Author: Press Room

By Susan Edmunds of RNZ Last year was a tough year for the New Zealand economy. So tough, in fact, that HSBC estimates it had the biggest drop in gross domestic product in the developed world and The Economist put us ahead of only Finland, Latvia, Turkey and Estonia on a measure that included stockmarket performance, inflation, unemployment and government deficits. But why was the hit so bad? A big part of the equation is the government’s response to Covid-19. The government spent about $60 billion through the Covid-19 Response and Recovery Fund, including about $12b in the initial wage subsidies. Simplicity chief economist…

KiwiSaver balances could be the first place New Zealanders feel the effects of US president Donald Trump’s touted new tariffs on Canada, China and Mexico, economists say, as fears mount over a growing global trade war. Fulfilling a campaign promise, Trump’s duties of 25% on US imports from Canada and 10% on imports from China will go into effect tomorrow.Plans for a 25% tariff on Mexican imports are on hold for a month after discussions between Trump and Mexican President Claudia Sheinbaum.Canada’s prime minister said his country would put matching 25% tariffs on up to $190 billion in US imports.This…

The incident was one of several recent cases of undersea cable ruptures, sparking fears over potential Russian sabotage and spying in the region. ADVERTISEMENTSwedish prosecutors said on Monday that they have released a vessel owned by a Bulgarian shipping company after ruling out sabotage as the cause of damage to an undersea fibre-optic cable linking Sweden and Latvia.The vessel, Vezhen, was detained on 26 January following the discovery of damage to the cable running between Ventspils in Latvia and the Swedish island of Gotland.The incident was one of several recent cases of undersea cable ruptures, sparking concerns over potential Russian…

As the European gambling market continues to grow, both sports betting and lotteries are expected to show the strongest online growth through 2029. ADVERTISEMENTThe regulated European gambling market is expected to reach €137 billion in gross gaming revenue in 2024, with online gambling accounting for 40% (€55 billion) of this total.This represents an increase of around 4.58% in the total gambling market and a growth of online gambling of 7.84% between 2023 and 2024, according to H2 Gambling Capital.The 2023 figures show total gambling revenue of €131 billion, with online gambling representing 39% (€51 billion) of the market.The significant surge…

KiwiSaver balances could be the first place New Zealanders feel the effects of US president Donald Trump’s new tariffs on Canada, China and Mexico, economists say, as fears mount over a growing global trade war. Fulfilling a campaign promise, Trump’s duties of 25% on US imports from Mexico and Canada and 10% on imports from China will go into effect tomorrow.Mexico’s president immediately ordered retaliatory tariffs and Canada’s prime minister said his country would put matching 25% tariffs on up to $190 billion in US imports.This could just be the start, with the Republican president pitching universal tariffs of up…

Khalife, 23, gained global attention when he escaped from London’s Wandsworth prison for three days while being held on espionage charges. ADVERTISEMENTA former British soldier convicted of spying for Iran after an audacious three-day escape from a London prison was sentenced on Monday to more than 14 years in prison.Daniel Khalife, 23, was convicted in November of violating the Official Secrets Act and Terrorism Act for providing restricted and classified material to Iran’s intelligence services.”As a young man you had the makings of an exemplary soldier, however, through the repeated violations of your oath of service, you showed yourself to…

Datacom’s AI director Lou Compagnone does not see AI implementation in business as something to be feared, unless planning has not been done properly.   Datacom executives, including Ms Compagnone, hosted Prime Minister Christopher Luxon, Finance Minister Nicola Willis and MBIE chief executive Carolyn Tremain at Datacom’s Wellington office last week to discuss the role of AI in enabling growth and shaping New Zealand’s economic future.   The information technology services company’s latest business outlook survey showed 77% of business leaders were worried about economic uncertainty and focused on growth and productivity this year, with help from GenAI and data-driven…

Pens, glue sticks and exercise books may seem like absolute basics for a child in a classroom, but many are relying on donated stationery to start the school year.A community-run group in Lower Hutt has pulled together school stationery packages to donate to whānau – and said demand was higher than ever.The group’s organiser said it received 170 requests for donated packs since the start of the year – and one school said it can be the difference between a child going to school or staying home.Nicky Smith knows from her own experience – having to fork out hundreds of…

A 21-year-old New Zealander is facing life in prison after he allegedly imported 20kg of cocaine into Australia concealed in his luggage.Australian Border Force officials detected the drugs on February 1 after the 21-year-old was selected for a baggage examination as he arrived at Sydney Airport from the United States.They allegedly found 22 vacuum sealed packages of a white substance hidden in the man’s suitcase.Initial testing returned a positive result for cocaine, and the Australian Border Force alerted police.This amount of cocaine could have been sold as almost 100,000 street deals with an estimated value of NZD$7.17 million. The weight…

Pharmac is seeking public feedback on a proposal to fund a progestogen-only oral contraceptive pill — called desogestrel.A range of oral contraceptive pills were currently available in New Zealand, and funding the desogestrel pill — branded as Cerazette — would provide another option for people to help prevent pregnancy.Pharmac’s medicines management lead Melissa Copland said about 43,000 people were expected to benefit from desogestrel in the first full year of funding.”We understand having desogestrel available might better suit the needs of people who don’t want to or can’t take a contraceptive pill containing oestrogen. It can also be used by…