Weekly Digest – 13 November 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Fonterra pushes ahead with sale of Anchor, Mainland brands
Dairy giant Fonterra has confirmed it will sell its consumer business, including major brands Anchor and Mainland. Chief executive Miles Hurrell said it has decided a sale was in the co-operative’s best interests.
Feedback wanted on ACC’s occupational diseases list
MBIE is seeking feedback on proposed additions to the list of diseases covered under ACC where there is a link to workplace exposure. Before making changes to Schedule 2, all New Zealanders are invited to have their say during the consultation which until 27 November 2024. The list was last updated over 15 years ago, so an update is necessary to ensure ACC legislation is current and to improve access to cover.
New self-certification options being explored for building professionals
Work is underway to develop a new opt-in self-certification regime for low-risk residential building work undertaken by qualified building professionals and accredited building companies, seeking to remove or reduce the third-party review role of Building Consent Authorities.
Unemployment rate climbs to its highest rate since December 2020
New Zealand’s jobless rate increased to 4.8% in the September 2024 quarter and other measures of the labour market also weakened as the economy contracted. This headline rate was lower than the 5% forecast by the Reserve Bank, and many other economists, but up from 4.6% in the previous quarter and 3.2% in 2022.
Artificial intelligence: New Zealand company breaks into Brazilian beef market
A new partnership will see a New Zealand technology company that uses artificial intelligence to grade cowhide expand its business into Brazil, the world’s largest export market for beef.
Geopolitical tensions pose rising threat to New Zealand’s financial system
The Reserve Bank of New Zealand’s 2024 Financial Stability Report has spotlighted geopolitical tensions as a growing concern for the nation’s financial system. In presenting the complete November 2024 Financial Stability Report, Deputy Governor Christian Hawkesby affirmed that New Zealand’s financial system remains well-prepared to handle ongoing economic headwinds.
Growers warn vegetable prices will soar if production not priority in freshwater reform
New Zealand’s vegetable sector is urging the Government to make commercial vegetable production a “priority of national significance” in its impending freshwater regulations. The Government is considering its freshwater national direction while it progresses reforms to the Resource Management Act and changes to the national policy statement fresh water management (NPS FM).
Mega rate cut off the table after better-than-expected unemployment figures
Better than expected unemployment figures for the September quarter likely dashes any hope for a 75-basis-point rate cut by the Reserve Bank later this month, economists say.
NZ businesses deliver $340 million trade boost for NZ in China
This week in China, New Zealand companies announced deals that amounted to more than $340 million in projected new export business over the next three years.
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