Category: Business

Source: Radio New Zealand

A case in which a woman had her claim for a lost stone from her ring turned down by her insurer is a reminder to check your cover, Consumer NZ says.

The case was handled by the Insurance and Financial Services Ombudsman scheme (IFSO),

The woman had worn her wedding ring every day for 42 years until one day the ruby fell out and was lost.

She made an insurance claim but her insurer got a jeweller’s report that said the claws on the ring had worn over time, which cause the stone to fall out.

The insurer declined the claim because her policy did not cover wear and tear.

She complained to IFSO, which agreed with the insurer.

A Consumer NZ spokesperson said what was standard in one insurance policy could be a benefit in another, or might not be covered at all.

“This includes credit cards, jewellery, keys and locks, professional tools and equipment kept at home, and items damaged during cleaning. On the other hand, your policy may include cover for things you may not know about.

“That’s why it always pays to check the cover by speaking to your insurer to understand exactly what you’re paying for.”

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

Source: Radio New Zealand

Business groups have welcomed the announcement of a new Free Trade Agreement with India, but a partner in the coalition government will not support it, saying it is a “bad deal”.

The government announced this evening that it had reached conclusion of free trade negotiations with India

It said the deal will eliminate or reduce tariffs on 95 percent of exports, with wins for kiwifruit, apples, meat, wool, coal, forestry, and more.

But only limited gains were secured for dairy, with duty-free access for re-exports, bulk infant formula, and a 50 percent tariff cut for high-value milk albumins under a quota.

Export NZ, the NZ Forest Owners Association, the Meat Industry Association, Beef + Lamb NZ, Horticulture NZ, NZ Timber Industry Federation, Wools of NZ have all expressed support for the deal, but NZ First is withholding political support – which means it is now in the hands of the opposition whether it passes or not.

‘A bad deal for New Zealand’

In a statement released just as the deal was announced on Monday, NZ First leader Winston Peters said it was a bad deal for the country.

“It gives too much away, especially on immigration, and does not get enough in return for New Zealanders, including on dairy.”

New Zealand First exercised the agree to disagree provision of its coalition arrangements when Cabinet approval for the deal was sought last week, and made it clear that it would vote against enabling legislation if and when it was introduced to Parliament.

“While New Zealand is completely opening its market to Indian products under this deal, India is not reducing the significant tariff barriers currently facing our major dairy products,” Peters said.

NZ First also expressed concerns about the proposed changes on migration. The trade deal creates a new employment visa for Indian citizens, and according to the party will likely generate greater interest in Indian migration to New Zealand during a tight labour market.

Peters said his party’s approach to trade deals has been consistent, longstanding and principled.

“New Zealand First’s long-standing approach has been to support those FTAs that deliver a good deal for New Zealanders and to oppose those that do not.”

Prime Minister Christopher Luxon said he was confident the government would be able to pass the legislation, despite requiring Labour’s support to do so.

“We’ve seen a lot of good bipartisan support for trade across the Parliament, and we’ll continue to build the case for that.”

He said he had “tried to deal” with NZ First’s objections, and “reassured them” about the parts that were in the interests of New Zealand.

“At the end of the day, this is going to be the third biggest economy in. In the world. This is an economy that New Zealand needs to be in.”

‘Unwilling to deliver more than the small changes’

The Dairy Companies Association (DCANZ) – which represents exporters and manufacturers – said the deal was good for the country, but not for dairy, with core products like butter and cheese being left out.

“We are disappointed that India has been unwilling to deliver more than the small changes,” said DCANZ chair Guy Roper.

But he pointed out no country had managed to secure a deal including core dairy, given India wanted to protect its domestic market – so New Zealand still had parity.

Roper said the sector wanted to work with the government on a strategy to break down the dairy trade barrier: “The reality is, we’ve got over 85 percent of global dairy consumption… still locked behind tariff walls of ten percent or more.”

He was pleased to see the agreement included the ability to renegotiate dairy access if India negotiated better terms with other comparable countries.

Roper also welcomed the inclusion of duty free re-exports, which would see New Zealand export ingredients to India for manufacture “to help their growing export business”.

“Maybe that’s an opportunity for us to explore further in 2026,” said Roper.

New Zealand International Business Forum head Felicity Roxburgh said it was important to keep up the pressure for dairy to be included in future.

“Whether it’s realistic or not, we need to keep at it, because dairy is our largest export, it’s 30 percent of our total exports, it provides umpteen jobs in New Zealand, and to have a broad ranging FTA we would need to see dairy included in the future,” she said.

But overall, Roxburgh said it was an important agreement that secured opportunities for exporters who were at a commercial disadvantage, and provided certainty during “total global trade turbulence.”

“To see two countries, large and small, commit to an agreement which has enforceable rules, clear structures and provides certainty for our firms is very heartening.”

‘An important step for future resilience and profitability’

Despite NZ First’s concerns, many in the primary industry business community are heavily in favour of the deal.

ExportNZ executive director Joshua Tan said many exporters had been looking at India as a potential market for years.

“The problem is that prohibitive tariff barriers, often 30 percent to 60 percent, and up to 150 percent for wine, have limited what businesses can realistically do in India. This new agreement begins to bring those barriers down, gives exporters more certainty and more options.

“The FTA will also streamline certain customs procedures at the border, reduce costs, and guarantee that all goods will be released by India’s customs within 48 hours.”

New Zealand Forest Owners Association chief executive Dr Elizabeth Heeg said forestry was already New Zealand’s largest export to India, worth NZ$126 million.

Heeg said the new FTA provided the platform to lift volumes over time and grow higher-value trade in processed wood and building products.

“India has scale, strong demand for New Zealand wood products, and significant momentum, with its economy forecast to grow to NZ$12 trillion by 2030.”

The deal was a “strategically significant milestone” for New Zealand’s red meat sector, according to Meat Industry Association chair Nathan Guy.

“An FTA with India will unlock a promising market that has been constrained due to the 30 per cent tariff currently on New Zealand sheepmeat.”

Beef + Lamb New Zealand chair Kate Acland said the announcement was also positive for sheep farmers, and “puts us on a level playing field with Australia”.

“Although the impact on farm-gate returns may not be significant in the short-term, this is an important step for future resilience and profitability in the sector.

Horticulture New Zealand (HortNZ) chief executive Kate Scott said improved access to India will further diversify horticulture’s export portfolio.

“With India forecast to become the world’s third-largest economy, this FTA offers our growers and exporters an opportunity to build scale and value over time.

“While the full commercial impact will take time to be realised, especially for products with phased access, it sets the industry up for growth in the future.

The NZ Timber Industry Federation also welcomed the news of the agreement, saying it created “huge opportunities” for sawmillers and wood processors in New Zealand.

“The potential market in India is huge and while there are difficulties such as transport and logistics the industry is excited by the opportunities the FTA will provide to New Zealand.”

India was home to some of the world’s leading premium handmade carpet and rug manufacturers, Wools of New Zealand pointed out.

Chief executive John McWhirter said Wools of New Zealand was already working closely with these producers to sell finished wool products into the New Zealand market.

“At the same time, we are partnering with Indian manufacturers supplying finished wool products to major European brand retailers.

“A Free Trade Agreement with India will strengthen these relationships and improve the commercial settings for doing business. Lower barriers and greater certainty will help make wool products more cost-effective and competitive, particularly as we work to displace plastic-based alternatives.”

‘This is just the beginning’

Dr Rahul Sen, a senior economics professor at AUT, agreed that it was a good deal.

“This is just the beginning… this is basically opening the door for New Zealand to build up a long term economic relationship with India,” he said.

The agreement would be reviewed annually, he said.

“So it’s not necessary that everything is agreed immediately … but, you know, a foundation is laid,” he said.

It gave New Zealand businesses the chance to engage with one of the world’s fastest growing economies, said Sen.

“When you get that kind of an opportunity, you first have to grab that opportunity, and … look for how you can build this up later on.”

Sen wanted to see a think tank established, similar to the Centre for Australia-India Relations, to monitor how the agreement delivered the benefits it was meant to.

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

Source: Radio New Zealand

A Queenstown restaurant has failed to secure an interim injunction to stop an Australian company opening a spa in the resort town with the same name.

The companies behind the restaurant The Bathhouse have been in dispute with a company planning to open a luxury spa and wellness centre called The Bathhouse Queenstown on Christmas Eve.

The restaurant argued by using a similar name, the spa company was taking advantage of its reputation.

Its High Court bid to temporarily prevent the Australian company from using “The Bathhouse” in any form as its trading name has been dismissed.

Justice Melanie Harland ruled that for now, the spa would be allowed to open provided it changed its trading and marketing name to “The Bathhouse Spa Queenstown”. The matter would be heard at a trial next year.

The Bathhouse restaurant on the lake front of Lake Wakatipu was originally a bathhouse built to commemorate King George V in 1911. Since the mid-1990s, the building has housed various restaurants which have traded there using the name “The Bathhouse”.

The Bathhouse Queenstown Pty Ltd is an Australian company that registered in New Zealand last month. It is launching a luxury spa and wellness centre in Queenstown’s central business district on 24 December.

The plaintiffs (two companies behind the restaurant) claimed the spa company breached the Fair Trading Act by using a similar name.

They argued this was likely to mislead or deceive customers into thinking there was a connection between the restaurant and the spa, and amounted to a false representation as to association, sponsorship or endorsement.

“The plaintiffs contend that the history of The Bathhouse building and the significance of its location are important drawcards which enable it to attract customers and, as such, this is part of its goodwill,” Justice Harland said.

The plaintiffs said members of the public had been misled or deceived already as a result of the spa company’s marketing and promotion.

In response, the spa company (the defendant) said “The Bathhouse” was a descriptive term and an accurate description of the nature of the business and services it intended to provide.

It said The Bathhouse Queenstown was a legitimate business that had operated a spa and wellness business under The Bathhouse name and banner in Australia since July 2023 and was in the process of establishing similar businesses in other locations.

The spa company said reasonable consumers, particularly tourists, would not be confused and there was no potential for damage to the restaurant.

It said there was no relevant evidence of any customers being confused, misled or deceived as a result of its activities.

“I observe that both parties have taken relatively staunch positions in relation to their respective cases,” Justice Harland said.

“I am satisfied that the balance of convenience would favour the injunctions not being issued if the defendant files a written undertaking confirming it will immediately change its trading and marketing name to “The Bathhouse Spa Queenstown” until further order of the Court.”

Justice Harland said in her view, inclusion of the term “spa” in the defendant’s trading name was likely to reduce confusion between customers while awaiting the substantive proceedings.

“I have also reached the very firm view that damages would be an adequate remedy for any losses or damage suffered by the plaintiffs in the interim if, at trial, they succeed in their claims and are successful in obtaining the substantive injunctive relief they seek,” she said.

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

Source: Radio New Zealand

Investors are being warned to “fully inform themselves” before giving businessman Bernard Whimp or anyone associated with investment firm Chance Voight any more money.

It was reported earlier this month the Financial Markets Authority was looking into Chance Voight Investment Corporation, as well as subsidiaries, persons and entities associated with the Chance Voight Group.

The High Court in Christchurch appointed PWC as interim liquidators at the request of the FMA.

The companies were associated with Whimp, who had rejected any suggestion they were insolvent.

The FMA said it understood Whimp had contacted investors about the interim liquidation and sought payments, which he described as donations to fund legal expenses.

“The FMA recommends that investors fully inform themselves before providing any funds to Mr Whimp. Those with any queries about their investments – including any communications received from Mr Whimp – should speak with the interim liquidators and seek independent advice from a lawyer or a financial adviser,” head of enforcement Margot Gatland said.

Gatland said the liquidation was because the FMA considered there was reason to believe they might be insolvent, the affairs of the group might have been conducted in a manner that breaches provisions of the Companies Act 1993, and that Chance Voight group companies and Whimp as their director might have breached the Financial Markets Conduct Act 2013 and other financial markets legislation.

She said before it sought the court orders, the FMA had corresponded with Whimp and issues Chance Voight four compulsory information request notices under s 25 of the Financial Markets Authority Act 2011. Among other things, the notices sought accounting and financial records.

But the FMA was not happy with the responses and formed the view the group could be insolvent and breaching legislation.

The court would hear the FMA’s liquidation application at a date to be confirmed.

The court also granted the FMA’s application for interim asset preservation orders against Whimp and another subsidiary, Hanmer Equities. These were sought to protect assets pending the outcome of the FMA’s investigation into Chance Voight and mean they cannot take or send out of New Zealand any money.

Whimp rose to prominence in the 2010s for making off-market offers to buy shares from investors at below their market value.

The then-Securities Commission took Whimp to court over what it termed the misleading “low ball” offers.

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

Source: Radio New Zealand

A couple who regretted their decision to fix their home loan for five years in 2023 have been unsuccessful in their complaint against their bank.

They complained to the Banking Ombudsman, which issued a case note on its decision this month.

It said the couple fixed their home loan for one year in 2021 and 2022. But in 2023, they refixed at the lowest rate available, which was for five years.

Reserve Bank data shows that through 2023, the average special five-year rate was between 6.29 percent and 6.66 percent.

This year, they contacted the bank to ask about breaking their fixed term.

The main banks are now advertising rates of 4.49 percent for 12 months.

The couple said the bank had misled and pressured them into refixing the loan for five years.

The woman said she relied on advice from bank staff and wanted the bank to waive the cost of breaking the fixed term, which had been estimated at $45,000 to $50,000.

The ombudsman scheme said it reviewed the correspondence the couple had with the bank,

“There was no evidence bank staff pressured [her] when they refixed in 2021 and 2022. In 2021, [she] chose to fix for one year at the lowest available rate after being offered hardship assistance, which she declined. In 2022, both customers again chose a one-year term at the lowest rate.

“In 2023, [the customer] requested a home loan review session with a senior business manager. [She] recalled the manager saying interest rates were likely to rise, and said she relied on this advice when choosing to fix for five years. The bank did not record the conference call with her, although the manager shared the standard bank disclosures with her, and the manager’s follow-up email summarised the scenarios discussed and interest rate options. The email did not contain any advice or suggestion to fix for a five-year term.”

The ombudsman noted the woman asked about the five-year rate and accepted it, along with a $3000 loyalty payment, which required her to stay with the bank for at least three years.

“[She] was given time, options and accurate written information before she made the decision. We found no evidence of pressure or misleading conduct by the bank.

“We also considered whether the bank properly disclosed early repayment charges. The original loan agreement and subsequent variation letters explained how these charges were calculated and noted that such charges ‘could be large’. The bank met its obligations under the Credit Contracts and Consumer Finance Act 2003.”

The complaint was not upheld.

Mortgage adviser Jeremy Andrews, of Key Mortgages said he did not see many cases like this.

“I did have a case last month where a client had fixed his loan in for five years with his bank directly at 6.39 percent. He didn’t receive any specific advice from the bank that there’s a was good chance of rates dropping over the next five years, and if they did, he could be looking at significant early payment penalties or break fees.

“He was horrified to find out how much the break fees were, even for a small mortgage with just over three years remaining, well into five figures of fees.

“Once we had his break fees on his mortgage, we ran figures through our break cost benefit calculator. Whilst his fees were substantial, it was looking in his favour at the time to pay the break fee to move onto lower rates at the most similar remaining term.”

He said it was part of a mortgage adviser’s job to check clients’ goals and help structure their mortgage to achieve them.

“We discuss the risks and costs of break fees, to confirm understanding before fixing in long term, and potential implications if there’s reasons they might want to restructure or break their fixed rate in future.”

Longer terms we restarting to become more popular again, he said.

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

Source: Radio New Zealand

Kiwibank is the latest to raise longer-term home loan rates, following in the footsteps of its major Australian-owned rivals.

The bank lifted its special two-to-five-year fixed rates by between 20 and 30 basis points.

Its six-month rate was lowered by 16 basis points to 4.59 percent.

Special rates applied to borrowers with a minimum 20 percent equity.

Kiwibank’s standard home loan rates – for borrowers without 20 percent equity – also increased by between 20 and 30 basis points.

Banks have been lifting some longer-term lending rates amid increases in the wholesale market following November’s Reserve Bank Official Cash Rate (OCR) decision.

The movement in wholesale interest rates prompted Reserve Bank governor Anna Breman to issue a statement to cool financial markets, saying they had gone “beyond” the RBNZ’s projection for interest rates.

“Financial market conditions have tightened since the November decision, beyond what is implied by our central projection for the OCR,” Breman said.

Wholesale rates did move slightly lower after the governor’s statement, but remained significantly higher than what they were prior to the November OCR decision.

Financial markets have priced in rate hikes for the second half of 2026, despite the RBNZ’s own forecasts implying a hike would not arrive until 2027.

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

Source: Radio New Zealand

The Australian company planning an open-cast gold mine near Cromwell is pushing for a quicker decision on its fast-track application after government officials suggested it might need to wait until next September.

Santana Minerals is seeking consent to tap into what it believes is a $4.4 billion gold deposit between Bendigo and Ophir, in a proposal that has resulted in fierce backlash from some locals.

The company submitted its fast-track application in November, which under the rules at the time was to be processed within either 30 working days or a timeframe set by the panel convenor.

In early December, panel convenor Jane Borthwick sought the company’s views on a proposed decision date “in the range of 110-120 working days”, which would result in a decision between August and September 2026.

Santana Minerals, through its New Zealand subsidiary Matakanui Gold Limited, rejected the time extension, insisting that officials aim for the “shorter range of the decision-making timeframe”, towards the default timeframe of 30 working days.

Chief executive Damian Spring told RNZ the application was “deliberately comprehensive”, with more than 9400 pages of evidence and technical material.

He said the documents were submitted so the panel had everything it needed to assess the proposal efficiently, not as a reason to slow the process down.

“Robust applications are meant to support faster, better decisions, not justify extended consideration periods,” he said.

“We respect the panel process, but it’s important to maintain fidelity to the Act as parliament designed it. Moving away from the statutory timeframes risks undermining the very purpose of a fast-track regime.”

If approved, the project would carve out a 1000×850-metre open pit, plus three smaller satellite pits and a tailings dam.

Santana previously told shareholders that the company planned to extract its first gold by about March 2027.

Spring said that timeline remained unchanged.

“The pathway outlined earlier this year, including a first gold target in 2027, is subject to regulatory outcomes and planning continues on the basis of the statutory timeframes set out in the Act,” he said.

In early December, the government backtracked on a proposed 60 working-day time limit for fast-track decisions, opting instead for a 90-day limit with the ability to extend, that was due to come into force at the end of March 2026.

Sam Neill warns of ‘toxic’ legacy

Hollywood star Sir Sam Neill said a decision within days was not suitable for something he believed would have “enormous” effects on the region for centuries.

“It’s an Australian company which has never dug a mine before but our children and their children will be stuck with this horrible, toxic thing for forever,” he said.

Neill, who has been staunchly opposed to the mine, told Nine to Noon the proposal had been imposed on the community too quickly.

“The last thing that you should do, with a mine that will have serious ramifications for our area for hundreds of years, is be fast-tracked,” he said.

While Resources Minister Shane Jones was championing the mine as a potential source of well-paid jobs, Central Otago already had plenty of jobs, Neill said.

“It’s hard to find labour. I wonder, if they introduce this absurd mine, how many of those jobs will be affected. I’m, sure they’ll be seriously affected by a toxic mine,” he said.

Neill, who has lived in Otago since 1985, said the region was flourishing.

“We have great orchards, a great tourism industry and vineyards of course … I’d hate to see any change to that,” he said.

Other people in Cromwell and Tarras have raised concerns about the environmental impacts of the mine, possible damage to the tourism industry and their limited ability to have a say under the fast-track regime.

In November, New Zealand Petroleum & Minerals, part of the Ministry of Business, Innovation & Employment, granted the company a 30-year mining permit, giving it legal rights to extract gold at the site.

Santana Minerals responds

Santana Minerals said its project was being assessed on evidence, and its application reflected years of detailed technical and environmental work.

No decision would be made within days, Spring said.

“Fast-track does not reduce scrutiny or standards,” he said. “It avoids procedural delay, once the evidence is complete.

“The panel still applies full environmental tests and can impose binding conditions.”

Claims about permanent toxicity ddin’t reflect how modern mining was regulated, he said.

“The proposal includes engineered containment, continuous monitoring, independent oversight, and rehabilitation and closure planning from the outset.”

The project was designed to operate alongside existing industries, not displace them, he said.

“Employment would be phased and modest in regional terms, with a strong emphasis on local jobs and contractors.”

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

Source: Radio New Zealand

Rocket Lab has scored its largest single contract to date.

The New Zealand-founded company’s latest deal with the US Space Development Agency (SDA) is worth US$816 million (NZ$1.4b).

It will manufacture 18 satellites equipped with advanced sensors to track and detect missile threats, including from hypersonic missiles of the kind recently developed by Russia.

“Demand for resilient, scalable and affordable space systems continues to grow, and this award demonstrates that Rocket Lab is uniquely positioned to lead the charge in delivering solutions that meet the needs of national security,” Rocket Lab founder and chief executive Peter Beck said.

“As the only commercial provider producing both spacecraft and payloads in-house for the SDA Tracking Layer, Rocket Lab is delivering a truly disruptive solution that combines speed, resilience and affordability.

“This contract underscores that Rocket Lab’s vertically integrated approach isn’t just a competitive advantage – we’re enabling a fundamental shift in how national security space programs are executed.”

Rocket Lab already had a US$515m (NZ$869m) satellite contract.

This week, the company launched its fourth spacecraft into orbit for the United States Department of War. The launch, named ‘Don’t Be Such A Square’, lifted off from Wallops Island in Virginia to deploy four DiskSat spacecraft in a 550km low Earth orbit, five months ahead of schedule.

Rocket Lab’s next launch, ‘The Wisdom God Guides’, is scheduled for Sunday evening. It will be the company’s 79th launch and the 21st this year.

The client is Q-shu Pioneers of Space, a Japan-based Earth-imaging company, and the launch will be streamed live on Rocket Lab’s YouTube channel.

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

Source: Radio New Zealand

ASB has dropped Motorola Solutions from its investment funds, including KiwiSaver, after pressure from pro-Palestine groups.

Motorola provides telecommunications, surveillance and military technology to the Israeli military and illegal Israeli settlements.

But ethical investment platform Mindful Money says the big banks are still investing in companies that are exposed to human rights violations in Palestine.

Founder Barry Coates said it was welcome that ASB had divested from Motorola.

“At last ASB has agreed to sell their investments in Motorola Solutions, over two years after the information was disclosed on Mindful Money’s website and after campaigning by Justice for Palestine, Amnesty International Aotearoa and others.

“This is welcome news.

“However, each of the big four bank-branded KiwiSaver funds still invest in companies that contribute to violations of human rights in Palestine, despite Kiwis saying they want to avoid those investments. The banks are not listening to the thousands of Kiwis who have invested in their funds.”

He said, before the divestment, ASB had 0.87 percent of its KiwiSaver growth fund in companies Mindful Money identified as problematic in the conflict with Israel including IBM, Palantir, Motorola, Booking Holdings, Airbnb and Cemex.

ANZ had 0.54 percent of its growth fund in Booking Holdings, Airbnb, Motorola, Volvo and IBM.

BNZ had 0.79 percent in Palantir, IBM, Booking Holdings, Glencore, Airbnb, Rheinmetall AG, Holcim, Volvo, Expedia, Heildelberge Materials, Cemex and Maersk.

Westpac had 0.57 percent in Booking Holdings, Caterpillar, Palantir Technologies, IBM, Holcim, and Heidelberg Materials.

Booking Holdings, Expedia and Airbnb are accused of allowing money to be made from bookings on seized Palestinian land.

“The ongoing crises in Gaza, the West Bank and east Jerusalem are affecting the lives of millions of Palestinian people. Our KiwiSaver funds should not be invested in companies that are supporting violations of their rights,” Coates said.

Result of unbiased, ongoing review – ASB

ASB said it had spent “significant time” completing a review of Motorola Solutions.

“Previously, we have been able to meet with Motorola and they had engaged openly with us to answer any questions we’ve had,” it said in a statement.

“In October this year, as part of our latest review, we reached out to Motorola again to discuss their inclusion on the updated UN OHCHR database, and request that they meet with us to provide an update.

“Motorola has failed to respond to this request, despite multiple follow ups. This lack of engagement and our inability to receive an update is a concern to us and one of the factors underpinning our decision to divest.

“We are now specifying Motorola Solutions as an excluded investment from the funds. This decision is the result of our unbiased and ongoing review as part of our own due diligence, and not a result of external pressure from any group or organisation, which is not new with regards to this issue.

“We condemn all violence, and as we have said previously, our position on this particular holding doesn’t represent support, or otherwise, for any group or people, of any identity.”

Westpac, ANZ and BNZ have been approached for comment.

‘Huge win’

“ASB’s divestment from Motorola is a huge win for the fight in Aotearoa New Zealand for Palestinians to have equal human rights in their homeland,” Justice for Palestine spokesperson Kate Stone said.

“Israel is only able to maintain its apartheid regime of systemic discrimination against Palestinians and expand its illegal settlements because of the material support of the international community. This includes investments of financial institutions like ASB and other New Zealand banks and KiwiSaver fund managers.

“Over 8500 people signed the petition calling on ASB to divest, and hundreds of customers moved their KiwiSavers, mortgages and banking services away from ASB because they support Palestinians having the same rights to freedom, justice and equality as the rest of humanity,” Stone said.

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

Source: Radio New Zealand

• Business confidence reaches multi-decade highs
• Firms report improving past activity, optimistic about the outlook
• Employment has also lifted

Business confidence has hit its highest level in 30 years on improving activity and on expectations of an economic rebound.

ANZ’s Business Outlook survey showed headline confidence rose 7 points to a net 74 percent expecting better conditions.

The more closely followed own activity outlook measure also rose 7 points to 61 percent positive, also its highest level in 30 years.

Firms’ reported past activity lifting, up 7 points to net 29 percent positive – its highest level since August 2021.

“The improvement in reported past activity (the best indicator of GDP in the survey) is strikingly broad-based and suggests annual GDP growth is going to head north rapidly,” ANZ chief economist Sharon Zollner said.

In a positive sign for the job market, past employment also improved to its highest level since November 2022.

“Past employment is also recovering quickly, but retail is dragging the chain,” Zollner said.

One-year ahead inflation expectations were unchanged at 2.7 percent.

“In a potentially concerning sign, difficulty finding skilled labour is already picking up, but it remains much more muted than a few years ago, and disinflationary issues of competition and low turnover continue to dominate,” Zollner said.

However, she said the broad-based lift in business sentiment was encouraging, and “things are clearly looking up”.

“It’s true that the agri sector is completely out of synch and commodity prices are now falling just as the rest of the economy picks up, but just as agri buoyancy didn’t prevent a broad-based slowdown, falling commodity prices will not now derail the broader cyclical recovery,” Zollner said.

“Recent reassuring words from the RBNZ Governor about not intending to hike rates any time soon will hopefully take the edge off any confidence hit from the sharp market reaction to the RBNZ’s November message that cuts were almost certainly at an end.”

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