-for-the-main-course-savor-to-serve-up-a-profit) and [New Zealand King Salmon](https://businessdesk.co.nz/markets/announcements-generated-by-ai/nz-king-salmon-reports-significant-profit-increase) Investments, staged strong earnings turnarounds, but the NZ sharemarket remained stuck in negative territory.

The S&P ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-stuck-in-negative-territory-ahead-of-easter-weekend) 2024-03-27T16:00:00Z **Back on track: King Salmon looks ahead**
New Zealand King Salmon is planning to sharply increased capital expenditure in the year ahead as it commits some $23.6 million to upgrade existing infrastructure at the same time as starting work on NZ’s first open-ocean fishfarm.

The Blenheim-based aquaculture operation [reported a return](http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZK/428632/415650.pdf) to more acceptable levels of profitability after t ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/back-on-track-king-salmon-looks-ahead) 2024-03-27T16:00:00Z **From zero to $5 trillion: investor's big call on 'autonomous taxis'**
Cathie Wood, head of tech- and future-focused Ark Invest, is a big fan of Bitcoin, describing it as nothing short of a “money revolution”.

“It’s a very big idea," she says, describing it as the first global, digital, decentralised, private but rules-based monetary system in history. ⌘ [Read more](https://businessdesk.co.nz/article/markets/from-zero-to-5-trillion-investors-big-call-on-autonomous-taxis) 2024-03-27T16:00:00Z **The big banks risk being disrupted by Big Tech**
It’s fair to say that the Commerce Commission’s personal banking services [market study draft](https://comcom.govt.nz/__data/assets/pdf_file/0027/347373/5BPUBLIC5D-Draft-report-Personal-banking-services-market-study-21-March-2024.pdf) was received with fervent cheering by the New Zealand fintech sector.

The collection of companies working in this space in NZ represents some of the most innovative software startups and service provi ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/the-big-banks-risk-being-disrupted-by-big-tech) 2024-03-27T16:00:00Z **EU-NZ trade deal comes with sanctions for climate backsliding**
New Zealand’s newly ratified free trade agreement with the European Union is the first to enable trade sanctions for breaches of environmental and labour rules violations.

The EU is using the might of a consumer market of 448 million people to persuade its trading partners to comply with its climate change and social goals if they want to export into the bloc. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/eu-nz-trade-deal-comes-with-sanctions-for-climate-backsliding) 2024-03-27T16:00:00Z **'No wonder local govt is broke': Anne Tolley says councils need to get their mojo back**
Tauranga city council commissioner Anne Tolley believes local authorities aren’t making the most of available funding and financing tools.

In a panel session at an infrastructure funding and financing conference held by Infrastructure New Zealand on Wednesday, the former National party cabinet minister echoed the go-to descriptor used by prime minis ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/no-wonder-local-govt-is-broke-anne-tolley-says-councils-need-to-get-their-mojo-back) 2024-03-27T16:00:00Z **Financial podcast firm The Curve seeks external funding**
The company behind the financial podcast The Curve is seeking $1 million in external funding as it expands to create an investment club.

The Curve – a platform providing investing information to women globally with an intent to “raise the curve” – was set up by former Devon Funds funds manager Victoria Harris and radio producer Sophie Hallwright three years ago. ⌘ [Read more](https://businessdesk.co.nz/article/technology/financial-podcast-firm-the-curve-seeks-external-funding) 2024-03-27T16:00:00Z **Bridge collapse to cause traffic delays for US car exports**
(Bloomberg) - The US automotive supply chain will be disrupted by the collapse of the Francis Scott Key Bridge in Baltimore, dealing another blow to America’s automotive ecosystem still recovering from pandemic-related setbacks.

“It’s a large port with a lot of flow through it, so it’s going to have an impact,” John Lawler, Ford Motor Company's chief financial officer, said Tuesday on Bloomberg TV. “W ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/bridge-collapse-to-cause-traffic-delays-for-us-car-exports) 2024-03-27T16:00:00Z **Visa, Mastercard agree to lower swipe fees, settling long-running lawsuit**
By Angel Au-Yeung

Visa, Mastercard and the largest US credit-card issuing banks have agreed to a settlement with merchants that have been suing them for nearly two decades over the fees they charge for swiping credit cards. ⌘ [Read more](https://businessdesk.co.nz/article/finance/visa-mastercard-agree-to-lower-swipe-fees-settling-long-running-lawsuit) 2024-03-27T16:00:00Z **India's FTA surge and the implications for New Zealand**
Indian prime minister Narendra Modi is known for leaning on Western consultancies for policy advice, and Deloitte South Asia chief executive Romal Shetty is one of those people who has been in the room with him.

Modi has been known to call the heads of white-collar Western consultancies in for a discussion about their work in the middle of the night. Shetty doesn’t comment on whether he has had such a late-night call ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/indias-fta-surge-and-the-implications-for-new-zealand) 2024-03-27T16:00:00Z **Gas sector needs charm not intervention says Shane Jones**
Resources minister Shane Jones says he is not considering government intervention in the oil and gas sector but is going overseas to try to entice international players back to New Zealand.

When he took office, Jones received [advice from the gas sector regulator](https://businessdesk.co.nz/article/policy/import-lng-or-intervene-in-gas-sector-ministers-told) that the country could face [gas shortages](https://bus ... ⌘ [Read more](https://businessdesk.co.nz/article/energy/gas-sector-needs-charm-not-intervention-says-shane-jones) 2024-03-27T16:00:00Z **Surplus requirements: how NZ universities try to turn a profit**
Universities are predicting they will achieve a surplus again in 2025 – a return to form after an average annual surplus of $146 million from 2018 to 2022 is set to be punctuated with two years of projected deficits.

This is mainly dependent on cuts to spending on staff, which represents 55% of universities’ total expenditure, according to the Tertiary Education Commission’s (TEC) chief executi ... ⌘ [Read more](https://businessdesk.co.nz/article/investigations/surplus-requirements-how-nz-universities-try-to-turn-a-profit) 2024-03-27T17:00:00Z **Finance is changing fast, whether big banks like it or not**
With the Commerce Commission releasing a draft report outlining how our banking sector is uncompetitive, now is the perfect time to talk about disruption in the world of financial services. ⌘ [Read more](https://businessdesk.co.nz/article/technology/finance-is-changing-fast-whether-big-banks-like-it-or-not) 2024-03-27T19:54:00Z **Synlait seeking help from major shareholder for $130m debt**
Synlait has entered a trading halt, asking for more time to work with its bankers and major shareholder on how it will pay a $130 million debt payment which was due on Thursday.

In a market announcement to the New Zealand stock exchange (NZX), Synlait said it would provide an update on April 2 where it will update investors on its plans to develerage its balance sheet, including discussions with 39% sharehold ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/synlait-seeking-help-from-major-shareholder-for-130m-debt) 2024-03-27T20:15:00Z **QuiznessDesk: Thursday, March 28**
02. If you got off a plane at the airport with the code name ZQN, what resort town would you have arrived at?
03. “A Thousand Days” is a famous account of which US president’s term in office?
04. What surname was shared by an American painter with the first name Edward and an actor (also American) with the first name Dennis?
05. Montagnard is the term for indigenous mountain people from what Asian country?
06. What Stephen King novel and 1983 film took their ti ... ⌘ [Read more](https://businessdesk.co.nz/article/the-quiz/quiznessdesk-thursday-march-28) 2024-03-27T21:25:00Z **Cabinet kills Kermadec Sanctuary plans**
The government has stopped work on establishing the Kermadec Ocean Sanctuary reserve and removed the related bill from parliament.

The reserve would have covered 620,000 square kilometres and was announced by former prime minister John Key in 2015, with its first reading in 2016. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/cabinet-kills-kermadec-sanctuary-plans) 2024-03-28T00:25:00Z **Consolidation on the cards as cash no longer king**
Consolidation looks to be on the cards for cash-in-transit operations as fewer people use cash.

Cash use has steadily declined over the past two decades, leading to significant excess capacity within the cash logistics services infrastructure. ⌘ [Read more](https://businessdesk.co.nz/article/economy/consolidation-on-the-cards-as-cash-no-longer-king) 2024-03-28T01:35:00Z **Fatter margins and 'Swiftie-mania' help Hallenstein Glasson's bottom line**
"Major international acts" and fatter margins have helped Hallenstein Glasson (HLG) raise its bottom line, as the company posted interim trading results on Thursday.

Despite sales falling marginally to $223 million from $223.3m, the group recorded a net profit after tax (Npat) of $21.1m in the six months to Feb 1, up 1.5% compared with the same period last year. ⌘ [Read more](https://businessdesk.co.nz/article/retail/fatter-margins-and-swiftie-mania-help-hallenstein-glassons-bottom-line) 2024-03-28T05:20:00Z **NZ sharemarket celebrates a near 1% Easter rise**
The New Zealand sharemarket headed into the Easter break in a happy place with a rise of nearly 1%, despite a trading halt, voluntary administration and a Fisher and Paykel Healthcare product recall.

The S&P/NZX 50 Index had a strong afternoon and closed at 12,105.29, up 94.62 points or 0.79% after reaching an intraday low of 11,950.78. The index finished the shortened week more than 1% ahead and has increased 2.8% year to date. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-sharemarket-celebrates-a-near-1-easter-rise) 2024-03-28T06:10:00Z **Warner Bros Discovery considered TV3 switch-off in 2025: MCH**
The owner of TV Three, which last month announced plans to close most of its free-to-air TV operation in NZ, including Newshub, estimated a “hard date” for ceasing digital TV broadcasting in mid-2025, government officials said.

An aide memoire prepared by the Ministry for Culture and Heritage (MCH) for media minister Melissa Lee ahead of a meeting on Dec 21 2023 highlighted the severe financial challenges f ... ⌘ [Read more](https://businessdesk.co.nz/article/media/warner-bros-discovery-considered-tv3-switch-off-in-2025-mch) 2024-03-28T16:00:00Z **India’s TikTok ban is a cautionary tale for the United States**
By Vibhuti Agarwal and Newley Purnell

Gayatari Mohanty always wanted to be a dancer. But her father, who washes cars for a living, and her mother, a domestic helper, didn’t have enough money for lessons. So the 19-year-old New Delhi native taught herself. ⌘ [Read more](https://businessdesk.co.nz/article/world/indias-tiktok-ban-is-a-cautionary-tale-for-the-united-states) 2024-03-28T16:00:00Z **Vietnam is in danger of losing its China +1 appeal**
By Karishma Vaswani

Losing one president in a year – unfortunate. Losing two? A worrying signal for foreign investors. ⌘ [Read more](https://businessdesk.co.nz/article/politics/vietnam-is-in-danger-of-losing-its-china-1-appeal) 2024-03-28T16:00:00Z **My expat life – Bangkok: the coffeemaker gone c-suite**
For Lionel Chin, returning to university years after dropping out was just a means to an end.

“I was in the coffee scene [in Wellington] when it was big. I think I came second in New Zealand in one of those competitions, so I wanted to open my own cafe,” Chin told BusinessDesk. ⌘ [Read more](https://businessdesk.co.nz/article/technology/my-expat-life-bangkok-the-coffeemaker-gone-c-suite) 2024-03-28T16:00:00Z **Hacked business owner rails against 'unregulated monster' Meta**
A small business owner is calling for more accountability from big tech companies after spending more than two months trying to get answers from Facebook owner Meta following an alleged hacking incident.

Iain MacLeod, owner of consultancy firm Immagine Immigration, said he had been battling to contact Meta after his company’s Facebook account was allegedly hacked on Boxing Day. ⌘ [Read more](https://businessdesk.co.nz/article/technology/hacked-business-owner-rails-against-unregulated-monster-meta)