Business Update – 12 July 2022

Business Update – 12 July 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Twitter shares tumble amid broken deal

Twitter shares slid on Monday, after Elon Musk said that he was abandoning his $71.87 billion bid for the company. Twitter responded that they will challenge Musk in court over the broken deal.

Businesses urged to offer alternatives if sick pay leave not an option due to COVID-19 reinfection

The Ministry of Health has stated that if a person develops COVID-19 symptoms and it has only been 29 days since a previous COVID-19 infection, it could be a reinfection and workers should stay home and take a RAT. Previously, it was assumed that a person could not catch COVID-19 again within 90 days.

Air New Zealand may be in breach of law for refusing refunds

Consumer NZ warns that refusing to refund customers in the case of cancelled flights could put the airline in breach of the rules.

OCR likely to rise to 2.5 percent

The Reserve Bank is set to raise the official cash rate another half percentage point this week in an attempt to restrain economic growth and get inflation back down to 2 percent.

School holiday crowds put the pressure on service-based businesses

Rising COVID-19 case counts and staff shortages have forced many service-based businesses to close or alter their hours, especially in tourism-heavy locations.

Large crowds and staff shortages lead to travel woes

The air industry is facing the largest crowds since the beginning of the pandemic. Many travellers are experiencing flight disruptions as airlines cope with rising COVID-19 levels, staff shortages, and engineering issues.

Transport sector feeling the pinch of rising costs

A survey put out by industry group Transporting NZ found that nine in 10 transport operators say recent cost increases have had a major negative impact on their business.

Retail NZ figures show more than a third of retail business owners are not confident they’ll survive the next 12 months

Rising cost of wages and freight, staff shortages and lack of foot traffic are cited as reasons why it’s going to be a tough couple of months for retailers.

Carbon-neutral oat milk gets a government boost

The Government has backed oat milk producer New Zealand Functional Foods through a $6 million contribution. They are developing a carbon-neutral oat milk factory at Makarewa.

Global bourbon shortage leads to shortage of cheap RTDs in New Zealand

Spirits New Zealand chief executive Robert Brewer said the shortage of bourbon is due to Covid-19 related shipping issues and an increase in popularity of spirits throughout the world.

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