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BUSINESS

Late change broadens rent-relief plan's impact

5 Jun, 2020 5:00am
4 minutes to read

Gift store chain says 'vast majority' of retailers should qualify for rent-relief plan.

BUSINESS

Andrew Little: NZ First's rent proposal was 'laughable'

4 Jun, 2020 5:38pm
4 minutes to read

Justice Minister describes NZ First's proposal for business rent relief as "laughable".

Justice Minister Andrew Little announced the changes, which take affect from today. Photo / George Novak

BUSINESS

Rent relief through 'implied clause'

4 Jun, 2020 8:58am
4 minutes to read

Government will insert a clause into commercial leases in a bid to spur rent concessions.

Stuart Nash (right) is believed to have helped broker a deal between Labour and NZ First on commercial rent relief, but it is not clear how many businesses will be eligible. Photo / Mark Mitchell.

BUSINESS

Labour and NZ First reach deal over commercial rents - who qualifies?

4 Jun, 2020 5:00am
4 minutes to read

Government strikes deal for commercial rent relief, but few companies expected to qualify.

This afternoon Bay of Plenty MP Todd Muller will unveil National's first piece of policy since he became the party's leader. Photo / George Novak

BUSINESS

Todd Muller announces first policy: $10k for businesses to hire staff

29 May, 2020 12:21pm
6 minutes to read

Todd Muller looks to get focus on the economy with speech to business group in Auckland.

An analysis by the Herald has showed more than 14,000 people have lost their jobs from major companies. Photo / 123rf

BUSINESS

'Second wave' of job losses coming - here are 14,000 already gone

28 May, 2020 5:54pm
10 minutes to read

With cuts affecting low paid workers, the next wave will creep 'higher up the food chain'

ANZ, New Zealand's largest bank, is asking many of its contractors and suppliers to cut their prices or rates by 20 per cent, blaming the impact of Covid-19. Photo / Jason Oxenham

BUSINESS

ANZ puts squeeze on suppliers

28 May, 2020 5:00am
4 minutes to read

New Zealand's largest bank is asking many of its suppliers to cut prices due to Covid-19.

BUSINESS

NZ media turmoil with Stuff sold for $1 and MediaWorks slashing jobs

25 May, 2020 7:00pm
5 minutes to read

Mediaworks in 'fight for survival' as Stuff's new owner eyes 'bright future'.

Stuff, the media company which owns the Sunday Star Times and Dominion Post, has been sold to its chief executive Sinead Boucher for $1.

BUSINESS

Stuff sold to management - for $1

25 May, 2020 10:52am
4 minutes to read

Stuff sold by Australian company to management for $1.

Megan Campbell is said to the new chief of staff for new National Party leader Todd Muller. Photo / Mike Walen.

BUSINESS

New-look Nats: Former lobbyist set to fill key role in Team Muller

24 May, 2020 8:55am
3 minutes to read

Former lobbyist said to be lined up to become National's new chief of staff.

Finance Minister Grant Robertson speaking to reporters in the Beehive. Photo / Getty images

NEW ZEALAND

50,000 firms apply for Govt loans; $10.9b paid out in wage subsidies

22 May, 2020 12:00pm
4 minutes to read

Finance Minister Grant Robertson is due to speak to reporters at Parliament at 1pm.

Finance Minister Grant Robertson said the Government was considering ways to intervene in the commercial property market to offer rent relief due to Covid-19 disruption, but urged tenants not to wait.

BUSINESS

Labour: rent talks continue, but don't wait

16 May, 2020 5:00am
3 minutes to read

Labour says rent relief for business being discussed, but warns tenants not to wait.

Finance Minister Grant Robertson. Photo / File

BUSINESS

Hamish Rutherford: A sea of red to save NZ from even worse

14 May, 2020 5:54pm
4 minutes to read

COMMENT: There is little debate about the need to spend big, but will it be enough?

Budget 2020 also includes fresh funding for Kiwirail. Photo / File

BUSINESS

Budget 2020: Billions for roads and rail

14 May, 2020 2:00pm
4 minutes to read

Government pledges $3 billion for infrastructure, Robertson says more is coming.

On Thursday Finance Minister Grant Robertson will deliver a Budget dominated by the impact of the Covid-19 crisis. Photo / Mark Mitchell

BUSINESS

The Covid crisis Budget, or how we stop the bleeding

14 May, 2020 5:00am
5 minutes to read

In Budget 2020, lofty ambitions will be replaced by bleak news and pressing needs.

Associate Finance Minister David Parker says a 'national interest' test will be applied to many foreign purchases of assets during the Covid-19 crisis. Photo / Mark Mitchell

BUSINESS

New overseas purchase test during Covid-19

13 May, 2020 5:44pm
3 minutes to read

Temporary test to prevent fire sales of strategic assets to foreigners during Covid-19.

Deputy Prime Minister Winston Peters and NZ First Cabinet colleague Shane Jones at Waitangi in February. Photo / John Stone

BUSINESS

NZ First blocks lease interventions

9 May, 2020 3:38pm
4 minutes to read

NZ First said to have told Labour not to bring rent relief plan back to Cabinet.

Finance Minister Grant Robertson delivers the traditional Wellington Chamber of Commerce pre-Budget speech from within the Beehive. Photo / Mark Mitchell

BUSINESS

Analysing Govt's pre-Budget moves: This is not a rainy day, it's a violent storm

8 May, 2020 5:00am
4 minutes to read

Finance Minister warns difficult times are ahead, but looks forward to a 'reset'.

Bell Gully, a top tier law firm, confirmed on Wednesday evening that it would be repaying more than $1.8 million it had claimed from the Government's wage subsidy scheme.

BUSINESS

Bell Gully joins rivals, repaying wage subsidy

6 May, 2020 7:24pm
4 minutes to read

'Big three' law firm joins rival in repaying subsidy as criticism mounted.

Law firms have faced criticism for tapping into the wage subsidy scheme. Photo / Getty Images

BUSINESS

Two major law firms repay wage subsidy

6 May, 2020 5:38pm
6 minutes to read

Law firms have come under fire for tapping into the wage subsidy scheme.

National Party leader Simon Bridges, who had a career in law before entering Parliament, said major law firms did not need the wage subsidy. Photo / Mark Mitchell

BUSINESS

Big law firms don't need subsidy: Simon Bridges

5 May, 2020 5:51pm
4 minutes to read

Opposition Leader says major firms do not need the Government's wage subsidy.

Logs arrive at CentrePort in Wellington this week, as the lifting to alert level 3 allowed the forestry industry to restart. Photo / Mark Mitchell

BUSINESS

How much of the economy is really 'up and running' at level 3

4 May, 2020 5:42pm
5 minutes to read

Is New Zealand's economy really running at three quarters of capacity?

On Friday Finance Minister Grant Robertson played down the significance of Parliament passing a law turning Inland Revenue into a small business lender without MPs realising. Photo / Mark Mitchell

BUSINESS

Hamish Rutherford: Time for the Government to open up to more scrutiny of lockdown decisions

3 May, 2020 5:00pm
4 minutes to read

The Government is making decisions with massive implications but little scrutiny.

BUSINESS

Government's hastily changes loan scheme as Treasury conditions come under fire

1 May, 2020 7:14pm
4 minutes to read

Hasty changes made after Treasury's policies were blamed for lack of take-up of loans.

Former Finance Minister Steven Joyce, pictured in 2018, says the Government should explain why New Zealand cannot move to level two restrictions next week. Photo / Dean Purcell

BUSINESS

Steven Joyce: Employers on cusp of laying off staff, cannot wait for Budget

1 May, 2020 5:43pm
3 minutes to read

Businesses needing to give staff notice of redundancy will make decisions next week.

BUSINESS

Mortgage rules scrapped: Why home buyers now need less for deposit

30 Apr, 2020 5:54pm
3 minutes to read

Reserve Bank says risky lending is less of a worry than banks not lending enough.

New Zealand Growth Capital Partners chairman Murray Gribben. Photo / Mark Mitchell

BUSINESS

Crown fund complaint 'not upheld'

30 Apr, 2020 7:00am
3 minutes to read

Complaint into allegations against staff member at fund 'not upheld', chairman says.

StraitNZ's vessel the Straitsman during a crossing of Cook Strait during 2017. Photo / Mark Mitchell

BUSINESS

Ferry service StraitNZ consults staff on cuts

29 Apr, 2020 12:31pm
3 minutes to read

Cook Strait ferry operator says it needs to "reorganise" to cope with drop in demand.

Auckland International Airport has been paid more than $4 million through the wage subsidy scheme, a rounding error in the $1.2 billion it raised from investors.

BUSINESS

Comment: In a time of free money, how are we all in this together?

27 Apr, 2020 7:39am
5 minutes to read

Should employers who have deep pockets be taking the wage subsidy?

Fog sits on Wellington Airport's runway in January. Photo / Mark Mitchell

BUSINESS

Wellington City Council pledges support to airport

24 Apr, 2020 5:44pm
3 minutes to read

Wellington City pledges to take part in bailout of airport similar to Air NZ deal.

BUSINESS

Hamish Rutherford: MPs should not diminish the struggles of business

23 Apr, 2020 5:46pm
4 minutes to read

We may benefit from the lockdown, but MPs should not diminish the struggle of businesses.

New Zealand Growth Capital Partners chairman Murray Gribben said the outcome of the investigation is expected in the next two to three weeks. Photo / Mark Mitchell

BUSINESS

Exclusive: Board orders investigation into staff member at Crown venture fund

23 Apr, 2020 5:36pm
3 minutes to read

Board of Crown-backed venture capital fund confirms investigation into complaint.

Dr Deborah Russell, the MP for New Lynn, during a select committee hearing on Tuesday.

BUSINESS

'Lack of empathy': Labour MP criticised over small business comments

22 Apr, 2020 5:42pm
3 minutes to read

MP said small businesses lacked 'strength' in face of being told to lock down.

Summerset Group chief executive Julian Cook sold 250,000 shares in the company last week worth around $1.5 million. Photo / Chris Steel

BUSINESS

CEO sells $1.5m in stock after company takes wage subsidy

20 Apr, 2020 2:20pm
4 minutes to read

CEO cuts stake in company after earlier accepting almost $9m govt wage subsidy.

New figures show tens of thousands of Kiwis have deferred mortgage payments since a nationwide lockdown was put in place in late March. Photo / Andrew Warner

BUSINESS

Repayments cut or suspended on 80,000 loans

17 Apr, 2020 6:00pm
3 minutes to read

Tens of thousands of bank customers have applied to defer their mortgage payments.

Reserve Bank governor Adrian Orr told MPs that the New Zealand banks were stronger now than heading into the global financial crisis. Photo / Mark Mitchell

BUSINESS

Reserve Bank governor: Time for banks to be 'courageous'

16 Apr, 2020 6:00pm
3 minutes to read

Reserve Bank says banks are strong but will always struggle if unemployment surges.

Former trade negotiator Charles Finny told MPs that New Zealand needed a strategy to diversify export markets or face risks from its exposure to China.

BUSINESS

Trade expert urges restart of manufacturing

16 Apr, 2020 5:52pm
3 minutes to read

Trade experts warn exporters fear loss of market share to overseas rivals during lockdown.

Reserve Bank Governor Adrian Orr (left) is due to brief MPs on the central bank's response to Covid-19 this morning. Photo / Getty Images

BUSINESS

Covid-19 could make NZ's economy more dependent on China - expert

16 Apr, 2020 9:55am
8 minutes to read

MPs set to hear from Reserve Bank boss and trade experts about impact of Covid-19.

BUSINESS

Robertson promises more support for business, but loath to become a lender

15 Apr, 2020 5:54pm
4 minutes to read

Robertson talks loans, grants and guarantees to business leader via Zoom.

BUSINESS

Life under Level 3: From 'essential' to 'safe' business activity

15 Apr, 2020 5:48pm
3 minutes to read

Finance Minister tells business leaders path out of lockdown remains uncertain.

Finance Minister Grant Robertson (centre) leads Ministerial colleagues into a media breifing on the Government's initial Covid-19 economic response on March 17. Photo / Mark Mitchell.

BUSINESS

Double digit unemployment could see 275,000 Kiwis out of work

14 Apr, 2020 5:36pm
6 minutes to read

Finance Minister says unemployment headed to double digits, but real picture may be worse.

The COSL Prospector has been in New Zealand to undertaking a drilling campaign for OMV, which supplies more than half of New Zealand's gas. Photo / Supplied

BUSINESS

Oil and gas firm OMV talks up final oil well off Taranaki

14 Apr, 2020 5:00am
4 minutes to read

Well was curtailed due to Covid-19 restrictions but results 'positive', oil company says.

Sir Bill English, pictured during his valedictory speech in 2018, delivered a candid warning in March about the structural changes New Zealand would face from Covid-19. Photo / Mark Mitchell.

BUSINESS

Former PM's 'real economy' warning

11 Apr, 2020 5:00am
7 minutes to read

Sir Bill English gives candid warning of the broad and lasting impacts of Covid-19.

Finance Minister Grant Robertson said he hoped much activity would be able to resume under a lower Covid-19 alert level. Photo / Mark Mitchell.

BUSINESS

What does a move down to level 3 look like for employers?

10 Apr, 2020 6:30am
4 minutes to read

Government will thrash out guidance on lower Covid-19 alert level over Easter.

BUSINESS

Tourism boss: 100,000 jobs could go

8 Apr, 2020 5:56pm
5 minutes to read

MPs hear grim assessment that New Zealand is losing billions of dollars a month.

Hit by a severe downturn in the aviation sector, Auckland International Airport is attempting to raise $1.2 billion from investors. Photo / File

BUSINESS

Auckland Airport leads funding queue, who's next to raise capital?

7 Apr, 2020 5:00am
4 minutes to read

Auckland Airport ends speculation about its balance sheet with massive fundraising move.

Covid-19 has had a dire impact on Auckland Airport. Photo / File

BUSINESS

Auckland Council's investment could shrink as Auckland Airport looks to raise $1.2 billion

6 Apr, 2020 8:50am
5 minutes to read

Auckland Airport wants to shore up its balance sheet to weather the Covid-19 storm.

Fletcher Building chief executive Ross Taylor at a media briefing in February 2018. Photo / Greg Bowker.

BUSINESS

Staff at one of NZ's iconic firms are taking pay cuts - where does that leave others?

4 Apr, 2020 5:00am
5 minutes to read

The implications of the nationwide lockdown are just beginning to dawn on many Kiwis.

Finance Minister Grant Robertson during the media update at the Beehive Theatrette in Parliament. Photo / Mark Mitchell

BUSINESS

Coronavirus: 'Safe harbour' for directors from insolvency laws

3 Apr, 2020 5:51pm
3 minutes to read

Government changes law of insolvency as it prepares for a wave of job losses.

Economist Shamubeel Eaqub said disruption to the economy will not stop at the end of the lockdown. Photo / Nick Reed

BUSINESS

Economist's plea to MPs: 'We need a grown-up'

2 Apr, 2020 5:38pm
5 minutes to read

Economist tells MP we need a plan for how to emerge from the lockdown, quickly.

Finance Minister Grant Robertson leads colleagues into a briefing on the Government's economic response to Covid-19. In the fortnight since, the response has escalated. Photo / Mark Mitchell

BUSINESS

Fiscal prudence to $1b a week: Robertson's mammoth task

1 Apr, 2020 5:40pm
13 minutes to read

From obsessing over debt levels, Grant Robertson has unprecedented scope to spend.

Finance minister Grant Robertson speaks during COVID-19 financial response package announcement at Parliament on March 17. Photo / Getty Images.

BUSINESS

Nation building should be the start of a move to unity

31 Mar, 2020 5:45pm
5 minutes to read

Robertson should start move towards unity by ceding infrastructure planning to National.

Finance Minister Grant Robertson has warned the response to Covid-19 could have a major impact on New Zealand's debt levels. Photo / Getty

BUSINESS

Treasury accounts: Govt books healthy ... for now

31 Mar, 2020 5:36pm
4 minutes to read

Government accounts were in good shape as the impact of Covid-19 started.

The future of the aluminium smelter at Tiwai Point was already in doubt before restrictions were put in place to counter the spread of Covid-19.

BUSINESS

Tiwai Point reduces production in response to virus

31 Mar, 2020 11:03am
2 minutes to read

Smelter says it is closing one of its four lines amid Covid-19 restrictions.

Crew aboard the UK-flagged Normand Baltic, which OMV has contracted to undertake a major refurbishment project on its Taranaki gas fields.

BUSINESS

'Open heart surgery' on gas supplies hit by restrictions

30 Mar, 2020 5:00am
4 minutes to read

New Zealand hits a pivotal moment in its supplies of natural gas.

Until a few weeks ago, New Zealand's major airports were highly profitable, but the Government is now in talks about providing assistance.

BUSINESS

Government talking to airports: Robertson

29 Mar, 2020 1:00pm
3 minutes to read

Finance Minister confirms talks and says airports are critical to the economy.

Kiwis have been racing to get home this week, but Auckland International Airport has warned it expects passenger numbers

BUSINESS

Coronavirus: Is Auckland Airport running out of runway?

28 Mar, 2020 5:00am
8 minutes to read

Usually money making machines, New Zealand's major airports are showing signs of distress.

Prime Minister Jacinda Ardern and Finance Minister Grant Robertson prepare to brief media on the latest efforts to counter the economic impact of Covid-19. Photo / Mark Mitchell

BUSINESS

Help for 'very large' companies being developed: Robertson

25 Mar, 2020 5:42pm
4 minutes to read

Finance Minister hints at help looming for "very large" businesses as stimulus plan grows.

Prime Minister Jacinda Ardern and Finance Minister Grant Robertson revealed the Government was considering providing working capital for businesses earlier this month. Photo / Mark Mitchell

BUSINESS

Govt announces $6.2b loan guarantees for SMEs

24 Mar, 2020 5:54pm
3 minutes to read

Businesses with turnover of between $250,000 and $80 million will be eligible.

Last week the Government stepped in to provide loans to Air New Zealand. It may just be the start. Photo / Dean Purcell

BUSINESS

Hamish Rutherford: Government bailouts loom, for everyone

24 Mar, 2020 5:50pm
4 minutes to read

The Government's move into lending is huge. Hugely risky, and hugely important.

BUSINESS

Wage subsidies could be broadened if NZ hits alert level three

23 Mar, 2020 12:12pm
4 minutes to read

If Covid-19 alert level goes up, Government's response almost certain to broaden.

Finance Minister Grant Robertson reading details of Government's $12.1 billion fiscal spending plan on Tuesday. Photo / Mark Mitchell

BUSINESS

NZ retains 'ample' spending room: Moody's

20 Mar, 2020 6:10pm
3 minutes to read

Ratings agency says stimulus package is not enough to hurt Government's fiscal strength.