Author: Press Room

By Nona Pelletier of RNZ The latest Treasury outlook on New Zealand’s fiscal future indicates current government polices are not suitable for the long-term and change is required. Treasury’s 2025 Long-term Fiscal Statement, which looks 40 years out, has been warning for 20 years that population ageing will place increasing pressure on New Zealand’s long-term fiscal position. Population ageing remains a significant long-term fiscal challenge.Despite favourable economic tailwinds in the past 20 years, New Zealand’s debt is higher than anticipated.It is vital New Zealand closes its structural fiscal deficit sooner rather than later.Fiscal pressures will accelerate in coming decades with…

The parent company of Kathmandu and Rip Curl has posted a shock $93.6 million statutory loss – its worst in at least a decade.KMD Brands said when excluding a $45.5 million non-cash writedown of its Oboz footwear business and other items, it still lost $28.3 million on an underlying basis for the year to July 31.KMD said it was once again not paying shareholders a dividend, as it hasn’t since 2023, and was taking steps to carefully manage capital.KMD announced earlier this month it was closing 21 stores, mostly outside Australia, out of its global portfolio of 328 company-owned Kathmandu…

Jimmy Kimmel returned to late-night television today after a nearly weeklong suspension and nearly broke down in tears, saying he wasn’t trying joke about the killing of conservative activist Charlie Kirk.“I have no illusions about changing anyone’s mind, but I do want to make something clear, because it’s important to me as a human and that is, you understand that it was never my intention to make light of the murder of a young man,” Kimmel said, his voice breaking. “I don’t think there’s anything funny about it.”Kimmel added: “Nor was it my intention to blame any specific group for…

Tributes for Te Ariki Sir Tumu Te Heuheu Tūkino VIII, the paramount chief of central North Island-based iwi Ngāti Tuwharetoa, are pouring in following his death early on Tuesday morning. He was 84.A statement from the Kiingitanga on behalf of Te Arikinui Kuini Nga wai hono i te po expressed her “profound sorrow” at Sir Tumu’s death. She acknowledged the “deep whakapapa”, “mutual respect” and “enduring bond” between the Kiingitanga and Ngāti Tūwharetoa.”A steadfast pillar of strength and mana within te ao Maaori,” the statement read, “Ngāti Tuuwharetoa has long stood as an enduring support to Kiingitanga. Under three decades…

ADVERTISEMENT Italy’s right-wing government will not recognise the state of Palestine, despite several other EU member states moving to do so this week – but Premier Giorgia Meloni’s stance appears at odds with Italian public sentiment and triggered a wave of protests in Italian cities. A general strike took place on Monday across Italy involving around 500,000 people, in response to “the ongoing genocide in the Gaza Strip, the blockade of humanitarian aid by the Israeli army and the threats against the international Global Sumud Flotilla mission”, as a statement from the USB trade union federation stated. Recognising Palestine is one of the requests…

The government has named the first woman to be governor of the Reserve Bank in its 91-year history. She is Dr Anna Breman, who has been the deputy governor of Sweden’s central bank, the Riksbank, since 2019. Much attention has focused on who would assume the governor position, given its importance – and the rocky relationship the government had with previous governor, Adrian Orr. The Reserve Bank identified 300 candidates for governor in a worldwide search before whittling to 10 and then a four-person shortlist before settling on Breman. “Dr Breman comes to New Zealand with an impressive blend of technical…

Prime Minister Christopher Luxon is shrugging off criticism by business leaders he is performing poorly, saying he won’t be standing down. The New Zealand Herald’s Mood of the Boardroom has been released, with Luxon and Finance Minister Nicola Willis out of the top-10 Cabinet ratings. The survey is made up of responses from 150 chief executives and business leaders. Luxon was ranked the 15th best minister in his own Cabinet, while Willis ranked 13th. Luxon scored on average 2.96 out of 5 where 1 is “not impressive” and 5 is “very impressive”.  Willis’ performance scored an average 3.09 out of 5. At a…

The Commerce Commission has launched civil proceedings alleging cartel conduct against four Harcourts franchises and their franchisor.The alleged conduct involves the businesses’ franchisor, Harcourts Group Limited, and franchisees Four Seasons Realty 2017 Limited, Gold Real Estate Group Limited, Grenadier Real Estate Limited, and Holmwood Real Estate Limited.Commerce Commission chairperson John Small said authorities believed the franchisees had a “significant share” of the market and therefore the alleged conduct was damaging.Because the franchisees competed with each other for customers, entering into agreements that affected the prices they charged customers – including commission rates – constitutes alleged cartel conduct under the Commerce…

A lawyer for the man who lit the fatal Loafers Lodge blaze says for the jury to accept the Crown’s case, “massive guesswork and speculation” would be involved.The 50-year-old defendant, whose name is suppressed, is charged with five counts of murder and one of arson after setting the Wellington hostel alight on 16 May, 2023.His lawyers say the man – who has schizophrenia and has pleaded not guilty by reason of insanity – lit the fire when he was experiencing serious psychotic symptoms.But the Crown says he knew lighting the fire was wrong, and he did so because he did…

By Lillian Hanly of RNZ  Prime Minister Christopher Luxon ranks 15th in Cabinet in a survey of senior business leaders who are also casting doubt on New Zealand’s  economic performance. The New Zealand Herald  has released its latest Mood of the Boardroom, which attracted 150 responses from chief executives and other leaders. Luxon and Finance Minister Nicola Willis were out of Cabinet’s top 10 performers, according to the results. He scored on average 2.96 out of 5 where one is “not impressive” and five is “very impressive”. Herald head of business Fran O’Sullivan told RNZ’s Morning Report programme today there…