SkyCity lays off 200, eyes another 700 job losses if things don't change

SkyCity lays off 200, eyes another 700 job losses if things don't change
Rebecca Howard
SkyCity Entertainment Group said lost revenue and high costs could see it lay off about 900 staff if the outlook doesn't improve in the next three months.The company is already laying off 200 salaried employees and has asked its hourly-rate or waged employees to take a 20 percent pay cut.All casinos, hotels, restaurants, bars and attractions are closed across the five SkyCity properties in New Zealand and in Adelaide, South Australia, as both countries are virtually locked down to stop the spread of covid-19.The closure is costing it almost $90...

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NZIER's Shadow Board predicts RBNZ will hold, with one exception
Economy

NZIER's Shadow Board predicts RBNZ will hold, with one exception

The New Zealand Institute of Economic Research’s Shadow Board expects the Reserve Bank of NZ to hold the official cash rate at 5.5% for another year, although one member did call for a hike this week. “While inflation pressures are still high and the labour market remains strong,...

Rebecca Howard 08 Jul 2024
RBNZ could hint cuts may come sooner
Economy

RBNZ could hint cuts may come sooner

The RBNZ will announce its latest decision at 2pm on Wednesday. 

Rebecca Howard 08 Jul 2024
Briscoe Group says tax changes will hit FY net profit by $7.4m
Retail

Briscoe Group says tax changes will hit FY net profit by $7.4m

New legislation affects depreciation on commercial buildings.  

Rebecca Howard 05 Jul 2024
Core Crown tax revenue higher than expected in May accounts
Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024