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Check FAQAbout Jonathan
Freelance journalist and photojournalist since 1990. I've written for many international and national newspapers like The Sunday Times, Euronews, The Daily Telegraph, The Economist, The Guardian, The Scotsman, The Sunday Herald and The Daily Record, The Globe and Mail, The Miami Herald to mention a few - as a foreign and domestic freelance correspondent in Latin America, Africa, Asia and Europe. I have also authored a few Economist Intelligence Unit (EIU) reports. Experienced photojournalist for international agencies like Reuters, AP, SIPA Press, Gamma-Liaison, Hollandse Hoogte and AFP and published in many UK, US, Canadian and European newspapers and magazines. I have been filming HD stock footage of documentary subjects since 2009 and recently since early 2018, in 4K UHD. I use a Wi-Fi capable Panasonic Lumix G7 camera, which provides 100Mbps 4K footage. I now have quite a lot of experience of filming documentary subject matter and compiling short news reports. For the past couple of years I have been supplying stories to Newsflare (mostly as edited packages) and have had my clips used in BBC4 documentaries, by ITN Productions and on web sites like MSN, Liveleak and Dailymotion. From the summer of 2018, I have been on the UK Civil Aviation Authority PfCO certification (for commercial flying) course and I am certified for commissions in Romania. I also film editorial documentary video stock clips for Getty Images and Pond5. I can also work as a fixer if you have an assignment in Romania or Greece (where I have a good network of contacts). I have previously done fixing work for The LA Times, The Miami Herald, NHK (Japanese state broadcaster) and Berlin-based ad agency Bentele Becker.
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Portfolio
ComCom suggests Kiwibank IPO could make it genuine disruptor
The Commerce Commission's draft market study report on the banking sector in New Zealand suggests that Kiwibank could become a major player and disrupt the dominance of the 'Big Four' Australian-owned banks (ANZ, ASB, BNZ, and Westpac) if it were to go public through an IPO. The report highlights limited competition as a contributing factor to the high profitability of these large banks and implies that increased competition could benefit consumers.
Chance for private sector to boost community housing supply: KPMG
KPMG suggests that the private sector could play a larger role in providing community and affordable housing in New Zealand. The firm's report highlights the need to accelerate the pace and scale of new housing supply, noting that access to government funding and regulatory settings are key constraints for housing providers.
Govt commits to lower plug-in hybrid charges
The New Zealand government has decided to lower the road user charge for plug-in hybrid vehicles (PHEVs) to $38 per 1000 kilometers, effective from April 1. This decision follows feedback from the industry, which deemed the initially proposed $53 charge too high. Transport Minister Simeon Brown announced the change, which has been welcomed by Mitsubishi as a reasonable rate. Key stakeholders involved in the discussion include the National party, VIA, and industry representatives like Greig Epps and Reece Congdon.
Pivot to petrol: Motor industry reacts to RUC changes
The automotive sector expresses concerns about the medium-to-long term impact of proposed road user charges on electric vehicles and plug-in hybrids. The Transport and Infrastructure Select Committee recommends a lower rate for the Road User Charges (Light Electric RUC Vehicles) Amendment Bill than initially expected, raising questions about the future uptake of EVs and PHEVs. Key stakeholders include National, Transport Minister Simeon Brown, MIA, Aimee Wiley, Opel, Noah Robertson, and Mitsubishi NZ.
Putin set for re-election victory, Apple reaches settlement
Vladimir Putin is poised for a record victory in Russia’s presidential election amid protests at polling stations. Apple has agreed to a US$490 million settlement to resolve a class-action lawsuit. EU countries are focusing on forced labour issues.
Displaced Palestinians on the move; Bunnings faces scrutiny
Israel's military planned to relocate over one million displaced Palestinians from southern Gaza to humanitarian enclaves before launching an offensive. Bunnings faces scrutiny, and Elon Musk's multiplanetary ambitions are a step closer.
Volatile migration data tops more records
New Zealand's official migration statistics have shown a provisional annual net migration gain of 133,800 for the year ended January, with a net gain of 180,700 non-New Zealand citizens. These figures continue to set new records, as reported by Statistics NZ.
Businesses display ‘meaningful’ activity amid economic challenges
Business confidence saw a significant rise in the December quarter according to NZIER's survey, despite expectations of a challenging year ahead. BusinessNZ's chief executive, Kirk Hope, acknowledges the improvement but warns of continued difficulties for companies over the next 12 months.
Status quo expected after Taiwan election; N Korea fires missile
New Taiwan president-elect Lai Ching-te will succeed Tsai Ing-wen, with analysts predicting the ruling Democratic Progressive Party's victory will maintain the status quo. North Korea has fired a missile, and Israel has vowed to continue its war against Hamas until victory.
US inflation bumps up in December
In December, the US consumer price index saw a 0.3% increase, resulting in an annual rate of 3.4%, which was higher than anticipated. This development suggests that 2024 will be marked by rate cuts and a decline in inflation, although the specifics regarding the extent and pace of these changes remain uncertain.
Unpredictable, volatile year ahead: ASB
Economists predict a volatile year ahead for the global economy, with key focus areas being inflation, interest rates, and the US election. ASB's 2024 outlook highlights fluctuations in global and New Zealand interest rates, currencies, and equity markets. Stats NZ reports a decline in building consents despite rising migration. Donald Trump is expected to influence the political agenda this year.
Clean vehicle sales surge before rebate abolished: MIA
Kiwi buyers purchased electric vehicles at a record pace in December, with 59,952 low-emission vehicles registered in 2023. The surge was driven by buyers taking advantage of a rebate before it was abolished. Data from the Motor Industry Association showed 9768 vehicles were registered last month, a 17.5% decrease from the same month in 2022.
Power Trip’s $2m EV growth ambition
Technology start-up Power Trip is seeking fresh capital to expand its market share in New Zealand and target international markets. Launched in 2019, the company offers an app to help businesses transition from petrol and diesel to electric vehicles, supporting the push towards zero-emission transport.
‘Wafer thin’ surplus forecast, as high interest rates hit economy
Higher interest rates are expected to persist, delaying a significant recovery in New Zealand's economy, with a minimal surplus projected for 2026/27. Treasury's Half-Year Economic and Fiscal Update indicates slow economic activity, with an average growth of 1.5% and unemployment potentially peaking at 5.2%.
Surprises keep RBNZ 'nervous' in inflation battle
The Reserve Bank of New Zealand remains cautious about high inflation and economic surprises. Governor Adrian Orr, assistant governor Karen Silk, and chief economist Paul Conway addressed the Finance and Expenditure select committee, explaining the decision to maintain current monetary policy. The bank's stance reflects ongoing concerns about inflationary pressures.
Mevo targets South Island expansion in 2024
Mevo, a car share company, is planning to expand to the South Island in 2024. The company is nearing the completion of a capital raise through Snowball Effect, ahead of schedule. Mevo, which started in Wellington in 2016, has over 40,000 members, including private drivers and corporates like Meridian Energy.
Consumers find some festive cheer after difficult year: Westpac
The Westpac-McDermott Miller Consumer Confidence Index rose by 8.7 points in December, reaching 88.9. Despite remaining below average, this is the highest level recorded in recent times. Consumers are feeling slightly more optimistic as the festive season approaches, with high interest rates and easing inflation contributing to this sentiment.
No further rate hikes needed, cuts later next year: BNZ
The Reserve Bank of New Zealand (RBNZ) may not need to raise the official cash rate again in 2024 due to the economy facing more challenges than anticipated, as indicated by Stats NZ data showing a surprise contraction of 0.3% in the September quarter. BNZ chief economist Mike Jones suggests that the RBNZ could stay on the sidelines, with the economy cooling more than expected.
Inflation indicators remain volatile, downside risks emerge
Migration, spending data gives RBNZ reason to worry over summer
Stats NZ reports a provisional record net migration gain of 128,900 people in the year ended October, adding pressure on the economy. ASB forecasts no OCR cuts until at least 2025. Fresh migration and electronic card spending data suggest another rate hike next year as a strong population impacts economic conditions.
Corrections succeeds in case against Fujitsu for software issues
Corrections New Zealand has won its legal dispute with Fujitsu New Zealand regarding the procurement of rostering technology for the Making Shifts Work project in 2018/19. Justice Cooke ruled that Fujitsu must pay costs to Corrections, following allegations of misrepresentation, Fair Trading Act breaches, and contractual warranty breaches for software services.
Putin-Netanyahu address conflicts; Musk pressures Disney
Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu engaged in a 50-minute call amid escalating tensions. Elon Musk is exerting pressure on Disney, while the Microsoft-OpenAI partnership is under examination. Key figures include Disney's Bob Iger.
Carbn in the driver's seat with Zilch acquisition
Sustainable fleet financing and advisory firm Carbn, owned by NZGIF, has acquired electric mobility company Zilch for an undisclosed sum. Carbn's CEO, Shaun Drylie, announced ambitious plans to scale the company over the next couple of years. Specific financial details of the deal remain confidential due to commercial sensitivity.
Govt revenue higher than forecast, expenses lower
Core Crown tax revenue was 0.7% above forecast at $38.6 billion, while net debt also exceeded expectations. The Government's interim Financial Statements for the four months ended October 31 were released by the Treasury, showing higher-than-expected tax revenue and a deeper deficit.
Tower’s ownership structure probed by strategic review
Dual-listed insurer Tower has initiated a strategic review of its ownership structure to stay competitive and maximize shareholder value. The review is supported by 20% shareholder Bain Capital, with Goldman Sachs engaged as a financial adviser. Tower assures that business operations will continue as usual during the review.
Post-election glow over business continues, hikes still possible
Business confidence in New Zealand rose by two points to +33 in December, driven by a post-election bounce, while inflation expectations eased. The ANZ Business Outlook survey indicated an increase in expected 'own activity' by three points to +29, reflecting a positive sentiment in the business sector.
I want my day in court: Henderson pushes to clear his name
Dave Henderson, a former banned director and bankrupt property developer, is continuing his legal battle to clear his name after the High Court declined a judicial review last year. The stay of proceedings was announced in 2020 by then-deputy solicitor general Brendan Horsley during the Covid-19 pandemic.
Inflation back in the box next year, door open for another hike
The Reserve Bank of New Zealand (RBNZ) has maintained the official cash rate at 5.5%, expressing concerns about persistent inflation and leaving the possibility open for another rate hike. The Monetary Policy Committee is confident that current interest rates are effectively curbing spending. The article discusses different perspectives on the timing of potential rate cuts, with key insights from economic analysts and institutions such as NZIER, ANZ, and BNZ.
Hostages released in Gaza; ‘intense’ attack on Ukraine’s capital
Militant group Hamas released a group of hostages in Gaza, including 13 Israelis and four foreign nationals. Concurrently, Ukraine's capital experienced an intense attack. Additionally, Black Friday online sales surged in the United States.
RBNZ to focus on price stability, employment gone under new Govt
The Reserve Bank of New Zealand will now solely focus on maintaining inflation between 1-3%, as the new coalition government has decided to remove the bank's dual mandate, which also included ensuring maximum sustainable employment. This policy shift was announced by Christopher Luxon, Winston Peters, and David Seymour as they presented ministerial positions.
Tower navigates future with more extreme weather
Tower, a listed insurer, reported a net loss of $1.2 million for the year ended September, compared to an $18.9 million profit last year, due to multiple extreme weather events. Revenue increased by 61% to $725 million. Tower is focusing on building resilience to protect against future natural disasters. CEO Blair Turnbull described the year as one of 'unprecedented challenges' exacerbated by extreme weather, but expects better conditions in FY24.
Tower reports $1.2m loss, after multiple extreme weather events
Tower, an insurance company, reported a net loss of $1.2 million for the year ended September 30, contrasting with the previous year's profit of $18.9 million. The loss was attributed to multiple extreme weather events. The company's revenue was up 61% to $725 million, but no dividend will be paid.
Turners bullish about full-year, despite flat interim profit
Turners, a listed car dealer in New Zealand, reported a 16% increase in revenue to $214 million but a 4% decrease in net profit after tax to $18 million for the six months ended September 30. Despite a flat interim profit and 'medium' risks from recession, demand, and loan defaults, management is optimistic about the full year. They no longer consider supply chain issues or staff recruitment and retention as problems, and regulatory risk has decreased with the change of government. Turners also opened a new branch in Timaru on November 15.
Small businesses ‘exhausted’ and surviving ‘day by day’
Small and medium-sized enterprises (SMEs) in New Zealand are facing exhaustion and are operating on a day-to-day basis as they approach the Christmas season. The businesses are already struggling with high interest rates and persistent inflation, and recent data indicates further challenges. Key stakeholders include Buy NZ Made, business owners such as David and Jane Ellis, Shaleah Lawrence of Earth Woven, ANZ chief economist Sharon Zollner, and the Reserve Bank of New Zealand.
Biden to Xi: ‘It’s paramount we understand each other’
Presidents Joe Biden and Xi Jinping met in San Francisco for the first time in a year, emphasizing the importance of mutual understanding between the US and China. The United Nations reported a 'total communication blackout' in Gaza.
‘Competing influences’ give RBNZ reason to ponder OCR track
Annual migration in New Zealand has reached a record high with a net gain of 118,800 migrants in the year ending September, while electronic card spending has slightly decreased. These factors are influencing the Reserve Bank of New Zealand (RBNZ) as it deliberates on the official cash rate decision later this month.
Soft landing, inflation back in the zone next year: Goldman Sachs
Goldman Sachs forecasts a positive economic outlook for New Zealand and Australia, anticipating a soft landing after rate hikes and predicting that inflation will be under control by late next year. The report, authored by chief economist Andrew Boak, also suggests that the Reserve Bank of New Zealand may conclude its rate hikes and could consider rate cuts later next year.
September quarter wobbles, with Stats NZ’s latest price movements
Stats NZ's new Selected Price Indexes data shows annual food price growth has slowed to a near two-year low, rising 6.3% in the year to October. This information is crucial for the Reserve Bank of New Zealand's decisions on whether to cut the official cash rate earlier than forecasted or to hike it due to inflation concerns. The new data covers 45% of the CPI inflation basket every month, providing more timely insights into key inflation drivers.
Netanyahu refuses pause; Americans gloomy about growth
Israel's Prime Minister Benjamin Netanyahu refused to comment on his responsibility for the October 7 attack by Hamas. Americans are pessimistic about economic growth. Microsoft faces tech issues in the UK and Europe.
Temporary military pauses in Gaza; Wozniak in hospital
Israel will pause military operations in parts of northern Gaza for four hours daily to allow Palestinians to flee south. Steve Wozniak is in the hospital. Hollywood studios and a union have reached a deal over pay and conditions.
Mainfreight MD Don Braid’s advice to Christopher Luxon
Mainfreight managing director Don Braid has offered advice to Christopher Luxon regarding the pursuit of a trade agreement with India. Mainfreight, which recently reported a decline in profit and revenue, is returning to more normalized trading conditions.
Colonial claims ‘factual errors’ in NZSA snag
The Colonial Motor Company has criticized a report by the NZ Shareholders' Association (NZSA), alleging factual errors without specifying them. The NZSA intends to vote against all resolutions at Colonial's AGM, citing concerns about investor disclosure, risk mitigation, and board composition. Key players include Colonial Motor Co, its chair Ashley Waugh, the NZSA, and its chief executive Oliver Mander, with the backdrop of the NZX.
Hipkins endorsed as Labour leader with ‘blank canvas’ on policy
Chris Hipkins has been endorsed as the Labour leader following a vote in Upper Hutt, with Carmel Sepuloni selected as the new deputy leader, replacing Kelvin Davis. The Labour Party is meeting to analyze the reasons behind their election defeat and to strategize for their future in Opposition.
Biden reinforces humanitarian assistance; Xi invited to Aussie
Joe Biden reinforces humanitarian assistance efforts, while Xi Jinping receives an invitation to visit Australia. Elon Musk introduces a new AI product named Grok. The conflict in Gaza continues with significant casualties reported. Key international business and political stories are highlighted.
Ceasefire urged in Gaza; Bankman-Fried’s mega downfall
US Secretary of State Antony Blinken met with Palestinian Authority President Mahmoud Abbas in Ramallah amid escalating violence. Australia's PM Anthony Albanese arrived in China. The article also touches on the economic downfall of Sam Bankman-Fried and analysts' cautious watch on China's economy.
Israel at ‘height of battle’ against Hamas; BoE on hold – again
Gaza experienced another night of heavy airstrikes with the Israeli army targeting a senior Hamas commander and killing dozens of fighters. Israeli Prime Minister Benjamin Netanyahu stated his troops are at the height of battle against Hamas. Meanwhile, the Bank of England has decided to hold interest rates steady once again. In New York, Donald Trump's sons have taken the stand.
NZ floating in ‘turbulent’ economic seas
Dr David Skilling, a global economic and policy expert, has highlighted several challenges that New Zealand is expected to face in the coming months due to geopolitical and economic issues. He discussed these concerns with former prime minister Helen Clark during a webinar hosted by the Helen Clark Foundation.
Unemployment rate rises to 3.9%
Unemployment in New Zealand has risen to 3.9% in the September quarter, surpassing the Reserve Bank of New Zealand's (RBNZ) forecast of 3.8% and the previous quarters' rates of 3.6% and 3.4%. The increase is slightly faster than expected.
Business optimism booms as National poised to take charge
Business confidence in New Zealand has surged to the highest level in six years, with the ANZ Business Outlook survey indicating a 21-point increase to +23 in October, a peak not observed since 2017. This rise in optimism among firms coincides with the anticipation of the National Party taking charge following the final election results, which are expected to be announced on Friday.
Net profit fair ‘without being excessive’: ANZ’s Antonia Watson
ANZ New Zealand CEO Antonia Watson discusses the bank's annual net profit, which saw a 7% decline to $2.1 billion for the year ending September 30. The bank anticipates continued economic challenges as both households and businesses face higher interest rates. Watson's comments provide insights into the bank's performance and expectations amidst the current economic climate.
Israel expands ground operations; Pence out of White House race
Israel has expanded its ground operations in Gaza amidst warnings from the United Nations about deteriorating civil order and growing hunger and desperation. In the United States, Mike Pence has withdrawn from the White House race. The UN World Food Programme highlighted the increasing hunger and desperation in Gaza.
TR Group revises deal for up to 20 zero-emission trucks
Global zero-emission heavy-truck supplier Hyzon Motors has revised a commercial agreement with local truck lease and rental company TR Group. The updated deal involves up to 20 heavy-duty fuel cell electric vehicles, with a commercial trial of the first two trucks set to begin in March next year.
Maritime Union disappointed by Move Logistics’ shipping decision
The Maritime Union is dissatisfied with Move Logistics' decision to cancel a proposed coastal shipping service that would have connected regional New Zealand ports due to technical issues. Union national secretary Craig Harrison views the cancellation as a regression.
‘Not good enough’: Move Logistics’ blueprint for better days
Move Logistics' new CEO Craig Evans, who joined in February, acknowledged that the economic conditions are tougher and longer-lasting than expected. The company has not received any takeover offers and is concentrating on enhancing its performance and shareholder returns. Both Evans and chair Lorraine Witten addressed shareholders at the annual meeting in Christchurch.
5000+ dead in Gaza; miners held underground in South Africa
More than 5000 people have been killed in Gaza since the fighting intensified earlier this month, with Israel increasing its aerial assault on Hamas. Additionally, miners are being held underground in South Africa. The EU Tax Observatory has been evaluating the wealth of billionaires, raising questions about whether they should pay a minimum 2% tax rate.
Toyota NZ to defend diesel filter class action
Toyota New Zealand is set to defend itself against new legal action concerning a defective exhaust after-treatment system in certain models. Shine Lawyers is representing owners of Toyota Hilux, Fortuner, and Prado vehicles equipped with 1GD-FTV or 2GD-FTV engines manufactured from October 2015. This follows similar legal action taken in Australia.
Powell talks inflation; crypto net widens
Federal Reserve chair Jerome Powell acknowledges signs of cooling inflation but remains committed to the central bank's goals. Nokia may cut up to 14,000 jobs by late 2026. The article also touches on the expanding regulatory net around cryptocurrency.
Faster data: Stats NZ to report inflation more regularly
Stats NZ announced it will publish additional monthly price indexes starting next month, including data on alcoholic beverages and tobacco. This initiative aims to provide more timely key inflation driver data, assisting agencies like the RBNZ in making informed monetary policy decisions.
Lucrative summer awaits luxury rental car sector
Luxury rental car provider SIXT, part of the Giltrap Group, is optimistic about the upcoming summer season, targeting high-end demand in the recovering tourism market. The company has opened a new rental facility at Wellington Airport as part of its growth plans. Giltrap Group CEO Retail & Mobility Dane Fisher is highlighted as a key figure in these developments.
Inflation falls more than expected to 5.6%
Inflation in New Zealand has decreased to an annual rate of 5.6% in the September quarter, surpassing economists' expectations. This decline reduces the likelihood of a further interest rate hike next month. The primary contributor to inflation was rising food prices, according to data from Statistics New Zealand.
High Court rejects property developers’ interim request
Developers behind a lucrative Wellington subdivision failed to secure an interim order from the High Court to prevent the sale of Auckland properties used as security for borrowing. The developers sought a 28-day order to allow property sales in Wellington to be settled and paid. Key players involved include Parklane Infrastruct, Murray Price, Trent Cary, Killarney Capital, Bret Gustafson, and Justice Churchman.
Profit guidance boosted at Tower
Insurance company Tower has revised its underlying net profit guidance to between $7 million and $10 million, including large events, up from a previous range of between a loss of $2 million and a profit. This adjustment is due to conditions not being as bad as previously thought, with Cyclone Gabrielle damage in February being a notable event.
Blinken in Israel; Ford plant shut down by strike
US Secretary of State Antony Blinken met with the families of Americans affected by the conflict in Israel, reaffirming US efforts. A Ford plant has been shut down due to a strike, and US inflation remains above target. The article also notes the upcoming election in New Zealand.
A high five to inflation?
Inflation in New Zealand is expected to fall into the 5-6% range next week, with some economists predicting a slight decrease due to weaker data from September. Stats NZ reported a 0.4% drop in food prices last month, driven by lower prices for fruits and vegetables.
Vero ordered to pay $3.9m over multi-policy discounts
Insurer Vero has been penalized $3.9 million for false and misleading representations about multi-policy discounts, affecting about 42,000 customers who were overcharged between April 2014 and May 2022. The Financial Markets Authority brought the claim against Vero.
IMF suggests German reforms; Sunak’s new transport plans
The International Monetary Fund has recommended significant structural reforms for Germany in response to global economic challenges. Meanwhile, UK Prime Minister Rishi Sunak has introduced new transport plans. Additionally, Taylor Swift's concert film is experiencing significant box-office success.
IMF suggests German reforms; Sunak’s new transport plans
The International Monetary Fund has recommended significant structural reforms in Germany due to global economic challenges. Additionally, UK Prime Minister Rishi Sunak has introduced new transport plans. In entertainment, Taylor Swift's concert film is experiencing significant box-office success.
Colonial Motor Co ‘disappointed’ with NZSA action
The New Zealand Shareholders' Association (NZSA) plans to vote against all resolutions at Colonial Motor Co's annual general meeting in Wellington to push for better disclosure to investors. NZSA's chief executive, Oliver Mander, expressed concerns about the company's risk management and board composition. Colonial Motor Co is disappointed with NZSA's actions, which aim to compel the company to improve its practices.
IMF suggests German reforms; Sunak’s new transport plans
The International Monetary Fund has recommended significant structural reforms in Germany to address global economic challenges. Additionally, UK Prime Minister Rishi Sunak has introduced new transport plans. The article also briefly mentions the success of Taylor Swift's concert film at the box office.
Growth opportunities for sharemarkets in December quarter
Sharemarkets in Australia and New Zealand have a mixed and cautious outlook for the December quarter, according to Morningstar's analysis. The markets trended lower over the September quarter, with trades at a 9% discount to fair value.
Growth opportunities for sharemarkets in December quarter
Sharemarkets in Australia and New Zealand have a mixed and cautious outlook for the December quarter, according to Morningstar's analysis. The markets trended lower over the September quarter, with trades at a 9% discount to fair value.
Shareholders throw support behind Colonial, as NZSA probes firm
Shareholders at Colonial Motor Co's annual meeting overwhelmingly approved resolutions, showing strong support for the board and executive team. However, the New Zealand Shareholders’ Association (NZSA), led by chief executive Oliver Mander, voted against all resolutions due to concerns about disclosure to investors. Mander emphasized the need for more information on risk mitigation and board composition. The NZSA's stance highlights ongoing issues in corporate governance and transparency.
Abramov-linked firms sought Govt intervention in banking fight
Russian billionaire-linked firms sought government assistance in February after facing bank account closures in New Zealand. Alexander Abramov, sanctioned last year, struggled to secure banking services for Targa Capital and Helena Bay Holdings, leading to legal action against Westpac. The firms appealed to Finance Minister Grant Robertson to intervene, highlighting the potential impact on jobs and businesses. Key players include Kiwibank, Westpac, ASB, and representatives Chris Seel and Steve Jurkovich.
RBNZ reinforces rates on hold for longer
The Reserve Bank of New Zealand has indicated that interest rates may need to remain at a restrictive level for an extended period to ensure inflation returns to target. The official cash rate was held at 5.5%, reflecting the central bank's confidence that current interest rates are effectively constraining economic activity.
2 Cheap Cars fined $40k and censured over NZX breaches
2 Cheap Cars has been fined $40,000 and publicly censured for breaches of NZX listing rules. The Markets Disciplinary Tribunal found the company failed to meet corporate governance requirements. The company, represented by chair Michael Stiassny, accepted the errors but argued that the penalty was too high.
Business confidence improves, demand softens: NZIER
Business confidence in New Zealand has improved as labour shortages ease significantly, making it easier to find staff. The South Island regions are performing well with open borders and tourism. However, a net 53% of businesses still expect the economy to worsen in the coming months, according to the latest survey by the NZ Institute of Economic Research.
No further rate hikes needed, easing from 2025: NZIER
The NZ Institute of Economic Research's latest quarterly prediction indicates no further official cash rate hikes are needed, with potential rate cuts starting from 2025. The Reserve Bank of New Zealand is expected to maintain the OCR at 5.5% as inflation decreases and unemployment rises. Key players in the economic analysis include NZIER, RBNZ, ANZ, and BNZ.
‘Sporadic’ competition among Aussie-owned banks: ComCom
The Commerce Commission's draft report highlights limited competition among Australian-owned banks in New Zealand, contributing to their high profits. Kiwibank is identified as the best near-term prospect for providing disruptive competition. Commerce Commission chair John Small presented these findings, emphasizing the need for increased competition in the banking sector.
Dairy drives commodity swing upwards: ANZ
Dairy prices have significantly contributed to an upward swing in ANZ’s World Commodity Price Index, which saw a 2.4% gain in December despite an overall annual fall of 1.8%. Fonterra's improved market conditions led to an increased farmgate milk price forecast. ANZ rural economist Susan Kilsby highlighted the positive impact of dairy prices on the index.
BNZ profit rises to $1.5b despite second-half headwinds
BNZ's annual profit increased to $1.5 billion, driven by a strong first half despite a slowing economy in the latter part of the year. The rise in profit was supported by growth in customer deposits, home lending, and net interest margin. The Commerce Commission is conducting a market study into the banking sector, focusing on home loans and deposit accounts, amidst claims of high competition from bank executives.
Westpac Group profit flat at $1b as headwinds persist
Westpac Group's full-year profit remained flat at just over $1 billion, showing resilience amid higher inflation and interest rates. The New Zealand group's net profit after tax rose 1% to $1.06 billion, with increases in home lending, business lending, and customer deposits. Hardship levels remained low, and fewer customers were behind on mortgage repayments. Catherine McGrath and the Commerce Commission were mentioned as key players.
Surprise contraction in economy, outlook weaker
New Zealand's economy experienced an unexpected 0.3% contraction in the September quarter, with downward revisions to previous quarters. This raises questions about whether the Reserve Bank of New Zealand (RBNZ) will need to hike the official cash rate again in 2024 due to persistent inflation pressures. The contraction was driven by a decline in all goods-producing industries, particularly manufacturing. Key players involved in the analysis and implications include RBNZ, Stats NZ, CTU, Westpac, Forsyth Barr, and several economic analysts.
Westpac Group profit flat at $1b as headwinds persist
Westpac Group's full-year profit remained flat at just over $1 billion, showing resilience amid higher inflation and interest rates. The New Zealand group's net profit after tax rose 1% to $1.06 billion, with increases in home lending, business lending, and customer deposits. Hardship levels remain low, and fewer customers are behind on mortgage repayments.
RBNZ tempted by a November hike?
The Reserve Bank of New Zealand may consider another rate hike before Christmas if the economy shows signs of overheating. Recent economic surveys present a mixed outlook, with some economists suggesting the need for a rate increase. No changes are expected in the upcoming review of the official cash rate.
China’s warning to Australian MPs; Evergrande crisis deepens
China's ambassador criticizes Australian politicians for visiting Taiwan, accusing them of being manipulated. The Evergrande financial crisis worsens, and the owner of the Fortnite video game announces job cuts to reduce costs. Former Australian PM Scott Morrison is mentioned.
2 Cheap Cars shareholders approve Sena transaction
Shareholders of 2 Cheap Cars have voted in favor of a share transaction between co-founders David Sena and Eugene Williams, resulting in David Sena's stake increasing to approximately 76%. The approval came during the annual meeting in Auckland, with shares in the used-car dealer spiking 18% to 73c.
Vast Scottish peat bog vies for Unesco world heritage status
Greek Court Convicts Golden Dawn Leaders of Running a Criminal Organisation
The article by Jonathan Mitchell reports on the conviction of Nikos Michaloliakos, the leader of the Greek far-right party Golden Dawn, and other former lawmakers for leading and participating in a criminal organisation. The Athens Criminal Court's verdict, which could lead to sentences of up to 15 years in prison, marks the end of a five-year trial. The trial was initiated after the murder of anti-fascist hip-hop artist Pavlos Fyssas in 2013 by a self-confessed Golden Dawn member. The party, known for its ultranationalistic and xenophobic views, rose to prominence during Greece's financial crisis but failed to enter parliament in the 2019 general election. The verdict was met with public applause and some scuffles outside the courthouse.
Rome's Colosseum floor where gladiators fought to the death to be restored to its former glory
The Colosseum in Rome is set to have its floor restored to its original state, offering visitors a gladiator's perspective of the arena. Italian Culture Minister Dario Franceschini announced the £16 million project, which will be completed by 2023 and features a retractable wooden floor by Milan Ingegneria. The restoration is reversible and will allow for the protection of the structure's underground levels, as well as the hosting of cultural events. The Colosseum, dating back to AD 72-80, was recently reopened to the public with pandemic safety measures in place.
Greek neo-Nazi Golden Dawn found guilty of running crime outfit
The Greek neo-Nazi party Golden Dawn has been found guilty of operating as an organised crime outfit, marking the end of a significant trial that lasted over five years. The case was initiated after the murder of anti-fascist hip-hop artist Pavlos Fyssas in 2013, and the party has been linked to numerous violent incidents. The verdict is seen as a message to far-right groups in Europe that political violence will have legal repercussions. Leaders and members of Golden Dawn, including former MPs, face lengthy prison sentences. The trial's outcome has been welcomed by political figures and human rights organizations, while the leader of Golden Dawn, Nikos Michaloliakos, has denounced the conviction as politically motivated. The atmosphere in Greece remains tense, with potential for further conflict between leftists and far-right elements.
Rockets and Rivalries: The Controversial Development of Scotland's Spaceport
The article by Jonathan Mitchell discusses the development of the UK's first spaceport on the A'Mhoine peninsula in Scotland, which is expected to launch small satellites into polar orbit. ORBEX, Highlands and Islands Enterprise, and the Melness Crofters Estate have signed a lease for the spaceport, with construction planned for 2020. The project, named 'Space Hub Sutherland', has faced opposition from local residents over environmental concerns and potential impacts on the local community. An environmental assessment is underway, and the site could launch 40 rockets a year. While some locals support the spaceport for the economic benefits it could bring, others, like Alastair Gow of 'Protect The Mhoine', are campaigning for environmental safeguards and transparency from the developers.
World's first dual leg transplant
News report on the largest lamb sale in Europe at Lairg Scotland UK. August 2018.
Video news report on the first spaceport in the UK planned near Melness in northern Scotland. July 2018. This was featured on MSN and Liveleak.
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