/news/business/rss 九一星空无限 Keep up with the latest in business and financial sector news with 九一星空无限talk ZB. Sat, 19 Apr 2025 14:03:46 Z en /news/business/google-has-illegal-monopoly-in-ad-tech-us-judge-rules/ /news/business/google-has-illegal-monopoly-in-ad-tech-us-judge-rules/ A US judge on Thursday ruled that Google illegally wielded monopoly power in the online ad technology market, in a legal blow that could rattle the tech giant’s revenue engine. The federal government and more than a dozen US states filed the antitrust suit against Alphabet-owned Google, accusing it of acting illegally to dominate three sectors of digital advertising - publisher ad servers, advertiser tools, and ad exchanges. “Google’s monopolies allow it to soak up excessive profits, leaving less for the workers and businesses whose livelihoods depend on online advertising,” said New York attorney general Letitia James, whose state took part in the suit. “Everyone from major news organisations to small independent bloggers has taken a financial hit because of Google’s conduct.” It is one of two federal suits targeting Google that could ultimately see the company split up and curb its influence - and part of a wider government push to rein in Big Tech. The vast majority of websites use Google ad software products that, combined, leave no way for publishers to escape Google’s advertising technology, the plaintiffs alleged. District Court Judge Leonie Brinkema agreed with most of that reasoning, ruling that Google built an illegal monopoly over ad software and tools used by publishers, but partially dismissed the argument related to tools used by advertisers. “Google has willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power in the publisher ad server and ad exchange markets for open-web display advertising,” Brinkema said in her ruling. The judge concluded that Google further entrenched its monopoly power with anticompetitive customer policies and by eliminating desirable product features. “In addition to depriving rivals of the ability to compete, this exclusionary conduct substantially harmed Google’s publisher customers, the competitive process, and, ultimately, consumers of information on the open web,” Brinkema wrote. Google quickly vowed to appeal the ruling. “We won half of this case and we will appeal the other half,” the company’s vice president of regulatory affairs, Lee-Anne Mulholland, said in a statement. “The court found that our advertiser tools and our acquisitions, such as DoubleClick, don’t harm competition,” Mulholland said. For Emarketer senior analyst Evelyn Mitchell-Wolf, “The bigger picture is crystal clear: the antitrust tides have turned against Google and other digital advertising giants. “The extent of the fallout will depend on the legal remedies employed,” Mitchell-Wolf told AFP. What to do? Launched under the presidential administrations of Donald Trump and Joe Biden, five major antitrust cases from the Federal Trade Commission and the US Justice Department are proceeding against major US technology companies. These cases represent an aggressive shift in antitrust enforcement, after a relatively quiet period in antitrust prosecution since the Microsoft case in the late 1990s. In August last year, a US judge ruled that Google maintained a monopoly with its dominant search engine. The company has appealed that ruling as well. Online advertising is the driving engine of Google’s fortune and pays for widely used online services such as Maps, Gmail, and search offered free. Money pouring into Google’s coffers also allows the Silicon Valley company to spend billions of dollars on its artificial intelligence efforts, as it tries to keep up with rivals. Brinkema gave attorneys on both sides of the online ad tech case seven days to submit a schedule for arguing their positions regarding what remedies should be imposed on Google. Ordering Google to spin off its ad publisher and exchange operations is likely to be among the plaintiffs’ proposals. For Mitchell-Wolf, the ruling has “profound implications for the advertising industry”. “The open web is so deeply rooted in Google’s advertising technology that any change to the status quo could crush vulnerable publishers,” the analyst said. Nicole Gill, co-founder of advocacy group Accountable Tech, called Brinkema’s decision a “massive victory”, while Amnesty International Secretary-General Agnes Callamard called for a “rights-respecting structural break-up of Google”. -Agence France-Presse Fri, 18 Apr 2025 01:48:34 Z /news/business/job-hunters-facing-more-fraud-and-ai-powered-deepfake-video-interviews/ /news/business/job-hunters-facing-more-fraud-and-ai-powered-deepfake-video-interviews/ Job hunting for some people might have just got even trickier. Fake job sites and scammers using AI for deepfake video “interviews” have sparked concern from Microsoft. The company’s Australia and New Zealand chief security officer Mark Anderson said AI was generating realistic but deceptive job postings. And it was even enabling deepfake video interviews, he said. “For Kiwi job seekers, the risks are no less significant than anywhere else in the world.” Anderson said people should never share personal or financial information with unverified employers. “Watch for red flags, such as upfront payment requests or communication via free email domains, which are often signs of fraud.” He said it was essential to verify employer legitimacy through official websites or platforms such as LinkedIn or Glassdoor. Scammers generated fake profiles with stolen credentials, fake job postings with auto-generated descriptions and AI-driven email campaigns, he said. These campaigns aimed to trick job seekers into giving away information. Anderson also urged caution if a remote video call interview seemed unnatural. He said “odd facial expressions or speech delays” could indicate AI was being used to deceive people. And it was now possible for scammers using AI to establish fraudulent e-commerce websites within minutes, Anderson said. Kiwi clothing and outdoor brand Kathmandu was one recent target of an imposter shop on Facebook and it told the Herald the scams were getting more frequent. And today, ASB said a share trading platform scam used text messages and then an invitation to connect on platforms including WhatsApp. Kathmandu customers and a Reddit user raised suspicions about what turned out to be a scam e-shop. Photo / DeerSimilar8170 Reddit “AI-powered scams are making it harder for people to distinguish legitimate offers from fraudulent ones, whether through fake product reviews or convincing countdown timers on e-commerce sites,” Anderson said. He said Kiwis should avoid impulse buying by verifying deals, and cross-checking domain names and reviews before clicking on social media ads. People should also use secure payment methods with fraud protections instead of direct bank transfers or cryptocurrency, he said. In response to scams, Microsoft said it had introduced new in-product safety controls. Anderson said the “Fraud-resistant by Design” policy introduced in January meant Microsoft product teams must perform fraud prevention assessments and implement fraud controls as part of their design process. He said consumer awareness and vigilance was the most powerful tool to tackle scams, backed with technological solutions. “The battle against scams will continue, and we remain committed to empowering consumers to protect themselves and their data.” An online scam misusing New Zealand actor Martin Henderson's identity is one high-profile recent con, but Microsoft says fake job listings are increasingly problematic. Composite photo / Sylvie Whinray Microsoft said in the year to April it had thwarted US$4 billion ($6.74b) in fraud attempts globally. “AI has started to lower the technical bar for fraud and cybercrime actors looking for their own productivity tools, making it easier and cheaper to generate believable content for cyberattacks at an increasingly rapid rate,” the tech company added. Microsoft said it had also blocked about 1.6 million bot sign-up attempts on average every hour. In its Cyber Signals Issue 9 report released today, Microsoft said some bad actors were luring victims into increasingly complex fraud schemes using fake AI-enhanced product reviews. These scams could also involve AI-generated storefronts, where scammers created entire websites and e-commerce brands. The sham companies could include fake business histories and customer testimonials. Actors Russell Crowe and Martin Henderson, and New Zealand singer Anna Coddington are among public figures who have been impersonated by scammers. And after scammers stole broadcaster Wendy Petrie’s identity last year, cyber security agency Cert NZ warned about the misuse of AI. Microsoft said fraudsters used deepfakes, voice cloning, phishing emails and authentic-looking fake websites to appear legitimate on a wider scale. Thu, 17 Apr 2025 04:09:26 Z /news/business/asb-securities-impersonated-scammers-suspected-of-targeting-volatile-economy/ /news/business/asb-securities-impersonated-scammers-suspected-of-targeting-volatile-economy/ ASB says an impersonation and investment scam currently doing the rounds uses text messages and then an invitation to connect on WhatsApp. The bank said the scam promised “too good to be true” investment opportunities and falsely claimed to be from ASB Securities. The scammers asked potential victims to connect over WhatsApp and other channels, then click on a link to log into their “investments” or bank account. Brodie Macdonald, ASB GM for fraud and scams, said the scammers seemed to be taking advantage of current market uncertainty. Macdonald said in the current turbulent environment, investments could be front of mind for many people. Local sharemarket investor sentiment has been subdued, with the Sharesies Index falling into the “cautious” range in the first quarter as worries about US tariffs mounted. Other issues potentially worrying some investors included inflation creeping back up and volatile sharemarkets. Macdonald said at such times, people might be more susceptible to act quickly and potentially miss some of the red flags around scams. “I encourage everyone to be vigilant, particularly if you’re asked to make a payment or provide sensitive information,” Macdonald said. “Anyone can fall victim to a scam, and staying alert to scammers is our first defence.” She said the bank’s fraud experts were available at all times, including over the public holidays. ASB Securities is the bank’s share trading platform. The bank said anyone who clicked on a suspicious link or handed over their payment details should block their cards and contact their bank immediately. People receiving a suspicious text could report the message to the Department of Internal Affairs for free by forwarding it to 7726. Macdonald said ASB customers affected could phone the bank by calling 0800 ASB FRAUD (0800 272 372). Thu, 17 Apr 2025 03:51:13 Z /news/business/commerce-commission-approves-woolworths-beak-johnston-acquisition/ /news/business/commerce-commission-approves-woolworths-beak-johnston-acquisition/ The Commerce Commission has granted clearance for Woolworths to acquire 100% of Australian food manufacturer Beak & Johnston (B&J) after initially extending the date for a decision by an extra month.  The decision follows the Australian Competition and Consumer Commission’s (ACCC) verdict on April 9 to approve the proposal.  In deciding whether to approve the acquisition the commission considered the potential impact on competition in national markets for a range of food products that B&J manufactures.  This includes slow-cooked meats, chilled and canned soups, chilled and frozen ready-made meals, and pies (which are all different types of convenience or ready meals).  The business also manufactures private label products for retailers and other food service providers and is a non-exclusive distributor of the ‘Impossible’ meat alternative brand in New Zealand.  Chairman Dr John Small said the commission was satisfied that the acquisition is unlikely to substantially lessen competition in the New Zealand market.  “Our investigation found that notwithstanding Woolworths’ significant retail grocery business, the proposed acquisition was unlikely to result in the merged entity refusing to supply Beak & Johnston products to rival grocery retailers, refusing to purchase products from a rival supplier, or doing so on less favourable terms such that it would substantially lessen competition,” Small said.  “We don’t believe that Woolworths would have the ability or incentive to restrict rival retailers’ access to convenience or ready meals, nor do we consider any attempt to do so would result in a substantial lessening of competition in relevant retail markets.”  Small also said that rival grocery retailers could still acquire products from alternative suppliers across the relevant categories, whether they are branded B&J products or private label products that it manufactures.  Commerce Commission chairman Dr John Small said the commission was satisfied that the acquisition is unlikely to substantially lessen competition in the New Zealand market.  The commission’s deliberation considered whether there was a risk of Woolworths either delisting the products of rival suppliers to B&J or compromising the attractiveness of their products, but decided it would not be a likely scenario as the items in these categories are generally projected to grow.  Any efforts by Woolworths to compromise the attractiveness of rival suppliers’ products were also unlikely to substantially lessen competition.  “While we recognise the proposed acquisition may result in Woolworths potentially ranging more Beak & Johnston products, given the limited nature of the range, and the projected growth of the sales of convenience or ready meals, we don’t believe this will be sufficient to cause competitive harm in the market.  “We saw no evidence to indicate the proposed acquisition would materially change decisions on the ranging, shelf-positioning or pricing of private label and Beak & Johnston-branded products in Woolworths stores in a way that would substantially lessen competition.”  B&J was founded in 1986 by David Beak, who remains executive chairman, with Shannon O’Connell as the New Zealand business director.  Woolworths already owns 23% of the Australian sister company, B&J City Kitchen, which it intends to wholly acquire through this deal.  Woolworths and B&J City Kitchen have been formal partners since December 2017.  The acquisition will see it wholly acquire the B&J New Zealand business, which operates out of its site in Wiri, South Auckland.  The New Zealand business currently employs 65 people.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Thu, 17 Apr 2025 00:48:50 Z /news/business/on-the-rise-inflation-up-25-in-first-quarter/ /news/business/on-the-rise-inflation-up-25-in-first-quarter/ Consumers price index (CPI) inflation increased 2.5% in the 12 months to the March 2025 quarter, according to figures released by Stats NZ today. That follows a 2.2% annual increase to the December 2024 quarter and is slightly higher than economist forecasts. It was up 0.9% for the first quarter of 2025. “The annual inflation rate is within the Reserve Bank of New Zealand’s target band of 1 to 3% for the third consecutive quarter,” prices and deflators spokesperson Nicola Growden said. Between the June 2021 and June 2024 quarters, annual inflation was above the target band. The largest contributor to the annual inflation rate was rent, up 3.7% . Rent prices contributed 14% of the 2.5% annual increase. “This is the first time annual rent has increased by less than 4%since 2021,” Growden said. “Rent is one of the largest weighted items in the CPI basket, so the increase still had a large impact on the overall movement.” Local authority rates and payments were another big driver, increasing 12.2% in the 12 months to the March 2025 quarter (14% contribution to the 2.5% increase). Rates are captured once a year in the September quarter, as this is when ratepayers see price changes set by councils. Construction prices also increased, up 1.9% in the 12 months to the March 2025 quarter (7% contribution to the 2.5% increase). Lower petrol prices slightly offset the annual CPI increase, with prices down 2.8% in the 12 months to the March 2025 quarter. This decrease followed a 9.2% decrease in petrol prices in the 12 months to the December 2024 quarter. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Wed, 16 Apr 2025 22:49:18 Z /news/business/media-insider-nz-s-spy-agency-investigated-case-of-rnz-journalist-who-edited-russia-ukraine-stories/ /news/business/media-insider-nz-s-spy-agency-investigated-case-of-rnz-journalist-who-edited-russia-ukraine-stories/ New Zealand’s spy agency investigated the actions of an RNZ journalist whose edits of foreign news stories came under scrutiny in 2023, it has been revealed.  The journalist, Mick Hall, complained that he had been investigated by the NZSIS unlawfully and that the agency had improperly shared information about him.  The NZSIS concluded that Hall was not engaging in any form of state-sponsored foreign interference.  In a report released today, the Inspector-General of Intelligence and Security, Brendan Horsley, found that the activities of the NZSIS in making “initial inquiries” into the matter were “limited in scope to what was strictly necessary to satisfy the NZSIS that this was not a case of foreign interference”.  “I am satisfied that the basis and extent of these enquiries were both legal and proper and that NZSIS recognised the sensitive nature of making enquiries into a journalist.”  He said he also considered it proper that the NZSIS “actively reported to relevant parties their positive conclusion that Mr Hall was not engaging in any form of state-sponsored foreign interference.”  Horsley found the actions were necessary, legal, proper and proportionate.  He noted that the NZSIS was responsible for identifying and countering foreign interference in New Zealand. In doing so, it had to give consideration to fundamental principles such as “freedom of expression and freedom of the press”.  Hall, who resigned from the public broadcaster in the wake of the affair, said in a statement on Thursday that he welcomed Horsley’s report.  “As a journalist, I am reassured by the report’s findings that the spy agency followed its Sensitive Category Individuals (SCI) policy during its three-month investigation and that it informed interested parties there was nothing that indicated I was a national security threat or an agent of foreign interference,” said Hall.  “I accept that the NZSIS acted out of necessity, after my sub-editing of international news agency stories had been mis-framed by RNZ management and others in June 2023 as an exercise in Russian propaganda.  “These accusations, which caused widespread concern, were utterly false. Horsley’s report points to this and is the second such review to do so.”  Hall told the Herald in September 2023: “I’m not a Russian agent. I’m just a journalist trying to do my job.”  RNZ has been approached for comment.  RNZ commissioned an independent review of its editorial processes in the wake of Hall’s work.  The review found Hall had breached RNZ’s editorial standards by adding a pro-Russian perspective to stories on the invasion of Ukraine, among other edits.  The report found Hall “genuinely believed he was acting appropriately to provide balance and accuracy and was not motivated by any desire to introduce misinformation, disinformation or propaganda”.  It considered two contrasting perspectives.  The first was that Hall was a “rogue actor who made a decision to abuse the trust placed in him”, and the second that the inappropriate editing “was inevitable because of significant … failures by RNZ”.  “The panel does not hold to either of these contrasting views. What we found was a journalist who acted in breach of both editorial standards and RNZ’s contract with Reuters and an organisation that facilitated the conditions for a journalist to do so,” the report read.  It highlighted “cultural and teamwork issues” at the public broadcaster.  At the time, RNZ chairman Jim Mather said the board had accepted the review and would implement its 22 recommendations.  The panel also found RNZ’s leadership overreacted, publicly, to Hall’s edits, “contribut[ing] to public alarm and reputational damage, not helpful in maintaining public trust”.  In his statement today, Hall said: “By its knee-jerk judgment that I’d acted in bad faith, and by its public pronouncements, RNZ management created a dangerous environment of hysteria and undue speculation over my motives.  “It helped bring a journalist to the attention of the NZSIS and its Five Eyes intelligence partners. As Horsley’s report points out, it is ‘at the very least, disconcerting to discover that you have come to the attention of an intelligence agency, particularly as a journalist reporting on conflicts where different views can validly be expressed’.”  Hall said conflating editorial endeavour that sought accurate reporting and proper context in news stories with subjective support for foreign enemies “is a smear, creates a chill factor within newsrooms and stifles open and informed public discourse over foreign policy and international affairs”.  “With the New Zealand government moving to introduce sweeping measures to criminalise foreign interference, RNZ management’s damaging mischaracterisations should be of lasting concern.”  MORE TO COME  Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at 九一星空无限 including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in 九一星空无限.  Wed, 16 Apr 2025 22:28:44 Z /news/business/mercury-revises-down-earnings-forecast-due-to-dry-weather/ /news/business/mercury-revises-down-earnings-forecast-due-to-dry-weather/ Mercury NZ’s annual profit will be affected by dry weather in 2025, the company says.  The power generator and retailer said it had revised its earnings before interest, tax, depreciation, amortisation and financial instruments for the year down to $760 million from $820m.  “This reflects an expected 150 gigawatt hour (GWh) decrease in full-year hydro generation to 3400GWh owing to continued dry weather in the Taupō catchment, and projected below-mean hydro inflows and lake level through to June 30, 2025,” the company said.  The full-year ordinary dividend guidance remained unchanged at 24 cents a share and its “stay-in-business” capital expenditure guidance was unchanged at $150m.  In February, the company — 51% owned by the Government — said it expected power prices for its residential customers to rise on average by 9.7% from this month.  The company said then that energy prices — gas and electricity — for consumers were expected to increase across the board.  The rise primarily reflected increases in lines and transmission charges due to rising costs and the level of investment in infrastructure required, in line with the Commerce Commission’s price path reset for the next five-year period.  It also reflected the rise in the cost of wholesale electricity and other costs.  Mercury’s downgrade follows a challenging 2024 for most of the power generator-retailers, who faced a gas shortage, low hydro inflows and calm wind conditions, which combined to drive power prices to more than $800 per megawatt hour in August.  Jamie Gray is an Auckland-based journalist covering the financial markets, the primary sector and energy. He joined the Herald in 2011.  Wed, 16 Apr 2025 02:40:16 Z /news/business/gloomy-forecast-anz-sees-ocr-falling-to-25-as-recovery-falters/ /news/business/gloomy-forecast-anz-sees-ocr-falling-to-25-as-recovery-falters/ ANZ economists now expect the Reserve Bank (RBNZ) will have to cut the Official Cash Rate to 2.5% as the economic recovery progresses at a slower-than-expected pace.  They had previously forecast the RBNZ to pause at 3%. The rate is currently sitting at 3.5%.  Recent data suggested the economic recovery, while certainly well under way, was looking a bit more stop-start than our current forecasts imply, ANZ chief economist Sharon Zollner said.  “In addition, persistent uncertainty on the global trade front and a darker and murkier outlook for global growth is likely to dampen investment and broader risk-taking to some extent.  “We therefore now think that the economy will require a bit more support from monetary policy to ensure that the recovery remains on track.”  Zollner expected the RBNZ’s forecast revisions would have “the same broad flavour” in next month’s Monetary Policy Statement.  ANZ has revised down its forecast for GDP and the housing market.  It now sees an annual average GDP growth of 1% for 2025 (down from 1.3%) and 2.6% in 2026 (down from 2.9%).  ANZ chief economist Sharon Zollner at ANZ Tower Albert Street. New Zealand Herald photograph by Corey Fleming 25th March 2025  “Our forecast for annual average growth in 2027 has been revised up from 2.4% to 2.6% as stimulatory monetary policy settings eventually flow through.”  Softer economic momentum would be expected to leave the labour market loose for a little longer, she said.  “After ending 2024 at 5.1%, the unemployment rate is expected to lift to 5.3% in early 2025 and remain around that level for most of the year.”  Thereafter, the trajectory for the unemployment rate was similar to prior forecasts: on a path towards 4.3%.  House price expectations had been downgraded to 4.5% growth for 2025.  Previously, ANZ had anticipated growth of up to 7%.  ANZ would also be reducing expectations for CPI inflation but would wait until after tomorrow’s first quarter data was released to get an updated starting point.  Lower inflation is likely due to falling oil prices (on the tradable side) and the economy running further below capacity (on the non-tradeable side, Zollner said.  ANZ had not yet “centralised” the downside risks of tariff fallout or the upside risk of higher bond yields.  Like the RBNZ, it would continue to take a wait-and-see approach.  But trade tensions and ongoing uncertainty surrounding the global growth and markets outlooks had very likely weighed on confidence across both households and businesses, “eroding a key pillar of support to the recovery”, Zollner said.  “As a result, we think further policy support is required to keep the recovery on track.”  Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.  Wed, 16 Apr 2025 01:17:17 Z /news/business/nz-s-house-price-median-drops-30-000-annually-auckland-down-28-reinz/ /news/business/nz-s-house-price-median-drops-30-000-annually-auckland-down-28-reinz/ House prices are continuing to fall, down $30,000 in the latest year, according to Real Estate Institute data out today. The median price for New Zealand declined by $30,000 or 1.4% to $790,000 year-on-year, REINZ said. Prices also fell or remain unchanged in 10 regions and only rose in six regions, REINZ said. It now takes a median 41 days to sell a house in this country, an increase of three days in the year to March. Auckland’s median fell 2.8% annually, to $1.04m. First-home buyers, investors, and owner-occupiers were the most active. “Some vendors were realistic regarding the asking price, motivated to sell, and met market expectations, while others expected to obtain a price they thought was right, which was always on the higher end of the scale. Attendance at open homes varied across the region; while some may have numerous walk-throughs, others may have none – particularly with existing stock," the REINZ statement for the Auckland region said. Auckland auction room attendance varied. Economic conditions, lending criteria and buyer confidence influenced market sentiment. Local agents are cautiously optimistic that the market will improve in a gradual, incremental manner, REINZ said. Northland’s median sale price was down nearly 0.6% to $695,000. Waikato’s median declined 1.6% to $745,000 and Taranaki’s stayed unchanged at $600,000. Bay of Plenty prices were down 0.3% to a median $650,000 and Hawke’s Bay’s median was down 3.4% to $700,000. Gisborne was one of the few areas to buck the rent, prices there rising 4% annually to a median $650,000. Wellington’s median fell 2.4% to $800,000. Canterbury prices were unchanged in the March year at a median $695,000 while Otago’s fell 8.8% to $661,000. Unsold inventories are rising too. “More properties hit the market than in March 2024, with an increase of 5% nationally, from 11,455 to 12,029 listings,” REINZ said. Acting chief executive Rowan Dixon was upbeat. “The market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don’t sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community.” The West Coast region experienced the highest increase, rising by 11.5% from $370,000 to $412,500. Two regions had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. Nelson’s median price significantly declined year-on-year from $722,000 to $640,000 which was down 11.4%. “New Zealand’s property market remains the same: high listings result in decreased buyer urgency. If a buyer misses out on a property, they can easily find a similar one for sale,” Dixon said. Michael Gordon, Westpac chief economist, said house prices had been ticking higher in recent months, as lower interest rates have helped to revive buyer interest. The REINZ House Price Index rose by 0.2% in March, the fifth straight month of similarly-sized gains, he noted. Sharon Zollner, ANZ chief economist, said sales were lifting but prices were constrained by high inventories of unsold stock. “New listings lifted slightly in Mrch and are around decade highs, meaning there is still plenty of choice for buyers. That means price tension remains limited. Despite strengthening sales, recent data suggest downside risk to our forecast fo house prices to rise 6% over 2025,” Zollner said. This month, the Herald reported Auckland’s largest real estate agency pushing up sales in March but its glut of unsold homes has now hit a record. Barfoot & Thompson’s unsold stock numbers have been climbing lately, with 5300 places unsold in January and 5900 in February but 6200 last month. Peter Thompson, managing director, said: “The Auckland housing market has responded aggressively to improved buying conditions with turnover in March hitting the highest number of sales in a month for more than three years, and with prices at their highest this calendar year. The long-anticipated housing market recovery has finally arrived.” The agency sold 1213 properties in March, the most since July 2021. Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas. Tue, 15 Apr 2025 02:50:37 Z /news/business/man-charged-over-tesla-arson-as-anti-musk-wave-sweeps-us/ /news/business/man-charged-over-tesla-arson-as-anti-musk-wave-sweeps-us/ A man who allegedly torched two vehicles at a Tesla dealership and painted “Die Elon” on the side of the building has been hit with federal charges, the US Department of Justice said on Monday. The charges are the latest to be levied in connection to attacks on the EV maker whose boss, Elon Musk, has become a hate figure for some over his role in slashing government as a top adviser to President Donald Trump. Two Tesla vehicles were badly damaged in the firebomb attack on a showroom in Albuquerque on February 9, and slogans likening Musk and his company to Nazis were sprayed on the walls. Jamison Wagner, 40, who lives in the city in the western state of New Mexico, was also charged over a firebomb attack that hit an office of the state’s Republican Party last month. If convicted on the two charges of malicious damage or destruction of property by fire or explosives, he could be jailed for up to 20 years on each ccharge, the Department of Justice said. “Let this be the final lesson to those taking part in this ongoing wave of political violence,” Attorney General Pam Bondi said. “We will arrest you, we will prosecute you and we will not negotiate. Crimes have consequences.” Federal prosecution carries a stiff penalty compared with local law, where such a crime typically results in a sentence starting from only 18 months of incarceration and a US$5000 ($8500) fine. In March, Trump even suggested that people who vandalise Tesla property could be deported to prisons in El Salvador. Musk, the South Africa-born billionaire chief of Tesla and SpaceX, is leading Trump’s ruthless cost-cutting drive at the head of the so-called Department of Government Efficiency (DOGE). Lauded on the right, he has rapidly become one of the most controversial figures in the country. Several Tesla dealerships and cars in the US and worldwide have been vandalised and the company’s share price has taken a hammering. - Agence France-Presse Tue, 15 Apr 2025 01:14:26 Z /news/business/food-prices-35-higher-in-march-2025-compared-to-last-year/ /news/business/food-prices-35-higher-in-march-2025-compared-to-last-year/ Food prices have steadily increased in March, with the monthly change driven by higher prices for grocery food and non-alcoholic beverages.  According to the latest Stats NZ Selected Price Index, monthly food prices increased by 0.5% in March compared with a 0.5% monthly decrease in February.  But on an annual basis, food prices were 3.5% higher than in March 2024.  Grocery food and non-alcoholic beverages had the biggest monthly impact on food price in March 2025, up 0.9% and 1.1%, respectively.  Higher prices for chocolate and yoghurt drove the increase in grocery food prices, while higher prices for instant coffee and soft drinks drove the increase in non-alcoholic beverage prices.  On an annual basis, butter prices are more expensive by 63.6% compared to March 2024, cheese is up by 20.4%, and milk is more expensive by 16%.  Stats NZ prices and deflators spokeswoman Nicola Growden said “The average price for a 250g block of chocolate was $5.99 in March 2025, that’s $1.60 more expensive than three years ago”.  Chocolate and yoghurt had the biggest contributions to the monthly increase in food prices.  Monthly fruit and vegetable prices fell by 0.3% compared with February, and were down 2.7% compared to March 2024, still the only food group to record lower prices compared to 2024.  Tomatoes and cabbage had the largest monthly price shifts, with their weighted average retail price up by 15.2% and 12.1% respectively.  Meat, poultry and fish prices were virtually flat for the month, growing by 0.1%, but on an annual basis they remain high, up by 5.3% compared to March 2024.  Likewise, restaurant meals and ready-to-eat food remained steady, also increasing by 0.1% for the month.  Alcohol monthly prices grew slightly in March, up by 0.2%, while monthly tobacco prices fell by 0.1%.  Monthly petrol prices fell in March, dropping by 2.1%, and are now 6.2% cheaper than in March 2024.  Monthly diesel prices were down by 2.3%. Annually, diesel prices were down by 10.6%.  Domestic air travel prices rose in March by 2.2%, while international air transport prices fell by 4% compared to February.  Domestic accommodation service prices fell 2.9% in March but international accommodation services increased by 8.8%.  After a few months of delay, Stats NZ has also been able to reveal the changes in rental prices.  The stock measure grew by 0.3% monthly, now 3.3% more expensive compared to last year.  The stock measure shows rental price changes across the whole rental population, including renters currently in tenancies.  The flow measure of rents captures rental price changes only for dwellings that have a new tenancy started in the reference month.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Tue, 15 Apr 2025 00:10:26 Z /news/business/raygun-founder-john-daniel-trask-describes-wellington-as-a-talent-repellent/ /news/business/raygun-founder-john-daniel-trask-describes-wellington-as-a-talent-repellent/ Entrepreneur John-Daniel Trask has described Wellington as a “talent repellent” saying he wouldn’t set up business in the capital today. Trask says he has lost staff because of the “abject wokeness” in the city. Jugnu’s Little India owner Jugnu Gill agrees, saying after 28 years running restaurants in the city, Wellington is “not the right place at the present time” to open a restaurant. A successful Wellington entrepreneur says if he was starting again he would not launch his business in the capital, describing it as a “talent repellent”. John-Daniel Trask founded Raygun, a software products company based in Wellington and used by subscribers around the world. The company employs about 25 staff and has helped build other software platforms such as Givealittle, Mindscape and Valuecruncher. Trask joined Jugnu’s Little India owner Jugnu Gill on a business panel with 九一星空无限talk ZB’s Wellington Mornings host Nick Mills today. The tech entrepreneur said he had been building businesses for 18 years, starting his first proper one when he was 23. Asked whether he would start his business again in the current climate, Trask was positive about the tech industry. “I would absolutely start a business now in tech. The AI super cycle that is just kicking off is going to dwarf the internet. It’d be like saying to someone if it was 1995, ‘Do you think you should get into tech?’ and we know in retrospect that would have been a great time. “Whether you should do it in Wellington, though, I would say no. “I think Wellington is actually a talent-repellent system at the moment. “We’ve had people in our own organisation who have left and said I’m going to places like Auckland because they are so tired — their own words — of the abject wokeness that is in this city. “As an employer who is bringing money into this country, paying people who are spending in our city, the relentless — relentless — attacks from the keyboard warriors who never leave their house. It’s a very sad state of affairs. “I moved here about 20 years ago, and I’d say Auckland was counter cycle then. Nobody really wanted to move to Auckland around 2000, and Wellington was amazing. That is now inverted, in my opinion.” Trask said his biggest concern was whether it was going to take another 20 years for Wellington to “turn it around”. “The psychology of Wellington is the problem. Business is something that provides value to other people in the community. “And that’s one of the most despised structures by many of the people in this city. It’s the most bananas set-up you can consider.” Raygun founder John-Daniel Trask says Wellington is currently a "talent repellent" system. Photo / Supplied Trask said he finds the situation very concerning and has been actively taking moves to try to help the city, including having all staff working back in the office for the past 18 months. But he worried it wasn’t enough. “It’s the same people we see walking around. You go out at lunch, and we feel like we’re one of the few sets of folks investing and spending money locally. “I like to make the joke that Courtenay Place KFC only really exists because Raygun comes to the office.” Jugnu Gill opened his first restaurant in Wellington in 1997, but like Trask, said he would not set up business in the capital today. “Wellington is not in good shape. There are very few places that are doing really well in Wellington at the moment. “To be successful in Wellington, with all of the work going on over the streets and the council not having good leadership, today you have to think outside the box to really set something up that will be successful. “I would say I would not be looking to open, even if I was younger. I feel that Wellington is not the right place at the present time. Unless you have an extremely different idea.” Gill said Wellington was in need of good leadership, and he was confident that with that would come change. Mon, 14 Apr 2025 04:09:49 Z /news/business/overseas-visitor-arrivals-down-in-february-but-us-tourists-break-record/ /news/business/overseas-visitor-arrivals-down-in-february-but-us-tourists-break-record/ Overseas visitor arrivals were down in February compared to the same time last year. Statistics NZ recorded 354,400 arrivals in the month, a decrease of 8400 from February 2024, which had one extra day with the leap year and a later start to the Chinese New Year. But there were substantial increases this year in visitors from the US, Australia and the UK. “There were 63,700 overseas visitor arrivals from the United States in February 2025, which is a record for any month from that country,” Stats NZ said today. Visitor numbers from several major Asian markets, especially China, were down compared to February 2024. Chinese tourist numbers were down by 18,400 compared to the same time last year, and Stats NZ attributed that to the timing of the Chinese New Year. This year, the Chinese New Year began on January 29 but last year it started on February 10. “Monthly arrivals from China typically peak in January or February each year, depending on the timing of the Chinese New Year,” Stats NZ added. The total number of overseas visitor arrivals in February this year was 85% of the number recorded in February 2019, before the Covid pandemic. Of the 354,400 overseas visitor arrivals in February this year, 33% were from Australia and 18% were from the US. Across the year to the end of February, overall visitor numbers were up to 3.35 million, an increase of 240,000 from the prior year. New Zealand across the year attracted more tourists from Australia, China, the UK, the US, Japan and Taiwan. “The 379,000 overseas visitor arrivals from the United States in the February 2025 year was a record for any year from that country,” Stats NZ said. The US was the second-largest source of overseas visitor arrivals in the year, after Australia. Infometrics economists today said tourism arrivals were up 7.8% in the three summer months, compared to a year before. Infometrics said despite the slight slowdown in overall February arrival numbers, Queenstown and Christchurch Airports both recorded year-on-year increases in arrivals, up 3.5% and 1.3% respectively. The strong US arrival numbers were partly attributed to a weak New Zealand dollar. “Although the US is our second-largest tourism market behind Australia, recent strength may not persist given economic instability in the world’s largest economy.” The current trade war made the outlook for tourism arrival numbers uncertain, Infometrics said. The economists said global growth expectations for 2025 and 2026 were expected to be slower than historical levels at around 2.5% a year. But escalating trade protectionism may lead to slower growth in New Zealand’s key tourism markets, meaning lower future arrival numbers, Infometrics added. Westpac senior economist Michael Gordon said relative to the year before Covid, US visitor numbers were running more than 20% higher. Gordon said other key sources such as Australia, Japan and the UK had not yet fully recovered but were gaining momentum. This afternoon, Tourism and Hospitality Minister Louise Upston announced a $13.5m advertising boost aimed at enticing visitors from China, Australia, the US, India, Germany and South Korea. Upston said the campaign would generate an estimated 23,000 or more additional international visitors and an extra $100 million in spending. “We have encouraging signs coming through from our ‘Everyone Must Go!’ campaign focused on Australia, but we won’t stop there,” the minister said. The campaign Upston referred to was launched in February. Labour Party tourism spokeswoman Cushla Tangaere-Manuel at the time said the new campaign slogan sounded like a clearance sale. Hospitality New Zealand today welcomed the $13.5m investment. “Attracting more international visitors will mean more people experiencing Kiwi hospitality, which is especially important during the traditionally quieter off-peak periods,” Hospitality NZ chief executive Steve Armitage said. Mon, 14 Apr 2025 03:38:37 Z /news/business/kiwi-card-spending-drops-08-in-march-stats-nz-data-reveal/ /news/business/kiwi-card-spending-drops-08-in-march-stats-nz-data-reveal/ Card spending by Kiwi consumers fell in March, with most measured categories reporting declines when compared to February, Stats NZ data have revealed. Spending in the retail industries decreased 0.8% ($52 million) in March 2025 compared with the month prior, while spending in the core retail industries also decreased by 0.8% ($46m). Looking at the categories, durables reported the largest decline month-on-month, dropping by 2.5% or $39m. Shoppers also spent less on fuel, likely because of seasonal factors, and apparel, dropping by 2.3% ($12m) and 2.1% ($6.9m) respectively. Hospitality also reported a drop in spending, down by 1.1% or $14m. The category with the largest increase in March compared with February was in motor vehicles (excluding fuel), where spending grew by 2.1% or $4m. Consumables also reported a minor increase, with spending in the category up by 0.4% or $9.5m. Services, including repair and maintenance, personal care, funeral and other personal services reported minor spending growth of 0.3% or $1m. Spending in the non-retail (excluding services) category decreased in March, down by 3.3% or $7.6m compared to February. That category included medical and other healthcare spending, travel and tour arrangements, postal and courier delivery and other non-retail industries. The total value of electronic card spending, including the two non-retail categories (services and other non-retail), decreased from February by 1.5% or $137m. In actual terms, card holders made 169 million transactions across all industries in March 2025, with an average value of $54 per transaction. The total amount spent using electronic cards was $9.2 billion. March quarter Stats NZ also reported the data for the wider March quarter compared to the December quarter, in which spending in the retail industries increased by 0.7% or $131m and spending in the core retail industries also increased by 0.4% or $74m. Spending on motor vehicles (excluding fuel) and fuel itself both reported the highest spending growth for the quarter, increasing by 1.6% or $9m and 1.3% or $20m respectively. Consumable spending also grew over the quarter, with Kiwis spending 0.8% or $65m more compared to the December quarter. Durables reported the largest spending decline in the quarter, dropping by 2.5% or $118m. In unfortunate news for the hospitality industry, it also reported a decline over the March quarter of 0.5% or $18m. Apparel spending was virtually flat for the quarter, down by 0.1% or $0.7m. The non-retail (excluding services) category was down by 0.6% ($44m) for the March quarter, while the services category was up by 1.9% ($21m). The total value of electronic card spending, including the two non-retail categories (services and other non-retail) was flat, growing by 0.1% or $23m when compared with the December 2024 quarter. Momentum stalled Westpac senior economist Satish Ranchhod said the results were much weaker than expected. “We had expected a modest 0.2% gain, in line with earlier trends. March’s fall in retail spending was widespread across discretionary spending categories,” Ranchhod said. “The only major category to record an increase this month was grocery spending, which was up 0.4%. However, the past few months have also seen large increases in the prices of many grocery items.” He said that looking at the wider trends of the economy, it appears to have lost some momentum, noting that core spending (excluding fuel) has essentially remained flat since the start of this year. Ranchhod also said that in discussions he has had with retailers around the country, he’s continued to hear about sluggish sales, with cost-of-living pressures a continued drag on spending. “Today’s soft result reinforces our expectations that the broader recovery in the New Zealand economy will remain gradual in the near term. “As we’ve previously highlighted, 90% of New Zealand mortgages are on fixed rates and many borrowers are still on relatively high rates. “Over the next six months more than half of all mortgages will come up for refixing and many borrowers will roll on to lower rates, which will help to boost spending through the latter part of the year.” Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Mon, 14 Apr 2025 00:39:19 Z /news/business/brain-drain-kiwi-departures-remain-high-but-numbers-leaving-have-stabilised/ /news/business/brain-drain-kiwi-departures-remain-high-but-numbers-leaving-have-stabilised/ The annual rate of net migration gain has stabilised at 32,900 for the year to February. That compares with a gain of 32,500 in the year to January but follows a big slump as departures soared and arrivals fell last year. Annual net migration peaked in the year ending October 2023, with a gain of 135,500. The annual net migration gain in the year to February 2024 was 113,700. Compared with the February 2024 year, the latest data showed migrant arrivals were 154,300, down 30%. Migrant departures were 121,300, up 15%. For migrant departures in the February 2025 year, citizens of New Zealand were the largest group, with 69,100 departures. While this remains at historically high levels, it represents a plateau in departure numbers – compared to 69,200 in the year to January. The net migration gain of 32,900 was made up of a net gain of 77,000 non-New Zealand citizens and a net migration loss of 44,100 New Zealand citizens. Annual migrant arrivals peaked at 234,800 in the year to October 2023, Stats NZ said. Annual migrant departures provisionally peaked at 122,000 in the year ending January 2025. “The long-term average for February years (2002 to 2019) before Covid-19 is 118,800 migrant arrivals, 91,600 migrant departures, and a net migration gain of 27,300,” Stats NZ said. For migrant arrivals in the February 2025 year, citizens of New Zealand were the largest group, with 25,100 arrivals. The next largest groups were citizens of India, 24,800; China, 19,000; and the Philippines, 13,100. Aussie exodus New data for migration with Australia was also released by Stats NZ – for the year to September 2024. There was a net migration loss of 30,400 people to Australia in the year ended September 2024. This was made up of a net loss of 29,100 New Zealand citizens and a net loss of 1200 non-New Zealand citizens. This compared with a net migration loss to Australia of 26,100 in the year ended September 2023 – made up of a net loss of 25,400 New Zealand citizens and a net loss of 700 non-New Zealand citizens. Traditionally, there had been a net migration loss from New Zealand to Australia, Stats NZ said. This averaged at about 30,000 a year from 2004 to 2013, and 3000 a year from 2014 to 2019. In the September 2024 year, 58% of New Zealand citizen migrant departures were to Australia. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. To sign up for his weekly newsletter, click on your user profile at nzherald.co.nz and select “My newsletters”. For a step-by-step guide, click here. Sun, 13 Apr 2025 23:50:22 Z /news/business/former-national-candidate-jake-bezzant-faces-fraud-case/ /news/business/former-national-candidate-jake-bezzant-faces-fraud-case/ Former National Party candidate Jake Bezzant and his New Zealand business partners are being sued by a US investor over an alleged fraudulent scheme to solicit a US$50,000 ($86,000) investment in a company represented as an EV charging business. Georgia resident John Stapleton on Wednesday (NZ time) filed a civil action for securities fraud and related claims against New Zealand company Invisible Urban Charging and Bezzant among others. Invisible Urban Charging, co-founded by Bezzant in 2019, is an electric vehicle charging service providing high volumes of EV chargers to customer sites for a flat monthly fee. Bezzant resigned as a director of Invisible Urban and left politics after former partner Tarryn Flintoft said in a podcast at the time he had been impersonating her online without her consent and soliciting images from other social media users. He denied the allegations. Stapleton’s case, filed in a Georgia court, alleges violations of the Securities Exchange Act, claiming he was fraudulently induced to invest US$50,000 in a company represented as Invisible Urban. Bezzant and the company were approached for comment. Read more on BusinessDesk here. Sun, 13 Apr 2025 20:39:55 Z /news/business/tech-stocks-tumble-and-market-retreats-as-us-china-trade-war-worsens/ /news/business/tech-stocks-tumble-and-market-retreats-as-us-china-trade-war-worsens/ Stocks fell sharply due to rising US-China tensions, with major indexes losing 5% to 7%.  Technology companies like Tesla, Amazon, and Apple saw significant stock declines.  Analysts warn of continued market volatility and uncertainty in US trade policy.  Stocks fell sharply Thursday (local time) as attention shifted to rising tensions between the United States and China.  The S&P 500 fell nearly 6% by early afternoon (local time) and tech-heavy Nasdaq composite index lost 7%, while the more narrow Dow Jones Industrial Average dropped 5%. If the trend holds up for the rest of the day, it would unwind much of Wednesday’s gains, in which the S&P 500 rose almost 10%. All three major indexes are down significantly from where they started the year.  Analysts said the US-China situation could still bring more volatility to markets, as the 90-day tariff reprieve announced by President Donald Trump on Wednesday excludes China. Trump instead announced another increase in tariffs on Chinese goods, further inflaming a fast-moving trade war between the world’s two biggest economies.  Several prominent technology companies with extensive business related to China saw their stocks pummelled. Tesla tumbled more than 10%, while Amazon and Apple lost 7%. Chipmaker Nvidia lost more than 8%.  Meanwhile, US tariff policies for the rest of the world remain uncertain, as the United States has just started trade negotiations with dozens of countries in the ensuing months.  “Volatility is the one thing we can all count on, and we’re seeing a good deal more of it today as markets settle in and really find the right price for what this all means,” said Michael Farr of the DC-based investment firm Farr, Miller and Washington.  The Chinese Government sharply criticised Trump’s decision to increase tariffs on China to a minimum of 125% and punched back with a limit on US films allowed into the Chinese market.  “The US is openly defying global norms and going against the entire world,” said Lin Jian, a Chinese Foreign Ministry spokesperson. “China does not want a fight, but it is not afraid of one either.”  Relief in other countries after tariff delay  Other governments across Asia expressed relief at the tariff delay for their countries, and Asian markets posted significant gains overnight. Indexes tied to Japan, South Korea and Taiwan jumped between 6 and 10%. Hong Kong’s Hang Seng Index, which lists many companies from the Chinese mainland, gained a smaller 2%.  For the European Union, Wednesday’s announcement amounted to a tenuous moderation of trade tensions. The EU announced a corresponding 90-day pause of its own retaliatory tariffs before US markets opened on Thursday. European markets rebounded, with stock indexes tied to Britain, France and Germany climbing between 4 and 6%. The Pan-European STOXX 600 rose 5%.  Analysts worry that the continued shifts are leading many investors to leave the market until long-term US trade policy becomes clear.  The repeated market declines have led to a cash crunch for some large investors that forced them to unload certain assets, said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.  Trump’s Wednesday tariff delay, for example, was preceded by a sell-off in US Treasury bonds, raising fears about whether investors are beginning to question US debt as a safe haven.  US Steel fell almost 7% by 11am Eastern time, a day after Trump said he doesn’t want to see the company in the hands of a foreign company. The steel company has been seeking to merge with Japanese conglomerate Nippon.  Wedbush senior analyst Dan Ives said in a research note Thursday that the “economic twilight zone” that has followed last week’s tariffs announcement has created enough uncertainty in the market to affect corporate spending.  “This has created real damage to the corporate spending mentality,” Ives wrote in lowering his price target for Microsoft.  Any company with ties to China has very little certainty about what happens next, analysts, and their stock prices are taking a beating as a result. And the White House’s repeated reversals on trade have left Wall Street wary.  “The 90-day suspension gives everyone a sigh of relief, as if they’ve dodged a bullet for now … but the President may have another bullet in the gun,” said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.  Katrina Northrop is a China correspondent for The Washington Post. Previously, she covered China’s global impact on business and technology for The Wire China. Aaron Gregg is a business reporter for the Washington Post. Andrew Jeong is a reporter for The Washington Post in its Seoul hub. Leo Sands is a breaking-news reporter and editor in The Washington Post’s London Hub, covering news as it unfolds around the world.  Thu, 10 Apr 2025 19:50:19 Z /news/business/mining-business-fined-27k-as-figures-reveal-worst-immigration-offenders/ /news/business/mining-business-fined-27k-as-figures-reveal-worst-immigration-offenders/ 142 infringement notices were issued to 139 employers in the first year of the Immigration Employment Infringement scheme. A total of $431,000 in penalties was dealt out. Construction, hospitality, and the beauty industry received the most infringements. A business in the mining industry fined $27,000 for underpaying a significant number of migrant workers was among the biggest penalties issued in the first year of the Immigration Employment Infringement scheme. The Ministry of Business, Innovation and Employment (MBIE) released figures today showing 142 infringement notices were issued to 139 employers in the scheme’s first year. Among those was a Wellington construction company fined $18,000 after it was found to have five migrants working in breach of their visa conditions, and a migrant who was unlawfully in New Zealand. In total, $431,000 in penalties was dealt out. Most of the infringement fees ranged from $1000 to $3000. The three industries to receive the most infringements were construction, hospitality, and beauty. Acting general manager, immigration compliance and investigations, Michael Carley, said the scheme has enabled MBIE to tackle non-compliance more effectively and swiftly. “Before the scheme, there were limited tools for us to use to address lower-level immigration offending,” Carley said. “Now, employers can no longer claim they are unaware of the rules of hiring migrants, nor can they rely on their past compliance to escape the consequences. “There are serious penalties for those who fail to follow immigration laws.” Infringements also mean employers are unable to hire migrants for a minimum of six months, depending on the number of infringement notices the employer receives. “When hiring migrants, it’s really important that employers check that their visa allows them to work in New Zealand,” Carley said. “We strongly advise that all employers use our visa view tool to verify the work rights of prospective employees. Taking the time to conduct this check could help avoid significant financial penalties and being stood down from hiring migrants for a time.” Thu, 10 Apr 2025 03:05:03 Z /news/business/official-cash-rate-decision-reserve-bank-makes-call-today-amid-tariff-turmoil/ /news/business/official-cash-rate-decision-reserve-bank-makes-call-today-amid-tariff-turmoil/ The Reserve Bank has cut the Official Cash Rate (OCR) by 25 basis points to 3.5% in its Monetary Policy Review.  The move was widely expected by economists and is the lowest the OCR has been at since October 2022.  The recently announced increases in global trade barriers weaken the outlook for global economic activity, the RBNZ said.  On balance, these developments create downside risks to the outlook for economic activity and inflation in New Zealand.  “Having consumer price inflation close to the middle of its target band puts the Committee in the best position to respond to developments.  “As the extent and effect of tariff policies become clearer, the Committee has scope to lower the OCR further as appropriate.  “Future policy decisions will be determined by the outlook for inflationary pressure over the medium term.”  The Reserve Bank said the recent decline in the New Zealand dollar would help to cushion the immediate effect of decreased global demand for New Zealand exports.  “Lower oil prices will also support domestic consumption and production.”  Economists say it is too early to know what the inflationary fallout from the United States’ tariff policy will be.  On that basis, Acting Governor Christian Hawkesby and the Monetary Policy Committee (MPC) will likely stick to their already well-signalled path.  “Given the RBNZ in February clearly signalled confidence that they’d be cutting 25bp[s] this month, the burden of proof is on finding reasons not to deliver,” ANZ chief economist Sharon Zollner said.  “We don’t think the threshold for either a pause or a larger cut has been cleared.”  The decision should be a straightforward one despite being made in an “increasingly less straightforward world”, ASB chief economist Nick Tuffley said.  Domestic developments had been largely in line with the RBNZ’s outlook, he said.  “But it’s hardly a bed of roses. [US President] Donald Trump’s tariff bad medicine, including this week’s ‘reciprocal tariffs’, have created much more uncertainty about the path of New Zealand growth and inflation.”  Some economists have suggested the tariff hit to global growth may mean the RBNZ needs to cut the OCR below its current projected end point at 3%.  But more guidance is expected on the future interest rate path in May when the RBNZ delivers its next full Monetary Policy Statement.  Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist and also presents and produces videos and podcasts. He joined the Herald in 2003.  Wed, 09 Apr 2025 01:17:20 Z /news/business/trump-tariffs-zuru-co-founder-nick-mowbray-says-us-tariffs-will-raise-prices-slow-innovation/ /news/business/trump-tariffs-zuru-co-founder-nick-mowbray-says-us-tariffs-will-raise-prices-slow-innovation/ Zuru Toys co-founder Nick Mowbray has hit out at US President Donald Trump’s tariffs, saying “tariff wars miss the point” and “penalising trade doesn’t bring jobs back – it just raises prices and slows innovation”.  The Kiwi toy and consumer product manufacturer makes baby care, beauty, confectionery, home care, pet food and wellness products, largely in Asian territories.  Many of the locations that Zuru has investments in or relies on are now being faced with steep tariffs, particularly China.  Trump originally unveiled a 34% additional tariff on Chinese goods.  But after China announced its own 34% counter-tariff, Trump vowed to pile on another 50% duty – bringing the additional rate on Chinese products to 104%, the White House confirmed.  In a LinkedIn post, Mowbray said it was “sad to see what is happening”.  “Since 1945, globalisation has powered the biggest boom in prosperity the world’s ever seen.  “When countries focus on what they’re best at and trade freely, everyone wins – better products, lower prices, more innovation. The world works better when it works together.“  He said while the US officially exports over US$3 trillion worth of goods a year, that didn’t include trillions more in products and services sold overseas by American giants like Apple, Microsoft, Mattel, Nike, Google and others who manufacture or sell services abroad.  “Their global sales are a massive, often-overlooked part of America’s economic footprint. China’s exports are higher on paper ([US]$3.5 trillion), but they’re shipping a lot of those goods for US companies. So when we talk about a trade imbalance, it’s often a measurement problem, not a real deficit in value creation.”  Countries all around the globe are facing threats from Donald Trump's tariffs, with China now facing even greater impacts than originally announced.  The US has become Zuru’s main export market, supplying the likes of Walmart, Target, Costco and Amazon.  Zuru is also currently building a pet food factory in Thailand, which faces tariffs of 36% on exports into the US.  Zuru prides itself on low-cost, state-of-the-art efficient production and under-cutting the opposition.  Its particular interest in automated production lines and the ownership of its factories in Guangzhou does give it an advantage in that there is less need to negotiate with manufacturers, unlike some of its competitors.  Zuru chief financial officer Michael Wilding told the Herald that while Zuru has a presence in more than 120 markets, a large proportion of its revenue is from outside of the US.  “Despite the scale of the tariffs announced by the US Government ... our team are focused on what is within our controllable universe and we strongly believe world-class innovation will always beat tariffs,” Wilding said.  “Although our automation and manufacturing systems are based in China, over 75% of the toy category, for example, is produced there, so nothing is going to change in a hurry.”  Wilding said that adversity and volatility lead to opportunity and the team were still excited about what it can deliver in the short and long term.  Zuru has over 5000 employees in around 30 global locations, with over 3000 based in the company’s Shenzhen office in China.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Wed, 09 Apr 2025 00:24:30 Z /news/business/christian-hawkesby-appointed-reserve-bank-governor-for-six-months-following-adrian-orr-s-shock-resignation/ /news/business/christian-hawkesby-appointed-reserve-bank-governor-for-six-months-following-adrian-orr-s-shock-resignation/ Finance Minister Nicola Willis has appointed acting Reserve Bank governor Christian Hawkesby as governor for six months. Hawkesby’s appointment was recommended by the Reserve Bank board. Previously, he was deputy governor. The appointment is effective from today, and can be extended by up to three months with written notice. “Mr Hawkesby is an experienced central banker who has held a number of senior positions at the Reserve Bank,” Willis said. She said his appointment would ensure “continued integrity and operations of the Reserve Bank while the search for a permanent governor is under way”. “During his term, the board will support Mr Hawkesby to implement the bank’s new five-year funding agreement which will apply from 1 July 2025,” Willis said. “I look forward to continuing to work with him in his new role.” Willis’ decision follows Adrian Orr resigning as governor a month ago - almost half way through his second five-year term. Tue, 08 Apr 2025 03:52:16 Z /news/business/nz-business-optimism-grows-cost-pressures-remain-high/ /news/business/nz-business-optimism-grows-cost-pressures-remain-high/ Business sentiment improved despite weaker sales, shedding staff, and increased inflation pressures. A net 23% of respondents expect better economic conditions, up from 9% in December. Cost pressures rose, with 50% of firms facing increases and 42% expecting further rises. By RNZ Business sentiment improved in the three months ended March despite weaker sales, staff cuts, and increased inflation pressures. The Institute of Economic Research’s closely followed quarterly business survey showed a net 23% of respondents think economic conditions will get better in coming months, compared to a net 9% in the December survey. Firms reported a decline in their own trading, down to a net 21% in the past quarter, from 24%. The weakness was expected to ease in the coming quarter, with a net 12% forecasting a lift in their own business from 9% in the previous quarter. NZIER principal economist Christina Leung said businesses were showing cautious optimism, but were waiting for more evidence that the economy was definitely recovering. “Despite the optimism about the look ahead, the continued weakness in demand is still driving caution when it comes to hiring and investment.” Leung said the survey was taken between February and the end of March, before the announcement of United States tariffs and subsequent market turmoil. “Businesses hate uncertainty and it’s likely the tariffs will negatively impact sentiment.” Cost pressures increase Firms reported rising cost pressures, with 50% facing increased costs and 42% expecting further rises. Leung said the weaker New Zealand dollar likely contributed to that, and the low number of respondents expecting to raise their prices suggested weak demand was holding them back. She said the retail sector had replaced the building industry as the most optimistic part of the economy. Leung said she expected further interest rate cuts by the Reserve Bank, to a low of 3.25%. Tue, 08 Apr 2025 03:22:54 Z /news/business/house-prices-flat-to-start-2025-which-regions-fared-better-than-others/ /news/business/house-prices-flat-to-start-2025-which-regions-fared-better-than-others/ The national average property price rose 0.2% to $903,928 in the March quarter.  Home values are 2.3% lower than the same period last year.  The average house value in Auckland fell 0.1% to $1.24 million.  House prices across New Zealand remained “virtually motionless” in the first quarter of 2025 but those in our biggest city have fallen slightly, according to the latest QV House Price Index.  Home values crept up just 0.2% to a national average of $903,928, in the three months ending March.  This was down on the 0.5% growth in the February quarter, and remains 2.3% lower than the same period last year.  The average home value in the Auckland region fell 0.1% to $1.24 million, the first negative quarter since October last year.  QV operations manager James Wilson said market conditions remained soft across the country.  “Residential property values continue to bubble up and down slightly from month to month but have been kept virtually motionless as a whole throughout the first quarter of 2025.  “Although interest rates have reduced markedly, buyers are still finding the current economic climate to be a challenge.”  Home values in Tauranga rose 0.4% to $1.02m while the Queenstown Lakes District was down 0.1% to $1.81m.  The Wellington and Waikato regions both fell 0.3% to $838,916 and $787,886 respectively.  Rotorua (3.6%), Whangārei (2.6%), Nelson (1.7%) and Christchurch (1.1%) were the only regions to record average home value growth above 1%.  Wilson said job worries and a rise in unemployment were causing many to be cautious and play it safe right now.  There is also a sizeable surplus of properties for sale, he said.  “It seems sellers are out in force across Aotearoa today. Ample properties for sale and a lack of meaningful competition are helping keep prices really flat for now,” Wilson said.  “That’s no bad thing, as first-home buyers continue to make up a larger share of the market overall.”  Wilson said he expected the real estate market’s current flat trend to continue into autumn and eventually winter.  “It’s going to take some time before interest rate relief fully takes hold and for the labour market to regain its footing again. In the meantime, those who are in a position to purchase are going to benefit from having a wider selection to choose from.”  Last week, CoreLogic’s Home Value Index (HVI) showed property values rose 0.5% in March when compared with February. This followed a 0.4% rise in February.  CoreLogic NZ chief property economist Kelvin Davidson said March’s result signalled the next phase in New Zealand’s property market has begun.  “The falls in mortgage rates since around July or August last year were always going to take a little bit of time to flow through to house prices … The abundance of listings has been an extra limiting factor for property values … but the lags have now worked their way through the system and, with signs becoming clearer that the economy has started to turn a corner, confidence is returning to the property market,” Davidson said.  However, a fresh boom in house prices seems unlikely given restraints in place such as caps on debt-to-income ratios for mortgage lending, he said.  “Undoubtedly, this cautious outlook will be welcomed by aspiring buyers who may have been concerned about property values rising beyond their reach again, provided that they can navigate the new credit rules in the first place.”  Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.  Mon, 07 Apr 2025 22:50:43 Z /news/business/donald-trump-s-tariff-blitz-good-news-for-kiwi-motorists-as-oil-prices-slump/ /news/business/donald-trump-s-tariff-blitz-good-news-for-kiwi-motorists-as-oil-prices-slump/ The price of Brent Crude Oil, the global benchmark, has dropped more than 11% in the past five days. The New Zealand sharemarket today has had $2.44 billion wiped off by the afternoon. Last week US President Donald Trump announced sweeping tariffs as part of “Liberation Day”. Kiwi motorists can expect cheaper petrol soon after Donald Trump’s tariff blitz last week sent sharemarkets into meltdown and oil prices tumbling. Trump’s “Liberation Day” announcement was followed by news of Opec+ planning a larger-than-expected increase in oil production. The twin developments sent the price of Brent Crude Oil, the global benchmark, down 7% to its lowest levels since 2021. Brent Crude Oil sat above US$74 ($132.93) prior to Trump announcing reciprocal tariffs on more than 125 countries before falling to around US$69.60 in afternoon trading. The price fell further the following day to around US$64.49 and has dropped more than 11% in the past five days. Local pump prices have already fallen 3.77% in the past month, according to the consumer website Gaspy. The average New Zealand price of Unleaded 91 is more than 10 cents lower at $2.61. On Thursday, the US President slapped huge new tariffs of 34% on imports from China and 20% on imports from the European Union – two of the main US trade partners. A baseline 10% tariff was imposed on a wide range of other countries, including New Zealand. Westpac chief economist Kelly Eckhold said the 10% tariff on all exports to the US would cost the economy about $900 million or about 0.2% of GDP but is “likely to be manageable”. This morning, BNZ economists called Trump’s tariffs “terrifying”. “While the implications of the US Government’s tariff approach are staggering, perhaps what is more bothersome is that Trump’s actions are forcing us all to re-evaluate the role of the United States in the world.” BNZ economists said the impact of tariffs will fall most heavily on the US consumer. But the real game changer will be if other nations start applying tit-for-tat tariffs on the US, they said. “Already the Chinese have announced a 34 percentage point increase in tariffs on US goods. It seems like the European Union will not be too far away from doing something similar. “This can only add further to inflationary pressures in the countries that impose the tariffs and further impede global growth.” They said the global growth environment is now fragile. “The sense of this fragility becomes self reinforcing when market pricing starts to reflect the concerns. Take, for example, the huge declines in equity markets around the planet.” The New Zealand sharemarket today had $2.44 billion wiped off by the afternoon and was down 3.5%. Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics. Mon, 07 Apr 2025 04:11:23 Z /news/business/a-rough-day-ahead-as-nz-stocks-drop-in-market-meltdown-from-us-tariffs/ /news/business/a-rough-day-ahead-as-nz-stocks-drop-in-market-meltdown-from-us-tariffs/ New Zealand share prices dropped sharply at the opening after overseas markets were aggressively sold down following US President Donald Trump’s announcement on tariffs last week. After 30 minutes the S&P/NZX50 Index was down 300 points or 2.5% to 11,924, led by a fall in the market’s biggest stock Fisher and Paykel Healthcare, which dropped by almost $2 to $32.60. As expected, China launched a tit-for-tat retaliation with a 34% duty on all US imports, thereby raising the odds of a full-blown trade war. Trump’s moves will take average US tariffs on Chinese goods to 76%. Trillions of dollars have been wiped off the value of the US stock market in response to the tariffs as investors fear their inflationary impact, which may also stymie economic growth. On Friday, Wall Street’s S&P 500 dropped 4.8% and the S&P 500 lost 6%. The Europe-wide Stoxx 600 fell 5.1%, its biggest daily drop since 2020. Britain’s FTSE 100 lost 5% and Germany’s Dax closed 4.7% lower. “I think we we’ll definitely have a rough day today because that was a very rough day in the US,” Craigs Investment Partners’ investment director Mark Lister said. “We will experience some of that weakness as we play catch-up, although we certainly won’t be down 6%,” he said. Oil prices dropped on fears of a global economic slowdown, with Brent crude down 6.9% at US$65.33 a barrel. In a flight to safety, investors swept into US Treasuries, pushing the 10-year yield down 0.13 percentage points on the day to 3.93%. Last week, US Fed Chairman Jerome Powell hinted at a more hawkish outlook on inflation and rates. Powell noted the tariffs announced last week were “significantly larger than expected”, and their inflation impact “could be more persistent”. Lister said the impact of volatility on world markets might not be felt as acutely “because as a nation, we are not in the firing line”. “We’ve got a string of interest rate cuts to come, which is positive, one starting on Wednesday,” he said. A weakening New Zealand dollar will also provide a boost for exporters. “And many of our companies are domestic-facing, such as the real estate property trusts in the utilities sector - they’re not related to global trade or other parts of the world. “So, we will hold up better than most, but we will still suffer, because of that negative sentiment.” The good news domestically was that market expectations for the Reserve Bank’s official cash rate had dropped. The market now expects the OCR, by the end of the year, to start with a “2″compared with previous expectations of 3.0 to 3.25%. This Wednesday, the Reserve Bank is expected to cut its rate by 25 basis points to 3.5%. The New Zealand dollar has lost ground since last week’s tariff announcement, trading this morning at US55.96c, down almost US2c. BNZ said US55c remains a key support level “but a downward break is entirely plausible if a deep global downturn ensues”. “Of some comfort, we believe that NZD/USD already looks very “cheap” and a case might be building that we are close to peak pessimism on tariffs,“ the bank said. While Wall Street remained closed, US stock-index futures fell sharply in anticipation of more declines when physical trade resumes in the States this week. Futures contracts tracking the blue-chip S&P 500 fell 3.8% and those for the tech-heavy Nasdaq 100 slid 4.6%. Last week was the worst the US market has seen since the depths of the Covid-19 pandemic in 2020, with stocks losing US$5 trillion ($9 trillion) in value in total. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Mon, 07 Apr 2025 00:16:48 Z /news/business/school-lunch-provider-compass-group-gobbles-up-rich-govt-contracts/ /news/business/school-lunch-provider-compass-group-gobbles-up-rich-govt-contracts/ Compass Group has contracts with the public sector worth more than $210 million this year. This means the Government is a significant customer for the school lunch provider, whose most recent public financials put its total New Zealand revenue at $296.5m. Compass Group NZ (CGNZ), wholly owned by a British-based multinational public company, has been under fire this year for multiple failings in delivering its $80m-a-year school lunch contract. “We openly acknowledge there have been challenges, we welcome feedback from students and schools and know that there is still work to be done,” CGNZ managing director Paul Harvey said. Critics are now questioning whether the company is paying enough tax and whether taxpayers’ money should go into overseas shareholders’ pockets. Read more on BusinessDesk here. Sun, 06 Apr 2025 23:55:53 Z /news/business/british-airways-qatar-airways-alliance-gets-extension-from-nz-government-now-includes-iberia/ /news/business/british-airways-qatar-airways-alliance-gets-extension-from-nz-government-now-includes-iberia/ The British Airways-Qatar Airways joint business agreement has been extended for five more years and the refreshed deal now includes Spanish airline Iberia. Acting Transport Minister James Meager at the weekend said the deal should benefit New Zealand travellers and tourists visiting from overseas. “People will continue to benefit from more convenient flight schedules, better co-ordination when booking and checking in, access to the loyalty programmes of both airlines, and the ability to combine different fare classes,” Meager said. He said the reauthorised agreement now includes Iberia. British Airways and Iberia are both part of London-headquartered International Airlines Group. They and Qatar are part of the oneworld global airline alliance, which includes Qantas and is a rival to Star Alliance, which includes Air New Zealand. Meager said including Iberia should provide connectivity and capacity between New Zealand and the United Kingdom, and other European destinations. The joint business agreement has been authorised until May 31, 2030. Last month, Australia’s competition regulator gave the go-aheadfor Qatar Airways to launch an alliance with Virgin Australia. New law addresses drones, drug testing The new Civil Aviation Act took effect on Saturday. Meager said the act had a better process for authorising airline co-operation agreements. “Proposed decisions will be published and open for consultation before a final decision is made, ensuring transparency over the whole process,” he said. “The new act also provides the ability for more on-time performance reporting for airlines and price transparency mechanisms.” Consumer NZ is urging Meager to push airlines to give flyers more information about their rights under the Civil Aviation Act. The consumer group said recent amendments to the act gave the minister the power to make regulations requiring aviation industry participants to provide that information. “We’ve written to the minister and told him we’re concerned airlines are not currently required to tell people about their rights under the CAA.” In other changes to the law, Meager said as drones continued to develop, changes would enable policies and rules to be updated more quickly, to encourage more innovation and investment. He also said aviation safety and security would get a boost from random drug and alcohol testing for people involved in safety-sensitive work, and AvSec officers will have clearer powers to keep travellers safe. In another change, pilots will be able to get licence cancellations or suspensions reviewed by experts. Previously, pilots had to get an appeal through the District Court, which could be time-consuming and expensive. Sun, 06 Apr 2025 23:40:42 Z /news/business/trump-s-tariffs-elon-musk-says-he-wants-europe-us-free-trade-zone/ /news/business/trump-s-tariffs-elon-musk-says-he-wants-europe-us-free-trade-zone/ Elon Musk hopes Europe and the US will establish a free-trade zone. Donald Trump’s tariffs have caused global concern and the EU plans to retaliate. The billionaire supports more freedom of movement for work but condemns mass immigration. Billionaire US presidential adviser Elon Musk says he hopes Europe and the United States would agree to join in a free-trade zone, after US leader Donald Trump unleashed heavy global trade tariffs. Trump’s sweeping tariffs announced earlier this week sent global stocks tumbling, worried allies and raised the prospect of others – including potentially the European Union – raising tariffs themselves. The EU, which faces a 20% tariff, has already vowed to retaliate in “a calm, carefully phased, unified way”, EU trade chief Maros Sefcovic said. “I hope that the United States and Europe can establish a very close partnership,” Musk said in a video address to a gathering of the Italian hard-right party La Liga. US presidential adviser Elon Musk also says he is in favour of “more freedom of people to move between Europe and North America” for work. Photo / Getty Images “I hope it is agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America,” he added in the video, posted on Musk’s social media platform X by La Liga’s leader, Deputy Prime Minister Matteo Salvini. The billionaire said he was in favour of “more freedom of people to move between Europe and North America” for work. “That has certainly been my advice to the president,” he added. But he reiterated his condemnation of what he saw as mass immigration. – Agence France-Presse Sat, 05 Apr 2025 20:53:59 Z /news/business/us-stocks-plunge-for-second-day-as-china-retaliates-with-34-tariffs-fed-issues-inflation-warning/ /news/business/us-stocks-plunge-for-second-day-as-china-retaliates-with-34-tariffs-fed-issues-inflation-warning/ US stocks tumbled Friday (Saturday NZT) for the second day following President Trump’s ‘Liberation Day’ tariff speech as strong jobs data did little to mitigate anxiety about the impact of a trade war on the domestic economy.  In late trading, the S&P 500 Index was down 5.01% and the Nasdaq 5.11%, teetering more than 20% below its February record in a rout whose swiftness is rivaled only by the pandemic meltdown in 2020 and 2000’s dot-com implosion.  Technology megacaps, including Nvidia (down 7.41%), Tesla (down 9.33%) and Apple (down 5.87%) all fell, compounding their heavy losses on Thursday as the S&P 500 plummeted 4.84% and the Nasdaq 5.97%, wiping an estimated US$3.1 trillion in market value.  Federal Reserve Chair Jerome Powell said the US economy was likely to face a period of higher prices and weaker growth than seemed possible a few weeks ago because of larger-than-anticipated tariff hikes announced by President Trump.  “It is now becoming clear that the tariff increases will be significantly larger than expected,” and the economic fallout of higher prices and slower growth is also likely to be larger than expected,” Powell said in Friday remarks to a conference in Virginia.  Officials will still need to take some time to assess how the Trump administration’s tariff policies will play out and how the central bank should respond, Powell said.  US-listed Chinese stocks like Alibaba and Baidu also slumped. The SPDR S&P Bank ETF dropped 4%, with Morgan Stanley leading the declines.  China retaliates  The rout came as China imposed a 34% tariff on all American imports starting April 10, in addition to targeted actions against poultry producers and weapons makers, according to the official Xinhua 九一星空无限 Agency.  The latest salvo in Donald Trump’s trade war added to volatility that’s been gripping global financial markets since the president announced the harshest tariffs in a century. Trump, for his part, appears to be sticking to his guns, saying his economic policies “will never change.”  The Cboe Volatility Index soared near 40 - levels associated with some of the worst market turbulence in recent memory. Treasuries continued to soar as investors sought safety, while a measure of credit risk spiked to the highest level since the regional banking crisis in March 2023.  US job growth beat forecasts in March and the unemployment rate edged up, pointing to a healthy labor market before the economy gets hit by widespread tariffs. This was the first major piece of data for the quarter - which could have wide-ranging implications for bond, stock and currency markets as well as the Fed’s next moves. Chair Jerome Powell is scheduled to deliver remarks at 11:25 a.m. in Arlington, Virginia, which will be parsed for signs of weakness spreading to the workforce.    “A good jobs report won’t be enough to quell recession fears because it’s backward-looking and won’t full give insight into how hard the economy will take a hit from the trade war,” said Scott Ladner, chief investment officer at Horizon Investments.  Now, traders are boosting their expectations for the Federal Reserve to cut interest-rates this year. Money markets are fully pricing four quarter-point reductions by year-end, with a more than 50% chance of a fifth - up from just three cuts priced in before the levies were announced. That pushed US 10-year yields below 3.90%, the lowest since before election day, while oil tumbled to the lowest in four years.  The S&P 500 is down 14% from its February record and on track for a sixth week of losses in the past seven. Fund managers yanked $4.7 billion out of US stocks in the week through April 2 in the second week of outflows, data compiled by EPFR Global and Bank of America show.  “The market is bleeding and more pain is clearly coming as this escalating trade war risks pushing the US economy into a recession,” Luca Paolini, chief strategist at Pictet Asset Management said over the phone. “It’s not a surprise China would retaliate. But this will inevitably cause a recession because the damage is done - unless Trump backs off.”  Friday’s losses follow a massive wipe out by US stocks on Thursday that erased $2.5 trillion in value in the wake of President Donald Trump’s drastic new trade tariffs, which ignited widespread recession fears.  The trade fight weighed hard on shares of industrials and materials companies Friday, including tool company Stanley Black & Decker Inc., which fell 2% while machinery builder Caterpillar Inc. dropped 5.6%. Motorcycle manufacturer Harley-Davidson Inc. and appliance maker Whirlpool Corp. also declined. The Philadelphia Semiconductor Index that houses Micron Technology and Advanced Micro Devices sank 3.6%.  Trump on Wednesday imposed the steepest American tariffs in a century, saying he will apply a 10% tariff on all exports to the US, with even higher duties on some 60 nations, to counter large trade imbalances with the US.  “How bad will it get for the economy? With so much uncertainty swirling, stocks are selling off and that’s signaling that investors see both economic and profit growth slowing because of the trade war,” said Adam Sarhan, founder of 50 Park Investments.  -Washington Post with reporting by Herald staff.  Fri, 04 Apr 2025 19:07:08 Z /news/business/takeovers-panel-probes-jim-grenon-s-nzme-share-purchases/ /news/business/takeovers-panel-probes-jim-grenon-s-nzme-share-purchases/ Share purchases in 九一星空无限 by billionaire businessman Jim Grenon may not have complied with part of the Takeovers Code, regulators say. The Takeovers Panel says it will meet to determine whether Grenon’s share purchases at the time he bought them comply with the code. Grenon, a Canadian who lives in New Zealand, is attempting to overhaul 九一星空无限’s board. His efforts have attracted the attention of the Takeovers Panel, which said in a just-released statement it was aware of Grenon’s recent purchase of 九一星空无限 shares. “The panel has made preliminary inquiries as to whether Mr Grenon was an associate of Caniwi Capital Partners Limited and Spheria Asset Management Pty Limited for the Takeovers Code at the time Mr Grenon acquired the securities. “On the basis of the information available to the Panel, the Panel considers that there is reasonable possibility that the parties were associates and therefore certain share acquisitions by Mr Grenon may not have been in compliance with rule 6(1)(a) of the Takeovers Code,” the panel said. “The Panel met today and agreed to convene a meeting under section 32(1) of the Takeovers Act 1993 in order to make a determination about compliance with the Code,” the panel said. More to come. Fri, 04 Apr 2025 03:29:17 Z