Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
NZX slips to its lowest level in two years
Most stocks opened low on Monday, following American markets closed low last week after US inflation rose to a 40-year high.
Fewer homes being sold at auction
As the housing market slows, houses with displayed prices are back on the rise. Auctions were popular a year ago when
David Jones department store closes
The Australian retail chain closed its Wellington store for the last time on Sunday, just six years after opening in New Zealand. Loses due to Covid-19 were cited as the reason.
Cut the money supply, economist says
Independent economist Rodney Jones of Wigram Capital says that to curb inflation, the Reserve Bank needs to stop printing money as opposed to just increasing the cost of it by raising interest rates.
Non-bank KiwiSaver funds deliver greater customer satisfaction
A new consumer survey found that KiwiSaver schemes run by banks lead to the lowest customer satisfaction.
Bitcoin continues to plunge
The cryptocurrency’s nosedive continued Monday, reaching its lowest point in nearly two years. Experts warn that the freefall isn’t over yet.
Diesel shortage hits hard, no relief expected any time soon
An international shortage of diesel is causing concern for Kiwi motorists. The price of diesel has increased enormously in the past year, making life difficult for motorists.
Cheaper EVs coming
Great Wall Motors has confirmed that the Ora and Tank sub-brands are arriving in New Zealand in 2023. The electric car lineup will mimic what’s available in Australia.
Bunnings hopes to engage Gen Z with TikTok and YouTube
The hardware chain said that while Gen Z are engaged with home design and DIY, they don’t spend as much on DIY materials as other generations. They hope to target these young adults by speaking their language and using social media.
No reward for adding value before the sale
Cafe owner and Stuff columnist Steve Stannard says that the way GST works in New Zealand, businesses have more to gain by being a middle-man and selling a ready-made product, such as a can of Coke, rather than adding value to a product, such as through baking.
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