Weekly Digest – 15 November 2023

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

New government urged to get serious about social, economic infrastructure

Infrastructure New Zealand has already written its Christmas wish list for the incoming government, with a faster consent process and more public-private partnerships for large-scale projects high on the agenda.

Fonterra’s ‘ambitious’ on-farm targets met with cautious support

Fonterra announced at its annual meeting on Thursday the plan to reduce their emissions intensity 30% by 2030. Farmers are cautiously optimistic about where the targets have landed but heartened to hear that Fonterra will work with them, not against them.

New Zealand to attend PIF Leaders’ Retreat

Aotearoa New Zealand will be represented by caretaker Deputy Prime Minister Carmel Sepuloni at the 52nd Pacific Islands Forum Leaders’ Retreat in the Cook Islands. Minister Sepuloni will be accompanied by Government-elect representative Hon. Gerry Brownlee.

Biggest businesses most likely to cut staff in tough economic conditions

The biggest businesses are more likely to make workers redundant to cut their costs as economic conditions get tougher, according to a new report.

BNZ FY23 Results: solid performance as economy slows

BNZ announced a statutory net profit of $1,509 million for the 12 months to 30 September 2023, up 6.7% or $95 million on the previous year. The result reflects a strong first half, with a decline in Net Profit of 12.5% in the second half reflecting the broader economic slowdown in New Zealand.

Westpac NZ turns $963m profit, down on last year

Westpac New Zealand has reported a $963 million net profit for the 12-month period ending September 30, 2023, however saw its earnings drop in comparison to 2022.