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Economy likely a 'slow grind' over 2024, ASB predicts

ASB's latest quarterly economic forecast shows the economy will likely stay flat over 2024, due to interest rate pressures and "some pockets" of increasing living costs.


Consumer confidence slides with confirmation of recession - ANZ survey

Consumer confidence has been knocked down putting an end to a steady improvement in sentiment over recent months.


Share markets recovery boosts Superannuation Fund to record high

Strong performing share markets have propelled the value of the Superannuation Fund to a record $69.7b at the end of last year.


Vulcan Steel's interim profit drops by 50% in wake of high interest rates, inflation

The steel products company says it has been navigating "challenging" business conditions.


House sales off to a sluggish start, but 'gradual upturn' in sight

Data from property research firm CoreLogic showed sales volume was only 2 percent higher than the same month last year.


Lower interest rates getting closer - Reserve Bank Governor Adrian Orr

The tide is turning on inflation, and RBNZ governor Adrian Orr says "we're now in a much happier space".


PGG Wrightson half-year profit falls, dividend axed

A slowing economy and commodity prices dented the rural services company's half-year profit.


Commerce Commission approves Transpower's national grid plans

The Commerce Commission has approved Transpower's near $400-million proposal to strengthen the national electricity grid.


Steel & Tube's profit falls sharply on weak demand

The steel products company's profit has fallen by more than 50 percent as softer economic conditions led to reduced volumes and lower top line revenue.


Westpac releases economic overview for 'challenging' year ahead

However the bank says 2024 will be challenging for the government and the risk of higher interest rates can't be ruled out.


Budget Policy Statement: Willis promises cuts despite late return to surplus

The government's books are in worse shape than thought but the Finance Minister says she will deliver.


Mortgage interest write-offs unlikely to spark market - CoreLogic

The average yield on rentals has increased to its highest level since 2020 but CoreLogic says it's still relatively low by historical standards.


Channel Infrastructure doubles full-year profit

The former Marsden Point Refinery said jet fuel volumes were approaching pre-Covid levels as aviation demand continued to recover in 2023.


About 50 Godfreys staff to lose their jobs

Workers from 11 company-operated stores will be affected by the business permanently closing in May.


Stake in Westfield retail sites up for sale, international buyers showing interest

A large stake in Westfield's five prime retail properties in Auckland and Christchurch are for sale.


Property for Industry posts $97.8 million full year loss to December 2023

A sharp slide in property values has markedly increased the annual loss of specialist developer Property for Industry.


Fletcher Building posts $120 million loss for half year earnings report

The company's CEO and board chair are stepping down after the disappointing first-half result.


Banking sector lacks competition - Commerce Commission draft report

The banking sector lacks competition and disruptive forces to drive change and deliver benefits to consumers, a Commerce Commission draft report says.


Rental prices up for third month in a row, some properties reach record highs

The region with the highest rent rise may surprise you.


Britain DID go into recession at the end of 2023, ONS confirms… but Jeremy Hunt says GDP has already started growing again after 'tough' spell

Official figures formalised the UK's recession in the second half of 2023, although it was slightly smaller than initially thought.


Government pushing benefit indexation through under urgency

The legislation will align benefit increases with inflation, rather than wage growth.


Fletcher Building CEO Ross Taylor to 'consider his position'

Fletcher Building shares were placed in a trading halt on Monday at the request of the company.


Heartland half-year profit falls as lending slows

The financial services company's half-year profit has fallen 23 percent as it faced one-off costs, slower lending and issues relating to longer-dated car loans.


Warehouse Group to focus on three brands after nearly $24m first-half loss

The Warehouse Group lost nearly $24 million in the six months ended January as consumers tightened their belts in a tough economic environment.


Former CBL boss cuts deal with Financial Markets Authority to settle case

The FMA said CBL managing director Peter Harris will admit keeping information from investors and issuing a deceptive statement to the stock exchange.


Sprawling six bedroom Florida home with $150K spiral aluminum staircase, sunken spa and outdoor kitchen in exclusive enclave of Golden Beach hits the market for $11MILLION

A stunning home situated in Florida's exclusive Golden Beach has hit the property market at a whopping $11 million.


Fewer jobs advertised, applications rise for fifth consecutive month

The number of job ads in February fell 3 percent on the month before, with main centres recording the largest drop in hiring activity.


ASB, Kiwibank drop fixed mortgage rates again

The two large retail banks reduced fixed mortgage rates on Monday for the second time in weeks.


Salaries continue to rise despite high-profile lay-offs, dicey economic setting

While healthcare saw big jumps, advertising, arts and media is struggling.


Simplicity takes 19pc stake in Tax Traders

Simplicity's managing director says the company is "delighted" to make the investment.


Small and medium businesses start 2024 with 'solid sense of optimism' - survey

Small and medium sized businesses have gone into the new year with a positive view of economic improvement and hopes of increased sales and revenue in 2024.


Economy slips into recession as GDP falls 0.1%

The economy shrank 0.1 percent at the end of last year, new official figures show.


Will the Reserve Bank raise interest rates this week?

What economists think will happen when the Reserve Bank reviews the OCR.


NZME profit halves after drop in revenue

The owner of the New Zealand Herald and Newstalk ZB said the result reflected a challenging year.


Fonterra profit up 23% with higher margins and sales volumes

Underlying profit from the ingredients, foodservice and consumer businesses fell, but were more than offset by a gain the global markets business.


Saudi Arabia reports surge in foreign investments for Q4 2023

Saudi Arabia has witnessed a significant surge in foreign direct investment (FDI) net inflows, hitting 13.1 billion Saudi riyals ($3.49 billion) in the fourth quarter of 2023, the Saudi General Authority of Statistics reported on Thursday. This marks a robust 16% growth from the third quarter's 11 billion Saudi riyals. The report also highlighted a...


High interest rates, low sales keep housing market moving sideways

House buyers and sellers are taking their time and it's muting price increases.


IAG's half-year profit up 50% on same period a year ago

The country's biggest insurer IAG's half-year profit has surged as its premium income and margins rose, while disaster costs fell.


Cyclones, challenges in global dairy prices see Pāmu profts plummet

For the six months to December the company made a net operating profit of $3 million - that compares to $15m in the comparable half-year.


Nearly 10million Britons are told to take an energy meter reading this weekend to avoid being overcharged before cheaper rates come into force on Easter Monday

The regulator is dropping its price cap from £1,928 for a typical dual fuel household in England, Scotland and Wales to £1,690.


Retirement warning for Brits in their forties: State pension age 'could rise to 68 faster to pay for keeping the triple lock'

Rishi Sunak has vowed to keep the policy - which sees the state pension rise by the highest out of earnings, inflation and 2.5 per cent - for at least the next five years.


Price gap between new homes and existing houses expected to narrow

New builds have been 6 percent more expensive than existing properties but there could be a shift in demand as tax incentives dry up, a CoreLogic NZ report indicates.


Kathmandu owner posts near $10m loss

KMD Brands said sales were down for all its brands - Kathmandu, Oboz and Rip Curl.


Synlait Milk in trading halt to finalise $130m loan extension

The company said it requested the trading halt to give it more time to talk to its bankers and major shareholder about the loan repayment.


Reserve Bank holds Official Cash Rate at 5.5 percent

The Bank has warned inflation pressures are stubborn and rate cuts may be a while away.


Women lag behind men in residential property investments - CoreLogic

Several factors, including pay and financial literacy, contributed to the tendency for more men to own investment properties than women, CoreLogic says.


Consumer spending subdued in last quarter of 2023

Kiwibank economist blames high inflation, interest rates and rising costs for people buying less.


Business confidence falls again, but retail expected to turn around

The latest ANZ Business Outlook survey showed headline confidence fell 12 points to a net 23 percent.


How Armaguard's fight for survival could spell the end of cash in Australia forever - as supermarket giant issues card only warning

Armaguard rejected an emergency $26million rescue package put together by the major banks and retailers and instead said it would rely on $10million from owner Linfox.


Air New Zealand announces 39% drop in half-year profit

The airline is also expecting the second half of the financial year to be increasingly difficult.