Business

Dairy prices reach highest level in months at auction

Dairy prices reach highest level in months at auction

Dairy prices have risen to their highest level in eight months in the latest global auction overnight. Photo: RNZ / Russell Palmer The average price was up 1.9 percent to $US3637 ($NZ5301) a tonne, compared with a 1 percent fall in the previous auction two weeks ago. The price of […]

by June 20, 2018
Fletcher Building cuts deal with bankers

Fletcher Building cuts deal with bankers

Fletcher Building has cut a new deal with its bankers, which will see it pay more for its lending and put the proceeds of asset sales immediately to paying back debt. Photo: 123RF The agreement follows the company‘s breach of its lending arrangements of its building and interiors business. This […]

by June 20, 2018
Lost wages: Govt ‘will be coming knocking‘

Lost wages: Govt ‘will be coming knocking‘

The government has issued a stern warning to businesses which aren‘t properly paying staff for their time: Fix it, because “we will be coming knocking”. It comes after retail chain Smiths City was caught underpaying minimum wage workers for at least 15 years, leading to a potential seven figure payout […]

by June 20, 2018
Retail workers missing out on $800 in ‘unpaid‘ duties – union

Retail workers missing out on $800 in ‘unpaid‘ duties – union

More shop workers are stepping forward to complain in what is believed to be a “widespread” problem of big-name retailers failing to pay for work meetings, First Union says. A First Union spokesperson said the union was receiving messages and reports from retail workers who had not realised until now […]

by June 20, 2018
World saga: ‘Any labelling must be clear and truthful‘

World saga: ‘Any labelling must be clear and truthful‘

The Commerce Commission has begun an investigation into the clothing brand World after complaints it mislabelled T-shirts as being made in New Zealand. One of the T-shirt designs at the centre of the controversy Photo: WORLD The company has after – including T-shirts, sweatshirts and sweatpants – that were actually […]

by June 20, 2018
Mercury Energy buys into Australian windfarm operator

Mercury Energy buys into Australian windfarm operator

Power company Mercury has taken a $143.9 million stake in an Australian-based windfarm operator. Photo: 123rf It is buying a 19.9 percent stake in Tilt Renewables from the Tauranga Electricity Consumers Trust (TECT) for $143.9 million. It has an option to buy another 6.8 percent at the same price within […]

by June 20, 2018
Frustrated Uber drivers take action over low pay

Frustrated Uber drivers take action over low pay

Some Uber drivers around the country are protesting today against low pay and the structure of the company. Some Uber drivers opted to go out of action on 14 May, 2018 to protest against the low pay they received Photo: RNZ Sher Abid – the organiser of the action on […]

by June 20, 2018
Robot financial adviser granted FMA exemption

Robot financial adviser granted FMA exemption

The country has its first robot financial adviser after KiwiWealth was given an exemption by the Financial Markets Authority from the current law which requires humans to give financial and investment advice. Photo: 123RF The online advisor will ask people to enter details, such as when they plan to retire, […]

by June 20, 2018
IRD missing out on $1 billion in tax from unreported income

IRD missing out on $1 billion in tax from unreported income

Tax Freedom Day has come two days later than last year, because of people edging into the next higher tax bracket, increased spending, and higher prices. Photo: RNZ / Richard Tindiller Accounting firm Staples and Rodway calculated the hypothetical day when a taxpayer paid their dues in sales and income […]

by June 2, 2018
Regulators put NZ banks on notice

Regulators put NZ banks on notice

Banks have been given two weeks to outline what steps they have taken to convince financial regulators that customers here are not being ripped off like their Australian counterparts have admitted doing. Photo: 123RF The Financial Markets Authority (FMA) and the Reserve Bank spoke to the heads of the banks […]

by June 2, 2018