Greater food safety reassurance needed over M bovis – exporter

Greater food safety reassurance needed over M bovis – exporter

An infant formula exporter says he‘s been fielding concerned calls from around the world about Mycoplasma bovis, and the government should be doing more to reassure consumers. Photo: RNZ / Alexa Cook New Image Group founder Graeme Clegg said his business had been fielding inquiries from all around the world about safety aspects of the disease, since the of the disease on Monday. About 150,000 cattle will be culled as […]

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ANZ sells off life insurance arm to American giant

ANZ sells off life insurance arm to American giant

The ANZ Bank is selling its OnePath life insurance business to American-based giant Cigna. Cigna will pay $700 million for OnePath life insurance business, which is owned by ANZ Bank. Photo: RNZ / Claire Eastham-Farrelly Cigna will pay $700 million for OnePath, which it plans to merge with its own local operation to create New Zealand‘s third biggest life insurance company. The sale also includes a 20-year strategic alliance for […]

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Auckland Airbnb hosts sound warning on tax

Auckland Airbnb hosts sound warning on tax

Airbnb says its hosts are happy to pay the new tax proposed by Auckland Council – but the hosts themselves say it could force some of them out of the sector. Photo: AFP This comes after a Deloitte report showed that Airbnb guests pumped an estimated $660 million into the country‘s economy last year. The report into the economic impact of the accommodation rental website found three quarters of guest […]

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Finance companies fined $720k for ‘cynical‘ repo tactics

Finance companies fined $720k for ‘cynical‘ repo tactics

Two Auckland finance companies have been fined $720,000 for what the judge has described as “cynical” and “deliberate” offending. Budget Loans Limited and its sister company Evolution Finance have also been ordered to pay $53,000 to nine victims for emotional harm and $38,000 in refunds and credits to borrowers. The two companies . The Commerce Commission said over six years they continually added costs and interests to loans and then […]

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Businesses ‘should pay a fair price‘ for power – aluminium smelter

Businesses ‘should pay a fair price‘ for power – aluminium smelter

Tiwai Point aluminium Smelter Photo: PHOTO NZ The financial position of the Tiwai Point aluminium smelter has improved to its best level in years, but it has renewed its criticism of the high cost of power. The smelter‘s owner, Pacific Aluminium, made an after-tax loss of $18 million for the year ending in December, compared with a net profit of $67m the year before, because of an accounting write down […]

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NZ economy forecast set to outpace most of OECD

NZ economy forecast set to outpace most of OECD

The New Zealand economy is set to grow at a faster pace than most of the countries in the 35-strong OECD, with activity shifting from consumption to investment. Photo: 123rf In its biannual economic outlook, the OECD forecast economic growth of three percent in 2018 and 2019. The country‘s economic growth was solid in 2017, underpinned by consumption and tourism. The OECD – an intergovernmental organisation of developed countries – […]

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European Commission grants authorization for Boulder firm Clovis‘ Rubraca drug

European Commission grants authorization for Boulder firm Clovis‘ Rubraca drug

Boulder-based biopharmaceutical firm Clovis Oncology Inc. has announced Rubraca, the company brand name for the drug rucaparib, has been authorized by the European Commission as a monotherapy treatment of adult patients with certain types of cancer, according to a company news release. “Rucaparib provides a unique opportunity within Europe for women with BRCA mutated ovarian cancer, for whom platinum chemotherapy isn‘t an option, to receive an oral non-chemotherapy treatment,” Dr. […]

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Economy expected to grow despite downbeat businesses

Economy expected to grow despite downbeat businesses

The economy will continue to post solid growth despite downbeat business sentiment, slowing immigration and the Mycoplasma bovis threat, says the Institute of Economic Research (NZIER). Photo: 123rf In its latest quarterly predictions, NZIER said businesses were doing well, even if they did not sound confident. “Although businesses remain downbeat in the wake of the new government taking office, own trading activity is holding up. This suggests demand remains solid”, […]

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RBNZ warns M bovis could hurt financial system

RBNZ warns M bovis could hurt financial system

The spread of the cattle disease Mycoplasma bovis could lead to losses for banks, the Reserve Bank has warned. Photo: RNZ / Rebekah Parsons-King In its six monthly update on the health of the financial system, the central bank highlighted the outbreak as an emerging risk for the dairy industry. “Mycoplasma bovis has potential to negatively impact the productivity and profitability of the sector, and could lead to losses for […]

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Airbnb guests pump $700m into NZ economy

Airbnb guests pump $700m into NZ economy

Airbnb guests have generated an estimated $700 million for the New Zealand economy last year. Photo: AFP A Deloitte report about the economic impact of the accommodation rental website found three quarters of guest spending was on services and goods other than accommodation. About 1.4 million people stayed with Airbnb last year, with two-thirds of them being overseas visitors. Figures from Stats NZ and a survey of Airbnb guests found […]

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