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Sugartree apartment buyer decries $60k deposit loss, developer says ‘hard lesson to learn’

The SugarTree Apartment on Union Street where a Korean Sex worker asked a client to pass on a noye to Police help. 07 October 2015 New Zealand Herald Photograph By Greg Bowker
NZH 20Feb16 - A person with measles roamed the SugarTree apartment complex on Union St. Picture / Greg BowkerNZH 13Sep16 - Investors have resold units in Sugartree Apartments (above) and the nearby Urba block without even moving in, claims an estate agent.  Picture / Greg Bowker

An apartment buyer in Auckland is decrying her loss of a $60,000 deposit, but the developer says it isn’t liable to pay it back. Bridie Campbell, 24, a student, said she used an inheritance from her father who died two years ago to put down a $60,000 deposit on a unit in the apartment complex between Union St and Nelson ... Read More »

NZ dollar treads water ahead of central bank rate-cutting actions

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The New Zealand dollar was treading water, awaiting expected central bank rate-cutting action later this week and next. The kiwi was trading at 66.28 US cents at 5pm in Wellington from 66.30 cents at 7:55am. The trade-weighted index was at 72.92 points from 72.93. The US Federal Reserve is expected to cut interest rates early Thursday, New Zealand time, by ... Read More »

Small business confidence still down, growth prospects show signs of improvement

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The latest ANZ data on small business sentiment shows confidence is still down but growth prospects are showing early signs of improvement. New Zealand’s largest bank’s composite growth measure – which takes into account small firms’ views on growth indicators including activity, hiring, profit and lagged investment intentions, and is a proxy for GDP growth – improved in all regions ... Read More »

New Zealand housing market at risk of crash, Bloomberg research shows

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New Zealand and Canada are the most vulnerable economies to a correction in house prices, with Australia and the UK also drawing concern, according to new research from Bloomberg Economics. Seeking to build a “housing bubble dashboard,” economist Niraj Shah studied ratios of house prices to rent and income as well as inflation-adjusted prices and household credit. The results showed ... Read More »

City waterfront apartment sells for $20,000 in Auckland

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A downtown Auckland apartment with waterfront views has sold for $20,000 – and no, you aren’t reading that wrong. The one-bedroom apartment features a modern kitchen and bathroom, study, open plan lounge and unobscured sea views from its “huge” 13th-floor balcony north to Devonport and Rangitoto beyond. Located in the Scene 1 Building at 2 Beach Rd, it is just ... Read More »

Liam Dann: Pressure mounts on Sir John Key as ANZ turmoil grows

Sir John Key was a guest speaker at the Institute of Finance Professionals NZ ( INFINZ ) conference in Auckland on Thursday. 1 November 2018 New Zealand Herald Photograph by Greg Bowker

ANZ chairman Sir John Key was already facing calls to resign before the highly unusual departure of chief executive David Hisco. The news that Hisco departs amid a cloud about personal expenses adds to the impression of disarray at New Zealand’s largest bank. He departs over what’s alleged to be accounting irregularities around tens of thousands of dollars of expenses. ... Read More »

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

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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

Austa

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

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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

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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

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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

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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

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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

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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

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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

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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

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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 »