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# updated_at  = 2022-01-25T02:26:57Z
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2021-12-01T22:00:00Z	**It's happening – Ikea coming to Sylvia Park**
Sylvia Park-owner Kiwi Property Group has won a coup for the country’s biggest mall, securing New Zealand’s first Ikea store for its flagship retail property.

NZX-listed Kiwi Property has agreed to sell land to Ikea New Zealand at the Sylvia Park site and, subject to certain conditions being met, will go ahead with bringing the global phenomenon to the country almost three years since the breathless press conference announcing it ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/its-happening-ikea-coming-to-sylvia-park)
2021-12-01T23:00:00Z	**A crackdown on all your houses: no blind eye to poor privacy practices**
With cyber security threats and [vaccine data](https://businessdesk.co.nz/article/technology/its-a-breach-vax-pass-data-storage-concerning-for-maori) disputes dominating the first year of the new privacy act, organisations should expect to see more scrutiny of their compliance with privacy laws in 2022, legal experts say.

One of the biggest implications of the new privacy  ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/a-crackdown-on-all-your-houses-no-blind-eye-to-poor-privacy-practices)
2021-12-01T23:17:25Z	**Morningstar picks Spark as omicron refuge**
Telecommunications firm Spark New Zealand could be the first port of call for investors looking for safe-haven assets should the omicron variant cause trouble, says Morningstar.

Equity analyst Brian Han said Spark’s earnings resilience and dependable dividend could be in demand if another covid wave upsets the reopening of the economy. ⌘ [Read more](https://businessdesk.co.nz/article/markets/morningstar-picks-spark-as-omicron-refuge)
2021-12-02T01:00:13Z	**Bridges gets bridges to calm troubled caucus**
Newly minted National Party leader Christopher Luxon has put his rival for the leadership this week, Simon Bridges, at the number three spot in the caucus with the plum finance and infrastructure portfolios.

Bridges, who led the party in opposition for two years and three months until May 2020, withdrew from the leadership race early Tuesday afternoon, preventing a caucus vote and allowing Luxon – a first term MP – an uncont ... ⌘ [Read more](https://businessdesk.co.nz/article/politics/bridges-gets-bridges-to-calm-troubled-caucus)
2021-12-02T01:18:33Z	**Radio NZ regains listeners in latest survey**
Radio New Zealand has secured its highest listener numbers for the year in the final Growth from Knowledge (GfK) listener survey of 2021.

The state broadcaster saw weekly listeners jump to 626,700 in the latest survey, up from 589,600 in September. ⌘ [Read more](https://businessdesk.co.nz/article/media/radio-nz-regains-listeners-in-latest-survey)
2021-12-02T04:51:33Z	**Omicron in the US hits market**
New Zealand's sharemarket fell in sync with Wall Street which took a last-minute dive in the early hours of Thursday morning after the first case of omicron was found in the US.

The S&P/NZX 50 Index fell 54 points, or 0.4%, to 12,670.24. Turnover was $157 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/omicron-in-the-us-hits-market)
2021-12-02T16:00:00Z	**Building a property portfolio with Winton**
Winton Land principal Chris Meehan doesn’t come across as a man in a hurry.

He’s spent the past 12 years building up an impressive residential property development company and more recently has crossed into the retirement sector with his high-end Northbrook villages. ⌘ [Read more](https://businessdesk.co.nz/article/markets/building-a-property-portfolio-with-winton)
2021-12-02T17:00:32Z	**Red light on Queenstown’s Ladies Mile about to change**
A problematic property development near Queenstown has joined the consenting fast lane, offering it a road out of the traffic woes bogging down the local council’s attempts to map out a master plan for the area.

Environment minister David Parker last week referred the Flint’s Park, Ladies Mile – Te Pūtahi residential development to the Environmental Protection Authority for the fast-track consenti ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/red-light-on-queenstowns-ladies-mile-about-to-change)
2021-12-02T17:00:00Z	**Rushed traffic light legislation 'constitutionally unsound'**
The process to implement the latest covid legislation was so unsound it risks undermining public trust and the success of the law itself, says the New Zealand Law Society.

The New Zealand Law Society (NZLS) has written to covid-19 response minister Chris Hipkins expressing its concerns about the Covid-19 Response (Vaccinations) Legislation Act, which was passed under urgency last week. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/rushed-traffic-light-legislation-constitutionally-unsound)
2021-12-02T17:00:00Z	**David v Goliath: retailers reap Black Friday rewards**
Following months of covid restrictions, many retailers welcomed the chance to cash in on Black Friday and Cyber Monday, with a keen eye on Christmas just over three weeks away.

Many brick and mortar shops, both large and small, could expect long queues outside their doors, but online retailers such as Beauty Bliss weren’t expecting to be left out in the cold. ⌘ [Read more](https://businessdesk.co.nz/article/retail/david-v-goliath-retailers-reap-black-friday-rewards)
2021-12-02T18:00:00Z	**Govt reaches post-quake anchor project deal in Chch**
Christchurch rebuild agency Ōtākaro is expected to finish a post-quake anchor project next year after the government reached a deal with a major car dealer.

Miles Group, which operates Toyota, Lexus and Volkswagen dealerships on a large block of land in the central city, took court action against the Crown in 2018 seeking to remain on the site, which was needed by the government for the south frame project. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/govt-reaches-post-quake-anchor-project-deal-in-chch)
2021-12-02T19:00:08Z	**Hydrogen plant granted fast track consent despite urea objections**
A fast track consent for a Taranaki hydrogen plant and associated wind turbines has been granted despite objections from environmental groups and some local Māori.

The Hiringa Energy and Ballance Agri-Nutrients project is made up of four wind turbines, a hydrogen hydrolysis plant and associated infrastructure. It is in South Taranaki, immediately opposite the Kapuni Production Station and ... ⌘ [Read more](https://businessdesk.co.nz/article/energy/hydrogen-plant-granted-fast-track-consent-despite-urea-objections)
2021-12-02T19:40:00Z	**Fonterra lifts forecast payout to record**
Fonterra now expects to pay its farmer shareholders a record $8.70 per kilogram of milk solids in the current season but did lower the top end of its earnings guidance range slightly.

The higher milk price is the result of consistent strong demand for dairy at a time of constrained global supply, said chief executive Miles Hurrell. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fonterra-lifts-forecast-payout-to-record)
2021-12-02T20:00:00Z	**Yes, minister: Eugenie Sage on getting things done**
**As part of its How good is our public sector? series, BusinessDesk is interviewing former ministers about the crucial relationship between politicians and public servants. Oliver Lewis talks to former conservation minister Eugenie Sage.**

It was called ‘tahr-mageddon’. Before 2018, few people outside hunting and outdoors circles would have known or cared about Himalayan tahr, an imported goat species ... ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/yes-minister-eugenie-sage-on-getting-things-done)
2021-12-02T22:00:00Z	**Inside the NRL's battle plan to take on the All Blacks**
There has long been a fascination over the “rugby versus league war” in this country.

In reality, ‘war’ is a mismatched descriptor on more than one count. Any ‘war’ has been totally dominated by the code of rugby union by virtue of the All Blacks and their paymasters in Wellington. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/inside-the-nrls-battle-plan-to-take-on-the-all-blacks)
2021-12-02T22:30:00Z	**Fonterra CEO confident farmers will back proposal**
With just under a week to go, Fonterra chief executive Miles Hurrell is optimistic farmers are going to vote in favour of the dairy giant’s proposed capital restructure.

“’We are feeling confident about that. We always said we wouldn’t take it to the vote unless we felt there was some momentum,” he said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fonterra-ceo-confident-farmers-will-back-proposal)
2021-12-02T22:54:33Z	**Ezi snaps up Thrifty operations from Hertz Corp**
Ezi Car Rental has acquired the fleet and branches of Thrifty Car Rental after buying Motoka Rental from Australian owner Kingmill.

The deal comes after the loss of its trans-Tasman brand licence from global rental giant Hertz Corporation. ⌘ [Read more](https://businessdesk.co.nz/article/cars/ezi-snaps-up-thrifty-operations-from-hertz-corp)
2021-12-03T00:00:00Z	**Modern tools used for 'environmentally friendly, tasty' beef herds**
Work to breed optimum New Zealand beef cattle is underway and the first cohort of calves is being closely tracked.

“Particularly in beef, we are lagging behind on using the modern scientific techniques, particularly in genetics,” said Informing New Zealand Beef (INZB) programme governance group chair Helen Anderson. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/modern-tools-used-for-environmentally-friendly-tasty-beef-herds)
2021-12-03T00:30:00Z	**Ezi snaps up Thrifty operations from Hertz Corp**
Ezi Car Rental has acquired the fleet and branches of Thrifty Car Rental after buying Motoka Rental from Australian owner Kingmill.

The deal comes after the loss of its trans-Tasman brand licence from global rental giant Hertz Corporation. ⌘ [Read more](https://businessdesk.co.nz/article/cars/ezi-snaps-up-thrifty-operations-from-hertz-corp)
2021-12-03T01:00:00Z	**Former Westpac CEO appointed KiwiRail board chair**
Former Westpac New Zealand chief executive David McLean has been appointed KiwiRail board chair.

KiwiRail’s shareholding ministers Grant Robertson and David Clark made the announcement on Friday, noting McLean’s experience would provide “additional governance oversight” for the state-owned rail operator. ⌘ [Read more](https://businessdesk.co.nz/article/politics/former-westpac-ceo-appointed-kiwirail-board-chair)
2021-12-03T03:05:45Z	**PFI's portfolio has gained about $150m since June**
Property for Industry said the value of its portfolio should rise by about $150 million, or 8%, at Dec 31 and that it has bought a 5,000 square metre site in Penrose for $6.8m.

Property for Industry's (PFI) portfolio already rose $240m, or 14%, in the six months ended June so the annual uplift will be about $390m, or 22%, taking the 97-property portfolio's value to $2.16 billion. ⌘ [Read more](https://businessdesk.co.nz/article/property/pfis-portfolio-has-gained-about-150m-since-june)
2021-12-03T03:30:00Z	**ForBarr sees Octagon shaped hole in fund management**
Forsyth Barr’s new fund management subsidiary aims to fill a space in the market for a mid-sized active firm and deal with perceptions of any conflict of interest.

Octagon Asset Management is essentially a spin out of the broking firm’s existing funds management team, who have been set up with their own brand and governance. ⌘ [Read more](https://businessdesk.co.nz/article/markets/forbarr-sees-octagon-shaped-hole-in-fund-management)
2021-12-03T05:10:10Z	**A2 Milk clears court hurdle for Australian trademark**
A2 Milk is pressing ahead with plans to register the ‘a2 Milk’ and ‘TRUE A2’ trademarks across the Tasman after an unopposed federal court hearing cleared the way.

The [milk marketing firm’s](https://businessdesk.co.nz/article/cease-and-desist-how-a2-milk-protects-its-precious-ip) registration was initially opposed by the old Lion Dairy & Drinks Australia unit – which is now owned by Bega Cheese ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/a2-milk-clears-court-hurdle-for-australian-trademark)
2021-12-03T05:05:04Z	**Shares close unchanged; Napier Port booted from NZX 50**
The New Zealand sharemarket was virtually unchanged on Friday with the benchmark equity index making a 0.4% gain this week despite starting it with a 1.5% fall due to omicron.

The S&P/NZX 50 Index rose 6 points, or 0.1%, to 12,676.5. Turnover was $161 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/shares-close-unchanged-napier-port-booted-from-nzx-50)
2021-12-03T16:00:00Z	**Long live the broker, the broker is dead**
There are huge opportunities on the NZX, as demonstrated by the direct listing of Trade Window, but why aren’t our traditional brokers supporting these opportunities?

Trade Window raised $15 million – at $0.92 a share earlier this year – and this $15m is now worth $30m after the company listed on Nov 22. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/long-live-the-broker-the-broker-is-dead)
2021-12-03T17:00:00Z	**On the Money: Greg Foran's golden words, Colin Neal, Chris Meehan, and more**
Welcome to On the Money, our column about money and the people making it.

**The broken-down shopkeeper panics slowly** ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-greg-forans-golden-words-colin-neal-chris-meehan-and-more)
2021-12-03T18:00:00Z	**The Bose QC45 are simply great headphones**
Even though I’ve been locked down and living the quiet life in Auckland for nearly four months, the best part of the Bose QC45 headphones is the silence they can conjure.

Noise cancelling audio products are nothing new but their ability to drown out external sound and pipe your preferred sonic waves into your skull is enduringly alluring. ⌘ [Read more](https://businessdesk.co.nz/article/technology/the-bose-qc45-are-simply-great-headphones)
2021-12-04T16:00:00Z	**My Net Worth: Rhiannon McKinnon, CEO, Kiwi Wealth**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

British-born Rhiannon McKinnon arrived in New Zealand in 2007 after gaining an MA in history at Cambridge University followed by a career that included working in equity research for Morgan Stanley and JP Morgan Cazenove in London. A Chartered Financial Analyst, she has s ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-rhiannon-mckinnon-ceo-kiwi-wealth)
2021-12-04T16:00:00Z	**Chill out  – the coolest menswear for hot summer days**
Being well turned out in the sweltering heat is all about preparation. Opt for linen suiting where possible and choose classic or over-sized fits. Better still, if the dress code allows, go for short-sleeved shirts, sandals or Bermudas. A word of warning, though: avoid wearing all three at once.

You’ll find looks that mix and match seam length will be the most dapper and still keep you from overheating. For ex ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/chill-out-the-coolest-menswear-for-hot-summer-days)
2021-12-04T16:00:00Z	**Review: Polestar 2 – this EV is more than a match for the Tesla Model 3**
Put yourself in the driving seat of a Tesla Model 3 you recently bought with a helping hand from the [government’s clean car rebate](https://businessdesk.co.nz/article/policy/governments-green-vehicle-dream-slowly-blossoming).

You drive around feeling a little smug about your choice of the “world’s coolest car”. Your [Model 3](https://businessdesk.co.nz/article/the-lif ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-polestar-2-this-ev-is-more-than-a-match-for-the-tesla-model-3)
2021-12-04T16:00:00Z	**Aston Martin and Ford Mustang-inspired luxury watches are the new status symbol**
The watch world is unlike any other, a world where the past is the future, where time measurement has largely stood still, and where the word “complication” is a plus, a bonus. In horology it of course refers to an extra function on top of timekeeping, ranging from the simple – a date or dual time display – to the truly complicated, for example, a perpetual ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/aston-martin-and-ford-mustang-inspired-luxury-watches-are-the-new-status-symbol)
2021-12-04T16:00:00Z	**Held to ransom  – think your business is safe from cybercrime? Think again**
Shut everything down! That’s the unequivocal advice Wellington cybersecurity expert Bruce Armstrong has for people who find themselves suddenly frozen out of their computer at work.

When you are trying to contain a ransomware attack, stopping the spread of malware through your company’s network is everything, says Armstrong, founder of cybersecurity intelligence firm  ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/held-to-ransom-think-your-business-is-safe-from-cybercrime-think-again)
2021-12-05T16:00:01Z	**Refining NZ gives another lesson in how to abuse retail shareholders**
As if New Zealand capital markets needed yet another lesson on how not to raise capital and how to treat retail shareholders unfairly, Refining NZ dished up another one last week with its $43.5 million capital raising.

I feel like a voice crying in the wilderness: why is treating your shareholders fairly a foreign concept to so many of our listed companies? ⌘ [Read more](https://businessdesk.co.nz/article/finance/refining-nz-gives-another-lesson-in-how-to-abuse-retail-shareholders)
2021-12-05T17:00:00Z	**Moneyhub’s Christopher Walsh gets in on personal finance boom**
To find a jargon-free explanation of personal finance, you wouldn’t expect to have to rely on a former City of London investment banker.

But for many New Zealanders, Christopher Walsh of Moneyhub is the first port of call for all things money-related. ⌘ [Read more](https://businessdesk.co.nz/article/media/moneyhubs-christopher-walsh-gets-in-on-personal-finance-boom)
2021-12-05T18:30:00Z	**Wakeup call: Bitcoin crashes on tapering fear**
**Summary:** Bitcoin crashed as much as 20% over the weekend as fears grew that central banks will wind down money printing faster than expected in coming months. Mixed US jobs data on Saturday morning was seen leaving the Fed on track to speed up its ‘tapering’ of Quantitative Easing ahead of rate hikes by mid-2022.

**Bubble deflation?** The Nasdaq fell 1.9% and crypto-currencies fell 10-20% over the weekend on fears th ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-bitcoin-crashes-on-tapering-fear)
2021-12-05T20:00:06Z	**Tensions run high as electricity market reviewed**
Meridian Energy threatened court action against the electricity sector regulator as tensions ran high in the initial stages of its review of the market.

Correspondence with the Electricity Authority (EA) shows the country’s largest electricity generator took strong exception to the direction being taken as the regulator examined the state of competition in the wholesale market. The work is ongoing and follows an extended ... ⌘ [Read more](https://businessdesk.co.nz/article/energy/tensions-run-high-as-electricity-market-reviewed)
2021-12-05T21:10:00Z	**Vulcan lifts annual profit forecast by up to 35%**
Newly-listed Vulcan Steel said stronger than expected trading in the five months ended November has led it to upgrade its annual net profit forecast by up to 35%.

The company now expects net profit for the year ending June 2022 will come in between $93 million and $100m compared with its prospectus forecast of $74m. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/vulcan-lifts-annual-profit-forecast-by-up-to-35)
2021-12-05T23:50:22Z	**Simpson Grierson bolsters the ranks with three new partners**
Simpson Grierson has promoted three new senior lawyers to its partnership team.

From Jan 1 2022, Bronwyn Heenan and Mike Wakefield will join the partnership based out of the firm's Wellington office, while Andrew Kirk will become a new partner based in Christchurch. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/simpson-grierson-bolsters-the-ranks-with-three-new-partners)
2021-12-06T00:50:06Z	**Lockdown causes  $3b drop in building activity**
Building activity fell 8.6% to a seasonally adjusted $3 billion during the quarter ended Sept 30 on the prior quarter, reflecting the impact of Auckland's 107-day covid lockdown.

Stats NZ construction statistics manager Michael Heslop said it's the first major misstep since the industry contraction last April caused by very similar reasons. ⌘ [Read more](https://businessdesk.co.nz/article/property/lockdown-causes-3b-drop-in-building-activity)
2021-12-06T02:36:55Z	**Unpicking Christopher Luxon’s ‘hard’ reshuffle**
Last week’s National party ‘reset’ under new leader Chris Luxon became a ‘hard reset’ today in a shadow Cabinet reshuffle that substantially refreshes the party’s front bench.

Of the nine MPs who Judith Collins put on her front bench, only three remain: Shane Reti, Chris Bishop and Simon Bridges. ⌘ [Read more](https://businessdesk.co.nz/article/politics/unpicking-christopher-luxons-hard-reshuffle)
2021-12-06T04:44:39Z	**Frothy markets simmer down**
New Zealand's main share index fell on Monday after highly valued global stocks and cryptocurrencies traded lower over the weekend in anticipation of US rate hikes and in fear of omicron.

The S&P/NZX 50 Index fell 78 points, or 0.6%, to 12,597.81. Turnover was $162 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/frothy-markets-simmer-down)
2021-12-06T16:00:07Z	**Wednesday decision looms for Wānaka film studio**
The film veterans pitching a $280 million film studio on the outskirts of Wānaka will probably have to grapple with where to house its small army of workers when a final decision on its future is made this week.

The panel weighing up the fast-tracked consent is due to make its decision on Wednesday and sought some last-minute feedback on a draft condition on [housing the hundreds of construction and film workers](h ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/wednesday-decision-looms-for-wanaka-film-studio)
2021-12-06T17:00:00Z	**Clare Capital: in the eye of the M&A storm**
Boutique investment bank Clare Capital is riding a boom in technology buy-outs, driven by an abundance of cheap money and growing recognition of New Zealand software companies.

Founder Mark Clare told BusinessDesk mergers and acquisitions (M&A) deals have traditionally made up approximately 75% of the firm’s work, but it had become 90% in recent times. ⌘ [Read more](https://businessdesk.co.nz/article/markets/clare-capital-in-the-eye-of-the-ma-storm)
2021-12-06T18:00:00Z	**Four simple steps to avoid 80% of cyber-attacks**
The head of the government’s cyber response unit says 80% of reported cyber-attacks could be avoided if New Zealanders and businesses improved their passwords, used two-factor authentication, updated device software, and updated device and software privacy settings.

The computer emergency response team (Cert NZ), a division of the Ministry of Business, Innovation, and Employment (MBIE), said in Q3 2021 it received 2,072 ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/four-simple-steps-to-avoid-80-of-cyber-attacks)
2021-12-06T18:30:00Z	**Queenstown's $1b Lakeview project a 'big step closer'**
The trans-Tasman developers of Queenstown’s Lakeview–Taumata residential and retail precinct are gearing up for marketing and sales at the $1 billion development after it was referred to an expert consenting panel.

The fast-track referral is for the first two stages of the 10-hectare development at the elevated upper Cemetery Rd end of the central business district. It will cover five residential buildings of b ... ⌘ [Read more](https://businessdesk.co.nz/article/property/queenstowns-1b-lakeview-project-a-big-step-closer)
2021-12-06T19:00:00Z	**Wakeup call: China cranks up the money pump**
**Central bank help** China’s central bank eased monetary policy this morning to offset the shock from the impending collapse of its biggest apartment developer and a slowdown economic growth in the world’s second-biggest economy. US stocks surged 1.5% this morning, in part on hopes omicron isn’t as damaging as first thought.

**Pumps turned on** **The People’s Bank of China** cut its reserve ratio requirement by 50 basis ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-china-cranks-up-the-money-pump)
2021-12-06T20:30:00Z	**Sky TV boosts guidance after cost review**
Sky Network Television has markedly raised its guidance for FY22 after a “rigorous cost review” it says will reduce operating cost by an additional $35 million.

Earnings before interest, tax, depreciation, and amortisation (ebitda) guidance increased from $115 million-to-$130m to $150m-to-$160m. ⌘ [Read more](https://businessdesk.co.nz/article/technology/sky-tv-boosts-guidance-after-cost-review)
2021-12-06T22:45:00Z	**RBNZ not worried about mortgage rates rising faster**
The Reserve Bank isn't concerned mortgage interest rates are moving faster than wholesale rates, assistant governor Christian Hawkesby told a KangaNews conference on the New Zealand debt markets.

"We think mortgage rates are moving in line with their drivers, which are more than just swap rates. It's retail deposit rates as well," Hawkesby said. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-not-worried-about-mortgage-rates-rising-faster)
2021-12-06T23:10:00Z	**KiwiRail strike off the table**
The union representing KiwiRail workers has withdrawn two strike notices after the state-owned rail operator presented a new pay deal.

Rail and Maritime Transport Union (RMTU) members had been due to strike on [Dec 16 in the South Island and the day after in the North Island](https://businessdesk.co.nz/article/primary-sector/kiwirail-workers-vote-to-strike) in a move which would have hamstrung freight and passenger rail movements in the week before Christma ... ⌘ [Read more](https://businessdesk.co.nz/article/transport/kiwirail-strike-off-the-table)
2021-12-06T23:45:00Z	**Fletcher launches retirement accommodation business**
Fletcher Building said it is launching a new business called Vivid Living to provide a new form of retirement living to New Zealand.

Vivid Living's first homes will be built at Waiata Shores and Red Beach in Auckland and will be available for customers to view and sign up from March next year. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/fletcher-launches-retirement-accommodation-business)
2021-12-07T00:54:56Z	**Westpac's Australian parent to settle a 7th ASIC case**
Westpac's Australian parent will agree to settle a seventh case against it brought by the Australian Securities and Investments Commission (ASIC), according to The Australian newspaper.

Last week, Westpac agreed to pay A$113 million (NZ$118m) to settle six cases brought by the ASIC. ⌘ [Read more](https://businessdesk.co.nz/article/finance/westpacs-australian-parent-to-settle-a-7th-asic-case)
2021-12-07T01:50:38Z	**FMA warns on high-risk of crypto money laundering**
The Financial Markets Authority has deemed cryptocurrencies and derivatives as high-risk for money laundering and terrorism financing.

An update to the regulator’s 2017 sector risk assessment has classed both virtual assets and derivative issuers with the highest possible risk rating. ⌘ [Read more](https://businessdesk.co.nz/article/markets/fma-warns-on-high-risk-of-crypto-money-laundering)
2021-12-07T02:54:07Z	**Nearly 7% more public servants in one year**
The number of public servants grew by 6.9% – a rise of nearly 4000 full-time equivalents – in the year to June 30, according to data published today by the Public Service Commission. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/nearly-7-more-public-servants-in-one-year)
2021-12-07T04:58:01Z	**Sky TV leads NZX 50 higher**
New Zealand's headline share index was little changed even as some positive sentiment returned for investors waiting nervously for more hard data on omicron.

The S&P/NZX 50 Index rose 12 points, or 0.1%, to 12,609.88. Turnover was $182.5 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/sky-tv-leads-nzx-50-higher)
2021-12-07T16:00:00Z	**Banks comfortably passed RBNZ's stress tests**
The five largest banks still had more than double the current regulatory minimum amount of capital after undergoing the Reserve Bank's latest solvency stress tests.

The Reserve Bank of New Zealand (RBNZ) described the scenario it chose as a one-in-50 to a one-in-75 year event which saw a hypothetical global resurgence in covid-19, a jump in the unemployment rate to 11.8% and a 39% fall in house prices over a four-year period. ⌘ [Read more](https://businessdesk.co.nz/article/finance/banks-comfortably-passed-rbnzs-stress-tests)
2021-12-07T16:00:00Z	**Bad bank, non-bad bank**
Banks are bad.

Just ask Simplicity chief, Sam Stubbs, who spends an inordinate amount of time calling for government inquiries into the alleged fee-gouging Australasian bank cabal. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/bad-bank-non-bad-bank)
2021-12-07T17:00:00Z	**Check your AI bias at the door – ethical concerns raised**
One of the world’s biggest technology companies says the government needs to put measures in place to ensure the ethical use of artificial intelligence in New Zealand.

The government recently closed submissions on its digital strategy that aims to set out the country’s technology goals for the next five years. ⌘ [Read more](https://businessdesk.co.nz/article/technology/check-your-ai-bias-at-the-door-ethical-concerns-raised)
2021-12-07T18:00:00Z	**Luxury $8m penthouse-style apartments for St Marys Bay**
Apartments with breathtaking views, an amazing kitchen and spacious rooms are being priced at an eye-watering $8 million-plus in the new luxury Shelly Beach development.

Building on the boutique 'huddle' of eight penthouse-style apartments is expected to start in St Marys Bay early next year. Auckland-based development firm Vanguard & Co has budgeted $50m for the build, which includes the purchase of the 87 S ... ⌘ [Read more](https://businessdesk.co.nz/article/property/luxury-8m-penthouse-style-apartments-for-st-marys-bay)
2021-12-07T19:00:04Z	**Marlborough vineyards top Delegat to-do list**
Delegat Group is focusing this year’s capital investment on developing Marlborough vineyards as it pushes to grow global sales by 25% over the next three years.

The winemaker expects to spend $29.7 million on capital investment in the year ending June, down from the $62.2m spent in the June 2021 year, as it plans to grow global case sales by 798,000 to hit 3.98 million in the 2024 year. ⌘ [Read more](https://businessdesk.co.nz/article/markets/marlborough-vineyards-top-delegat-to-do-list)
2021-12-07T19:30:00Z	**Wakeup call: Dip buyers dominate**
**Summary:** US stocks jumped 2-3% this morning on renewed confidence omicron won’t be too disastrous, but may slow the global economy enough to avoid fast Fed rate hikes. Investors also hope ‘Team China’s’ moves to stage a controlled implosion of Evergrande work to avoid any contagion effects. Also, it’s reported **Ashley Bloomfield** advised Cabinet late last month Auckland could drop its borders from Dec 3, rather than Dec 15.

**We’re  ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-dip-buyers-dominate)
2021-12-07T20:00:00Z	**Pay freeze? Not exactly**
Despite guidance to restrain pay, the number of public servants earning more than $100,000 jumped by 21% in the past year.

[New data released by the Public Service Commission on Tuesday](https://www.publicservice.govt.nz/our-work/workforce-data/remuneration-pay/workforce-costs/) show 18,301 people working in the 36 public service departments, as well as six selected Crown agencies, earned more than $100,000 in 2020/21, about 3,250 more than the previous year ... ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/pay-freeze-not-exactly)
2021-12-07T21:00:25Z	**Most govt depts spending more on consultants**
Despite a crackdown, most government departments are paying higher bills for contractors and consultants. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/most-govt-depts-spending-more-on-consultants)
2021-12-07T21:45:11Z	**Roger that; new CEO for Ports of Auckland**
Roger Gray has been appointed chief executive of Ports of Auckland (POAL), taking on the role after just two years at the helm of Lyttelton Port Company.

POAL chair Jan Dawson said Gray brought significant experience to the role, and the board was looking forward to "play our part in the Auckland and the New Zealand supply chain". ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/roger-that-new-ceo-for-ports-of-auckland)
2021-12-07T22:30:00Z	**FNZ buys Swiss software firm Appway**
Wellington-founded financial services firm FNZ has made another acquisition, buying Zurich-based automation firm Appway.

This purchase follows on from its [recent acquisition of retail investment platform Hatch](https://businessdesk.co.nz/article/global-fintech-player-swoops-on-hatch), which was also founded in Wellington. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/fnz-buys-swiss-software-firm-appway)
2021-12-07T22:40:21Z	**Xero pins service issues on Amazon**
Xero’s services are experiencing disruptions and the company is blaming its cloud partner Amazon Web Services (AWS).

On Wednesday morning, Xero customers found themselves unable to perform tasks such as sending invoices and noted the invoice auto-save function was not working. ⌘ [Read more](https://businessdesk.co.nz/article/technology/xero-pins-service-issues-on-amazon)
2021-12-08T00:00:00Z	**Avoiding Auckland – more delivery delays as ships steam north**
Further supply chain snarl-ups loom ahead of the Christmas rush as another container ship bypasses Auckland to offload at Northport.

The MSC Vaiga III, a container vessel carrying goods from dozens of importers, berthed at the Marsden Point terminal on Monday. It is offloading almost 1,500 containers, or about 2,250 twenty-foot-equivalent of cargo, which have to be transported to Auckland. ⌘ [Read more](https://businessdesk.co.nz/article/transport/avoiding-auckland-more-delivery-delays-as-ships-steam-north)
2021-12-08T02:15:00Z	**Ryman plans a $155m village on new Melbourne site**
Ryman Healthcare said it has bought another site in Melbourne's northwest and plans to build a $155 million retirement village on it, creating about 150 permanent jobs.

It plans for the six-hectare vacant site in Kealba to have independent living villas and a full aged-care centre, including specialist dementia care, as well as a cafe, bar, gym, cinema, indoor pool, hair and beauty salons and a bowling green. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/ryman-plans-a-155m-village-on-new-melbourne-site)
2021-12-08T04:55:37Z	**NZ shares come roaring back**
New Zealand shares chased Wall Street higher as a sudden turnaround in market sentiment sent key international indices up as much as 2% overnight.

The S&P/NZX 50 Index jumped 258 points, or 2.1%, to 12,868.32. Turnover was $242 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-come-roaring-back)
2021-12-08T16:00:00Z	**Departing privacy watchdog has unfinished business with the tech giants**
It’s been a year since the introduction of the Privacy Act 2020, the first major overhaul of the legislation in 27 years and designed to make it fit for purpose for the digital age.

By one small measure, it has made a difference. The Office of the Privacy Commissioner [received a total of 697](https://privacy.org.nz/assets/December-2021-Insights-Report.pdf) privacy breach no ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/departing-privacy-watchdog-has-unfinished-business-with-the-tech-giants)
2021-12-08T17:00:11Z	**KiwiRail, commercial player or public good?**
A review of KiwiRail is considering whether the state-owned enterprise model works for a business which officials say is not commercially viable and which ministers want to deliver for the public good.

BusinessDesk has obtained the terms of reference of the review being carried out by Treasury and the Ministry of Transport considering the appropriate entity form for KiwiRail and New Zealand Railways Corporation (NZRC). The latter i ... ⌘ [Read more](https://businessdesk.co.nz/article/transport/kiwirail-commercial-player-or-public-good)
2021-12-08T19:00:00Z	**Wakeup call: BusinessNZ pulls out of FPA talks**
**Summary: BusinessNZ** announced it’s pulling out of the government’s tripartite approach to creating Fair Pay Agreements with the CTU, saying the scheme was ‘unfair, unlawful and out of touch with modern ways of working’. Elsewhere, Pfizer said a third dose of its vaccine is needed to combat omicron and parents here are much more hesitant to vaccinate their kids.

**‘We’re out of here’** **BusinessNZ** confi ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-businessnz-pulls-out-of-fpa-talks)
2021-12-08T20:00:16Z	**Capital gains: public service growing in Wellington**
The centralisation of the public service continues, with Wellington’s share of public service jobs growing steadily.

In the year to June 30, the headcount for public servants in the capital city was 28,054 – comprising 44.6% of the national total, continuing a 20-year upward trend that accelerated in 2015. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/capital-gains-public-service-growing-in-wellington)
2021-12-08T20:20:00Z	**Need to know: Fonterra's big money vote**
**What’s happening?** Fonterra’s annual meeting is on today in Invercargill and will be followed by a special meeting to vote on the co-operative’s capital proposal.

**Why?** The co-operative says a new capital structure is needed to ensure milk supply and farmer ownership and control. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/need-to-know-fonterras-big-money-vote)
2021-12-08T21:00:00Z	**Ebos marches into Asia with $1.17b deal**
Ebos Group is buying medical products distributor LifeHealthcare for about A$1.17 billion and will raise up to A$742 million of fresh equity and A$540m of new term loans to pay for it.

Ebos will also issue shares worth about A$23m to LifeHealthcare's management. ⌘ [Read more](https://businessdesk.co.nz/article/finance/ebos-marches-into-asia-with-117b-deal)
2021-12-08T22:00:00Z	**Pacific Edge inks first Australian deal**
Cancer diagnostics company Pacific Edge has struck its first sizeable commercial agreement in Australia with Northern Health, a Melbourne healthcare provider.

Northern Health provides healthcare to suburbs in the outer north of the city through four campuses. Its urology needs are similar in size to the Canterbury district health board. ⌘ [Read more](https://businessdesk.co.nz/article/markets/pacific-edge-inks-first-australian-deal)
2021-12-08T23:00:00Z	**Can the government pivot?**
When the circumstances change, you shift emphasis.

Accordingly, while government policy should never be hostage to the current environment and make sweeping moves, neither should it ignore a major change in the economic landscape. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/can-the-government-pivot)
2021-12-08T23:20:00Z	**'The world wants what we've got' – but challenges aplenty for Fonterra**
Fonterra executives agree the outlook for New Zealand milk is strong but aren’t downplaying the challenges ahead and say the pending vote on the new capital structure is key.

“The future for New Zealand dairy is exciting. But we are not being naïve about the very real challenges we all have in front of us right now,” chair Peter McBride told the annual general meeting ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/the-world-wants-what-weve-got-but-challenges-aplenty-for-fonterra)
2021-12-08T23:45:00Z	**Kiwibank still taken to court despite $1.2m overcharge confession**
The Financial Markets Authority has filed civil proceedings against Kiwibank for charging customers $1.2 million in fees that were specifically waived in its terms and conditions.

Kiwibank’s terms and conditions said customers would not pay transaction fees on their accounts if they also had a home loan from Kiwibank, the regulator said. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/kiwibank-still-taken-to-court-despite-12m-overcharge-confession)
2021-12-09T00:27:46Z	**No surprises and the Fair Pay Agreements slapdown**
In the first term of the Ardern-led government, New Zealand First’s opposition to Labour’s Fair Pay Agreements (FPA) policy was the reason the policy didn’t advance.

At the Council of Trade Union’s (CTU) conference in 2019, council president Richard Wagstaff likened the patience required of the union movement in its dealings with a supposedly friendly government to " [having to swallow more vomit](https://www.nz ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/no-surprises-and-the-fair-pay-agreements-slapdown)
2021-12-09T02:00:00Z	**NZ's newest label: #1 in global house inflation**
New Zealand’s economic response to the covid pandemic served to double its housing rate of inflation to more than 60% over a five-year term, the largest rise of any major economy.

The latest research by global realtor Knight Frank shows NZ had been tracking at about 32% since 2016, but that ramped up after the Reserve Bank of New Zealand (RBNZ) cut the official cash rate to a record low of 0.25% last March. ⌘ [Read more](https://businessdesk.co.nz/article/property/nzs-newest-label-1-in-global-house-inflation)
2021-12-09T04:35:48Z	**Specialist publishers win big at business journalism awards**
BusinessDesk’s Dan Brunskill has taken out the Emerging Journalist Award in the New Zealand Shareholders Association’s (NZSA) annual NZ Business Journalism Awards.

A finalist in the features category for [his locally angled deep dive into the global story about Gamestop](https://businessdesk.co.nz/article/the-kiwi-traders-betting-it-all-on-gamestop), the judges praised Dan’s use of a NZ  ... ⌘ [Read more](https://businessdesk.co.nz/article/self-promotion/specialist-publishers-win-big-at-business-journalism-awards)
2021-12-09T16:00:38Z	**Building back better by thinking big**
The green light for a [monster film park](https://businessdesk.co.nz/article/infrastructure/lights-camera-action-wanaka-film-studio-gets-thumbs-up) on the outskirts of Wānaka is a testament to the big ideas percolating in New Zealand.

Better known for eye-watering scenery that visitors and cashed-up ex-farmers chew over on their way to the ski-field in winter or the lake in summer, the still-sleepy hamlet will have a new type of resident appear ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/building-back-better-by-thinking-big)
2021-12-09T17:00:00Z	**Experts and legal fees large part of $1.29b consent costs**
The head of the New Zealand Infrastructure Commission has expressed his concern about the growing $1.29 billion annual costs of resource consents in the country, due in large part to consultants and legal fees.

A new report that analysed 186 infrastructure projects had found 70%, or more than $900 million, of all consenting expenditure goes to paying planners, landscape architects, ecologists and la ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/experts-and-legal-fees-large-part-of-129b-consent-costs)
2021-12-09T18:00:00Z	**Tesla races to front of luxury pack**
Market share data released by Lexus has revealed the absolute dominance of [Tesla’s Model 3](https://businessdesk.co.nz/article/the-life/review-tesla-model-3-long-range-i-lust-after-it) in the New Zealand luxury car segment.

In the past year, Tesla’s market share has grown from 7% to 21.7%, grabbing sales from all carmakers, but particularly Mercedes, BMW and Audi. ⌘ [Read more](https://businessdesk.co.nz/article/cars/tesla-races-to-front-of-luxury-pack)
2021-12-09T19:30:00Z	**Wakeup call: Evergande defaults smoothly**
**Summary:** Global markets handled the official news of the default of China’s most indebted property company calmly overnight, knowing Chinese authorities are arranging a controlled implosion designed not to upset local and global markets.

**Calm despite China defaults** Stock and bond markets around the world were broadly calm and mostly flat this morning despite news overnight that Fitch had formally declared China’s Evergrand ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-evergande-defaults-smoothly)
2021-12-09T20:39:39Z	**Amazon offers free shipping deal**
Online shopping giants Amazon is offering New Zealand customers an early gift in the lead-up to Christmas.

As Dec 25 rapidly approaches, shoppers will be eligible for free shipping on orders over AU$59 on Amazon.com.au. ⌘ [Read more](https://businessdesk.co.nz/article/retail/amazon-offers-free-shipping-deal)
2021-12-09T22:30:00Z	**Tourism Holdings looks west to Apollo in A$137m deal**
Tourism Holdings (THL) is buying ASX-listed rival Apollo Tourism & Leisure in an all-scrip deal as the rental campervan operators plot their course in a post-covid world.

The New Zealand company will issue one share for every 3.68 Apollo shares, valuing the Australian firm at A$137 million (NZ$144.2m) and giving its shareholders about 25% of the enlarged group. The Trouchet family, who founded and control  ... ⌘ [Read more](https://businessdesk.co.nz/article/listed-companies/tourism-holdings-looks-west-to-apollo-in-a137m-deal)
2021-12-09T23:00:00Z	**Hey big spenders: NZers still drawn to casinos, clothing and cars**
The appetite for big spending is still strong with many planning to buy cars and gamble at casinos hitting record highs despite covid concerns, according to a UBS survey.

UBS Evidence Lab surveyed 1,500 New Zealanders in September to track spending trends that may impact consumer-dependent listed companies. ⌘ [Read more](https://businessdesk.co.nz/article/markets/hey-big-spenders-nzers-still-drawn-to-casinos-clothing-and-cars)
2021-12-10T00:00:00Z	**Fletcher wisely sticks to its knitting in retirement living gambit**
Fletcher Building is wisely sticking to its knitting in adding a retirement accommodation business to its portfolio and not even attempting to provide aged care as the listed retirement village operators do.

Fletcher certainly has no expertise in aged care, but it does have rather a lot of experience in building houses dating back to the 1930s when it built state houses for the f ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/fletcher-wisely-sticks-to-its-knitting-in-retirement-living-gambit)
2021-12-10T00:30:00Z	**Rising interest rates take shine off listed property stocks**
Listed property sector stocks were down 3.2% last month, on the back of both weaker than expected reporting and as rising bond yields begin to weigh on investor demand for listed real estate.

While none of the 10 property vehicles (LPVs) were left unscathed, the downward trend was led by diversified commercial investor and manager [Stride Property](https://businessdesk.co.nz/company/stride-property) ... ⌘ [Read more](https://businessdesk.co.nz/article/property/rising-interest-rates-take-shine-off-listed-property-stocks)
2021-12-10T04:39:57Z	**Big acquisitions lift NZX 50**
Business acquisitions by two of the sharemarket’s top stocks helped the NZX50 end the week with a small gain.

The S&P/NZX 50 Index rose 78 points, or 0.6%, to 12,849.68. Turnover was $226 million. The NZ dollar was trading at 68.95 US cents today, down from 68.05 cents yesterday. ⌘ [Read more](https://businessdesk.co.nz/article/markets/big-acquisitions-lift-nzx-50)
2021-12-10T16:00:00Z	**Winton Land – The tortoise or the hare?**
Does the Winton Land initial public offering represent good value and, if so, can we expect it to be a tortoise or a hare?

Retail investors often opt for the hare even though the tortoise beat the distracted hare in Aesop’s iconic tale. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/winton-land-the-tortoise-or-the-hare)
2021-12-10T17:00:00Z	**On the Money: Jim Delegat, Peter Thiel, Theo Spierings, NZME's windfall, and more**
Welcome to On the Money, our column about money and the people making it

**A very good question** ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-jim-delegat-peter-thiel-theo-spierings-nzmes-windfall-and-more)
2021-12-10T18:00:00Z	**Worker 'distancing' costs council extra $1m a week**
The Auckland Council spent about $11 million extra on employee overtime over a three month period as it adapted to the covid lockdown that eventually lasted for 107 days.

In its first quarter performance report to Sept 30, the council noted total employee costs of $261m, an $11m increase on its expected $250m salary bill for the three months. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/worker-distancing-costs-council-extra-1m-a-week)
2021-12-11T16:00:00Z	**Pop stars – the best sparkling wines to buy for Christmas**
I like the rituals that surround Christmas. As a lad, I was allowed to oversee the preparation of “Santa’s sustenance”, as my father called it. A small piece of Christmas cake and a glass of fizz were placed by the fireplace. Other kids in my class left port or sherry but my father liked the “specialness” of sparkling wine. He probably also liked the fact that once opened, the bottle had to be fini ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/pop-stars-the-best-sparkling-wines-to-buy-for-christmas)
2021-12-11T16:00:00Z	**Start your engines – the good, the bad and the ugly of New Zealand's Formula 1 elite**
Chris Amon was sixteen when he started his first proper motor race in his first proper race car in April 1961. It was a 1.5-litre Cooper Climax and he was on the outside of the front row of the grid at the now defunct Levin, a kidney-shaped circuit within a horseracing track, 100 kilometres north of Wellington on New Zealand’s North Island. The pole sitte ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/start-your-engines-the-good-the-bad-and-the-ugly-of-new-zealands-formula-1-elite)
2021-12-11T16:00:00Z	**“Three percent of people in the financial sector are psychopaths.” Manfred Kets de Vries on CEOs**
Anyone who tried and failed to write a book during lockdown should look away now: Manfred Kets de Vries has written seven since the pandemic began.

 “It’s my antidepressant,” he said of writing. “I get up very early in the morning, I write for a few hours, and I feel so much better.” At 79, he is the author of more ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/three-percent-of-people-in-the-financial-sector-are-psychopaths-manfred-kets-de-vries-on-ceos)
2021-12-11T16:00:00Z	**Hammer time – inside NZ’s record-breaking art auction**
The highly anticipated auction of the art collection of the late philanthropists Adrian Burr and Peter Tatham finally took place at Art + Object in Auckland after being postponed four times because of covid lockdowns. The auction house had waited until pandemic restrictions were eased to deliver the in-room sales experience, albeit with compulsory mask wearing and social distancing in place.

The attendance in  ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/hammer-time-inside-nzs-record-breaking-art-auction)
2021-12-11T16:00:00Z	**My Net Worth: Nick Mowbray, co-founder and director, Zuru Toy Company and Zuru Edge**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

Cambridge-raised Nick Mowbray showed entrepreneurial flair from a young age, helping his older brother Mat to make hot-air balloons out of Coke cans and plastic bags in a shed on their parents’ dairy fa ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-nick-mowbray-co-founder-and-director-zuru-toy-company-and-zuru-edge)
2021-12-12T16:00:01Z	**Will Damien O'Connor save Fonterra's farmers from themselves?**
Fonterra chair Peter McBride framed the dilemma facing his farmer shareholders starkly at last Thursday's meeting: "Either we're a corporate or we're a co-operative".

"The current model, where we're trying to have a foot in each camp, is not sustainable," he said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/will-damien-oconnor-save-fonterras-farmers-from-themselves)
2021-12-12T17:00:00Z	**Consumer mags under pressure as covid bites**
In early 2021, New Zealand’s magazine industry continued its unlikely resurgence from the depths of last year’s lockdown, with several new titles emerging from the ashes of Bauer Media.

Despite a promising start, the year has become increasingly difficult for publishers following the Auckland lockdown and an advertising slump caused by global supply chain constraints. ⌘ [Read more](https://businessdesk.co.nz/article/media/consumer-mags-under-pressure-as-covid-bites)
2021-12-12T18:00:00Z	**Game developers are in funding fantasy world**
A community of avid supporters built around video game developing grants has been lauded by industry newcomers as just as important as the much-needed cash injections.

While the New Zealand Centre of Digital Excellent (CODE), a Dunedin-based group set up in 2019, handed out $1.19 million last week to nine studios in various stages of developing their games, it's the army of game sector professionals on hand to guide these newb ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/game-developers-are-in-funding-fantasy-world)
2021-12-12T18:45:00Z	**Wakeup call: Investors brush off high inflation**
**Summary:** Global investors were relaxed over the weekend about figures showing US inflation accelerated to 6.8% in November, its highest rate since 1982. The S&P 500 rose another 1% to a fresh record high on Saturday. Today, local investors will focus on cabinet’s decision due at 4pm on whether Auckland can go ‘orange’ this summer.

**‘The Fed has it under control’** US CPI inflation rose to the highest annua ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-investors-brush-off-high-inflation)
2021-12-12T20:00:00Z	**Canterbury house prices rose 38.1% annually in Nov**
The pace of annual house price inflation abated a little further in November, although the month-on-month figures remain positive and annual prices in Canterbury jumped 38.1%.

Reflecting the huge volumes of new houses built in Canterbury following the earthquake, price increases there had been more moderate a lack of supply elsewhere had helped fuel the boom. ⌘ [Read more](https://businessdesk.co.nz/article/property/canterbury-house-prices-rose-381-annually-in-nov)
2021-12-12T21:00:00Z	**Transpower's refreshed board: what does it mean for electricity?**
Barely noticed in the flurry of Christopher Luxon's ascension to the leadership of the National party have been two intriguing appointments to the board of the national grid operator, Transpower.

Barely noticed, that is, outside the electricity industry. ⌘ [Read more](https://businessdesk.co.nz/article/energy/transpowers-refreshed-board-what-does-it-mean-for-electricity)
2021-12-12T22:00:00Z	**Facebook invests in The Spinoff**
Meta, the social media giant behind Facebook, will invest in media outlet The Spinoff as part of its initiative to support New Zealand news outlets.

Meta will provide funds to the current affairs and culture website to help it build its data journalism capabilities and increase “reader participation in the development of news stories”, the US social media platform said. ⌘ [Read more](https://businessdesk.co.nz/article/media/facebook-invests-in-the-spinoff)
2021-12-12T23:00:00Z	**'Big four' consulting firms make hay on covid advice**
The Ministry of Health spent more on top tier consultants in the first three months of the current financial year than it did in two of the last three years, largely due to covid-19.

Big name firms like Deloitte, KPMG, Ernst and Young (EY) and PricewaterhouseCoopers (PwC) have played major roles in the pandemic response, providing support for crucial work like the development of the national immunisati ... ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/big-four-consulting-firms-make-hay-on-covid-advice)
2021-12-12T23:00:00Z	**Treasury's doubts about Kāinga Ora’s $2B war chest**
Documents have come to light showing the Treasury disagreed with policy proposals to implement the $2 billion Kāinga Ora land acquisition programme that the government [announced in March](https://www.beehive.govt.nz/release/govt-housing-package-backs-first-home-). ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/treasurys-doubts-about-kainga-oras-2b-war-chest)
2021-12-13T00:30:00Z	**FMA revokes license of advisor who stole $36k**
The Financial Markets Authority has cancelled a financial advice provider’s licence for serious misconduct.

Wisdom House Investment Partners – established by Yuen Pok Loo, who also uses the name Paul – has had its licence pulled due to its owner-operator’s misappropriation of funds in his work with financial services firm FoxPlan. ⌘ [Read more](https://businessdesk.co.nz/article/markets/fma-revokes-license-of-advisor-who-stole-36k)
2021-12-13T01:30:00Z	**Median house prices hit new records with Auckland at $1.3m**
The average price of buying a house in New Zealand edged closer to $1 million as new data shows the median house price in NZ hit $925,000 last month – a 23.8% annual increase.

According to the Real Estate Institute of New Zealand (REINZ), this is a "new record high" as the median price jumped from $747,000 in November 2020 to $925,000 last month. ⌘ [Read more](https://businessdesk.co.nz/article/property/median-house-prices-hit-new-records-with-auckland-at-13m)
2021-12-13T03:21:14Z	**Auckland stays in red till Dec 30**
Auckland will remain at the highest level of caution under the newly created 'traffic light' system for covid-19 protection until Thursday, Dec 30.

Prime minister Jacinda Ardern announced the extension of the 'red light' status for the country's largest city, saying it was justified by the need for further vaccination and for two 14 day incubation periods for the virus since the new system was put in place 10 days ago. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/auckland-stays-in-red-till-dec-30)
2021-12-13T04:44:35Z	**NZ shares up with inflation 'not too hot'**
News that inflation is on the rise in the United States did not dampen the local sharemarket with investors feeling the result was not as bad as it could have been.

The S&P/NZX 50 Index jumped 145 points, or 1.1%, to 12,994.19. Turnover was $229 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-up-with-inflation-not-too-hot)
2021-12-13T16:00:00Z	**Screech! That's the sound of the credit brake**
Screech. That is the sound of the credit brakes being applied.

Some of the deceleration is temporary and appropriate, but elsewhere, some facets need re-examining. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/screech-thats-the-sound-of-the-credit-brake)
2021-12-13T17:00:00Z	**Tech worker visa exemptions labelled ‘PR spin’**
The government’s announcement of 600 border entry exceptions for technology workers has been labelled as “PR spin” by an industry chief executive.

The scheme aims to award visa exemptions to overseas hires across several job categories. ⌘ [Read more](https://businessdesk.co.nz/article/technology/tech-worker-visa-exemptions-labelled-pr-spin)
2021-12-13T17:00:00Z	**NZX 50’s ‘leaky tyre syndrome’ delivers worst year in a decade**
The New Zealand share market, barring a small miracle, is on track for its worst annual performance in more than a decade – a fact market participants seem surprisingly blase about.

In any other year, you might expect a 4.5% fall in the benchmark equity index to result in some fairly apocalyptic headlines. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nzx-50s-leaky-tyre-syndrome-delivers-worst-year-in-a-decade)
2021-12-13T18:00:00Z	**How to Runn up $2m in seed funding**
Resource management software startup Runn has raised US$1.4 million (NZ$2m) in a seed round led by New Zealand venture capital firm GD1.

Other investments came from Wavemaker, NZGCP, K1W1, Dovetail Ventures, Icehouse Ventures, and Angel Marlborough. ⌘ [Read more](https://businessdesk.co.nz/article/technology/how-to-runn-up-2m-in-seed-funding)
2021-12-13T19:20:00Z	**Wakeup call: Bracing for the Fed**
**Summary:** US and European stocks fell around by as much as one percent overnight as investors braced for an expected tightening of monetary policy by the US Federal Reserve on Thursday morning NZ Time. Elsewhere this morning, Auckland’s hospitality sector is criticising the Dec 30 move to orange as too slow and too late for some to survive.

**Brace for it** Investors are pulling to the sidelines ahead of an expected tightening of money supply fr ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-bracing-for-the-fed)
2021-12-13T20:00:00Z	**More moola for Air New Zealand**
Air New Zealand will have access to an additional $500 million under a revised Crown support package, bumping the total to $2 billion.

The airline is still targeting an equity raising for the first quarter of 2022 but said “it is important that the airline has sufficient flexibility to withstand presently unforeseen delays without relying entirely on increasing debt levels”. ⌘ [Read more](https://businessdesk.co.nz/article/transport/more-moola-for-air-new-zealand)
2021-12-13T21:00:00Z	**Luxon's 'most worrying' discovery as an MP**
The education system needs to dump 'child-centred' education in favour of 'teacher-structured' learning if New Zealand is to turn around its declining educational achievement relative to other countries, says National party leader Christopher Luxon.

Speaking to BusinessDesk at Parliament on Monday afternoon, Luxon said plummeting international rankings for educational achievement and low rates of school attendance have been "without do ... ⌘ [Read more](https://businessdesk.co.nz/article/politics/luxons-most-worrying-discovery-as-an-mp)
2021-12-13T22:00:00Z	**Rocket Lab splashes US$80m to buy space solar power products supplier**
Rocket Lab is buying SolAero Holdings, a supplier of space solar power products and precision aerospace structures for US$80 million in cash.

The acquisition is expected to close in the first quarter of 2022. ⌘ [Read more](https://businessdesk.co.nz/article/listed-companies/rocket-lab-splashes-us80m-to-buy-space-solar-power-products-supplier)
2021-12-13T23:40:33Z	**Govt 'tone deaf' on halal meat industry's needs**
Reports the government will only approve 15 long-term critical worker visas for halal butchers show it is “tone-deaf to the needs of business,” said Meat Industry Association chief executive Sirma Karapeeva.

The sector desperately needs at least 45 such workers and “this miserly approval knee-caps the ability of the second-largest goods export sector to fully contribute to the New Zealand economy and capture a hig ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/govt-tone-deaf-on-halal-meat-industrys-needs)
2021-12-14T00:13:31Z	**Auckland Transport CEO Shane Ellison resigns**
Auckland Transport (AT) chief executive Shane Ellison has announced he will step down from the role next June after more than four years heading the mass transit provider.

Kiwi-born Ellison, who joined AT in December 2017 after a 12-year stint with public transport company Transdev, said it was "the right time" to consider new leadership for a new phase at the council-controlled entity. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/auckland-transport-ceo-shane-ellison-resigns)
2021-12-14T03:05:03Z	**Forsyth Barr confident Vulcan Steel will ‘outperform’ peers**
Broking firm Forsyth Barr has initiated coverage of Vulcan Steel with a prediction it will outperform its peers in the steel distribution industry.

The New Zealand-based steel company dual-listed on the NZX and ASX in November with an initial public offer focused more on Australian investors than local ones. ⌘ [Read more](https://businessdesk.co.nz/article/markets/forsyth-barr-confident-vulcan-steel-will-outperform-peers)
2021-12-14T04:53:56Z	**NZ shares retreat from rally**
New Zealand's main index today gave back half of yesterday’s rally as investors waited for a raft of central bank meetings and key data releases.

The S&P/NZX 50 Index fell 64 points, or 0.5%, to 12,929.59. Turnover was $223 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-retreat-from-rally)
2021-12-14T16:00:00Z	**Executive pay: what's a company director worth?**
Chairs and directors of unlisted companies are earning more in fees that their counterparts on NZX listed companies, while those in “unwoke” sectors are getting the biggest financial rewards of all.

A survey by Strategic Pay has found that non-executive chairs of boards of NZX-listed companies can expect to be paid 62% more, at the median, than the chairs of unlisted private sector organisations, with median pay f ... ⌘ [Read more](https://businessdesk.co.nz/article/listed-companies/executive-pay-whats-a-company-director-worth)
2021-12-14T16:00:00Z	**Serious advice: FMA cancellation signals cultural change ahead**
Despite a long association with the Australasian financial services industry, I’ve only known a couple of people charged with serious criminal offences.

Both of them ended in suicide – alleged in the case of Sydney fake financial adviser Melissa Caddick, who vanished a year ago after defrauding friends and family of over A$20 million (NZ$21.07m). The only clue to her death was a foot washed  ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/serious-advice-fma-cancellation-signals-cultural-change-ahead)
2021-12-14T16:00:00Z	**Private v public CEOs: pay gaps widening**
With public service pay restraint in place, the gap between public and private sector chief executives is expected to increase.

The latest ‘Pay at the Top’ report by remuneration consultants Strategic Pay shows, of 585 chief executives surveyed, median fixed pay increased by 2.1% between 2020 and 2021. ⌘ [Read more](https://businessdesk.co.nz/article/economy/private-v-public-ceos-pay-gaps-widening)
2021-12-14T18:00:41Z	**For public service CEs, “the stakes are pretty high”**
New Zealand’s top public servant has a lot of admiration for the private sector – but that only takes him so far. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/for-public-service-ces-the-stakes-are-pretty-high)
2021-12-14T18:00:14Z	**Expectations of public service CEOs kept under wraps**
The Public Service Commission is declining to release performance documentation related to the individual public service chief executives that it employs.

Public service leaders earn hundreds of thousands of dollars a year and oversee departments with significant influence over the lives of New Zealanders. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/expectations-of-public-service-ceos-kept-under-wraps)
2021-12-14T18:00:00Z	**Wellbeing budgets and the environment: change needed, says Upton**
The government’s annual budget process isn’t working well for environmental wellbeing, partly because the three-year budget cycle doesn’t match the long time frames required for environmental policies, says Parliament’s environment commissioner, Simon Upton.

In a report released just ahead of the government’s annual budget policy statement (BPS) today (Wednesday), Upton makes four ke ... ⌘ [Read more](https://businessdesk.co.nz/article/policy/wellbeing-budgets-and-the-environment-change-needed-says-upton)
2021-12-14T19:45:00Z	**Wakeup call: Hitching a wagon to a steaming ag train**
**Summary:** Tech stocks fell as much as 2% in late US trade this morning on fears about what the Fed might do to withdraw stimulus in its monetary policy decision due tomorrow at 8am NZT. Hotter than expected US producer price inflation figures overnight darkened the mood. Elsewhere, Aucklanders left the city in droves this morning to the north, south and into the air on the first day they can travel across borders ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-hitching-a-wagon-to-a-steaming-ag-train)
2021-12-14T22:00:00Z	**RBNZ denies 10 of 25 senior staff have left since June**
The Reserve Bank has denied that it has lost 10 of the 25 tier two and tier three senior staff it had in June.

"Those stats aren't right," Reserve Bank of NZ (RBNZ) assistant governor Juliet Tainui-Hernandez told parliament's finance and expenditure committee (FEC), adding that she didn't have exact numbers to hand. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-denies-10-of-25-senior-staff-have-left-since-june)
2021-12-14T23:30:00Z	**Big fuel suppliers get biofuel mandate – but details unclear**
The government has confirmed it will bring in a biofuels mandate taking effect from April 2023, but there are as yet no details on how it will work or how ministers believe the energy sector can achieve it.

Energy minister Megan Woods and transport minister Michael Wood said in a release the mandate will apply to fuel wholesalers. ⌘ [Read more](https://businessdesk.co.nz/article/energy/big-fuel-suppliers-get-biofuel-mandate-but-details-unclear)
2021-12-15T00:00:00Z	**Public transport experience for KiwiRail board**
Selection criteria for a new KiwiRail board member should include public transport experience, Treasury has recommended.

It follows a letter sent by the chairs of Auckland Transport (AT) and Greater Wellington regional council to Treasury in July calling for the criteria to be included in the search. ⌘ [Read more](https://businessdesk.co.nz/article/transport/public-transport-experience-for-kiwirail-board)
2021-12-15T00:10:00Z	**Far bigger debt buffer to become permanent**
The government will entrench the much higher level of cash and near-cash debt that it has held through the covid-19 pandemic, raising the so-called ‘liquidity buffer’ to $15 billion.

That compares to a historic buffer of “at least” $2b. ⌘ [Read more](https://businessdesk.co.nz/article/economy/far-bigger-debt-buffer-to-become-permanent)
2021-12-15T00:30:30Z	**Delta schmelta: Treasury forecasts early return to surplus**
The government’s books are forecast to be back in surplus sooner than expected as the outlook for the economy improves, according to forecasts published in today’s half-year economic and fiscal update from the Treasury.

“Our government invested in our people and businesses through the delta outbreak and that investment is paying off as the economy recovers,” said finance minister Grant Roberston ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/delta-schmelta-treasury-forecasts-early-return-to-surplus)
2021-12-15T02:36:46Z	**Mainfreight moves to a 'just in case' scenario**
Mainfreight chief executive Don Braid says a ‘just in case’ mantra has overshadowed the company’s ‘just in time’ principle as the logistics group scrambles to keep up with global supply chain challenges.

In his December team update, Braid said while heightened freight volumes across the business were good for financial performance, they’d placed pressure on service levels and infrastructure. ⌘ [Read more](https://businessdesk.co.nz/article/markets/mainfreight-moves-to-a-just-in-case-scenario)
2021-12-15T03:17:26Z	**RBNZ confirms 10 senior staff going or gone since June**
The Reserve Bank has confirmed that it has indeed lost or is losing 10 senior staff since June after earlier telling parliament's finance and expenditure committee (FEC) that number was incorrect.

The Reserve Bank of New Zealand (RBNZ) hasn't issued a press release but did post the figures on its website. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-confirms-10-senior-staff-going-or-gone-since-june)
2021-12-15T04:46:33Z	**Shares dip ahead of US Fed meeting**
Investors sent the New Zealand sharemarket's headline index down on Wednesday as they awaited the outcome of the world’s most important central bank meeting in the United States overnight.

The S&P/NZX 50 Index fell 60 points, or 0.5%, to 12,869.41. Turnover was $141 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/shares-dip-ahead-of-us-fed-meeting)
2021-12-15T16:00:00Z	**MBIE’s ‘myopic focus on fees' hurts default KiwiSaver members**
A white paper by Morningstar has criticised the government’s selection of default KiwiSaver providers for having a short-sighted focus on fees that is not supported by evidence.

KiwiSaver members who do not choose a provider are invested in one of the government-appointed default providers, which are chosen every seven years by the Ministry of Business, Innovation and Employment (MBIE). ⌘ [Read more](https://businessdesk.co.nz/article/markets/mbies-myopic-focus-on-fees-hurts-default-kiwisaver-members)
2021-12-15T16:00:00Z	**Don’t let this obscure piece of software ruin your summer**
You may be looking forward to heading off on your holiday break, but maybe tone down your excitement if you are talking to people in IT.

There’s a good chance that many of them will be working through the Christmas break to deal with the [Log4Shell (log4j) security exploit](https://www.cert.govt.nz/it-specialists/advisories/log4j-rce-0-day-actively-exploited/) that has left millions of web application ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/dont-let-this-obscure-piece-of-software-ruin-your-summer)
2021-12-15T19:00:00Z	**Winton v Kāinga Ora, housing minister dragged into spat**
Executives of private property developer Winton met with housing minister Megan Woods earlier this week after crown agency Kāinga Ora stonewalled its $10 billion Sunfield housing and community development in South Auckland.

The meeting, held on Monday, follows complaints to Woods by Winton chief executive and founder Chris Meehan about Kāinga Ora spending taxpayer’s money “overbidding” against priva ... ⌘ [Read more](https://businessdesk.co.nz/article/property/winton-v-kainga-ora-housing-minister-dragged-into-spat)
2021-12-15T19:45:00Z	**Wakeup call: Fed to tighten faster**
**Summary: The US Federal Reserve** has signalled a faster tightening of monetary policy to control the highest inflation since 1982. The move was broadly expected and US stocks wobbled as much as 0.5% higher in late trading, having initially dipped in the first minutes after the release of the Fed’s decision.

**QE ending sooner** The world’s largest central bank announced at 8am NZT it would double the pace of ‘tapering’ its quantitative ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-fed-to-tighten-faster)
2021-12-15T20:25:52Z	**Fortescue kicks tyres on hydrogen plant at Marsden Point**
Australian mining and resources giant Fortescue will study the potential to produce carbon-zero, or ‘green’, hydrogen in New Zealand by repurposing the oil refinery at Marsden Point.

The proposal is at a very early feasibility study stage and is part of a wider push by Fortescue and its colourful founder, Andrew ‘Twiggy’ Forrest, to reposition the company for global energy market decarbonisation. ⌘ [Read more](https://businessdesk.co.nz/article/markets/fortescue-kicks-tyres-on-hydrogen-plant-at-marsden-point)
2021-12-15T21:05:22Z	**A seismic win for council to upgrade heritage buildings**
Seismic strengthening will go ahead on Wellington's Toomath's building and Adelaide Hotel after a high court judge ruled the work should proceed.

The Wellington city council has issued earthquake-prone building notices on owners of the two buildings for the past 20 years, requiring them to do strengthening works to upgrade them to at least 34% of the New Building Standard, or demolish them outright. ⌘ [Read more](https://businessdesk.co.nz/article/property/a-seismic-win-for-council-to-upgrade-heritage-buildings)
2021-12-15T21:30:00Z	**Reserve Bank appoints three to its leadership team**
The Reserve Bank (RBNZ) says it has appointed three people to its leadership team as assistant governors.

Sarah Owen will become general manager of risk compliance and legal services in March next year and will also be chief risk officer, chief privacy officer and anti-money laundering officer. ⌘ [Read more](https://businessdesk.co.nz/article/finance/reserve-bank-appoints-three-to-its-leadership-team)
2021-12-15T22:00:31Z	**New CEO for ChristchurchNZ**
The former head of New Zealand Trade and Enterprise (NZTE) in Europe has been picked to lead Christchurch’s economic development agency.

Alison Adams was announced as ChristchurchNZ’s new chief executive on Thursday. She starts in the role on February 8. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/new-ceo-for-christchurchnz)
2021-12-15T22:00:00Z	**GDP shrinks 3.7% in September quarter**
New Zealand’s economy shrank by 3.7% in the September quarter, the second-largest contraction since 1986.

Stats NZ said the decline reflects a widespread drop in economic activity due to the covid-19 alert level restrictions and nationwide lockdown implemented in the second half of the quarter. ⌘ [Read more](https://businessdesk.co.nz/article/economy/gdp-shrinks-37-in-september-quarter)
2021-12-15T22:50:00Z	**Vital Healthcare's portfolio value to rise about $140m**
Vital Healthcare Property Trust's manager said it expects the trust to record a property revaluation gain of about $140 million at Dec 31, up 5.3% on the June 30 valuations.

NorthWest Healthcare Properties Management said 80% of Vital's portfolio has been revalued, taking the portfolio's value to about $2.9 billion, and will reduce the pro-forma loan-to-valuation ratio by about 1.6%. ⌘ [Read more](https://businessdesk.co.nz/article/property/vital-healthcares-portfolio-value-to-rise-about-140m)
2021-12-15T23:00:00Z	**NZ Windfarms repowers board and Te Rere Hau**
NZ Windfarms has appointed Craig Stobo to chair its board and will ask the government to fast track the consenting process for upgrading a wind farm in the Tararua Ranges.

Stobo is a former investment banker who was involved in setting up BT Funds Management and the Local Government Funding Agency (LGFA). He is chair of Precinct Properties, AIG Insurance New Zealand, and the LGFA. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-windfarms-repowers-board-and-te-rere-hau)
2021-12-15T23:15:00Z	**Sky TV completes $56m lease-back of studios**
Sky Network Television has confirmed the sale of its Mt Wellington campus in a sale and lease-back agreement with listed property group Goodman Property Trust for $56 million.

The NZX-listed broadcaster operates out of three buildings on the site, at a combined 17,251 square metres – including its main production and warehousing facilities. ⌘ [Read more](https://businessdesk.co.nz/article/property/sky-tv-completes-56m-lease-back-of-studios)
2021-12-16T00:00:17Z	**Alliance says global shipping crisis likely to continue**
Covid-19 market challenges evident in 2020 became a full-flown logistics crisis in 2021, Alliance chair Murray Taggart told the food company's annual meeting.

Sales strengthened as global markets reopened but logistics problems worsened as container availability plunged and freight rates skyrocketed, he said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/alliance-says-global-shipping-crisis-likely-to-continue)
2021-12-16T01:00:00Z	**High court green light for $400m Trustpower deal**
Mercury’s acquisition of Trustpower’s retail business is now expected to be completed early in 2022 after a favourable high court decision over a potential sticking point for the deal.

Both companies said the court judgment today ruled in favour of the proposed restructure of the Tauranga Energy Consumer Trust’s (TECT) deed by its trustees. ⌘ [Read more](https://businessdesk.co.nz/article/energy/high-court-green-light-for-400m-trustpower-deal)
2021-12-16T01:30:00Z	**New Zealand’s being left behind**
While most New Zealand businesses are enjoying more relaxed red or orange trading conditions, the news is not so good for a lot of New Zealand’s international businesses.

NZ businesses exporting to or working within the ten countries of the Association of Southeast Asian Nations (ASEAN) in South-East Asia have been severely disrupted by covid and the reopening path for them remains uncertain. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/new-zealands-being-left-behind)
2021-12-16T04:59:07Z	**NZ shares down as US Fed signals hikes**
The US Federal Reserve’s signal it would hike interest rates and data showing the local economy shrank 3.7% in the September quarter helped push the NZ sharemarket lower.

The S&P/NZX 50 Index fell 91.8 points, or 0.7%, to 12,777. Turnover was $135 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-down-as-us-fed-signals-hikes)
2021-12-16T16:00:27Z	**Apollo deal a new dawn for Tourism Holdings**
Tourism Holdings will be hoping its purchase of rival Apollo Tourism & Leisure brings some of the Greek god's healing touch while it grapples with the covid pandemic for the foreseeable future.

The [A$137 million deal](https://businessdesk.co.nz/article/listed-companies/tourism-holdings-looks-west-to-apollo-in-a137m-deal) may have come out of the blue, but it wasn’t totally surprising given the disarray tourism operators have fou ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/apollo-deal-a-new-dawn-for-tourism-holdings)
2021-12-16T17:00:47Z	**Not all petrol will be blended with biofuel, says Z**
Z Energy says it is unlikely all its fuel types across the country will be blended with biofuel as it moves to meet the government’s new mandate.

On Wednesday, the government confirmed it will bring in a biofuels mandate to take effect from April 2023. ⌘ [Read more](https://businessdesk.co.nz/article/energy/not-all-petrol-will-be-blended-with-biofuel-says-z)
2021-12-16T18:45:00Z	**Wakeup call: US stocks down as ECB tapers too**
**Summary: It’s been a huge night for interest rate watchers.** The European Central Bank (ECB) signalled a tapering of its QE overnight, adding to the Fed’s faster tapering move yesterday. The Bank of England also hiked rates unexpectedly. European and UK stocks rose overnight, but US stocks are down as much as 2% in late trade.

**QE Taper Too** The **European Central Bank** announced this morning it would start taperin ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-us-stocks-down-as-ecb-tapers-too)
2021-12-16T19:30:00Z	**What to do when the govt isn't organised right?**
“I say to them, ‘If a Martian arrives in Wellington Harbour wanting to come across the border, you're managing it. The answer isn't ‘Oh, we don't do Martians’.”

So says public service commissioner Peter Hughes, summarising the role of the Border Executive Board. That's one of several new organisations that work across central government to solve New Zealand’s hardest problems. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/what-to-do-when-the-govt-isnt-organised-right)
2021-12-16T20:00:18Z	**Bikes kicked off harbour bridge for good**
Sir Brian Roche says a cycle lane across Auckland’s harbour bridge isn’t a goer.

Roche, chair of Waka Kotahi NZ Transport Agency, scotched the idea of dedicating a lane on the existing bridge to bikes and pedestrians, telling a parliamentary select committee hearing on Thursday that the lane had been considered but “is not practical and has been ruled out”. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/bikes-kicked-off-harbour-bridge-for-good)
2021-12-16T20:45:00Z	**'The world according to Orr': growing concern RBNZ losing institutional memory**
Former senior Reserve Bank people and those who have closely observed it are concerned so many are leaving the central bank that it's threatening its institutional memory.

"A central bank is a pillar of stability for an economy. A central bank is an institution that's required for the stability of the economy," said Arthur Grimes, currently a professor at Victoria U ... ⌘ [Read more](https://businessdesk.co.nz/article/finance/the-world-according-to-orr-growing-concern-rbnz-losing-institutional-memory)
2021-12-17T00:00:00Z	**The importance of being MedSafe**
Oscar Wilde was an expert in satire, no more so than his play The Importance of Being Earnest where he made a mockery of the ideals of Victorian society which had fallen passionately in love with the idea of earnestness. This included the marvellous quip “If I am occasionally a little overdressed, I make up for it by being always immensely over-educated”.

Wilde and Victorian satire are not logical openers for discussing Medsafe, New Zealand’s regula ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/the-importance-of-being-medsafe)
2021-12-17T02:48:13Z	**Rua gets green light to sell CBD oil locally**
Rua Bioscience products will hit local pharmaceutical shelves after getting sign off to distribute its cannabidiol (CBD) oil under the Medicinal Cannabis Agency’s quality standards.

Rua follows Auckland’s Helius Therapeutics and Nubu Pharmaceuticals as the only New Zealand based firms to be granted Medsafe approval for its products. Canadian pharma giant Tilray has the approval to distribute and sell four products in NZ ... ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/rua-gets-green-light-to-sell-cbd-oil-locally)
2021-12-17T04:00:38Z	**KiwiRail boss gets $500k on the way out**
Despite his abrupt departure midway through an independent workplace probe, the KiwiRail board agreed to pay its former chief executive for his full six-month notice period.

Greg Miller earned a base salary of about $1 million in the 2021 financial year (not including a post-year [incentive payment understood to be worth hundreds of thousands of dollars](https://businessdesk.co.nz/article/politics/minister-chastens-kiwirail-board)), meani ... ⌘ [Read more](https://businessdesk.co.nz/article/transport/kiwirail-boss-gets-500k-on-the-way-out)
2021-12-17T16:00:27Z	**Heavy is the head 2022's house prices rely upon**
Several individuals hog the limelight each year with prime minister Jacinda Ardern, former National party leader Judith Collins and a multitude of covid-19 experts and issues dominating the headlines throughout most of 2021.

Next year, Reserve Bank of New Zealand (RBNZ) governor Adrian Orr should receive more attention as inflation, interest rates and the sizzling housing market become increasingly important as far as the ec ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/heavy-is-the-head-2022s-house-prices-rely-upon)
2021-12-17T17:00:00Z	**On the Money: Christopher Luxon, Dean Bracewell, corporate/covid Christmas cards, and more**
**Who will Luxon hire?**

Wellington gossips have been kept busy trying to guess who newly-anointed National party leader **Christopher Luxon** will appoint to key positions in his office. ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-christopher-luxon-dean-bracewell-corporatecovid-christmas-cards-and-more)
2021-12-18T16:00:00Z	**Talking Shop –  Culum Manson on going green, and property-development trends in Auckland**
Three generations of the Manson family have created what is arguably New Zealand’s largest commercial property and construction company, Mansons TCLM, now led by Culum Manson and his brothers, with their father, Ted, still very much hands-on.

Aucklanders will be familiar with Mansons’ cranes, lit with green neon, and its landmark buildings, ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/talking-shop-culum-manson-on-going-green-and-property-development-trends-in-auckland)
2021-12-18T16:00:00Z	**Get smart – the best resuable face masks for the covid era**
Zorro loved wearing a mask, but some of us don’t appear to share his enthusiasm. However, the spread of the covid-19 variants means it’s now recommended that everyone, vaccinated or not, wears a mask when they step outside their front door.

In New Zealand, the public are advised to wear non-medical masks. These can be single use or reusable. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/get-smart-the-best-resuable-face-masks-for-the-covid-era)
2021-12-18T16:00:00Z	**Under cover – chic swimwear for summer**
The Christmas break is but a whisker away and as we’re a nation of water lovers, that probably means time in our swimwear. Shopping for swimsuits can be a minefield, and buying online from unknown brands is a dice roll. Fit, bust support, the right cut across the derriere, sun protection – there’s a lot to consider.

So, with that in mind, I’ve compiled my pick of where to find this season’s coveted minimalist one-pieces, elegant c ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/under-cover-chic-swimwear-for-summer)
2021-12-18T16:00:00Z	**Review: Audi RS e-tron GT – a spectacular, sophisticated sports car with good manners**
The Audi RS e-tron GT retails for $273,500 and it’s worth every cent.

It’s a monster. A great long and low monster of a grand-touring EV that wraps its arms around you and says, “Let’s go really fast.” ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-audi-rs-e-tron-gt-a-spectacular-sophisticated-sports-car-with-good-manners)
2021-12-18T16:00:00Z	**My Net Worth: Justin Gray, MD technology services, Datacom**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

After graduating with an honours degree in chemistry from Swinburne University of Technology in Melbourne, Justin Gray worked first as a scientist for the Australian Government’s Commonwealth Scientific and Industrial Research Organisation, then spent  ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-justin-gray-md-technology-services-datacom)
2021-12-19T16:00:00Z	**Nice purchase, Ebos, horrible capital raising method**
The last time Ebos Group raised capital, back in 2019, then chair of the New Zealand Shareholders' Association John Hawkins said the company's board and managers should "hang their heads in shame".

Then, Ebos sought $150 million, and then increased it to $175m, exclusively from a placement to institutions and at an 8% discount to the market price, thereby diluting its retail investors. ⌘ [Read more](https://businessdesk.co.nz/article/finance/nice-purchase-ebos-horrible-capital-raising-method)
2021-12-19T19:20:54Z	**Wakeup call: Omicron is coming to town**
**Summary: The focus this morning is on the rapid spread of omicron** almost everywhere except New Zealand, so far. Fresh lockdowns were imposed in the Netherlands and Ireland overnight to stop the spread of omicron, while London declared a hospital emergency as British cases jumped by 10,000 in a day to a record 25,000. So far, only 13 omicron cases have been found in our MIQ and it is yet to spread in the community.

**Omicron restrictio ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-omicron-is-coming-to-town)
2021-12-19T21:20:35Z	**Consumer confidence hit by holiday blues**
Consumer confidence dipped into negative territory as New Zealanders fret about rising interest rates and the impact of covid-19 and its variants.

The latest Westpac McDermott Miller consumer confidence index fell 3.6 points to 99.1. Anything below 100 indicates pessimists outnumber optimists about the economic environment. ⌘ [Read more](https://businessdesk.co.nz/article/economy/consumer-confidence-hit-by-holiday-blues)
2021-12-19T23:25:47Z	**NZ Super Fund joins consortium to take 70% of Fertility Associates**
A consortium made up of the NZ Super Fund, Pioneer Capital and Comprador Holdings has snapped up 70% of fertility treatment provider Fertility Associates.

“Our investment in Fertility Associates gives us exposure to the New Zealand healthcare sector and fits with our focus of identifying local businesses where we can add value by investing to help them grow and develop,” said NZ Supe ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-super-fund-joins-consortium-to-take-70-of-fertility-associates)
2021-12-19T23:40:08Z	**Two years of house prices defying all the forecasts**
"Our baseline scenario assumes house prices will fall by around 9% over the remainder of 2020."

That was Reserve Bank's assessment in its first monetary policy statement (MPS) once the impact of covid-19 on New Zealand had become clear. ⌘ [Read more](https://businessdesk.co.nz/article/economy/two-years-of-house-prices-defying-all-the-forecasts)
2021-12-20T00:55:49Z	**McGrath appoints two new executives at Westpac**
Newly installed Westpac NZ chief executive Catherine McGrath has appointed Tania O'Brien as chief financial officer and Martin Gaskell as chief transformation officer, saying they would provide "valuable expertise".

O'Brien is coming from ANZ Bank where she has held a range of senior executive finance roles and is currently based in Singapore. ⌘ [Read more](https://businessdesk.co.nz/article/finance/mcgrath-appoints-two-new-executives-at-westpac)
2021-12-20T01:55:21Z	**BusinessDesk confirms NZME sale**
BusinessDesk has today been advised by NZME that all conditions for our proposed sale have been met.

BusinessDesk will become an NZME brand on Jan 17, 2022. ⌘ [Read more](https://businessdesk.co.nz/article/self-promotion/businessdesk-confirms-nzme-sale)
2021-12-20T03:35:10Z	**Regulator charges freight forwarders with price fixing**
Price collusion charges have been filed against freight forwarders Mondiale Freight Services and Oceanbridge Shipping by the Commerce Commission.

Civil proceedings were also filed in the high court in Auckland against four individuals associated with the companies – two of New Zealand's largest freight brokerage agencies. ⌘ [Read more](https://businessdesk.co.nz/article/transport/regulator-charges-freight-forwarders-with-price-fixing)
2021-12-20T04:35:50Z	**NZ shares outperform as omicron looms over Asia**
New Zealand's sharemarket was the standout across Asia, with Fisher & Paykel Healthcare the top performer as the omicron variant of covid-19 keeps investors nervous about another round of lockdowns.

The S&P/NZX 50 Index rose 48.51 points, or 0.4%, to 12,766.45. Turnover was relatively quiet at $116.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-outperform-as-omicron-looms-over-asia)
2021-12-20T17:00:47Z	**Grantonomics risks rousing the inflation dragon**
At one level, the New Zealand economy today looks good, certainly compared with expectations at the start of the pandemic.

Tax revenues are high and unemployment is low. And the government’s half yearly economic and fiscal update (HYEFU) predicts more of the same to come. Our primary exports are booming and most businesses aren’t short of customers. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/grantonomics-risks-rousing-the-inflation-dragon)
2021-12-20T17:00:00Z	**The 'authentic' food trend is taking off – will NZ farming keep up?**
A few months ago, the popular lifestyle imprint New York Magazine declared that hot girls are drinking whole milk again.

They’re ditching alt-mylks because oat milk is too oily apparently, and almond milk is increasingly unappealing because its water-heavy production system contributes to the environmental dystopia that is California in severe drought. So dairy milk is having a resurge ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/the-authentic-food-trend-is-taking-off-will-nz-farming-keep-up)
2021-12-20T19:20:41Z	**Wakeup call: Border reopening in doubt**
**Summary:** Rising **fears about omicron look set to delay the loosening of restrictions at the border**. MBIE announced late last night it was delaying its latest room release for one day “due to the evolving situation with omicron.” Elsewhere, US stocks fell as much as 1.7% this morning on fears omicron would slow the global economic rebound.

**Omicron changes likely** – The government is expected to announce at 2pm if MIQ will b ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-border-reopening-in-doubt)
2021-12-20T20:30:09Z	**House buyers face bank-imposed credit crunch**
Would-be house buyers are facing a credit crunch even as many have already pulled out of the market, according to economist Tony Alexander's latest survey of mortgage brokers.

A net 93% of the 86 respondents reported that lenders are less willing to advance funds while a net 75% reported seeing fewer first-home buyers and a net 70% reported seeing fewer investors. ⌘ [Read more](https://businessdesk.co.nz/article/finance/house-buyers-face-bank-imposed-credit-crunch)
2021-12-20T21:35:00Z	**How to get onboarding right in a remote world**
As New Zealand opens back up and people go on holiday, many businesses that shuttered during the covid-19 lockdowns will be looking to hire. Other companies may be waiting until the new year to recruit, and plenty of skilled people will be seeking new jobs, or looking to switch careers as they re-evaluate their priorities and goals.

All employers know that after hiring someone new, it is vital to get them onboard quickl ... ⌘ [Read more](https://businessdesk.co.nz/article/business-advice/how-to-get-onboarding-right-in-a-remote-world)
2021-12-21T01:05:42Z	**TVNZ turns to Power for new chief executive**
TVNZ has appointed Westpac banker and former National MP Simon Power as its new chief executive, weeks away from a key government decision on whether to merge the state-backed broadcaster with RNZ.

Power was recently acting chief executive at Westpac New Zealand, but missed out on the top job as the big four lender appointed former Barclays banker Catherine McGrath. ⌘ [Read more](https://businessdesk.co.nz/article/media/tvnz-turns-to-power-for-new-chief-executive)
2021-12-21T01:30:22Z	**Phased border re-opening pushed to end of February**
The government has pushed back its phased border reopening plan to the end of February as it looks to mitigate the impact of the omicron covid-19 variant.

“Opening the border in mid-January as planned, simply presents too high a risk at this point,” said covid-19 response minister Chris Hipkins. ⌘ [Read more](https://businessdesk.co.nz/article/policy/phased-border-re-opening-pushed-to-end-of-february)
2021-12-21T03:55:58Z	**Penrich Capital founder jailed**
A former Treasury staffer whose actions cost investors at least $80 million has been sentenced to eight-and-a-half years’ imprisonment for fraud.

Penrich Capital founder Kelly Tonkin, 52, was sentenced by Judge Tony Couch in the Christchurch district court on Tuesday. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/penrich-capital-founder-jailed)
2021-12-21T04:30:04Z	**Exporters rally as omicron tames kiwi**
Export companies were among the day’s winners on the local stock market as a weaker New Zealand dollar offered a boost at a time when inflation is rearing its head.

The S&P/NZX 50 Index rose 90.42 points, or 0.7%, to 12,856.87, with turnover across the wider market a respectable $252.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/exporters-rally-as-omicron-tames-kiwi)
2021-12-21T16:00:00Z	**Robertson, Quigley have no concerns about RBNZ exodus**
Neither the Reserve Bank's chair nor the minister of finance are expressing any concern about the exodus of senior staff from the central bank.

The RBNZ has confirmed that of the 26 tier 2 and tier 3 staff at the bank at June 30, 10 have left or are leaving. ⌘ [Read more](https://businessdesk.co.nz/article/finance/robertson-quigley-have-no-concerns-about-rbnz-exodus)
2021-12-21T17:00:52Z	**Deck the halls with brand consultants**
“Christmas is coming,” the brand consultant’s assistant said.

“Already?” Santa sighed. “Again?” ⌘ [Read more](https://businessdesk.co.nz/article/opinion/deck-the-halls-with-brand-consultants)
2021-12-21T17:00:11Z	**NZGCP wants billion-dollar venture funds**
It’s been a bumper year for venture capital with more than half a billion dollars raised for New Zealand funds to invest in start-up companies – more than in the entire previous decade.

New Zealand Growth Capital Partners is responsible for a large chunk of the sudden flow of money into the asset class. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nzgcp-wants-billion-dollar-venture-funds)
2021-12-21T19:35:53Z	**Wakeup call: A late Santa rally?**
**Summary:** US stocks bounced back this morning to recover some of Monday night’s losses after positive results from Nike and Micron. Air NZ announced flight cancellations for 27,000 travellers overnight after the reopening of the border for MIQ-free travellers was delayed six weeks to the end of February. A bumper year for M&A is wrapping up, with StraitNZ the latest local firm to change hands.

**The fallout – Air NZ announced overnight it would ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-a-late-santa-rally)
2021-12-21T21:45:19Z	**Kea Aerospace claims NZ’s unmanned flight record**
Christchurch aviation company Kea Aerospace says it has beaten the record for the longest unmanned aerial vehicle (UAV) flight in New Zealand.

Kea said its battery and solar-powered prototype test vehicle flew non-stop on Dec 19 for 14 hours and 3 minutes, beating the previous UAV record from 1996 of 12 hours and 3 minutes. ⌘ [Read more](https://businessdesk.co.nz/article/technology/kea-aerospace-claims-nzs-unmanned-flight-record)
2021-12-22T01:29:30Z	**StraitNZ sold for $500m to Morgan Stanley**
CPE Capital has sold StraitNZ, the company that operates the Bluebridge Cook Strait ferries, to Morgan Stanley Infrastructure Partners for more than $500 million, according to the Australian Financial Review.

AFR said the 30-year old StraitNZ claims 56% of the vehicle freight across Cook Strait and 31% of the passenger business, both up from 24% a decade ago. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/straitnz-sold-for-500m-to-morgan-stanley)
2021-12-22T03:01:47Z	**Vista affirms guidance amid blockbuster movie success**
The success of recent blockbuster movie releases means Vista Group is on track to achieve its revenue guidance, and that both operating earnings and cash flow will be positive for the second half of the financial year.

Vista expects revenue to come in between $95 million and $100m for the calendar year. ⌘ [Read more](https://businessdesk.co.nz/article/markets/vista-affirms-guidance-amid-blockbuster-movie-success)
2021-12-22T04:35:37Z	**Ebos drags NZX50 higher as healthcare stocks find favour**
Ebos Group led the S&P/NZX 50 Index higher as healthcare stocks found themselves in favour as the omicron variant of covid-19 has investors pondering the next step in the pandemic.

The benchmark index edged up 8.35 points, or 0.1%, to 12,865.22 in relatively modest trading, with turnover across the entire market of $111.5 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ebos-drags-nzx50-higher-as-healthcare-stocks-find-favour)
2021-12-22T16:00:00Z	**The ten best tech books of 2021**
If 2021 has left you slightly bewildered, exhausted and fretful about the future, you aren’t alone.

But the holiday break affords all of us an opportunity to reflect on another year lived in the shadow of covid and think about where the world is going. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/the-ten-best-tech-books-of-2021)
2021-12-22T16:00:00Z	**Paint peeling on Air NZ Dreamliners**
Peeling paint, the scourge of airlines flying the new wave carbon composite planes, has struck Air New Zealand’s 787-9 Dreamliners. As a result, the planes, with their distinct black fuselages will head to Boeing’s US paint shop for repainting from May.

Air New Zealand has assured the issue is only cosmetic and that it had no impact on the safety, structure or integrity of the aircraft. ⌘ [Read more](https://businessdesk.co.nz/article/markets/paint-peeling-on-air-nz-dreamliners)
2021-12-22T16:00:00Z	**Small business sales up 15.8% y/y in Nov**
Annual sales growth through small businesses nationwide accelerated in November to 15.8% from 8.2% in October, likely spurred by the reopening of in-store retail shopping in Auckland early in the month.

October's gain was revised up from 6.4% after accountants and bookkeepers finalised their clients' accounts. ⌘ [Read more](https://businessdesk.co.nz/article/finance/small-business-sales-up-158-yy-in-nov)
2021-12-22T17:00:24Z	**NZ has lost one of its best journalists, Jim Eagles**
Jim Eagles once called me a bad-tempered fairy. It wasn't a compliment.

Then he explained that I'd reminded him of one of his then small daughters who'd once been dressed in a fairy costume and beside herself with rage. ⌘ [Read more](https://businessdesk.co.nz/article/retrospective/nz-has-lost-one-of-its-best-journalists-jim-eagles)
2021-12-22T17:00:00Z	**NZ fuel tankers scuttled?**
A fuel transport company is winding down and ending its use of New Zealand’s two regional fuel tankers as oil refining in this country draws to an end.

Coastal Oil Logistics, a joint venture between major petroleum suppliers BP, Mobil and Z Energy, charters two NZ-flagged tankers from Silver Fern Shipping to transport fuel products from the Marsden Point refinery to all major ports around the country, except Auckland. ⌘ [Read more](https://businessdesk.co.nz/article/transport/nz-fuel-tankers-scuttled)
2021-12-22T21:00:12Z	**Why Goff is taking his 'bed tax' to the supreme court**
Auckland mayor Phil Goff is overstepping his authority by challenging a ruling on the legality of the city’s hotel levy, the Hotel Council Aotearoa says.

The mayor wants the supreme court to overturn a recent court of appeal decision that the accommodation provider targeted rate (APTR) was invalid and unreasonable. ⌘ [Read more](https://businessdesk.co.nz/article/tourism/why-goff-is-taking-his-bed-tax-to-the-supreme-court)
2021-12-22T21:10:45Z	**Goodman buys land in Albany and Penrose**
Goodman Property Trust's manager said it has bought a 3.2 hectare site in Albany and has secured an agreement with NZ Post to build a new parcel processing centre on Bush Road in the suburb.

The manager didn't say how much it will pay or indicate the cost of the new facility but said Goodman has more than $440 million of work in progress. ⌘ [Read more](https://businessdesk.co.nz/article/property/goodman-buys-land-in-albany-and-penrose)
2021-12-23T02:00:46Z	**Where are those Aucklanders?**
There is little sign of the anticipated Auckland surge in the Far North, particularly from Kerikeri upwards, with just two days left before Christmas.

Hospitality operators are extremely anxious as they are highly dependent on the December to February period for the bulk of their income. ⌘ [Read more](https://businessdesk.co.nz/article/tourism/where-are-those-aucklanders)
2021-12-23T03:08:21Z	**Heritage Lifecare's owner does $291m sale-and-leaseback deal**
Heritage Lifecare's owner, Australian private equity firm Adamantem Capital, has done a $291 million sale-and-leaseback deal of the aged care provider's properties with another Australian company with strong New Zealand links, Centuria Capital.

Centuria, which took over NZX-listed Augusta Capital last year, has also bought a Queensland hospital for A$76m (NZ$80.4m) and a healthcare development site i ... ⌘ [Read more](https://businessdesk.co.nz/article/finance/heritage-lifecares-owner-does-291m-sale-and-leaseback-deal)
2021-12-23T04:00:16Z	**Xero buys Canadian tax preparer for up to C$75m**
Accounting software firm Xero will pay up to C$75 million (NZ$85.5m) for Canada-based tax preparation software company TaxCycle, helping to boost its presence in what has been a fledgling market for Xero.

TaxCycle provides software for accountants and bookkeepers and Xero's marketing strategy is to access its small business customers through their accountants and bookkeepers. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/xero-buys-canadian-tax-preparer-for-up-to-c75m)
2021-12-23T04:35:34Z	**Flat day for the NZX50 as negative year beckons**
New Zealand’s sharemarket is petering out in the run-up to the Christmas break and faces its first negative year in a decade as investors continue to grapple with the latest twists and turns of the covid-19 pandemic.

The S&P/NZX 50 Index ended the day largely flat, down 2.51 points, or 0.02%, at 12,862.71. Turnover was relatively quiet at $105.8 million across the main board as trading desks wind down for the Christmas br ... ⌘ [Read more](https://businessdesk.co.nz/article/markets/flat-day-for-the-nzx50-as-negative-year-beckons)
2021-12-23T16:00:00Z	**Exit interview: Rob Everett on cleaning up NZ's already 'clean' act**
“Both fantastic and terrifying.”

That’s the advice from the top if you’re thinking of getting into crypto-currency. ⌘ [Read more](https://businessdesk.co.nz/article/policy/exit-interview-rob-everett-on-cleaning-up-nzs-already-clean-act)
2021-12-23T17:00:00Z	**Here comes the year of adaptation**
The Christmas lunch is a great time to unwind, kick back and catch up with family, friends and colleagues to reflect on the year that’s been, and humblebrag about what’s in store over the summer.

Unfortunately, 2021 doesn’t have too many redeeming features and is probably best consigned to the history books. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/here-comes-the-year-of-adaptation)
2021-12-23T17:00:00Z	**Move Logistics poised for turnaround: Craigs**
Move Logistics has been an under-performing freight and logistics business, but Craigs Investment Partners analysts believe it's poised for a turnaround.

"Under new chief executive Chris Dunphy, who helped lead Mainfreight's global growth for more than a decade, Move's senior leadership team has recently been bolstered by other appointments drawn from Mainfreight and other large industry competitors," said analysts Kieran C ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/move-logistics-poised-for-turnaround-craigs)
2021-12-23T18:00:00Z	**Spoiler alert: Is it a bike? No, it’s a beach towel**
Undeterred by checkpoints and keen to get out of the house after months of lockdowns, Kiwis are planning to head to the beach in droves this summer.

That's if shopping trends are anything to go by. ⌘ [Read more](https://businessdesk.co.nz/article/retail/spoiler-alert-is-it-a-bike-no-its-a-beach-towel)
2021-12-23T21:17:35Z	**Rural Equities buys another Canterbury dairy farm**
Rural Equities has entered an unconditional contract to acquire a 227-hectare dairy farm in mid-Canterbury.

The property, which milks up to 750 dairy cows, will be managed under the group’s usual 50/50 sharemilking model. The settlement will be completed on June 1, 2022, the company said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/rural-equities-buys-another-canterbury-dairy-farm)
2021-12-23T22:00:00Z	**Govt ad campaign just water under the bridge**
The more the government promoted its Three Waters reforms with nationwide advertising, the more public opinion turned against it, according to research from the agency that created the campaign. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/govt-ad-campaign-just-water-under-the-bridge)
2021-12-24T00:30:01Z	**Z Energy held back by holiday traffic**
Z Energy shares slid after the Commerce Commission reiterated concerns about Ampol’s $2 billion takeover of the company.

The fuel company was among the few companies that attracted any interest on a quiet Christmas Eve when the S&P/NZX 50 Index increased 0.2% or 25.7 points to 12888.41. ⌘ [Read more](https://businessdesk.co.nz/article/markets/z-energy-held-back-by-holiday-traffic)
2021-12-25T16:00:00Z	**Dress to impress – what to wear on New Year’s Eve**
We made it! We’re collectively off the clock after another pandemic-disrupted year full of uncertainty. Christmas chaos is behind us and the only thing left to do is slip into something fabulous, let our hair down and enjoy the champagne as it flows freely.

Whether you’re staying in, having a small cocktail party with friends or a BBQ at the bach, a New Year’s Eve outfit calls for something special. If you’ve  ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/dress-to-impress-what-to-wear-on-new-years-eve)
2021-12-25T16:00:00Z	**Review – Ecovacs Deebot T9+, the robot cleaner that’s good in a vacuum**
Though I have now been allowed to roam the streets, shops, and bars of Auckland post-lockdown, for many months I was cooped up in my modest unit working from home, my wife working from another room.

It turns out making three meals a day while working and relaxing through most of your waking hours in the living room makes for a messy home, so I was glad when I was offered a fancy ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-ecovacs-deebot-t9-the-robot-cleaner-thats-good-in-a-vacuum)
2021-12-25T16:00:00Z	**What to buy from the Penfolds 2021 Australia wine collection**
One of my wine-tasting highlights each year is the review of [Penfolds’ top offerings](https://businessdesk.co.nz/article/the-life/red-white-and-true-blue-tasting-notes-on-the-penfolds-collection-2020). In the past, these tastings have been held in Australia, where they are followed by a slap-up dinner featuring treasures from the company’s cellar – the 1953 Grange and Penfolds 1962 Bin 60A Coona ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/what-to-buy-from-the-penfolds-2021-australia-wine-collection)
2021-12-25T16:00:00Z	**Word up – the best of My Net Worth**
**Having enough money in life is really important** but after that it rapidly diminishes and then it becomes a negative. The past 10 years of my life have been divesting. I’ve made my life simpler, getting rid of stuff and turning up for people and experiences and turningdown stuff. I drive a car that is 12 years old.

Sam Stubbs, founder and managing director of Simplicity

**The due diligence** **you do on the people** you'll be working with ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/word-up-the-best-of-my-net-worth)
2021-12-25T16:00:00Z	**Calling it quits – “divorce is a silent, torturous battle for men in New Zealand”**
Tim (not his real name) was in his late 40s when his marriage of 20 years broke down. A senior executive in a multinational company, he juggled work in different time zones and negotiated with what he called “the movers and shakers of New Zealand, people in the NZX top 50”.

So he thought he knew how to deal with pressure. Then his divorce hit him like ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/calling-it-quits-divorce-is-a-silent-torturous-battle-for-men-in-new-zealand)
2021-12-26T16:00:00Z	**The Wellington gamer streaming good vibes on Facebook**
It’s no secret video games are big business.

In April, Accenture [valued the global gaming industry](https://newsroom.accenture.com/news/global-gaming-industry-value-now-exceeds-300-billion-new-accenture-report-finds.htm) at more than US$300 billion (NZ$443b), which it said is more than the global film and music industries combined. ⌘ [Read more](https://businessdesk.co.nz/article/technology/the-wellington-gamer-streaming-good-vibes-on-facebook)
2021-12-28T17:00:55Z	**Dinner with Michael Bloomberg**
I was Bloomberg's first employee on the ground in New Zealand.

It was 1994 and it nearly didn't happen. I had said I was willing to accept the job on the terms and conditions offered but, in the final stages, the company abruptly cut the salary by about 10%, so I said get stuffed. ⌘ [Read more](https://businessdesk.co.nz/article/technology/dinner-with-michael-bloomberg)
2021-12-28T17:00:52Z	**Locals step in to pick up $400m in hotel deals**
A flutter of late-season deals will see this year close out with more than $400 million of hotel transactions on the books.

That’s up a third on the previous high of $300m recorded during both 2010 and 2015, and almost three-fold the 10-year annual average of $150m. ⌘ [Read more](https://businessdesk.co.nz/article/travel/locals-step-in-to-pick-up-400m-in-hotel-deals)
2021-12-28T21:20:20Z	**Christmas sparkles for Michael Hill in earnings outlook**
Michael Hill International expects to deliver first-half earnings “well above” the A$44.6 million it posted a year earlier having been able to open all stores through the Christmas period.

The jewellery chain’s stock climbed 4.9% to $1.29 after it said it delivered sales growth and wider margins throughout November and December, despite the uncertain trading conditions posed by the delta and omicron cov ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/christmas-sparkles-for-michael-hill-in-earnings-outlook)
2021-12-29T00:00:00Z	**Australia pulls ahead in pursuit of Indian trade deal**
New Zealand exporters may struggle to crack India's US$3 trillion economy if Australia successfully inks a lucrative free trade agreement (FTA) with the world's second-most populous nation.

India’s commerce minister Piyush Goyal and Australia’s minister for trade, tourism and investment Dan Tehan agreed to expedite bilateral comprehensive economic cooperation agreement negotiations in a video conference just ... ⌘ [Read more](https://businessdesk.co.nz/article/economy/australia-pulls-ahead-in-pursuit-of-indian-trade-deal)
2021-12-29T04:35:42Z	**Michael Hill storms higher on positive earnings upgrade**
A strong trading update for Michael Hill International provided some post-Christmas cheer as investors returned from the holiday break in a positive mood.

The S&P NZX50 was up 0.4%, or 52 points, at 12,940.42 on the first day of trading since Dec 24, with financial stocks taking their cues from across the Tasman. Turnover was $135 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/michael-hill-storms-higher-on-positive-earnings-upgrade)
2021-12-29T16:00:00Z	**Interoperability – the real answer to breaking Big Tech’s stranglehold**
2021 was a trainwreck of a year for the Big Tech companies on one hand and a golden era on the other.

It started with the storming of the Capitol riot in Washington DC on Jan 6, a shameful event in US history that was largely organised via messaging apps and social media platforms. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/interoperability-the-real-answer-to-breaking-big-techs-stranglehold)
2021-12-29T16:00:00Z	**Interactive: NZX winners and losers in 2021**
It might have been the [worst year for the NZX in a decade](https://businessdesk.co.nz/article/nzx-50s-leaky-tyre-syndrome-delivers-worst-year-in-a-decade), but there were still plenty variation across the board – with a few big winners and a few big losers too.

Use the interactive chart to explore the performance of every company still listed on the NZX between January 5 and December 22. ⌘ [Read more](https://businessdesk.co.nz/article/markets/interactive-nzx-winners-and-losers-in-2021)
2021-12-29T16:00:00Z	**Rakon: succession, space, and supply chain pain**
Brent Robinson was appointed chief executive of Rakon some 35 years ago, but the plan for his replacement has been in mind for the last 10 of those.

“Obviously, everybody’s got to think about succession and I’m no different to anyone else,” Robinson told BusinessDesk. ⌘ [Read more](https://businessdesk.co.nz/article/technology/rakon-succession-space-and-supply-chain-pain)
2021-12-29T23:00:11Z	**Receivers halt pursuit of Kerr docs for now**
After six months or so of legal wrangling, receivers have given up trying to extract more documents from London-based businessman George Kerr, although they suspect he’s still holding out.

Calibre Partners’ Neale Jackson and Natalie Burrett were appointed receivers of Kerr’s Pyne Holdings in April by the Bank of New Zealand (BNZ), which is trying to recover about $62 million from various Kerr-related entities. ⌘ [Read more](https://businessdesk.co.nz/article/markets/receivers-halt-pursuit-of-kerr-docs-for-now)
2021-12-29T23:20:07Z	**Omicron in community: no red light for Auckland**
News that omicron has made its way into the community won’t impact current settings says covid-19 response minister Chris Hipkins.

“At this point, there is no case to reinstate any boundaries or to reconsider the shift that Auckland is about to make from red to orange,” he said at a press conference from Raumati Beach, north of Wellington. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/omicron-in-community-no-red-light-for-auckland)
2021-12-30T04:30:50Z	**NZ shares, kiwi push higher in light holiday trading**
The New Zealand dollar and the local stock market pushed higher in light trading on the second to last trading day for 2021.

The kiwi rose to 68.44 US cents at 5pm in Wellington from 68.11 cents at 5pm on Wednesday. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-kiwi-push-higher-in-light-holiday-trading)
2021-12-30T16:00:35Z	**Agriculture dominates New Year business honours**
The 2022 Honours List may be light on accolades for business leaders but it did turn a spotlight on the agriculture sector.

Of the total 183 recipients, eight were honoured for work related to business and the economy. The bulk went to sporting greats including Lisa Carrington and Sophie Pascoe, or to people who were recognised for their community, voluntary and local service, such as former privacy commissioner Mari ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/agriculture-dominates-new-year-business-honours)
2021-12-30T17:00:42Z	**2022: The year of the super bach**
New Zealand has recorded the biggest jump in house prices anywhere on the planet since covid arrived on Aotearoa's shores.

Construction is also booming, sparked by rock bottom interest rates and robust demand, particularly in the urban terrace and townhouse development space. ⌘ [Read more](https://businessdesk.co.nz/article/property/2022-the-year-of-the-super-bach)
2021-12-30T17:00:23Z	**Congestion pricing coming to New Zealand**
Traffic congestion is bad in New Zealand’s main cities and will get worse as the population increases.

International experience shows that building more roads is not the answer – “you can’t build your way out of congestion.” More public transport and bike lanes help only to a degree. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/congestion-pricing-coming-to-new-zealand)
2021-12-31T00:35:08Z	**NZ shares break nine-year winning streak**
The New Zealand stock market slipped 0.4% in 2021, ending a nine-year positive streak as future earnings look to be increasingly in doubt.

On the day, the S&P/NZX 50 Index edged down 0.06%, or 7 points, to 13,033.77. Turnover across the main board was quiet at $39.9 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-break-nine-year-winning-streak)
2021-12-31T17:00:00Z	**Summer QuiznessDesk**
002. Which of these is not a[micro-investing](https://businessdesk.co.nz/article/finance/share-investing-jumped-in-the-last-year) platform in New Zealand?
003. Sharesies
004. Hatch
005. Stake
006. Peanuts
007. Which stock exchange did[Rocket Lab](https://businessdesk.co.nz/article/rocket-lab-touches-down-on-the-nasdaq) list on this year?
008. NZX
009. ASX
010. NYSE
011. Nasdaq
012. When was[Fonterra formed](https://businessdesk.co.nz/article/opinion/somethin ... ⌘ [Read more](https://businessdesk.co.nz/article/retrospective/summer-quiznessdesk)
2021-12-31T21:00:54Z	**2degrees, Orcon usher in 2022 with a $1.7b deal**
Telecommunications carriers 2degrees and Orcon have closed the year on a high as they reached a $1.7 billion deal to join forces rather than go it alone in separate initial public offerings.

The telcos paused their respective plans to go public in October to pursue merger talks, with the rationale being a combined entity would be better able to foot it against the dominant players, Spark and Vodafone. ⌘ [Read more](https://businessdesk.co.nz/article/technology/2degrees-orcon-usher-in-2022-with-a-17b-deal)
2022-01-01T16:00:00Z	**The bottom line – what we learnt from the art world in 2021**
Despite the delta lockdown in Auckland that lasted for 15 weeks, the art scene there and throughout New Zealand was a busy place in 2021. The secondary market boomed, new technology quickly became an essential part of the sector, blockbuster international exhibitions appeared on our shores and the art world lost several creative giants. Here are our top 10 events and trends from 2021.

#### Auction h ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/the-bottom-line-what-we-learnt-from-the-art-world-in-2021)
2022-01-01T16:00:00Z	**Life lessons – the best of My Net Worth**
**I've learnt a lot from failure**. It was something that I was scared of, but it's been the greatest thing that ever happened to me. Not being successful in my coaching career more than once was really important. Failing at things I thought I'd be good at and haven't been. Failure is something to always be striving for in a positive way, because otherwise you're mediocre.

John Kirwan, founder and board chair, Sir John Kirwan Foundation, ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/life-lessons-the-best-of-my-net-worth)
2022-01-01T16:00:00Z	**Eyes on the prize – stylish sunglasses designed in NZ**
Extra eye protection is good news, because ultra-violet radiation levels in New Zealand can be very high. UV over 10 is considered “extreme”, and [summer UV levels in this country often hover around 12](https://niwa.co.nz/our-services/online-services/uv-and-ozone/uv-index-information). They’re even higher at high altitudes such as in the Southern Alps.

We’ve found sunglasses companies in Aotearoa that d ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/eyes-on-the-prize-stylish-sunglasses-designed-in-nz)
2022-01-01T16:00:00Z	**Talking Shop – Rickie Dee and James Rigden, co-founders of Superette, on surviving 20 years in the fashion industry**
Rickie Dee and James Rigden were barely out of their teens when they decided to leave behind 9-to-5 jobs and launch a company focused on redefining the concept of luxury living, both in fashion and lifestyle. Intending to take a boutique approach to retailing, they opened their first outlet in an ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/talking-shop-rickie-dee-and-james-rigden-co-founders-of-superette-on-surviving-20-years-in-the-fashion-industry)
2022-01-01T16:00:00Z	**Family business - the prizes and pitfalls of succession**
In the midst of his gap year in Europe, Jonathan Kaweka\* called his parents, Ian and Fay, and told them he had decided to forgo his plan to pursue medicine and instead study engineering in order to carry on the family business.

“I thought he was nuts, frankly. I would’ve much rather he’d been a doctor,” Ian says. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/family-business-the-prizes-and-pitfalls-of-succession)
2022-01-02T17:00:25Z	**Cyclical value: what to buy in 2022**
Equity analysts are predicting the coming year to be another slow one for the local sharemarket as inflation and higher interest rates weigh on company earnings and asset valuations.

Forsyth Barr’s head of research, Andy Bowley said the long-running bull market – enjoyed since the global financial crisis – appears to be ending as a decade-long decline in interest rates has reversed. ⌘ [Read more](https://businessdesk.co.nz/article/markets/cyclical-value-what-to-buy-in-2022)
2022-01-02T17:00:56Z	**Will DoC make progress on stewardship land in 2022?**
An important question in 2022 will be whether bureaucratic and political inertia over reclassifying conservation department stewardship land will be overcome.

It is a process that has rarely hit national headlines, but it is not inconsequential. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/will-doc-make-progress-on-stewardship-land-in-2022)
2022-01-04T16:00:00Z	**EV tyrekickers' guide – summer edition**
Did the government's new rebate scheme get you salivating over electric vehicles (EV) but you haven't got around to buying one?

Here at BusinessDesk, we understand how precious your summer break is, so we've updated our guide on everything an EV tyre-kicker needs to know. ⌘ [Read more](https://businessdesk.co.nz/article/cars/ev-tyrekickers-guide-summer-edition)
2022-01-04T17:00:34Z	**WētāFX finds strength in Unity deal**
WētāFX is flush with cash after the US$1.6 billion (NZ$2.3b) sale of its [technology unit](https://businessdesk.co.nz/article/peter-jackson-sells-weta-digital-for-us163-billion), with Peter Jackson and his fellow shareholders leaving plenty of working capital in the visual effects firm.

The assets of the old Weta Digital have been poured into a new entity called WētāFX – with macrons – in a restructuring that carved out up to US$772m  ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/wetafx-finds-strength-in-unity-deal)
2022-01-04T19:54:11Z	**Infratil's CDC investment gains A$500m**
Infratil’s 48% investment in the CDC Data Centres continues to reap rewards, with a 15% lift in value since June 30.

On Dec 31 the stake was valued at between A$2.7 billion to A$2.9b with a midpoint of A$2.8b, up from A$2.3b to A$2.5b at June 30, 2021. ⌘ [Read more](https://businessdesk.co.nz/article/listed-companies/infratils-cdc-investment-gains-a500m)
2022-01-05T00:00:00Z	**How fees, performance of new Kiwisaver default funds compare**
**This article has been republished. It was first published in May 2021.**

Past performance may not be indicative of future performance. ⌘ [Read more](https://businessdesk.co.nz/article/markets/how-fees-performance-of-new-kiwisaver-default-funds-compare)
2022-01-05T01:00:00Z	**Dusty work: inner city businesses 'forgotten', abandoned**
Business owners in Auckland central say lockdowns and construction have created a ‘perfect storm’ for trading – making last year a torrid affair.

The level of work in the city is at its highest level in eight years, largely driven by civil and infrastructure work. That includes the $4.6 billion City Rail Link, and Watercare’s $1.2b central interceptor tunnel project. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/dusty-work-inner-city-businesses-forgotten-abandoned)
2022-01-05T02:00:00Z	**Spark Sport stumped by cricket streaming issue**
Spark Sport says a buffering issue that affected its streaming of the Black Caps’ cricket test against Bangladesh only kicked in after four-and-a-half hours of continuous viewing.

Though the first test is now over, the issue remains unfixed. ⌘ [Read more](https://businessdesk.co.nz/article/technology/spark-sport-stumped-by-cricket-streaming-issue)
2022-01-05T02:15:00Z	**NZ beef exports set to rise**
New Zealand’s beef exports are tipped to increase slightly through to 2026 as output lifts and domestic consumption eases, said Fitch Solutions.

Beef production is expected to increase from 733,000 tonnes in 2022 to 794,000 tonnes in 2026, it said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/nz-beef-exports-set-to-rise)
2022-01-05T05:00:00Z	**Infratil boosts NZX 50 in first session of 2022**
Infrastructure investment firm Infratil led the benchmark equity index higher in the first trading day of the year after one of its key assets had its valuation boosted 15%.

The S&P/NZX 50 Index rose 116 points, or 0.9%, to 13,150.38. Turnover was $126.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/infratil-boosts-nzx-50-in-first-session-of-2022)
2022-01-05T16:00:00Z	**Where the crypto scene is heading in 2022**
If you listened to cryptocurrency evangelists like Raoul Pal and Michael Saylor back in November, 2021 was destined to end with a rally pushing the price of a bitcoin towards the US$100,000 (NZ$147,000) mark.

Instead, bitcoin and its key rival coins lost ground, shaking the confidence of crypto investors despite the significant increases in value overall for the year – bitcoin was up nearly 70% in 2021, Ethereum around 300%. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/where-the-crypto-scene-is-heading-in-2022)
2022-01-05T16:00:00Z	**The NZ industries hit hardest for labour breaches**
Just four industries account for the bulk of infringement notices dished out by labour inspectors for breaching employment law.

Investigations may have dropped off in recent years, but the regulator hasn't gone away because of covid-19, says Stu Lumsden, the head of the Labour Inspectorate, which is the employment standards regulator within the Ministry of Business, Innovation and Employment (MBIE). ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/the-nz-industries-hit-hardest-for-labour-breaches)
2022-01-05T21:00:00Z	**'Vendor standoff' – average house price pushes past $1 million**
Real estate firm Barfoot & Thompson said it has begun the year with almost a quarter more homes for sales than it did in 2021 as listings increase while sales numbers decline.

Managing director Peter Thompson said the firm had 948 new listings in December – up from 868 last year – and a total of 3,646 listings on the company’s books at the end of the year, up 24%. ⌘ [Read more](https://businessdesk.co.nz/article/property/vendor-standoff-average-house-price-pushes-past-1-million)
2022-01-05T23:00:00Z	**The heat is on and farmers have a new tool to help track it**
Rising temperatures in New Zealand are turning the heat on the government, which is looking for tools to help farmers and growers better prepare.

“In the last decade, the National Institute of Water and Atmospheric Research (Niwa) has reported many record-setting high-temperature extremes,” said Niwa climate database scientist Raghav Srinivasan. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/the-heat-is-on-and-farmers-have-a-new-tool-to-help-track-it)
2022-01-06T04:45:00Z	**NZ tech stocks hit hard as US Fed signals rate hikes**
New Zealand shares tumbled with Wall Street indices after United States Federal Reserve meeting minutes suggested the central bank might need to raise rates sooner than expected.

The S&P/NZX 50 Index fell 167 points, or 1.2%, to 12983.01. Turnover was $118.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-tech-stocks-hit-hard-as-us-fed-signals-rate-hikes)
2022-01-06T16:00:00Z	**Outdoor ad industry upbeat about Auckland recovery**
Advertising industry executives are confident that the Auckland market will recover from the depths of lockdown following a stronger-than-expected three months to the end of December.

MediaWorks commercial director Liz Fraser said the group’s outdoor advertising business “has been much stronger in the fourth quarter than anticipated”, despite three months of covid-19 restrictions in New Zealand’s biggest city. ⌘ [Read more](https://businessdesk.co.nz/article/media/outdoor-ad-industry-upbeat-about-auckland-recovery)
2022-01-06T17:00:47Z	**Time to go where everybody knows your name**
Publicans and restaurateurs up and down the country are trying to keep their heads above water in what’s been a trying time for their sector.

The lockdowns of the past two years literally squeezed the life out of hundreds of businesses that shut up shop when their customers vacated the office buildings they served, and thousands of hospo workers quit the industry to pick up similar customer-facing roles in retail or similar service  ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/time-to-go-where-everybody-knows-your-name)
2022-01-06T20:30:00Z	**Straker Translations makes its ninth acquisition**
Straker Translations is to purchase Belgian translation provider IDEST Communication in a €1.75 million ($2.9m) deal.

Straker chief executive Grant Straker said it was the company’s ninth acquisition. The transaction is not subject to conditions and will be funded by Straker’s cash reserves. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/straker-translations-makes-its-ninth-acquisition)
2022-01-06T21:41:35Z	**Soaring share price takes Air NZ off the radar**
Air New Zealand is likely the NZX-listed company that has been worst affected by the covid-19 pandemic, which basically wiped out two-thirds of the airlines’ operations.

But despite being reduced to a deeply indebted domestic carrier with no prospect of immediate recovery to its former self, the stock has only lost half of its valuation. ⌘ [Read more](https://businessdesk.co.nz/article/markets/soaring-share-price-takes-air-nz-off-the-radar)
2022-01-06T23:56:00Z	**EVs drive record car sales but utes still lead the race**
Surging demand for electric vehicles helped propel car sales to record levels last year, although petrol and diesel ute sales remain streets ahead.

The Motor Industry Association (MIA) reports that more cars and commercial vehicles were sold last month than any other December, spiking 44.3% year-on-year to 12,097 vehicles. ⌘ [Read more](https://businessdesk.co.nz/article/cars/evs-drive-record-car-sales-but-utes-still-lead-the-race)
2022-01-07T01:00:00Z	**What to expect from a 2degrees, Orcon merger**
Customers of 2degrees and Orcon Group can expect little change, even if the companies merge as planned this year, say industry experts.

Macquarie Asset Management and Aware Super, the owners of Vocus Group and its New Zealand subsidiary Orcon Group will, as Voyage Australia, acquire 2degrees from Trilogy International Partners and Tesbrit BV in the first half of 2022, subject to regulatory approval. ⌘ [Read more](https://businessdesk.co.nz/article/technology/what-to-expect-from-a-2degrees-orcon-merger)
2022-01-07T04:00:00Z	**What keeps lawyers awake at night**
Questions about the reach of covid mandates boggled legal minds in 2021, but the coming year is likely to have a slightly greener hue as the government turns its attention to climate change and how to reduce the nation’s emissions.

Chapman Tripp partner Alana Lampitt, who specialises in environmental planning and resource management law, said the government’s commitments at COP26 in Glasgow last year show a clear direction of travel for an  ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/what-keeps-lawyers-awake-at-night)
2022-01-07T04:40:00Z	**NZ shares flat as investors wait for job data**
New Zealand shares finished the day little changed after being caught up in a global sell-off yesterday when traders interpreted the US Federal Reserve’s meeting minutes as being hawkish.

The S&P/NZX 50 Index fell 12 points, or 0.1%, to 12,970.65. Turnover was $112 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-flat-as-investors-wait-for-job-data)
2022-01-07T17:00:00Z	**Six burning questions for NZ sport in 2022**
**Covid has been the ugly drunken spectator yelling abuse for almost two years. But sport is a resilient beast. Beyond the pandemic, here’s six things that will matter in the business of NZ sport this year.**

**Will Super Rugby 'Pacific' deliver in 2022?** ⌘ [Read more](https://businessdesk.co.nz/article/sport/six-burning-questions-for-nz-sport-in-2022)
2022-01-07T19:00:00Z	**Review: Goodbye Kindle, hello Kobo Sage & Kobo Libra 2**
The Kindle has become so ubiquitous it is the noun used by most people to describe any e-reader.

Amazon is such a monolithic company it has swatted most Kindle competitors from its path with aggressive marketing, pricing, and global availability. ⌘ [Read more](https://businessdesk.co.nz/article/technology/review-goodbye-kindle-hello-kobo-sage-kobo-libra-2)
2022-01-08T16:00:00Z	**My Net Worth: John Kippenberger, CEO, Scott Technology**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

John Kippenberger was appointed to lead Scott Technology, the publicly listed automation and robotic technologies company based in Dunedin, in November 2019, just months before businesses worldwide were thrown into turmoil by the outbreak of the Covid pandem ... ⌘ [Read more](https://businessdesk.co.nz/article/my-net-worth/my-net-worth-john-kippenberger-ceo-scott-technology)
2022-01-08T16:00:00Z	**The helper's high – why doing good benefits our health**
Sue McCabe gets by on charity. She is the chief executive of the charity-boosting organisation [Philanthropy New Zealand](https://philanthropy.org.nz/) and it’s her job to make people feel good about doing good.

That shouldn’t be too difficult. Doing good is widely believed to be good for you, for example by lowering stress and improving blood pressure. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/the-helpers-high-why-doing-good-benefits-our-health)
2022-01-08T16:00:00Z	**Cool and crisp – the top 10 sauvignon blanc wines for summer drinking**
New Zealand sauvignon blanc was born in a tin shed in Swanson, West Auckland. That is where brothers Ross and Bill Spence, founders of Matua Valley Wines, fermented a barrel of freshly harvested sauvignon blanc grapes and made a brew that excited all who tasted it. Shortly afterwards, in 1973, Montana, the country’s largest wine producer, planted sauvignon blanc cuttings in its newl ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/cool-and-crisp-the-top-10-sauvignon-blanc-wines-for-summer-drinking)
2022-01-08T16:00:00Z	**Review: Cupra Formentor VZ – a sleek SUV which drives like a hot hatch**
My wife reckons the name sounds like something to do with kombucha or sourdough bread.

My daughter just reckons I shouldn’t drive it around the roundabouts quite so fast. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-cupra-formentor-vz-a-sleek-suv-which-drives-like-a-hot-hatch)
2022-01-08T16:00:00Z	**Talking Shop – Jeremy Bank, founder of YY Nation footwear, on treading the sustainable business path**
Wellingtonian Jeremy Bank comes from a family with three generations of footwear expertise, beginning with his grandfather Cecil, who opened Banks Shoes in Lower Hutt in 1938.

Taking things a step further, Jeremy has created a zero-carbon-certified footwear brand, [YY Nation](https://yynation.com/), which uses leather al ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/talking-shop-jeremy-bank-founder-of-yy-nation-footwear-on-treading-the-sustainable-business-path)
2022-01-09T16:00:00Z	**More amiss at RBNZ than senior staff loss**
The mass exodus of Reserve Bank of New Zealand (RBNZ) staff is but one symptom that something is amiss at one of our most important regulatory institutions.

I doubt it's any coincidence that RBNZ is also one of our most unaccountable institutions. ⌘ [Read more](https://businessdesk.co.nz/article/finance/more-amiss-at-rbnz-than-senior-staff-loss)
2022-01-09T16:00:00Z	**The rise of the robot reporter**
Artificial intelligence tools that can read stock market announcements and write news stories. Synthetic voices that mimic your favourite newsreader and read out articles. Smart technology to dissect huge data files and visualise the findings.

This isn't the stuff of science fiction – it's just some of the technology available to journalists today. ⌘ [Read more](https://businessdesk.co.nz/article/media/the-rise-of-the-robot-reporter)
2022-01-09T17:00:46Z	**Will A2 Milk have an A+ year in 2022?**
A2 Milk investors have been hit by another annus horribilis. Will 2022 be better and should bargain hunters be snapping up the shares?

The price certainly looks attractive. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/will-a2-milk-have-an-a-year-in-2022)
2022-01-09T18:40:00Z	**Wage and covid costs hammer Warehouse Christmas trading**
The Warehouse Group expects its first-half net profit to be sharply lower on the year on higher costs, supply constraints and the impact of covid-19.

Based on actual sales for the first five months of the financial year to Jan 2 the group expects adjusted net profit for the first half of the year to exceed $40 million, it said. This compared to $111m in HY21 and $46.2m in the first half of the 2020 financial  ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/wage-and-covid-costs-hammer-warehouse-christmas-trading)
2022-01-09T20:00:00Z	**'Net zero' chance of hitting emissions targets – report**
New Zealand has almost no chance of hitting its net carbon zero transport targets – and current policy settings could even make things worse, new research says.

A study prepared by independent economist Richard Meade for electricity distributors Vector and Powerco and gas company First Gas strongly suggests that greenhouse gas emissions analysis and the recommendations of the Climate Change Commission are  ... ⌘ [Read more](https://businessdesk.co.nz/article/transport/net-zero-chance-of-hitting-emissions-targets-report)
2022-01-09T23:00:00Z	**Greenfern taps into Aussie market with $900k deal**
NZX-listed [Greenfern Industries](https://businessdesk.co.nz/company/greenfern-industries-ltd) has formalised an agreement with Melbourne medicinal cannabis distributor Cannvalate to market its GFI Pharma brand products in Australia.

The transaction will see Greenfern issue $900,000 worth of shares at 27 cents a share to Cannvalate – about 4% of the Taranaki-based firm. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/greenfern-taps-into-aussie-market-with-900k-deal)
2022-01-10T01:30:00Z	**Pāmu says it's hitting the brief but review disagrees**
A government-commissioned independent review of Landcorp Farming, which trades as Pāmu, said it is not as profitable or efficient as it should be, but the state-owned farmer says it is hitting the brief.

"We believe that our current strategy is consistent with shareholder expectations and our external operating context,” a Pāmu spokesperson told BusinessDesk after Treasury published the review and its ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/pamu-says-its-hitting-the-brief-but-review-disagrees)
2022-01-10T02:57:00Z	**North & South gets new editor; publishers return to Europe**
North & South publishers Konstantin Richter and Verena Friederike Hasel have appointed a new editor to the magazine and are returning to Germany.

Richter said staff were told in September the couple would have to return to Europe at the end of 2021 to meet work and family commitments. ⌘ [Read more](https://businessdesk.co.nz/article/media/north-south-gets-new-editor-publishers-return-to-europe)
2022-01-10T05:00:00Z	**NZ shares fall on Warehouse’s weak Christmas**
New Zealand shares dropped Monday after The Warehouse Group warned net profit in the first half of its financial year would be dramatically lower than in the prior year.

The S&P/NZX 50 Index fell 77.7 points, or 0.6%, to 12892.94. Turnover was $116 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-fall-on-warehouses-weak-christmas)
2022-01-10T16:00:00Z	**Forced divestment touted as only route to supermarket competition**
The Commerce Commission is barking up the wrong tree with most of its recommendations for promoting supermarket competition, says the managing director of one of the region’s leading food and grocery consultancies, Coriolis Australia.

In a cross-submission following the competition watchdog's public hearings last November, Coriolis MD and founder Tim Morris said the only way to break the ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/forced-divestment-touted-as-only-route-to-supermarket-competition)
2022-01-10T19:00:00Z	**Positive feedback: AskNicely raises US$32m**
A New Zealand-founded software company that models itself on US tech giants Uber and Salesforce has raised US$32 million (NZ$47.2m) in a Series B funding round led by US venture capital firm Five Elms.

Now based in Portland, Oregon, AskNicely builds feedback software for frontline workers. ⌘ [Read more](https://businessdesk.co.nz/article/technology/positive-feedback-asknicely-raises-us32m)
2022-01-10T21:02:00Z	**Westpac Bank to delist from NYSE**
Westpac Bank will delist its American depositary shares which allow US investors to buy shares in the Australian bank through the New York Stock Exchange.

An American depositary share, or ADS, is share in a non-US company that is held by a depositary bank and can be purchased by investors wanting to own the stock as if it were listed on their local exchange. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/westpac-bank-to-delist-from-nyse)
2022-01-10T22:31:00Z	**QEX fined $150k and censured again**
The NZ Markets Disciplinary Tribunal publicly censured QEX Logistics for breaching NZX Listing rules and ordered it to pay a financial penalty of $150,000, and the costs of the NZX and the tribunal.

According to the determination, it failed to “promptly and without delay” advise the market of prospective and actual breaches by its wholly-owned subsidiary, New Y Trading Ltd, of its interest cover covenant with Westpac New Zealand. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/qex-fined-150k-and-censured-again)
2022-01-10T22:46:32Z	**Fonterra to collect less milk this season, adds to global squeeze**
Fonterra Co-operative Group expects to collect less milk this season as weather issues take a bite out of production.

The lower collection is expected to underpin a continuation of high global dairy prices. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fonterra-to-collect-less-milk-this-season-adds-to-global-squeeze)
2022-01-11T01:00:00Z	**Online booking issues for booster jab to continue until Jan 17**
The Ministry of Health says the Book My Vaccine website can’t take bookings for four-month window booster shots until Monday, Jan 17, because “necessary operational changes” are being made.

The government changed its recommendation in December and now allows people over 18 in to get their third shot against covid-19 four months after their second dose rather than the previously stated  ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/online-booking-issues-for-booster-jab-to-continue-until-jan-17)
2022-01-11T03:00:00Z	**'Seismic' fail: giant Asteron Centre to be retrofitted**
Asteron Centre, Wellington’s biggest office block, is facing significant earthquake remediation that will leave about 2,600 government and city workers without a workplace for another eight months at least.

The owner of the 17-storey office development, city developer and investor Mark Dunajtschik, confirmed that work would start on the 45,000 square metre building in March – with expected completion by this ... ⌘ [Read more](https://businessdesk.co.nz/article/property/seismic-fail-giant-asteron-centre-to-be-retrofitted)
2022-01-11T05:01:41Z	**NZ shares fall as investors face up to inflation 'bogeyman'**
New Zealand shares fell for a third consecutive session as international investors continue to sell risk assets in the expectation the US central bank will soon tighten monetary policy.

The S&P/NZX 50 Index fell 61 points, or half a percent, to 12,831.73. Turnover was $130.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-fall-as-investors-face-up-to-inflation-bogeyman)
2022-01-11T20:58:08Z	**ComCom to review proposed Vocus Group acquisition of 2degrees**
The Commerce Commission has begun reviewing [the proposed merger of Orcon Group and 2degrees](https://businessdesk.co.nz/article/technology/2degrees-orcon-usher-in-2022-with-a-17b-deal).

Orcon Group, formerly Vocus NZ, is the New Zealand subsidiary of Vocus Group, the Australian-based telecoms entity previously ASX-listed and now owned by Macquarie Asset Management and Aware Super. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/comcom-to-review-proposed-vocus-group-acquisition-of-2degrees)
2022-01-11T22:00:00Z	**'Pick winners' or coastal shipping plan won't float – Dunphy**
A major freight company says plans to kickstart coastal shipping will be dead in the water unless the government backs commercial winners, rather than “taking shortcuts” in the form of taxpayer subsidised sailings.

Chris Dunphy, executive director of Move Logistics, said while it's good to see heightened interest in coastal shipping by the government the priority should be to pick winners a ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/pick-winners-or-coastal-shipping-plan-wont-float-dunphy)
2022-01-12T00:57:17Z	**Jobs growth hits 16-year high in 2021**
Despite months of covid-related lockdowns in Auckland, the New Zealand economy continued to add jobs at pace in 2021.

The number of filled jobs grew by 4.3% in the 12 months to November, the highest annual growth rate since 2005. ⌘ [Read more](https://businessdesk.co.nz/article/economy/jobs-growth-hits-16-year-high-in-2021)
2022-01-12T04:57:49Z	**NZ shares fall as Serko hits 10-month low**
New Zealand shares fell marginally as an overnight bounce on Wall Street failed to buoy the local index, which was again led lower by riskier stocks.

The S&P/NZX 50 Index fell 27 points, or 0.2%, to 12,804.48. Turnover was thin at $98.8 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-fall-as-serko-hits-10-month-low)
2022-01-12T16:00:00Z	**Our biggest economic risk – ineffective cybersecurity**
The summer warmth lingers and omicron remains absent from our cities and towns.

So why did I ruin the serene vibe by logging back onto LinkedIn this week, where I stumbled upon the livestreamed press conference launching the World Economic Forum’s (WEF) [Global Risks Report](https://www3.weforum.org/docs/WEF_The_Global_Risks_Report_2022.pdf)? ⌘ [Read more](https://businessdesk.co.nz/article/opinion/our-biggest-economic-risk-ineffective-cybersecurity)
2022-01-12T17:00:00Z	**War of the palms: developer vows to block 'disco' billboard**
A Christchurch property developer has intervened in a dispute over an electronic sign, armed with two palm trees.

Last December, Richard Diver planted the trees, each about five or six metres tall, at Hotel Carlton Mill on Bealey Ave, on the same site as the iconic Strawberry Fare restaurant. ⌘ [Read more](https://businessdesk.co.nz/article/property/war-of-the-palms-developer-vows-to-block-disco-billboard)
2022-01-12T18:00:00Z	**The omicron tsunami: are our businesses ready?**
The Employers and Manufacturers Association (EMA) wants the government to accelerate the use of rapid antigen testing to help combat the spectre of mass worker absenteeism.

The 14,000-member association's head of advocacy and strategy, Alan McDonald, said the business community was acutely aware of the need to regularly test staff, particularly once the much more infectious omicron variant of covid-19 arrived. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/the-omicron-tsunami-are-our-businesses-ready)
2022-01-12T22:37:29Z	**Ngāi Tahu invests $3m in Sharesies**
Retail investment platform Sharesies has issued new shares worth $3 million to Ngāi Tahu Holdings in an extension of its [$50m capital raise](https://businessdesk.co.nz/article/sharesies-worth-more-than-nzx-with-500m-valuation) completed last October.

Sharesies said the South Island iwi had planned to join the funding round but decided to wait so the investment could be made by a newly established manager Greenmount Capital. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ngai-tahu-invests-3m-in-sharesies)
2022-01-12T23:48:00Z	**Double bonuses and a free lunch – how the hort sector is keeping workers**
The horticulture sector is pulling out all the stops to keep fruit from rotting on the ground as it grapples with a major staff shortage.

Summerfruit growers in Otago are reporting they only have half the staff they need partly because backpackers – a key source of labour – have been locked out by covid. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/double-bonuses-and-a-free-lunch-how-the-hort-sector-is-keeping-workers)
2022-01-13T00:03:36Z	**RBNZ deputy left early after admitting 'unauthorised' comments**
Deputy Reserve Bank governor Geoff Bascand left his role earlier than intended after making unauthorised comments to external parties, the central bank confirmed today.

He was to have left the role he had held since 2013 early this year, but instead left the bank on Dec 17. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/rbnz-deputy-left-early-after-admitting-unauthorised-comments)
2022-01-13T00:03:00Z	**Housing consents rocket to another record – will build times blow out?**
The rush of housing consents continued unabated through November, with 4,688 new approvals for the month – up more than a fifth on November 2020.

Stats NZ said the number of new home consents for the past 12 months skyrocketed to 48,522 nationally, a year-on-year increase of 26% and the highest level since statistics began being recorded pre-World War II. ⌘ [Read more](https://businessdesk.co.nz/article/property/housing-consents-rocket-to-another-record-will-build-times-blow-out)
2022-01-13T01:42:49Z	**Bunnings keeping mum on details of data breach**
Bunnings is refusing to say how many New Zealand customers have been affected by a data breach.

The retailer informed affected NZ customers on Jan 12 that a third party booking provider, FlexBooker, had suffered a data security breach. ⌘ [Read more](https://businessdesk.co.nz/article/technology/bunnings-keeping-mum-on-details-of-data-breach)
2022-01-13T04:42:49Z	**Serko bounces from low with inflation data 'not too hot'**
New Zealand shares moved marginally higher as US inflation data matched expectations and Serko bounced back from a harsh sell-off.

The S&P/NZX 50 Index rose 22.5 points, or 0.2%, to 12,8276.99. Turnover was very light, with just $84.9 million traded. ⌘ [Read more](https://businessdesk.co.nz/article/markets/serko-bounces-from-low-with-inflation-data-not-too-hot)
2022-01-13T17:00:00Z	**Union to govt: keep NZ oil tankers**
A union representing workers on New Zealand’s only locally flagged oil tankers is lobbying the government to try and retain the ships.

Silver Fern Shipping operates the MT Matuku and MT Kokako, which are chartered by Coastal Oil Logistics, a joint venture between oil companies BP, Mobil and Z Energy. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/union-to-govt-keep-nz-oil-tankers)
2022-01-13T18:00:00Z	**Can active management save your KiwiSaver from a downturn?**
One of the most heated debates in funds management is whether active or passive management delivers better long term returns for investors.

This debate has been more or less settled in the United States context, with study after study showing very few hedge fund managers can consistently outperform the benchmark. ⌘ [Read more](https://businessdesk.co.nz/article/markets/can-active-management-save-your-kiwisaver-from-a-downturn)
2022-01-13T21:31:08Z	**Michael Hill reports record Christmas**
Michael Hill International says sales were up 9.8% in the quarter ended Dec 26 despite considerable disruption to trading due to covid lockdowns.

Covid restrictions resulted in it losing a combined total of 2,381 of store trading days, compared to just 1,551 in the prior quarter. ⌘ [Read more](https://businessdesk.co.nz/article/markets/michael-hill-reports-record-christmas)
2022-01-13T22:48:00Z	**Coffees, takeaways help slash $1.9b off new home loans**
Financial Advice New Zealand says recent strict consumer finance laws, on top of government housing policy changes, have dramatically undermined new home buyers’ ability to get home loans.

Katrina Shanks, chief executive of the financial advisory sector’s mouthpiece, said home seekers are being “significantly disadvantaged” by the new requirements of the Credit Contracts and Consumer Finance Act (CCCFA). ⌘ [Read more](https://businessdesk.co.nz/article/property/coffees-takeaways-help-slash-19b-off-new-home-loans)
2022-01-14T03:25:01Z	**Plan needed for possible omicron supply shortage threat**
The transport and logistics sector is warning the government not to overreact once omicron cases start ratcheting up, and adopt pragmatic solutions to protect the nation’s supply chains.

Freight industry representatives are known to have met with ministry of transport officials earlier this week to discuss likely scenarios, but more importantly, to plan for the impact of a reduced workforce. ⌘ [Read more](https://businessdesk.co.nz/article/markets/plan-needed-for-possible-omicron-supply-shortage-threat)
2022-01-14T05:00:00Z	**NZ shares fall 1.5% in first full week of 2022**
New Zealand shares finished their first full week of trading down approximately 1.5% as US markets got the jitters over the prospect of interest rate hikes as soon as March.

The S&P/NZX 50 Index fell 36.8 points, or 0.3%, to 12,790.16. Turnover was $102 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-fall-15-in-first-full-week-of-2022)
2022-01-14T17:00:00Z	**Take that, world! How we gave covid our best shot**
Frequently you see comparisons, both favourably and unfavourably, on how New Zealand compares with the rest of the world in its response to the covid-19 pandemic.

These tend to be moment-in-time comparisons that can be misleading. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/take-that-world-how-we-gave-covid-our-best-shot)
2022-01-15T16:00:00Z	**Review: Fable, Dunedin – judged NZ’s best luxury hotel**
The Victorian building that houses the Fable Hotel in Dunedin’s Princes Street must have seen a few things in its time. Originally known as Wains Hotel, after one of its owners, English immigrant entrepreneur Job Wain, it was opened with much fanfare in the 1860s during the Otago gold rush. Built from local Port Chalmers basalt breccia and Kakanui limestone, the building’s elegant Italianate-style facade is decorated wit ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-fable-dunedin-judged-nzs-best-luxury-hotel)
2022-01-15T16:00:00Z	**'Moët, like poet' – and more trip-you-up luxury brand names that are easy to get wrong**
Maggie Smith's character in Downton Abbey was regularly wincing at other people's pronunciations

While working at a glossy bar during her student days, a fellow Telegraph editor recalls serving a customer a bottle of Moët. She pronounced the champagne with a hard ‘t’ and he corrected her, explaining that it was a French brand so the emphasis should be on th ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/moet-like-poet-and-more-trip-you-up-luxury-brand-names-that-are-easy-to-get-wrong)
2022-01-15T16:00:00Z	**Peak pressure – dealing with loneliness at the top of the corporate ladder**
Paul Dykzeul is by nature a gregarious and outgoing individual. But when he was based in Sydney, running the Australasian end of German-owned magazine publishers Bauer Media while his family stayed back in New Zealand, he came face to face with a new kind of loneliness. Working long hours for bosses who were even more demanding than he was left little time for regular and essent ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/peak-pressure-dealing-with-loneliness-at-the-top-of-the-corporate-ladder)
2022-01-15T16:00:00Z	**Review: Streetdog electric motorbike – easy on the eye, a little hard on the wallet**
“Nice bike,” says an admirer for about the fifth time as we sit outside a cafe in Wellington’s Lyall Bay discussing FTN Motion’s beautiful [Streetdog electric motorbike](https://www.ftnmotion.com/the-streetdog).

It’s the same reaction as thousands traversing the main concourse at Wellington airport no doubt have as they pass a plinth bearing a Streetdog with a p ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-streetdog-electric-motorbike-easy-on-the-eye-a-little-hard-on-the-wallet)
2022-01-15T16:00:00Z	**My Net Worth: Strahan Wallis, chief executive, Clemenger Group New Zealand**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

Strahan Wallis is the chief executive of advertising and communications company Clemenger Group New Zealand. Raglan-born Wallis returned to New Zealand last year following a successful spell in charge of PR firm Porter Novelli Los ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-strahan-wallis-chief-executive-clemenger-group-new-zealand)
2022-01-16T16:00:00Z	**Neck, meet block. Predictions for 2022**
Making predictions at all is dangerous. In journalism, it borders on foolish. Our craft equips us for ‘wisely’ picking apart the past rather than reliably knowing more than anyone else what will happen tomorrow.

The phrases “only time will tell” and “the facts will slowly emerge” are the watchwords by which we live. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/neck-meet-block-predictions-for-2022)
2022-01-16T18:00:00Z	**Call it a bounceback: inside CriqHQ's revival**
The first year was a wrestle, Playmaker Labs chief executive Erin Walshe says.

As one of the new owners of cloud cricket scoring tech firm CricHQ, in 2018 Walshe got an inside look at a company that had burned through about $7 million in the year leading up to its implosion, had soured relationships with some of its biggest customers – and had left high-profile investors including many of crickets best players out of pocket. ⌘ [Read more](https://businessdesk.co.nz/article/technology/call-it-a-bounceback-inside-criqhqs-revival)
2022-01-16T19:00:00Z	**Sharesies adds 500,000th user as retail boom continues**
The covid-19 pandemic has changed everyday life in countless small ways and a handful of dramatic ones.

One of the larger changes is that a significant portion of New Zealanders has become investors in the share market, having shunned it for several decades. ⌘ [Read more](https://businessdesk.co.nz/article/markets/sharesies-adds-500000th-user-as-retail-boom-continues)
2022-01-16T19:15:00Z	**Wakeup call: Lending review launched**
**Summary:** The govt has launched an early review of how new consumer finance legislation is affecting mortgage lending after credit reference firms [reported a 20-35% drop in approvals](https://businessdesk.co.nz/article/property/coffees-takeaways-help-slash-19b-off-new-home-loans) in December.

**Checking loan checks** Commerce minister **David Clark** announced late on Friday that an apparent crackdown on new mortgage lending in December has for ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-lending-review-launched)
2022-01-16T20:00:00Z	**Who's who in the Wellington beltway**
Today we launch BusinessDesk’s [Public Sector Explorer](https://businessdesk.co.nz/public-sector/explorer/people/16). Built on a database painstakingly assembled by a team of our journalists, the tool is the first of its kind in New Zealand.

It was created as part of BusinessDesk’s ongoing [Public Sector project](https://test.businessdesk.co.nz/public-sector-project) – an investigation into the quality of our public sector, funded by the NZ ... ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/whos-who-in-the-wellington-beltway)
2022-01-16T20:49:00Z	**Chatham Rock moves to dicalcium phosphate production**
Chatham Rock Phosphate says it will progress a pre-feasibility study for the production of dicalcium phosphate (DCP), from its Korella phosphate projects in Queensland.

Chatham, listed on the NZX, Frankfurt exchange and Calgary's TSX venture exchange, acquired a mining lease on the Korella phosphate and rare earth mine last October. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/chatham-rock-moves-to-dicalcium-phosphate-production)
2022-01-16T23:55:00Z	**Fuel supply: how much oil do we need?**
Consultation has opened on minimum fuel stockholding levels to ensure fuel security.

It follows the decision by Refining NZ to stop refining fuel products at Marsden Point from April, meaning the country will move to an import-only supply model. The closure of the refinery is expected to significantly reduce stock held in New Zealand. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/fuel-supply-how-much-oil-do-we-need)
2022-01-17T01:40:00Z	**The omission that makes My Vaccine Pass ‘far less useful’**
An imminent outbreak of the omicron variant in New Zealand will render the vaccine pass far less effective if it does not require evidence of a booster dose, a leading epidemiologist warns.

Professor Michael Baker told BusinessDesk relying on the current vaccine pass would “weaken the core purpose of the traffic light system” and said boosters would eventually need to be made mandatory when more people were  ... ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/the-omission-that-makes-my-vaccine-pass-far-less-useful)
2022-01-17T04:45:59Z	**NZ shares climb in light trading**
New Zealand shares edged higher in very light trading with US markets closed until Tuesday night for Martin Luther King Day.

The S&P/NZX 50 Index rose 16 points, or 0.1%, to 12,806.90. Turnover was $72 million, well below average trading volumes. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-climb-in-light-trading)
2022-01-17T16:00:00Z	**Diversity: out with quotas, in with mindset change**
More work needs to be done on the diversity front in New Zealand says Ruralco chair, Jessie Chan.

Chan, who was recently appointed a member of the [NZ Order of Merit](https://businessdesk.co.nz/article/agriculture-dominates-new-year-business-honours) for services to dairy and agriculture, says diversity in the agriculture sector is improving but "we’ve still got some way to go". ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/diversity-out-with-quotas-in-with-mindset-change)
2022-01-17T17:30:00Z	**Russell McVeagh ex-partner given two years to rehab himself**
Former Russell McVeagh lawyer James Gardner-Hopkins may be able to practise law again after two years following a Lawyers and Conveyancers Disciplinary Tribunal decision delivered last week.

In 2021, the resource management expert was found [guilty](https://businessdesk.co.nz/article/law-regulation/russell-mcveagh-case-mark-of-shame-for-profession-tribunal-finds) of misconduct after he groped summer ... ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/russell-mcveagh-ex-partner-given-two-years-to-rehab-himself)
2022-01-17T18:00:00Z	**Faafoi tight-lipped about overdue immigration reset**
Immigration minister Kris Faafoi has missed two key deadlines for the government's long signalled immigration 'reset'.

The reset (now termed a ‘rebalance’) was announced in May with the government calling the border closure “a once-in-a-generation” opportunity to take a more strategic approach to immigration settings. ⌘ [Read more](https://businessdesk.co.nz/article/immigration/faafoi-tight-lipped-about-overdue-immigration-reset)
2022-01-17T19:35:00Z	**Wakeup call: China's interest rate plea**
**Summary:** China has unexpectedly cut interest rates after gross domestic product (GDP) growth fell to an 18-month low because of lockdowns and property development turmoil, causing President Xi Jinping to warn against premature rate hikes in the United States.

**‘You do you. We’re cutting’** China unexpectedly eased monetary policy late yesterday after reporting its slowest GDP growth in 18 months. GDP grew at an annual rate of 4.0% in the  ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-chinas-interest-rate-plea)
2022-01-17T20:00:03Z	**Here come the housing market headwinds**
House price inflation slowed to 23.3% in December from 27.2% in November but was cycling the 17.2% annual increase in December 2020.

However, the number of properties sold in December fell a sharp 29.4% to 6,755 from 9,573 in December 2020, despite the number of properties available for sale jumping 28.7% to 16,773 from 12,932 in December 2020. ⌘ [Read more](https://businessdesk.co.nz/article/property/here-come-the-housing-market-headwinds)
2022-01-17T21:10:00Z	**Uphill slog ahead for business in 2022: NZIER**
The prolonged covid-19 outbreak and restrictions took a bite out of business confidence and demand in the December quarter, setting a downbeat tone for business sentiment going into 2022.

A net 34% of firms now expect general economic conditions to deteriorate versus a net 11% that were pessimistic in the prior quarterly business confidence survey from the NZ Institute of Economic Research. ⌘ [Read more](https://businessdesk.co.nz/article/economy/uphill-slog-ahead-for-business-in-2022-nzier)
2022-01-17T22:45:00Z	**Pyjama party! Peter Alexander powers NZ profit for Aussie owner**
Kimbyr Investments, the NZ operator of major retail chains including Just Jeans, Smiggle and Peter Alexander has more than doubled its net profit to $21.2 million from $9.0 million in the 53 weeks to July 31, 2021 from $9.0 million in the previous year.

While acknowledging a “highly uncertain macro environment” due to covid-19, the company said it did not need to record further impairment losses in N ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/pyjama-party-peter-alexander-powers-nz-profit-for-aussie-owner)
2022-01-18T00:35:38Z	**Tonga to remain internetless for weeks following eruption**
There's no clear timeline on how long it will take to repair a subsea cable between Tonga and Fiji that was damaged during the weekend's volcanic eruption.

Tongan telecommunications have been majorly disrupted since about 6:40pm local time on Saturday, following the Hunga Tonga–Hunga Haʻapai volcanic eruption and subsequent tsunami. ⌘ [Read more](https://businessdesk.co.nz/article/technology/tonga-to-remain-internetless-for-weeks-following-eruption)
2022-01-18T00:25:23Z	**China's president argues against rate hikes**
China's President Xi Jinping has warned the United States and Europe that a rapid rise in interest rates would "slam on the brakes" of the global recovery.

Xi said that developing markets would bear the brunt of the resulting economic downturn. ⌘ [Read more](https://businessdesk.co.nz/article/economy/chinas-president-argues-against-rate-hikes)
2022-01-18T00:52:47Z	**Tova's legal battle threatens Today FM launch**
Newshub political editor Tova O’Brien has taken Discovery NZ to the Employment Relations Authority (ERA) as she attempts to leave the group in the coming weeks to join MediaWorks radio station Today FM.

The broadcast journalist is locked in a legal battle with Discovery over a restraint of trade clause, which reportedly prevents her from joining MediaWorks for three months after the end of her contract. According to Stuff, O’Brien’s con ... ⌘ [Read more](https://businessdesk.co.nz/article/media/tovas-legal-battle-threatens-today-fm-launch)
2022-01-18T01:30:00Z	**Dark strands: detecting earthquakes using fibre**
Researchers have won a grant from the Earthquake Commission (EQC) that will see them tap into Auckland’s fibre broadband network to help monitor potential volcanic activity.

Calum Chamberlain and a team from the Victoria University of Wellington and the University of Auckland have partnered with Australian data company FiberSense to monitor New Zealand’s fibre network using a technology called distributed acoustic sensing (DAS) ... ⌘ [Read more](https://businessdesk.co.nz/article/technology/dark-strands-detecting-earthquakes-using-fibre)
2022-01-18T02:00:00Z	**RBNZ wants more readable bank auditors' reports**
The Reserve Bank of New Zealand (RBNZ) wants to make bank auditors' reports more readable.

The reports are required to provide readers of bank disclosure statements with greater confidence that they are kosher. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-wants-more-readable-bank-auditors-reports)
2022-01-18T03:02:00Z	**Westpac economist confirmed deputy secretary of Treasury**
Westpac economist Dominick Stephens has been confirmed in his role as chief economic advisor and deputy secretary at Treasury, it was announced on Tuesday.

Stephens had been acting in the role since March 2021, on secondment from the bank. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/westpac-economist-confirmed-deputy-secretary-of-treasury)
2022-01-18T03:55:00Z	**NZ exporters fear harvest season due to shipping woes**
Shipping issues are bringing tears to the eyes of some New Zealand exporters as mounting fees and limited-to-no shipping availability takes its toll.

Pukekohe-based Molloy Farms has been an exporter of onions and kiwifruit to European, American, Asian and Pacific Island markets for half a century. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/nz-exporters-fear-harvest-season-due-to-shipping-woes)
2022-01-18T04:58:00Z	**IkeGPS up 8% on contract extension**
New Zealand shares finished the day virtually unchanged with little volume traded through the market, but IkeGPS jumped 8.2% after extending a customer contract.

The S&P/NZX 50 Index rose just 7 points, or 0.1%, to 12,814.46. Turnover was much lighter than average at $95 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ikegps-up-8-on-contract-extension)
2022-01-18T16:00:00Z	**Does ‘buying-the-dip’ work? Academics say yes**
The hordes of retail investors who have found a home for themselves on low-brokerage trading platforms and social media sites often use a simple mantra: “buy-the-dip”.

It is a simplified version of the famous Warren Buffet quote – “Be greedy when others are fearful” – and can be seen across the internet whenever share prices head south. ⌘ [Read more](https://businessdesk.co.nz/article/markets/does-buying-the-dip-work-academics-say-yes)
2022-01-18T16:00:00Z	**MMC, M&A and why investment admin is on fire**
Back in the back-office things are getting hot.

And it’s nothing to do with global warming or volcanoes or summer or poor air conditioning. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/mmc-ma-and-why-investment-admin-is-on-fire)
2022-01-18T18:00:00Z	**NZ founder’s autonomous vehicle startup raises $294m**
A New Zealander who founded an autonomous vehicle startup is confident autonomous driving is "the biggest change to our urban lives that we’ve seen for quite a long time”.

Alex Kendall's startup, Wayve, which is based in London, has just raised US$200 million (NZ$294m) in a Series B round led by venture capital firm Eclipse Ventures. ⌘ [Read more](https://businessdesk.co.nz/article/technology/nz-founders-autonomous-vehicle-startup-raises-294m)
2022-01-18T19:00:13Z	**How the tax department changed everything and no one noticed**
PwC tax partner Geof Nightingale remembers a budget lock-up about a decade ago where the then finance minister, Bill English, declared that a particular tax reform was impossible because the Inland Revenue Department’s (IRD) IT systems were just too inflexible.

As of six weeks ago, that excuse officially stopped holding water. ⌘ [Read more](https://businessdesk.co.nz/article/public-sector-project/how-the-tax-department-changed-everything-and-no-one-noticed)
2022-01-18T19:25:00Z	**Wakeup call: stocks slump on rates fears**
**Summary:** Global share prices are falling sharply again this morning on fears the Fed could hike interest rates as many as seven times this year to squash higher-than-expected inflation. Also, Microsoft announced the world’s biggest cash takeover bid for Call of Duty owner Activision Blizzard, and ExxonMobil pledged to go carbon net zero by 2050.

**Fed to deploy bazooka?** US stocks were down 1.4% to 2.5% at 8am NZ time as investors retu ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-stocks-slump-on-rates-fears)
2022-01-18T22:04:37Z	**Hipkins in damage control over MIQ halt**
The government is in political damage control mode following a low-key announcement suspending MIQ ballots that has been widely reported as a sudden decision to close New Zealand’s borders again.

The Ministry of Business, Innovation and Employment (MBIE) issued notification through its website just before 8pm last night, that it was suspending the Jan 20 ballot for managed isolation and quarantine rooms due “to the unprecedented number of om ... ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/hipkins-in-damage-control-over-miq-halt)
2022-01-18T23:00:00Z	**App-y days: the new DIY investment options**
Three new investment applications have launched this week as financial institutions attempt to stake their claim in the share trading gold rush.

One of these is Sharesies’ mobile app, which is no different from its existing platform but makes it accessible directly from a phone without having use a web browser. ⌘ [Read more](https://businessdesk.co.nz/article/markets/app-y-days-the-new-diy-investment-options)
2022-01-19T00:54:00Z	**Morrison & Co appoints new British director**
HRL Morrison & Co said it has appointed Kate Mingay as a non-executive director effective immediately as it looks to grow in Britain and Europe.

Mingay currently holds advisory roles with Ofgem, Britain's gas and electricity markets regulator, and Britain's Civil Aviation Authority and is also an independent director on the board of Wessex Water and a trustee of the British Science Foundation. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/morrison-co-appoints-new-british-director)
2022-01-19T02:35:19Z	**Harmoney passed cash break even in 1H**
Harmoney said it broke even on a cash basis in the six months ended December in what it said was "an outstanding half year".

The direct-to-consumer lending business, which is funded by wholesale facilities, said its proforma loan book reached $557 million, up 19% on the previous first half, with Australian new customer originations growing to A$71.4m (NZ$75.6m) and surpassing New Zealand new originations of $53.6m. ⌘ [Read more](https://businessdesk.co.nz/article/finance/harmoney-passed-cash-break-even-in-1h)
2022-01-19T03:00:00Z	**Immigration will be a tricky balancing act**
Immigration is shaping up to be of the key policy battlegrounds for 2022. ⌘ [Read more](https://businessdesk.co.nz/article/immigration/immigration-will-be-a-tricky-balancing-act)
2022-01-19T03:17:00Z	**End of MIQ beckons as govt mulls how to manage omicron**
An end to the use of MIQ facilities for vaccinated international arrivals looks to be on the cards once the omicron variant of the coronavirus arrives in the New Zealand community.

Covid-19 response minister Chris Hipkins also indicated at a media conference in New Plymouth ahead of the first cabinet meeting of the year that the government is still mulling whether to try and allow a fast-peaking omicron outbreak ... ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/end-of-miq-beckons-as-govt-mulls-how-to-manage-omicron)
2022-01-19T04:55:52Z	**NZ shares routed as ANZ forecasts OCR to hit 3%**
New Zealand shares fell sharply, and bond yields surged to multi-year highs after ANZ Bank predicted the [Reserve Bank would hike the official cash rate](https://businessdesk.co.nz/article/economy/anz-bank-now-sees-cash-rate-peaking-at-3) all the way to 3%.

The S&P/NZX 50 Index fell 202 points, or 1.6%, to 12,612.31. Turnover was $116 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-routed-as-anz-forecasts-ocr-to-hit-3)
2022-01-19T16:00:00Z	**Vocus-2degrees merger makes sense – can they make it work?**
The best thing to ever happen to the New Zealand telecommunications sector was the arrival of a third mobile network operator in 2009 in the form of 2Degrees.

For that, we largely have to thank the entrepreneur Tex Edwards, who persevered for years in his quest to get a mobile network off the ground. The arrival of 2degrees broke the cosy duopoly of Vodafone and Telecom that dominated the telecoms industry in t ... ⌘ [Read more](https://businessdesk.co.nz/article/opinion/vocus-2degrees-merger-makes-sense-can-they-make-it-work)
2022-01-19T16:00:00Z	**Fonterra wants new capital structure in place by June**
The big-ticket item on Fonterra’s agenda in 2022 is the capital structure reform and agriculture minister Damien O’Connor expects to be taking final advice to cabinet in the first half of the year.

[Farmer shareholders](https://businessdesk.co.nz/article/no-questions-asked-as-farmers-back-fonterras-capital-idea) backed the plan with 85.16% support at the annual general meeting in December even though O’Connor h ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/fonterra-wants-new-capital-structure-in-place-by-june)
2022-01-19T17:00:00Z	**The next big milestone in the A2 class action**
The next key date for A2 Milk on the class action front is May 5 when the court hears evidence on how the matter will proceed.

“As two proceedings have been filed against A2 Milk, the next step is to resolve the competing claims,” said Craig Allsopp, class actions practice leader, Shine Lawyers. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/the-next-big-milestone-in-the-a2-class-action)
2022-01-19T18:00:00Z	**Transport fail: 'we weren't expecting quite so many of you'**
Auckland Transport is blaming post covid commuter travel patterns for woefully underestimating the number of Aucklanders headed back to work this week.

The city's metro transport operator come up well short of having enough buses on its network, continuing with its covid reduced schedules despite having some rail services down due to track maintenance. ⌘ [Read more](https://businessdesk.co.nz/article/transport/transport-fail-we-werent-expecting-quite-so-many-of-you)
2022-01-19T19:45:00Z	**Wakeup call: ‘thousands of cases a day’**
Summary: An omicron outbreak planning document written for the PM warns of the potential for thousands of cases a day and severe pressure on ICU beds. Global markets wobble again on rates fears. Britain plans to remove covid restrictions next week. Decisions on the 'traffic light' system are due today from Labour's annual caucus retreat near New Plymouth and on management of omicron.

**Leaked warning** A planning document written for the Depart ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-thousands-of-cases-a-day)
2022-01-19T21:05:00Z	**The South Island Office buys land for Wānaka film studio**
Christchurch private equity firm [The South Island Office](https://businessdesk.co.nz/article/the-nz-private-equity-firm-bingeing-on-food-businesses) has come to the aid of the proposed film studio in Wānaka, buying the 322 hectare piece of land to secure it for the would-be developers.

The South Island Office (SIO) partner Rob Farrell said the firm got the call from NZ Trade and Enterprise in early Decem ... ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/the-south-island-office-buys-land-for-wanaka-film-studio)
2022-01-19T21:31:00Z	**Omicron a 'different foe' that needs new plan: Ardern**
Prime minister Jacinda Ardern begins the political new year in earnest with the announcement of the “new plan” required to combat the inevitable spread of the highly transmissible omicron variant of covid-19 through the New Zealand population.

In opening remarks to the Labour party’s caucus retreat at a coastal resort south of New Plymouth, Ardern said omicron was a “different foe”. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/omicron-a-different-foe-that-needs-new-plan-ardern)
2022-01-19T21:18:37Z	**RBNZ, FMA agree on financial market infrastructures framework**
The Reserve Bank and the Financial Markets Authority have finalised a framework for assessing the systemic importance of financial market infrastructures (FMIs).

FMIs are critical systems that are sometimes referred to as "the plumbing" of the financial system that allow electronic payments and financial market transactions to occur. The RBNZ and FMA are the joint regulators. ⌘ [Read more](https://businessdesk.co.nz/article/finance/rbnz-fma-agree-on-financial-market-infrastructures-framework)
2022-01-19T21:38:00Z	**Low hopes for higher wages despite strong jobs market**
Employment confidence ticked slightly higher in the December quarter but people aren't yet expecting to be paid more.

The December quarter Westpac McDermott Miller Employment Confidence Index rose 1.2 points to 106.9. ⌘ [Read more](https://businessdesk.co.nz/article/economy/low-hopes-for-higher-wages-despite-strong-jobs-market)
2022-01-19T22:35:00Z	**Rua shareholders green light Zalm deal**
Rua Bioscience shareholders have signed off on the $10 million equity purchase of cannabis firm Zalm Therapeutics.

The deal, announced Nov 30, will see the Gisborne based medicinal cannabis firm issue 24.42m new shares at 41 cents a share, payable in three instalments of $3.3m based on "hitting production and regulatory milestones." ⌘ [Read more](https://businessdesk.co.nz/article/markets/rua-shareholders-green-light-zalm-deal)
2022-01-19T23:35:00Z	**Food price increases at decade-high levels**
Steep price increases for vegetables like tomatoes, cabbage, broccoli and lettuce helped drive food prices up 4.5% in 2021.

The annual increase in the [food price index](https://www.stats.govt.nz/news/annual-food-price-increase-the-highest-in-a-decade) was the highest recorded since August 2011. ⌘ [Read more](https://businessdesk.co.nz/article/economy/food-price-increases-at-decade-high-levels)
2022-01-20T01:35:47Z	**Omicron: no national lockdowns, elimination ‘nigh on impossible’ – Ardern**
New Zealand will return quickly to the ‘red’ traffic light covid protection setting when the omicron variant of covid-19 starts getting established in the community, but there will be no return to nationwide lockdowns, prime minister Jacinda Ardern has announced.

Describing the elimination of omicron as “nigh on impossible”, Ardern made clear that the government will try to slow t ... ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/omicron-no-national-lockdowns-elimination-nigh-on-impossible-ardern)
2022-01-20T03:45:56Z	**Hirschfeld to produce Tova’s Today FM show**
MediaWorks has hired Carol Hirschfeld to executive produce Tova O'Brien’s new show on Today FM as the station gears up for launch.

The experienced journalist and broadcaster joins from Stuff, where she was head of video/audio and content partnerships. ⌘ [Read more](https://businessdesk.co.nz/article/news-in-brief/hirschfeld-to-produce-tovas-today-fm-show)
2022-01-20T04:55:56Z	**NZ shares fall as investors brace for omicron**
New Zealand shares fell on Thursday as investors prepared for an outbreak of covid’s omicron variant, which is widely [considered to be imminent](https://businessdesk.co.nz/article/coronavirus/omicron-no-national-lockdowns-elimination-nigh-on-impossible-ardern) with many cases arriving in managed isolation.

The S&P/NZX 50 Index fell 115 points, or 0.9%, to 12,497.10. Turnover was still light at $111 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-fall-as-investors-brace-for-omicron)
2022-01-20T16:00:00Z	**Jumping the loan shark**
Changes to consumer credit laws were pitched as being a way to loosen the noose around the necks of the country’s most vulnerable borrowers by running predatory lending out of town.

And to be fair to Kris Faafoi, who oversaw the legislative changes, it will largely do just that. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/jumping-the-loan-shark)
2022-01-20T16:00:00Z	**Housing boom: ANZ predicts 7% downturn in house prices**
New Zealand’s largest mortgage lender is forecasting a 7% dip in house prices this year after December ushered in a 1% fall in prices, the first month-on-month dip in 20 months.

ANZ Bank has downgraded its house price outlook from December’s 4% decline, on the back of continued inflationary pressures and the expectation of housing headwinds. That includes tighter loan-to-valuation ratio lending restrictions and the r ... ⌘ [Read more](https://businessdesk.co.nz/article/property/housing-boom-anz-predicts-7-downturn-in-house-prices)
2022-01-20T17:00:00Z	**Nikko sticks with Ark's investment strategy despite hard times**
Nikko Asset Management isn't among those bailing from Cathie Wood's Ark Innovation exchange-traded fund (ETF).

In 2019, Wood called herself the most-trolled fund manager on earth, and she certainly seems to have a target on her back now. ⌘ [Read more](https://businessdesk.co.nz/article/finance/nikko-sticks-with-arks-investment-strategy-despite-hard-times)
2022-01-20T17:00:00Z	**Dairy exporters say Canada hasn't been following the rules**
A ruling against Canada by a dispute settlement panel has direct implications for New Zealand exporters and for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“The finding reinforces our view that Canada has not been following the rules under CPTPP and has therefore impeded NZ exporters’ ability to use the dairy quotas Canada agreed as part of the negotiation,” the D ... ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/dairy-exporters-say-canada-hasnt-been-following-the-rules)
2022-01-20T19:17:00Z	**Wakeup call: stocks bounce as profits rise**
**Summary:** Global stocks are bouncing this morning on stronger than expected profit results from companies with market power able to put up their prices faster than costs, while some investors also went bargain hunting among tech stocks officially in correction territory after a 10% fall in 2022.

**Profitable buying** US stocks rose 0.5% to 1.5% in positive trade this morning as better-than-expected earnings results from some tempted  ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-stocks-bounce-as-profits-rise)
2022-01-20T20:59:00Z	**Vista expands with Odeon into Spain and Portugal**
Vista Group says it is extending its relationship with Odeon Cinemas, a move which will see the exhibitor installing Vista's technology in Cinesa cinemas in Spain and Portugal.

Cinesa will use Vista's cinema management software, Vista Digital, to reimagine its website and mobile app, Movio's data analytics and marketing solutions, as well as distribution software. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/vista-expands-with-odeon-into-spain-and-portugal)
2022-01-20T21:45:43Z	**Manufacturing expands but headwinds remain**
The manufacturing sector expanded in December as it continued to recover from delta – but it's facing headwinds from supply challenges and omicron.

The seasonally-adjusted PMI for December was 53.7 versus 51.2 in November according to the BNZ – BusinessNZ Performance of Manufacturing Index. ⌘ [Read more](https://businessdesk.co.nz/article/economy/manufacturing-expands-but-headwinds-remain)
2022-01-20T22:00:08Z	**Teresa Rendo pulls out of Fletcher Building appointment**
Fletcher Building says Teresa Rendo has pulled out of joining the company for personal reasons, so Bruce McEwen will remain head of the distribution division.

McEwen had been earmarked to move into a new role called chief executive of digital foundations, with the aim of speeding up the improvement of the group's digitalisation. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/teresa-rendo-pulls-out-of-fletcher-building-appointment)
2022-01-20T22:20:48Z	**Ebos seeks ComCom clearance to buy NZ LifeHealthcare business**
Ebos Group has asked the Commerce Commission for clearance to buy the New Zealand arm of the LifeHealthcare business.

Last month, Ebos announced it was buying medical products distributor LifeHealthcare for about A$1.17 billion to increase its position in the medical devices market. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ebos-seeks-comcom-clearance-to-buy-nz-lifehealthcare-business)
2022-01-20T23:10:00Z	**Back to work: Aucklanders still shy away from downtown**
The end of the summer holiday hasn’t delivered as many workers to the Auckland CBD as retailers were hoping for, with foot traffic down by as much as a quarter from last year.

Retailers in and around Auckland’s Queen Street expected to see a bounce in summer spending after the long delta lockdown. However, that didn’t emerge, as Aucklanders spent their Christmas break elsewhere and the rest of New Zealand was reluctan ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/back-to-work-aucklanders-still-shy-away-from-downtown)
2022-01-20T23:31:00Z	**Massive jump in levy for animal tracing system looms**
Federated Farmers says a proposed hike in National Animal Identification and Tracing Scheme levies is necessary – and might even need to be higher.

“Nobody welcomes extra costs but if Ospri is to catch up on underinvestment in the Nait platform and deliver on its workability and farmer support, levy increases are probably necessary,” it said. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/massive-jump-in-levy-for-animal-tracing-system-looms)
2022-01-20T23:45:14Z	**Christchurch: 'When they go high, we go low'**
Ever since the earthquakes, Christchurch has been a kind of bonsai city, defined by its relative lack of height.

The tallest building in the city, the 86-metre Pacific Tower on Gloucester St, was completed in 2010, the same year the Canterbury earthquake sequence started. As a result of the quakes, more than 1200 buildings within the four avenues were demolished. ⌘ [Read more](https://businessdesk.co.nz/article/property/christchurch-when-they-go-high-we-go-low)
2022-01-21T00:40:00Z	**Inflation eats My Food Bag’s sales boost**
Meal-kit company My Food Bag said sales in the quarter ended December were up 15% thanks to the success of its Christmas Box, but earnings guidance will remain unchanged.

Sales of the holiday special were up almost 12% from the prior Christmas and the company said the feedback was “overwhelmingly positive”. ⌘ [Read more](https://businessdesk.co.nz/article/markets/inflation-eats-my-food-bags-sales-boost)
2022-01-21T01:20:11Z	**Tower has watching brief on Tonga**
General insurer Tower said it’s investigating the financial impact of last weekend’s underwater volcano and tsunami in Tonga.

The NZX-listed company has 2,500 customers in the island nation, mostly with 'personal lines' policies that cover people for death, injury and loss of property, and 300 commercial customers. ⌘ [Read more](https://businessdesk.co.nz/article/markets/tower-has-watching-brief-on-tonga)
2022-01-21T03:03:25Z	**Reti to Elon: anybody there? Tonga needs help**
National MP Dr Shane Reti, the party’s Pacific Peoples spokesman, has asked Elon Musk to consider aiding Tonga with his Starlink satellite broadband service.

The only subsea cable that connects Tonga to the rest of the world was damaged 37km offshore from the capital Nuku’alofa during volcanic activity in the region on Saturday, leaving the stricken nation without internet access. ⌘ [Read more](https://businessdesk.co.nz/article/politics/reti-to-elon-anybody-there-tonga-needs-help)
2022-01-21T04:15:39Z	**Omicron outbreak likely within 10 days: Baker**
A nationwide return to the ‘red’ traffic light setting is likely before the end of the month because of the rate of border failures involving the omicron variant, says one of the country’s leading observers of the covid-19 pandemic.

“I would be surprised if we didn’t have an outbreak by the end of the month,” Otago University epidemiologist Michael Baker told BusinessDesk. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/omicron-outbreak-likely-within-10-days-baker)
2022-01-21T04:55:01Z	**NZ shares finish shocker week down 3.5%**
New Zealand shares fell on Friday as the local market continued to follow the US which has been falling precipitously ahead of interest rate hikes pencilled in for March.

The S&P/NZX 50 Index fell 149.1 points, or 1.2%, to 12,348. Turnover was $172 million. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-finish-shocker-week-down-35)
2022-01-21T16:00:00Z	**Is New Zealand’s population too low?**
A recent United States Census Bureau press release, which estimated that the global population expanded by a further 74.2 million in 2021, reconfirms that population growth will continue to be a major issue in the years ahead.

According to the Census Bureau, the world’s population swelled from just 1.65 billion in 1900 to 2.558 billion in 1950 and 7.869 billion at the end of 2021. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/is-new-zealands-population-too-low)
2022-01-21T17:00:00Z	**On the Money: Richard Chandler charging into 2022, Jane Hrdlicka, Grant Baker, and more**
**Richard Chandler** is coming into 2022 hot.

The other, older, quieter Chandler Bro has his operations running under the Clermont Group banner, which is headquartered in Singapore. ⌘ [Read more](https://businessdesk.co.nz/article/on-the-money/on-the-money-richard-chandler-charging-into-2022-jane-hrdlicka-grant-baker-and-more)
2022-01-22T16:00:00Z	**A corker investment? Penfolds release rare wine NFT**
In a history-making move on January 19, Penfolds released a limited-edition wine, its 2018 Penfolds Magill Cellar 3 South Australian Cabernet Shiraz, through [BlockBar](https://blockbar.com/brands/Penfolds/b0893311-bfc9-4d49-aeac-499da25f1cfa), the world’s first direct-to-consumer platform for sales of wine and spirits involving “non-fungible tokens” (NFTs).

“This is of great value to add to your digital portfolio,” Block ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/a-corker-investment-penfolds-release-rare-wine-nft)
2022-01-22T16:00:00Z	**Review: Mercedes-Benz EQA – a reassuringly smart EV**
The nifty Mercedes-Benz EQA is probably the most normal electric car I’ve driven. If not for its aggressive acceleration, you’d probably just think it was a standard petrol vehicle. And that seems to be the point. The EQA is another step along the road to normalising EVs.

In the week I have it, I barely notice the range slowly running down. It is a minimal presence on the dashboard, which no doubt is on purpose. ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-mercedes-benz-eqa-a-reassuringly-smart-ev)
2022-01-22T16:00:00Z	**Corridors of power – inside the world of NZ's political lobbyists**
Depending on whom you ask, lobbyists are crucial to the smooth functioning of democracy, little better than a necessary evil, or back-slapping members of a mercenary old boys’ club. In order to shed light on what’s often perceived as something done in the shadows, we asked someone who has been lobbied, someone who works as a lobbyist, and someone who uses a lobbyist how the system has worked for t ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/corridors-of-power-inside-the-world-of-nzs-political-lobbyists)
2022-01-22T16:00:00Z	**Review: Cordis Pinnacle Tower, Auckland – luxury down to a fine art**
The Pinnacle Tower at the Cordis hotel in Auckland, which opened in December, took three years to complete. From the outside, the 17-storey addition looks much like the original 1980s hotel. But inside is where the heart of the change lies.

#### Home is where the art is

The Pinnacle Tower prioritises attention to detail, which is most evident in the use of art as a key feature – it is adorned ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/review-cordis-pinnacle-tower-auckland-luxury-down-to-a-fine-art)
2022-01-22T16:00:00Z	**My Net Worth: Viv Beck, CEO, Heart of the City, Auckland**
Welcome to My Net Worth, our regular column on the lives and motivations of our country’s top business, legal and political people in their own words.

For the past nearly seven years, Viv Beck has been the face of Auckland's central city business association, frequently seen on television advocating for her members’ interests. The role built on a career in public affairs that included being director of communicatio ... ⌘ [Read more](https://businessdesk.co.nz/article/the-life/my-net-worth-viv-beck-ceo-heart-of-the-city-auckland)
2022-01-22T22:31:08Z	**NZ's moving to red as Omicron's here: 'get boosted' urges Ardern**
The expected omicron outbreak has been declared.

New Zealand will move immediately/tonight, at 11.59pm, to the [‘red’ setting on the traffic light system](https://covid19.govt.nz/traffic-lights/) on covid-19 protection policy, the prime minister, Jacinda Ardern, announced at 11am this morning. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/nzs-moving-to-red-as-omicrons-here-get-boosted-urges-ardern)
2022-01-23T16:00:01Z	**A plea from a Facebook and Twitter refusenik**
The government effectively closed the borders again last week via a tweet late afternoon on Tuesday.

Apparently, there was a problem with the wording, so the Ministry of Business, Innovation and Employment (MBIE) deleted it, but not before somebody had taken a screenshot. ⌘ [Read more](https://businessdesk.co.nz/article/policy/a-plea-from-a-facebook-and-twitter-refusenik)
2022-01-23T16:00:00Z	**Omicron arrives – we're all over it already**
The first rumour came at 8.49am Sunday morning from our family Facebook messenger account.

A “friend in government” was suggesting an 11am announcement about going to red for omicron. ⌘ [Read more](https://businessdesk.co.nz/article/opinion/omicron-arrives-were-all-over-it-already)
2022-01-23T17:00:00Z	**Why there's no shame in business 'failure'**
Five years. That’s around how long it took Grant Foggo to recover his confidence after his recruitment business went into liquidation following the global financial crisis (GFC).

There was the stress of having the bank tell him that he needed to close his doors by the end of the day. ⌘ [Read more](https://businessdesk.co.nz/article/law-regulation/why-theres-no-shame-in-business-failure)
2022-01-23T17:30:00Z	**Seeing red: the govt's omicron advice to business**
The government may not have offered up any new financial support to businesses [as it announced the inevitability of omicron](https://businessdesk.co.nz/article/coronavirus/nzs-moving-to-red-as-omicrons-here-get-boosted-urges-ardern) sweeping through the country, but it did have advice.

Finance minister Grant Robertson said there was “a very high degree of uncertainty” for businesses at the moment. ⌘ [Read more](https://businessdesk.co.nz/article/policy/seeing-red-the-govts-omicron-advice-to-business)
2022-01-23T20:10:00Z	**Wakeup call: summer is over**
**Summary:** New Zealand is waking up in the ‘red’ covid traffic light setting to a rash of festival cancellations that have effectively ended the summer festival season overnight. In global and local markets this week, investors are bracing for the Fed’s next rates decision and New Zealand’s latest inflation data, both on Thursday morning our time.

**Red means no** The announcement yesterday that NZ would move to the ‘red’ covid restrictions setting at midnight las ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-summer-is-over)
2022-01-23T21:00:00Z	**The war over Tova**
Heading into 2022, MediaWorks was on a roll. The radio and outdoor advertising group generated a buzz across the broadcasting sector as it announced the launch of MagicTalk successor Today FM, appointing Newshub political editor Tova O’Brien as the main face of its new-look brand.

O’Brien was hired to lead Today FM’s flagship breakfast show, Tova, as MediaWorks made several high-profile hires across the radio industry, bringing in familiar faces such as Duncan Garner and Polly Gillespie, wi ... ⌘ [Read more](https://businessdesk.co.nz/article/media/the-war-over-tova)
2022-01-23T23:08:00Z	**Ebos accepts $66m of oversubscriptions in retail offering**
Ebos Group has raised $171 million from its existing retail shareholders after receiving bids worth almost four times what it was seeking.

The healthcare and animal care products wholesaler and distributor initially sought $105m from retail investors having already raised $674m in a placement to institutions to help fund its purchase of LifeHealthcare. Shareholders sought $412m of new stock. ⌘ [Read more](https://businessdesk.co.nz/article/markets/ebos-accepts-66m-of-oversubscriptions-in-retail-offering)
2022-01-24T01:54:00Z	**Millions missing out on booster protection**
With omicron in the community, millions of New Zealanders are still waiting for the protection offered by a vaccine booster dose.

The Ministry of Health has already reduced the minimum gap between the second and third doses of the Pfizer vaccine to four months down from six. ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/millions-missing-out-on-booster-protection)
2022-01-24T02:15:55Z	**NZ shares slow down as traffic light turns red**
New Zealand shares kicked off the week on the back foot after Sunday night's decision to shift the entire country to the red light covid setting, which weighed on companies most exposed to the covid-19 pandemic.

The S&P/NZX 50 Index dropped 105.51 points, or 0.9%, to 12,242.49 at 3pm, having slumped as much as 1.8% before Australian markets opened at midday NZ time. ⌘ [Read more](https://businessdesk.co.nz/article/markets/nz-shares-slow-down-as-traffic-light-turns-red)
2022-01-24T02:49:02Z	**Discovery wins Tova bout, ERA orders her to pay damages**
Tova O’Brien will not be allowed to leave Discovery NZ for MediaWorks for seven weeks after the Employment Relations Authority (ERA) partially upheld a controversial restraint of trade clause.

The Newshub political editor must wait until March 14 to join MediaWorks’ new radio station Today FM, after the ERA ruled that Newshub and the radio platform could be seen as competitors. ⌘ [Read more](https://businessdesk.co.nz/article/media/discovery-wins-tova-bout-era-orders-her-to-pay-damages)
2022-01-24T04:50:27Z	**NZ shares fall on first day of NZ's omicron outbreak**
New Zealand shares and the kiwi dollar fell on Monday as investors eye up whether the spreading omicron outbreak will prompt the US Federal Reserve to signal faster and steeper interest rate hikes on Thursday.

The S&P/NZX 50 Index dropped 156.94 points, or 1.3%, to 12,191.06 today, and is down almost 6.5% so far this year in what’s been a slow start for equity markets as the prospect of rising interest rates sap ... ⌘ [Read more](https://businessdesk.co.nz/article/listed-companies/nz-shares-fall-on-first-day-of-nzs-omicron-outbreak)
2022-01-24T17:00:00Z	**Blowing the roof off: online property traffic skyrockets**
New Zealanders recorded a whopping 141.6 million searches for residential property last year across the country’s top property websites, a 30.5% increase on 2020's 108.5 million searches.

Where property sales and listings are concerned, Kiwis are [spoiled for choice](https://businessdesk.co.nz/article/home-truths-how-we-measure-our-housing-market), with more than 100 sites vying for contention. ⌘ [Read more](https://businessdesk.co.nz/article/property/blowing-the-roof-off-online-property-traffic-skyrockets)
2022-01-24T17:00:00Z	**Life savings – swapping the B-word for the F-word**
What if the conventional bucket list now starts with the letter F, and not B, for some of the population?

The conventional bucket list full of Bs involves a group of activities or achievements that a person hopes to achieve in their lifetime, traditionally summed up in New Zealand as: “The boat, the bach and the Beemer [BMW]” ⌘ [Read more](https://businessdesk.co.nz/article/opinion/life-savings-swapping-the-b-word-for-the-f-word)
2022-01-24T18:00:00Z	**Nod for Oyster's $400m Waihoehoe project**
The third spoke in the giant 330-hectare residential township project in Drury East has been referred for fast-track consent.

Oyster Capital’s Waihoehoe Precinct development, which includes 376 residential units and nine residential "super lots" for future development across a 35-hectare site on Waihoehoe Rd, will now head to an expert consenting panel for a decision. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/nod-for-oysters-400m-waihoehoe-project)
2022-01-24T19:45:00Z	**Wakeup call: stocks thumped**
**Summary:** Global stocks fell 2-to-4% overnight on fears the **US Federal Reserve** is about to pull the rug of easy money out from under investors and signs Russia is about to invade Ukraine.

**Market mayhem** US stocks were down as much as 4% this morning on dual fears the Fed will hike interest rates four or more times this year and that Russia is about to invade Ukraine. German stocks fell 4% and Russian stocks fell 8%. The S&P 500 was down 3.8% at 6.30 am NZT ... ⌘ [Read more](https://businessdesk.co.nz/article/wakeup-call/wakeup-call-stocks-thumped)
2022-01-24T20:25:00Z	**CCCFA and LVRs hitting first-home buyers hard**
Most mortgage brokers are reporting banks are less willing to lend because of changes to the Credit Contracts and Consumer Finance Act (CCCFA) from Dec 1 last year.

In economist Tony Alexander's latest survey of 69 mortgage brokers, 83% said the changes to the act are making it extremely difficult for would-be borrowers. ⌘ [Read more](https://businessdesk.co.nz/article/finance/cccfa-and-lvrs-hitting-first-home-buyers-hard)
2022-01-24T22:30:20Z	**Regulatory obstacles unlikely for Ebos' A$1.17b LifeHealthcare purchase**
Ebos Group's purchase of the LifeHealthcare business is unlikely to have trouble clearing competition watchdogs on either side of the Tasman since its existing medical devices business is quite small.

Ebos bought the LMT and National Surgical businesses in late 2019 for A$34 million compared with the LifeHealthcare purchase price of A$1.17 billion. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/regulatory-obstacles-unlikely-for-ebos-a117b-lifehealthcare-purchase)
2022-01-24T23:30:00Z	**Boosters, RATs and bubbles: ports prepare for omicron disruption**
The biggest port in the country is forecasting significant supply chain issues in the event of a widespread omicron outbreak.

With cases already in the community, some modelling has suggested New Zealand could have [thousands of infections a day by March](https://blogs.otago.ac.nz/pubhealthexpert/potential-impact-of-an-omicron-outbreak-a-look-at-the-ihme-modelling-for-nz/). ⌘ [Read more](https://businessdesk.co.nz/article/coronavirus/boosters-rats-and-bubbles-ports-prepare-for-omicron-disruption)
2022-01-25T00:20:07Z	**A2 Milk shares jump 7.9% on takeover speculation**
Could Canadian dairy giant Saputo be keen on snapping up A2 Milk? The market seems to think there’s something in it with the stock up 7.89% following speculation on a bid.

Saputo is reportedly about to announce a “sizeable acquisition” in Australia and it could be A2 Milk according to The Australian. ⌘ [Read more](https://businessdesk.co.nz/article/primary-sector/a2-milk-shares-jump-79-on-takeover-speculation)
2022-01-25T01:50:00Z	**Fulton Hogan to take 50% stake in NSW roading contractor**
Infrastructure contractor Fulton Hogan will beef up its Australian business with the purchase of 50% in roading company Stabilised Pavements of Australia (SPA).

SPA, based in Somersby, New South Wales, was founded in 1984 and is a specialist in pavement construction, upgrades, and maintenance for councils and other clients. ⌘ [Read more](https://businessdesk.co.nz/article/infrastructure/fulton-hogan-to-take-50-stake-in-nsw-roading-contractor)
2022-01-25T02:03:35Z	**Kiwi's mix-used shopping centres' sales rose 9.6% in Dec**
Kiwi Property Group said sales for its mixed-use shopping centres rose 9.6% in December compared with a year earlier.

'Mini-majors', stores larger than 400 square metres but not including anchor tenants such as supermarkets, department stores and cinemas, "delivered a particularly strong increase in total sales, recording a 35.1% year-on-year uplift, led by recently opened retailers such as JD Sports and Culture King ... ⌘ [Read more](https://businessdesk.co.nz/article/retail/kiwis-mix-used-shopping-centres-sales-rose-96-in-dec)