Weekly Digest – 16 August 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Corporate reporting forecasts low market earnings to continue

Analysts are expecting the upcoming corporate reporting season to deliver a mixed bag of results, with falling consumer demand and increased costs a drag on earnings. A report by brokerage firm Forsyth Barr forecasts profit margin declines across a range of sectors.

How NZ’s paid parental leave stacks up

Paid parental leave was back in the spotlight last week, after a member’s bill from National’s deputy leader Nicola Willis was voted down in Parliament. The Detail takes a closer look at what the entitlements are, who can get them and how New Zealand compares internationally.

Government teams up with US investment giant BlackRock to deliver new climate fund

The Government and US investment giant BlackRock are launching a $2 billion fund to support New Zealand to become one of the first countries to reach 100 percent renewable energy.

Why you should never share your boarding pass on social media

It’s the classic pre-trip selfie. You snap a picture of yourself with your passport and boarding pass, then promptly share the photo on social media. Your family, friends and followers may like it. But cyberhackers love it.

ASB Bank posts record $1.56 billion full-year net profit

ASB Bank has reported a record annual profit but is starting to feel the impacts of a slowing economy, rising costs, and bad debts. The country’s third biggest bank reported a net profit for the year ended June of $1.56 billion, up 6 percent on the year before, as it increased its lending and margins.

Fears for viability of farm businesses after Fonterra’s $5b blow to economy

Farmers are expected to defer debt repayments, cut back on operating expenses such as fertiliser, and curtail plans for capital expenditure, impacting on the wider rural sector.

Kiwis lining up in droves to become Aussie citizens

New figures have shown more than 15,000 New Zealanders have started the process for Australian citizenship since changes came into effect at the start of July.

Millions may be lost as airport share sale lags

The debt savings afforded Auckland Council by the sale of a seven percent stake in its shares of Auckland Airport may have already been reduced by millions due to slow action on the sale.

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