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Warehouse Group shareholders bombard execs with criticism over under-performance

Source: Radio New Zealand

The Warehouse is owned by The Warehouse Group. SUPPLIED

The Warehouse Group’s shareholders have peppered the board and executives with pointed questions and criticism about several years of under-performance at this morning’s annual meeting.

Outgoing chair Dame Joan Withers said the past few years had been difficult for shareholders, but a refreshed executive team had hit the ground running with a sharpened focus on controlling costs and driving growth.

The first quarter of the current year ending in July saw a near 1 percent gain in sales, though group profit margins remained under pressure, dragged down by Red Sheds, while Noel Leeming and Stationery saw some improvement.

Chief executive Mark Stirton said trading conditions were still challenging, though customers were responding to new product ranges, with an increase in foot traffic.

“It is clear to me that our competitive advantage lies in our stores, footprint and in our footfall,” he said.

“We have the highest number of stores of any New Zealand general retailer, with 1.7 million customers walking through our doors every week.

“It is within our gift to show up for these communities and customers better than we have to date.”

The company previously announced it would cut an undisclosed number of jobs in its head office, but not at the front line, where hundreds of jobs were shed in recent years.

Still, the value of its shares had dropped more than 25 percent over the past 52 weeks, with another 1 percent drop as the meeting dragged on.

Dame Joan spent a good part of the meeting acknowledging the failure of the business to deliver profit growth and shareholder value over her tenure.

“We’ve been through the history of what’s happened over the last few years a lot, and analysed what we did,” she said.

“We focused on an ecosystem strategy. We believed that with Amazon going into Australia, there was a massive threat, and we had to have a platform.

“We were told it was existentially important to us. If we’re honest, we took our eye off the ball a little bit in terms of the store environment.”

She said both incoming chair John Journee, who had acted as interim chief executive until Stirton was appointed in May, were focused on getting the fundamentals right.

“As Mark has said, it’s the gross profit margin that remains under pressure, and that we’re addressing, and that we obviously know that we need to improve our bottom line profitability, and we’re totally focused on doing that.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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The music festival shutting down K’ Road this weekend

Source: Radio New Zealand

It’s incredibly hard putting on any music festival at the moment, but this year Reuben Bonner also took on the “mighty challenge” of closing down K Road for The Others Way.

A lot of people had to give their go-ahead for Auckland’s beloved boutique music festival to block off Karangahape Road between Queen Street and Pitt Street and “blast the street for an evening”, the festival director says.

“It’s kind of K’ Road’s event, and it always has been, so the community really gets behind it,” Bonner tells RNZ’s Nine to Noon.

This year’s Others Way festival takes place on Saturday 29 November between 5pm and 1:30am, with musicians performing across nine different venues, including the mainstage on Karangahape Road itself.

To get the 2025 festival off the ground, Auckland Council and Tātaki Auckland Unlimited provided funding, Bonner says, and the K’ Road Business Association helped out with ensuring local businesses were okay with the road closure.

“People love this event. It’s a very special event.”

While Others Way’s all-venue tickets are now sold out, Bonner says there are still tickets available for the Heavenly Pop Hit Main Stage, where American musician Sharon Van Etten, acclaimed “oddball” Connan Mockasin, ex-Dunedin hard rockers HDU, and Canadian pop auteur Saya Gray will perform from 6pm.

At the other venues, which include Pitt Street Church and Double Whammy, festival-goers will enjoy an eclectic array of artists, including American indie singer Florist, homegrown heroes Phoenix Foundation and some “strange and wonderful music” that doesn’t always reach mainstream audiences, like Flying Nun pioneers The Bats and Wellington’s Vera Ellen.

Before Bonner’s music promotion agency Banished Music started running Others Way three years ago, he was a “gigantic fan” of the festival.

In the lead-up to hosting its street party-style 10th anniversary this weekend, the music promoter admits to feeling “a bit out of his mind”.

“It’s such an undertaking. You’re thinking of 43 artists and their travel plans and production requirements, and then you’re also thinking of 3,000 attendees, and how you want it to be a really lovely experience for them and your staff.

“It’s a lot to take on, so my wife and I are really looking forward to having a cup of tea and a lie-down on Monday.”

Find out more about The Others Way Festival here.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Man wielding hedge trimmer blade who trapped woman, baby was ‘violent and not rational’ – witness

Source: Radio New Zealand

Police were called to reports of a man armed with a blade from a pair of hedge trimmers, who had trapped a woman and her baby in a Wellington bus-stop. Supplied

A man who saw police officers taser an armed man who had trapped a woman and her baby in a Wellington bus stop has praised their efforts during a life-threatening situation.

The Independent Police Conduct Authority (IPCA) found officers were justified when they tasered a man who then sustained a serious head injury after falling onto the road.

Police were called to reports of a man armed with a blade from a pair of hedge trimmers, who had trapped a woman and her baby in a Wellington bus-stop in January.

Police tasered the man when he refused to drop the weapon while standing within metres of the officers.

Judge Kenneth Johnston KC said they acted in genuine fear for the safety of the woman, the child, and themselves.

A man who saw what happened, who RNZ has agreed not to name, said he was at home that day when he heard a child and could not tell whether they were crying or laughing.

“Then I heard a male voice in a different tone, and it … didn’t sit well with me, and I thought, that doesn’t sound right.”

When he went outside and saw the man had a weapon, he called the police.

“It was clear that he was violent and not rational,” he said.

Police tasered the man when he refused to drop the weapon while standing within metres of the officers. Supplied

“He was basically waving that around belligerently, kind of seemingly at nothing, but also in a threatening manner … deliberately hacking away at the bus stop whilst the woman and child were inside that bus shelter, I guess trying to stay as far away from him as they possibly could.”

Once the man was tasered, he hit the ground hard, the witness said.

“I distinctly remember the sound of him hitting the road, [I’ll] never forget that.

“It was basically just a large slap.”

He was impressed with officers’ actions, saying it was, at maximum, one minute between their arrival and disarming the man.

“I thought their response was fantastic … they’re doing what they’re there to do, which is to protect the community, and they did it swiftly.”

If they had not, the situation could have been a lot worse, he said.

“It was an appropriate response, given that there was … at least the way it appeared to me, a life-threatening situation.”

The IPCA report said the child was uninjured and the woman suffered a deep cut to her thumb after pushing the man’s weapon away from her.

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Westpac penalised $3.64m by the High Court

Source: Radio New Zealand

RNZ / Cole Eastham-Farrelly

Westpac New Zealand has been penalised $3.64 million by the High Court for breaching lender responsibility rules.

It comes after Commerce Commission action for multiple failures leading to customers not receiving legally required information about their loans, and in some cases, agreed interest rate discounts.

The Commission’s director of credit Sarah Bartlett said it was due to a failure to invest in adequate systems and processes.

The breach was self-reported by Westpac, which agreed to admit the breaches prior to the Commission filing proceedings.

The Commission said it was the biggest pecuniary penalty imposed under the Credit Contracts and Consumer Finance Act (CCCFA) to date.

“The pecuniary penalty sends a strong message not only to Westpac but to the consumer credit industry that continued failings to adequately invest in robust systems and compliance practices will not be tolerated and there are serious consequences for not complying with the Act,” Bartlett said.

In a statement, Westpac said it worked “promptly to close the identified compliance gaps” and it was in final stages of completing remediation for affected customers.

“Westpac co-operated fully with the Commerce Commission’s investigation and we are pleased to have resolved the matter,” a spokesperson said.

Under the CCCFA, lenders must disclose specific key information to borrowers and in some cases, guarantors.

In the judgement, Justice Anderson found Westpac’s failures related to systems that were “set up in a way that was foreseeably deficient”.

“Multiple steps could have been taken to prevent the harm, including changes to the systems, adequate staff training, and mechanisms to identify and respond where disclosure was not provided, and discounts were not applied,” the judgement said.

It said the penalty reflected Westpac remediating up to 11,398 affected borrowers a total of $2.67m.

The conduct also affected more than 3000 guarantors.

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Why the cheapest home loan rate may not offer best value

Source: Radio New Zealand

When the Reserve Bank cut the official cash rate this week, it made it clear that it thinks it is likely that may be as low as the OCR goes this cycle. RNZ

New Zealanders generally like to lock in for the cheapest home loan rates on offer.

But some commentators say it could pay off to try something different now.

When the Reserve Bank cut the official cash rate this week, to 2.25 percent, it made it clear that it thinks it is likely that may be as low as the OCR goes this cycle.

Wholesale interest rates lifted a little in response, and some market commentators have already turned their attention to when rates might start to rise again.

Economists at the country’s biggest bank, ANZ, said it was worth borrowers considering whether a longer-term fix might be sensible at present.

Six-month fixes are priced from 4.75 percent, one and two-year at about 4.49 percent, three years from 4.75 percent, and four and five-year terms from 4.99 percent.

ANZ’s economists said it was too soon to say with confidence when rates might start increasing.

“The key point for now is that wholesale rates have stopped falling. Competition is clearly hotting up, with banks offering cash incentives to switch and that will be welcome news to borrowers.

“But when it comes to which term to select, our broad thinking remains as it was a month ago: we believe mortgage rates are likely at or near their lows, and that it is thus worth considering longer terms. With very little separating rates spanning from one to five years, borrowers with differing levels of risk appetite should be able to find a term that satisfies their own cost/certainty trade-off sensitivities.

“Fixing for five years may suit some borrowers, but it may be too long for others, for whom two to three years might be the happy middle ground.”

They said wholesale rates had put a floor under fixed terms. The two-year swap rate was 2.65 percent before the October OCR cut, and then fell to 2.44 percent. It was 2.59 percent before the November decision, and is now back at more than 2.8 percent.

ANZ expected home loan rates to rise gradually through next year.

They calculated that the six-month rate would only work out to be the cheapest option if the one-year rate fell to 4.19 percent over the next six months. “That seems unlikely if the Reserve Bank doesn’t cut the OCR again.

” If we are at the bottom of the cycle, 18-month and two-year look good compared to one-year, and three years isn’t much higher, and rates in that vicinity likely offer a happy middle ground.”

Based on a market average rate of 4.79 percent for three years, they said fixing for a year for 4.49 percent would only be cheaper if it was still possible to fix for two years at 4.94 percent next year, or 18 months at 4.45 percent and then another 18 months at 5.13 percent.

Over two years, fixing for a year now would only be cheaper if the one-year rate remained at 4.49 percent in a year’s time.

David Cunningham, chief executive at Squirrel, said borrowers were not moving to longer fixes yet.

He said the propensity to fix a the cheapest rate possible was strong. When five-year rates were 2.99 percent, more people fixed for that price, “But still the bulk went to 2.25 percent for a year”.

He said interest rates could stay on hold for a year or a year-and-a-half. “It could be a year of nothing happening while wholesale rates bubble up and down.”

Cotality chief property economist Kelvin Davidson said he was starting to think about a longer-term fix. “That experience in 2021 is still sort of fresh in mind…people who fixed for five years in the middle of 2021, they’re still on those rates.

“It’s not necessarily something I will do but it’s definitely worth giving a thought to.”

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Six things tenants can’t do (but may be doing anyway)

Source: Radio New Zealand

RNZ / Dom Thomas

Tenants are in the driving seat in the rental market at the moment – but there are still rules about what they can and cannot do when they rent a property.

RNZ reported earlier on the things that still catch landlords out.

Now, here are six things that tenants can’t avoid.

Pay the rent on time

Problems with rent payments are still the bulk of the Tenancy Tribunal’s work. Two-thirds of claims before the tribunal last year related, at least partly, to rent arrears.

Tenants have to continue to pay rent even if they are involved with a dispute with their landlord. You cannot withhold rent because you think the landlord has not kept up their side of the bargain.

In one case the tribunal dealt with in June, a tenant reduced her rent payment and then withheld it completely because she was not able to use her en suite bathroom.

The tribunal said that was not an appropriate response. “The tenant suffered a loss of enjoyment of the tenancy. But along with that loss there was a loss suffered by the landlord, which needs to be acknowledge.

“The tenant reduced her weekly rent payments by $80 for a period, and then simply stopped paying rent while still remaining in possession. Although the landlord did not give evidence of the tenant’s actions regarding rent payments resulting in financial hardship, the tenant was not entitled to unilaterally reduce how much rent she paid, nor to stop paying her rent entirely.”

The tribunal said a reduction in rent would have been an appropriate response for the parties to agree on.

In another case, a tenant racked up $6335 in rent arrears because he withheld rent in lieu of money he claimed the landlords owed him for work done on the property. The tribunal said he was unable to prove he was owed this.

Keep the property reasonably clean and tidy, and leave it that way

The tribunal regularly deals with claims from landlords seeking compensation for clean-up costs incurred after a tenancy is finished.

In one case, an adjudicator said a tenant left a “huge” amount of rubbish – “including household refuse, dog toys and faeces, broken furniture, mattresses, wood, rocks, bedding, and old bath, two large drums, a number of broken plastic and containers and much other rubbish”.

That landlord was awarded $1572 for rubbish removal.

Tenants also have to leave all the items that were supplied with a tenancy.

Let a landlord know about damage or repairs straight away

In a case currently being dealt wiht by the tribunal, landlords are seeking exemplary damage from a tenant who failed to advise them of damage.

There was damage to the bedroom door, holes in walls and French doors – but the tribunal said in that case it was not satisfied there was a breach to justify exemplary damages.

Use the property mainly for residential purposes, not business activities

If tenants are running businesses from their homes, things can get tricky.

In another case, there was a dispute about tenants operating a plant business from a spare bedroom.

The tenants said their property manager had no problem with it as long as the premises were clean and tidy.

The property owner argued he had no knowledge of that agreement and wanted compensation for professional carpet cleaning in the rooms used for cultivating plants.

The tribunal said the landlord’s claim for compensation was withdrawn by the landlord during the hearing when the tenant confirmed that they had professionally cleaned the carpets when they vacated the tenancy.

Not have more than the agreed maximum number of occupants

Tenancy agreements usually specify a maximum number of occupants. The tribunal said going above that could be a problem because it could put a landlord’s insurance in jeopardy.

There could also be health and safety or security concerns.

In one case, a tenant’s partner urinated in a communal pathway in view of a neighbour, approached another elderly neighbour to ask her for cigarettes and meth, and asked another woman whether she wanted company and whether she smoked cannabis.

The tenant had her tenancy terminated on the basis of the anti-social behaviour and because she had breached a term of her tenancy agreement by having him live with her when she was allowed only one occupant.

Make alterations without consent

In a case heard in 2023 for a Halcombe property, tenants who were described as “in many ways excellent” were in dispute with their landlords after they “exceeded their rights and obligations as tenants”, the tribunal said.

It noted that they seemed to have treated the property as their own. They painted the kitchen green, maroon and gold, the master bedroom a couple of shades of blue, removed carpet in the hallway and second bedroom, put beading along the lower part of a bedroom wall and painted it maroon, put a dog door in French doors and painted another room blue, put beading on the lounge walls, painted the laundry multiple colours, installed ponds and erected a carport.

The landlords wanted compensation including $8500 to repaint the property.

The tribunal adjudicator said the tenants needed to pay $2550 for painting, $2754 to replace the carpet and other smaller amounts for carpet cleaning and glass replacement.

In addition, tenants have to leave all the keys with their landlord when they move out, and pay their own bills for things such as power and water.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Unions call on Prime Minister to uphold democratic values and respect school communities

Source: NZCTU

The New Zealand Council of Trade Unions Te Kauae Kaimahi President, Sandra Grey, is calling on the Prime Minister to uphold democratic values and ensure his MPs refrain from making false and inflammatory accusations about unions. Claims of bullying tactics from Sam Uffindell on social media yesterday are not only untrue, they undermine the integrity of the thousands of parents who serve on school boards across the country.

“The Prime Minister must stop his MPs from making false and inflammatory accusations about unions employing bullying tactics. This rhetoric is an insult to the democratically elected school boards, composed of parents, who are independently choosing to take a stand,” Grey said.

“These parents are independently choosing to stand up for what they believe is right for their tamariki. To dismiss their decisions as the result of union pressure is both disrespectful and out of step with the values of fairness, participation, and community leadership that New Zealanders expect.”

More than 1,300 school communities have expressed clear support for honouring Te Tiriti o Waitangi obligations in law. Their voices reflect a deep commitment to partnership, respect, and the wellbeing of all learners.

“We urge the Prime Minister to listen to these communities and acknowledge the strength of their mandate. The Government has misread public sentiment on this issue. Rather than compounding that error with anti-union misinformation, it should change course and engage constructively with the people it serves,” Grey said.

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Watch live: Latest announced in crackdown on airport staff importing drugs

Source: Radio New Zealand

Police and Customs are set to reveal the latest in a crackdown on staff helping import drugs at Auckland International Airport.

Operation Matata has been focused on a transnational organised crime syndicate working with local gangs who are alleged to have imported significant quantities of methamphetamine and cocaine into New Zealand.

The briefing will be livestreamed at the top of this page from about noon.

Police have identified the syndicate was allegedly smuggling Class A drugs through unattended baggage on international flights, primarily through Auckland International Airport.

Officers arrested people across two phases in June and July.

In total, 15 current and former baggage handlers working for airline baggage handling agencies at Auckland International Airport have been charged.

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Paid firefighters strike after negotiations stall

Source: Radio New Zealand

About 2000 members of the Professional Firefighters’ Union will strike between 12-1pm. RNZ / Ruth Hill

Paid firefighters are walking off the job for one hour again today over their deadlocked contract negotiations with Fire and Emergency.

About 2000 members of the Professional Firefighters’ Union will strike between 12-1pm.

Fire and Emergency New Zealand (FENZ) deputy national commander Megan Stiffler said calls to 111 would be answered during that time and it will respond to fires in strike-affected areas – but there could be some delays, as callouts would be covered by volunteers.

“We have notified Hato Hone St John and Wellington Free Ambulance that, for the one-hour strike, our volunteer crews won’t be able to respond to medical calls outside their patch.”

While the strike was “putting public safety at risk”, it would not affect most of the country, she said.

“The vast majority of communities are served by our more than 11,000 volunteers in nearly 600 stations across New Zealand who will respond as usual.”

Meanwhile, FENZ was urging people and businesses in towns and cities usually covered by professional firefighters to be “extra careful”, and avoid any work practices that could spark fire, and ensure tenants understood evacuation procedures.

Its offer to the union was (6.2 percent over three years) was “a fair and sustainable increase”, Stifler said.

“The Employment Relations Authority is currently considering our application to provide facilitation to bring the parties together and work constructively towards a resolution.

“We don’t see the point in putting the community at risk with this strike while that process plays out. The NZPFU’s recent settlement proposal is three times more than our offer, which was fair, reasonable and in line with other settlements across the public service.”

Union responds

The union’s national secretary, Wattie Watson, said the union had worked hard to get a settlement – but FENZ has refused to return to the table.

“FENZ has refused to adapt its position and last week refused to agree to new bargaining dates on the basis they only want to meet in facilitation. The Employment Relations Authority only received the final legal submissions yesterday and a decision is pending.

“Instead of actually trying to reach settlement and address the systemic failings of the fire service, FENZ has pushed on with an application for facilitation, attempted to present distorted information in the pursuit of that application, dropped a 260-page restructure document that culls about 160 jobs without consulting with the NZPFU or the PSA, refuses to address serious asbestos risks in Auckland, and continues to fail the community with a failing fleet and replace closed stations or those under extremely poor earthquake ratings.”

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Health New Zealand to welcome 1800 graduate nurses

Source: New Zealand Government

Health New Zealand’s announcement that around 1800 graduate registered nurses will begin hospital-based roles represents a significant boost for the health system, Health Minister Simeon Brown says.

“A sustainable health system relies on a steady pipeline of skilled New Zealand-trained nurses entering the workforce,” Mr Brown says.

“I welcome Health New Zealand’s decision to offer around 1400 hospital-based roles to the 2025 end of year cohort of nursing graduates, which means more than 80 percent of those who pass their exams are expected to secure positions.”

“When combined with the more than 400 mid-year graduate roles it has already offered, Health New Zealand expects to support around 1800 graduate nurses into the workforce in the current financial year.

“This is a significant step in strengthening our workforce and ensuring locally trained nurses are supported into frontline roles. These positions will help hospitals across the country maintain the staff needed to deliver timely, quality care.”

Graduate nurses will start receiving offers from Health New Zealand from 1 December.

The remaining graduates will be supported into roles outside of Health New Zealand, including in primary care.

“Alongside hospital-based positions, the Government is investing in supporting graduate nurses into primary care. Funding is available for primary care employers to take on up to 400 graduate nurses each year, with $20,000 provided for each graduate employed by rural primary and community providers, and $15,000 for those employed by urban providers.”

Mr Brown says expanding graduate opportunities is essential to building a sustainable, long-term workforce.

“Importantly, these roles provide new graduates with structured support, professional development, and a clear pathway into clinical practice. That is how we build a workforce that is resilient, well supported, and prepared for the future.

“Since coming to Government, around 2000 additional nurses have joined the health system. We remain focused on continuing to grow the workforce so New Zealanders can access timely, quality care – and supporting locally trained nurses is key to delivering on that commitment,”

“I want to congratulate all nurses on completing their studies and look forward to welcoming them to the health workforce in the coming months as they begin their careers caring for New Zealanders,” Mr Brown says.