Summary The government has scheduled a raft of updates for this week, including more details on the new ‘traffic light’ system for managing covid outbreaks once the country is sufficiently vaccinated, a target for vaccination rates, a new business assistance package for Auckland businesses, a package of targeted income support for low-income families affected by the prolonged Auckland lockdown, and a pathway for schools that remain closed as exams loom.
Nimby rules New rules to allow three-storey apartment developments close to major public transport routes will be unveiled today in one of several major announcements due from the government this week. The environment and housing ministers, David Parker and Megan Woods are expected to announce legislation that is intended to make it far easier for local councils to sweep aside objections based on heritage or so-called ‘not-in-my-backyard’ objections to suburban intensification. Also expected this week is an announcement on Wednesday from covid response minister Chris Hipkins to reduce managed isolation and quarantine stays from 14 days to nine, and to signal the path to reopening parts of the trans-Tasman bubble on a state-by-state basis.
Fly away home Australians stuck in the South Island are in their last day before being able to return home from midnight tonight without quarantine. Both NSW and Victoria have agreed to allow returning travellers a one-way bubble, as long as they have spent at least 14 days in covid-free South Island.
Fletcher Building update Fletcher Building holds its annual meeting today, with investors and analysts watching for a trading update that will reveal the impacts of shipping delays and price rises. After T&G Global’s disastrous update yesterday indicating a profit fall of up to 76% mainly due to shipping issues, Fletcher Building’s vulnerabilities lie in its retail (PlaceMakers, Mico and Forman) and manufacturing (such as wall boards, bricks, cement and steel fabrication) sectors for inflationary prices and supply of products and materials, and the flow-through impact on construction of roads, pipes, large buildings and housing. Observers will also be looking for construction updates on the likes of the Northern Motorway extension and the Sky City Convention Centre that was devastated by fire two years ago. Both were hit by covid shutdown delays.
Emergency communications snapshot An interesting window into the world of emergency communications comes today as communications provider Vital holds its online AGM. The company has noted reduced profits to just $0.841m and increased debt, as it faces headwinds associated with shipping delays and increased costs, and loss of customers as they shut down or reduce requirements. Vital, chaired by former National MP Roger Sowry, is currently pursuing the Public Safety Network RFP as it seeks to expand its emergency services radio services provision to emergency services.
Last day Northlanders are going through their final day at level three today, preparing to reopen schools and shops tomorrow as they move to level two. Rules have only been loosely observed in the past few days as no sign of covid has surfaced following the visit of two women to Northland who later tested positive.
Certificates heralded By November, NZ will have two separate vaccine certificates for domestic and international use, with each requiring different personal data to be shared, according to the Ministry of Health. The standard on which NZ’s international vaccine certificate is built will also allow New Zealanders to upload their certificate to the International Air Transport Association (IATA) travel pass app that will soon be required for international flights by Air New Zealand. Australians can download vaccine certificates for international travel from today, as their government prepares to ease border restrictions.
Fishy business South Korean survival drama Squid Game is proving a winner for Netflix as it creates almost US$900m in value for the streaming and programme production giant. Netflix had been plateauing due to covid-related production delays, but Squid Game is credited with a US$17b boost to its market valuation. The Squid Game series is focused around deeply indebted players competing in children’s games with deadly penalties and a huge monetary prize. Strong contenders to knock it off its Netflix most-watched perch come from US thriller You and new seasons of Tiger King, The Witcher, and Money Heist in the fourth quarter. Netflix launched in NZ six years ago.
Destruction protection New laws are required in Australia to prevent another case like the Juukan Gorge destruction, an inquiry has found. Mining company Rio Tinto destroyed 46,000 year old Aboriginal sites despite custodians’ efforts to prevent the blast and warnings of the ancient site’s historical and cultural value. Repercussions led to the resignations of three of the company’s senior executives and a new understanding for businesses everywhere of the importance of stakeholder relations functions.
Markets update Equities market volatility continues, with the Nasdaq up 0.6%, the S&P 500 up 0.2%, and the Dow Jones Industrial Average down 0.1%. Analysts are warning soaring crude prices are starting to hit levels where they begin to bite into economic activity. Oil prices are around US$82 a barrel, nearing 14-year highs, with analysts expecting prices to contain the S&P 500 and Dow Jones to levels below records set on September 2 and August 16 respectively. The FTSE 100 fell 0.4% as energy prices continue to rise and expectations rose of Bank of England interest rate hikes in both November and December. France’s CAC was down 0.81% and Germany’s DAX was down 0.72%. After one of its best weeks brought it almost back to August’s record highs, the pan-European Stoxx 600 again began subsiding.
