Coronavirus
Business-related coverage of the coronavirus outbreak and how it affects New Zealand.
Services
Metlifecare $1.49b deal off, shares slump 17.7%
Shares in retirement village operator Metlifecare slumped 17.7 percent to $3.50 in early trading on the NZX this morning following notification late last night that the $1.49 billion takeover bid from European buy-out firm EQT is being called off.The deal to put the New Zealand o...
Property
Airbnb 'transition' to long term would hurt rental investors
Property investors in the high growth centres of Queenstown, Gisborne and central Auckland will face short term pain as the rental market capitulates to covid-19 restrictions. In his latest market report, CoreLogic senior property economist Kelvin Davidson said the new-build mark...
Finance
Fitch downgrades big four Australian, NZ banks to 'A+'
Fitch Ratings has downgraded all four of the major Australian banks and their New Zealand subsidiaries because it expects the economies in both countries will shrink, with a sharp spike in unemployment, as a result of the coronavirus crisis and consequent lockdowns.The internatio...
Property
Fletcher tells workers, take up to 70% pay cuts or no wage subsidy
Fletcher Building has been telling some employees and First Union that staff have to agree to its sweeping pay cuts of up to 70 percent before it can apply for the government's 12-week wage subsidy.BusinessDesk has sighted a number of email exchanges between the union, a staff me...
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