Retail spending declines for Q1

Staff reporters
Fri, 22 May 2020

Retail trade spending volumes declined 0.7 percent in the first quarter, marking the first contraction in the quarterly retail sales volumes since mid-2015 and the largest decline in eight years. The fall was milder than ASB Bank had expected, however, “retail spending looks to have run into a brick wall in Q2 as the covid-19 outbreak and associated restrictions took effect,” it said. While the shift to level 2 halfway through the quarter has meant that more of the retail sector is operational, levels of retail spending ar...
Finance
Regulator sues ANZ over credit card insurance
Dan Brunskill | Fri, 05 Jun 2020

The Financial Markets Authority has filed High Court proceedings against ANZ Bank New Zealand, alleging it charged some customers for credit card repayment insurance policies that offered those custom...

Markets
MARKET OPEN: Profit taking may be the flavour of the day, US jobs data in focus
Rebecca Howard | Fri, 05 Jun 2020

Weaker offshore markets may spill over into New Zealand as investors look to lock in profits after several positive days. Wall Street is set to end its four-day rally ahead of the May non-farm payr...

Infrastructure
Loss expected from NZ Steel on covid shutdown
Gavin Evans | Fri, 05 Jun 2020

BlueScope Steel’s New Zealand business could post its first half-yearly loss in four years on the back of the country’s strict covid-19 shutdown, Jarden analysts say. The New Zealand Steel and Paci...

SPONSORED
Go local: Kiwi firms need your business to survive

Now, more than ever, Kiwis must support local businesses so they can keep Kiwis employed.

SPONSORED
Telcos in lockdown, and beyond

Geoff Thorn, CEO, NZ Telecommunications Forum says modern connectivity was a major benefit during lockdown, so it’s important to ensure long term sustainability of the networks