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Sacked JB Hi-Fi sales star wants more than his $66K compo


Sacked JB Hi-Fi sales star Shailen Kumar says the $66,300 he has been awarded for unjustifiable dismissal is not enough. He also wants his job back. “The money is not the reason I fought this case,” Kumar told the Herald. “The money means nothing to me. I fought the case for my pride. “To get my job back, would be ... Read More »

Aussie entrepreneur reveals truth behind Shark Tank appearance


It seems so straightforward: come up with a business idea, appear on Shark Tank — and watch yourself become a millionaire overnight. But it turns out the reality of an appearance on the hit show is far removed from that glamorous fantasy. Just ask Lori Phegan who made her Shark Tank debut a year ago. The mum-of-two pitched her business, ... Read More »

Budget 2019 model quit New Zealand for Australia due to cost of living


Vicky Freeman, 40, was alerted by a friend a couple of days ago that she was the face of the Budget along with her daughter Ruby-Jean. A Kiwi who moved back to New Zealand after a decade in Australia but went back after living in Auckland for a year said her life is better in Queensland. “I love New Zealand ... Read More »

Kiwi tech star Vend on hiring spree, targets $1b valuation


Auckland-based software company Vend is on a push to hire 125 staff as it pushes into North America and other markets. The cloud point-of-sale software maker currently has around 300 employees. Some 54 of the new hires will be in New Zealand, chief executive Alex Fala says. The privately-held company won’t share detailed financials, but Fala says there are now ... Read More »

Voters say Donald Trump is ‘successful in business’ despite losing billions

President Donald Trump listens during a roundtable on immigration policy in California, in the Cabinet Room of the White House, Wednesday, May 16, 2018, in Washington. (AP Photo/Evan Vucci)

He might have lost a staggering NZ$2.54 billion over just one decade — but diehard supporters of US President Donald Trump are still convinced of his business prowess. That’s according to the shock findings of a new Politico/Morning Consult poll, which revealed a staggering 85 per cent of Republican voters believe he has been successful in business. That flies in ... Read More »

Top business people among New Zealanders honoured at investiture ceremony


High-achieving business people were among the New Zealanders who received official insignia at today’s investiture ceremony at Government House in Auckland. Sir Stephen Tindall, the founder of The Warehouse, the Tindall Foundation and the family’s $250 million seed and venture capital fund K1W1 which has invested in more than 200 start-ups, along with independent director and former ASB chief executive ... Read More »

Tobacco, alcohol and gambling tax costing Māori over $1b a year


Tax taken from tobacco, alcohol and gambling consumption cost Māori over $1b in 2018, a report has found. While consumption of alcohol and gambling was in line with the general population, Māori paid a disproportionate amount in tobacco tax, which researchers want to see in the hands of iwi. The New Zealand Institute of Economic Research report, commissioned by Dr ... Read More »

Reserve Bank cuts Official Cash Rate to record low 1.5 per cent

Japan World Markets

The Reserve Bank has cut the Offical Cash Rate to a record low 1.5 per cent and signaled further cuts will follow. The RBNZ cut the rate from 1.75 per cent at 2pm. The kiwi dollar dropped half a cent on the news to US65.55c “The Monetary Policy Committee decided a lower OCR is necessary to support the outlook for ... Read More »

New data to show wage growth still missing in action


Economists don’t expect new Government policies around Fair Pay and minimum wages will have any impact on wage inflation when employment data is released this week. Wage growth is expected to have remained modest in the first three months of the year at an annual rate of around two per cent. That is despite historically low levels of unemployment – ... Read More »

NZ dollar falls on weaker-than-expected jobs data

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The New Zealand dollar fell on perceived weakness in March-quarter jobs data, even though the unemployment rate of 4.2 per cent was bang on expectations. The kiwi was trading at 66.50 US cents at 5pm in Wellington, off the day’s low at 66.35 but down from 66.79 at 8am. The trade-weighted index dropped to 72.46 points from 72.77. The market ... Read More »

Accountant warns accidental tax refund will likely have to be paid back


An accountant is warning people to be wary if they received an “accidental tax refund” over the Easter/ Anzac holiday period and says it is likely the money will have to be paid back to the tax department. Jason Topp of SMYD Chartered Accountants, posted a message on Facebook after he was contacted by a client questioning why they had ... Read More »

Financial Markets Authority takes action over market manipulation concerns


The Financial Markets Authority has taken the chief executive and two directors of Oceania Natural to court, claiming they manipulated the share market. It has issued civil proceedings in the Auckland High Court against four people in relation to trading in Oceania Natural, which at the time was listed on the NXT stock exchange board. The proceedings relate to alleged ... Read More »

Auckland developer invests in $1b Lakeview development


An Auckland-based property investment company has taken a 25 percent stake in a billion-dollar project to develop a commercial, residential and hotel development in central Queenstown. The Lakeview development will be built on the former Queenstown campground site, the largest remaining area available for development in the centre of the town. Augusta Capital’s partner in the project is Melbourne company ... Read More »

Contact Energy leads NZ shares lower


New Zealand shares fell for a second day as investors pared back their exposure to the equity market after the threat of lower interest rates spurred on demand for companies paying reliable dividends. Defensive stocks including Contact Energy, Mercury NZ and Infratil fell. The S&P/NZX 50 Index declined 46.66 points, or 0.5 per cent, to 9,892.60. Within the index, 19 ... Read More »

James Lee: Banking, tax reforms a threat to growth

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Against a backdrop of global volatility and geopolitical uncertainty, New Zealand’s capital markets face two significant issues with potential impacts that need real focus. First, there are the discussions underway on the proposals from Sir Michael Cullen’s Tax Working Group. Second, there are the changes proposed by Reserve Bank governor Adrian Orr. Both have potential to impact the New Zealand ... Read More »

Good news in Reserve Bank gloom as mortgage rates fall and shares soar

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The Reserve Bank’s darker tone today is clearly worrying but – in the short term at least – it is likely to be good news for KiwiSavers, mortgage holders and exporters. KiwiBank has already said it will cut its five year fixed rate by 80 basis points to 4.29 per cent from Monday – a move likely to spark a ... Read More »

NZ GDP grew 0.6 per cent in December quarter

A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Picture taken July 19, 2017. REUTERS/Toru Hanai

New Zealand’s gross domestic product (GDP) grew by 0.6 per cent in the December quarter and by 2.8 per cent over the year, Stats NZ said. The quarterly result was in line with market expectations but below the Reserve Bank’s latest forecast of a 0.8 per cent gain. The department said growth in the quarter was led by a 0.9 ... Read More »

NZ shares rise on Fed restraint, local GDP growth


New Zealand shares rose after the US Federal Reserve signalled no rate rises there this year and local GDP data came in stronger than many economists had expected. Auckland International Airport extended its decline from a record, while also shedding rights to its interim dividend. The S&P/NZX 50 Index rose 25.61 points, or 0.3 per cent, to 9,461.31. Within the ... Read More »

New Zealand shares rise to record high in muted trading


New Zealand shares rose to a record in quiet trading as investors digested the latest round of index re-weightings and wait on upcoming earnings. Kathmandu Holdings led the market higher. The S&P/NZX 50 index rose 41.85 points, or 0.4 percent, to 9515.12. Within the index, 25 stocks gained, 20 fell and five were unchanged. Turnover was $96 million, with just ... Read More »

New Zealand govt plans to push on with its own digital services tax despite EU ructions


A European Union decision to shelve plans for a European digital services tax won’t affect the government’s plans to introduce a similar tax here. That’s the message from Revenue Minister Stuart Nash. The government stated in February that it was looking at introducing a digital services tax of 2-3% which would bring in $30 to $80 million a year. EU ... Read More »