Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Grocery prices still rising but not as fast, index shows
Grocery prices are still rising but not as fast as they were, according to an index measuring costs of supplying supermarkets. The latest Infometrics-Foodstuffs Grocery Supplier Cost Index (GSCI) showed the prices suppliers charged supermarkets for goods rose by 7.5 percent in the year to July 2023. But that was a drop compared with the double-digit increases seen at the start of this year.
Government welcomes startup report
The Government welcomed the report of the Startup Advisors Council on steps to support a thriving environment for high-growth startups in New Zealand. The report recommends actions to support and strengthen the environment for New Zealand startups, which in turn will drive economic growth, innovation, and job creation.
Datacom to resell Nozomi Networks in New Zealand
Datacom has reached an agreement to become a reseller for operational technology and critical infrastructure security vendor Nozomi Networks for New Zealand. Datacom will be the first all-service OT MSSP in New Zealand to simultaneously combine services and implementation for the IT side and the OT side of security.
Renewed calls to undam hydro plan
A power company with mana whenua backing is hoping to revive a West Coast hydro scheme already turned down by the Government. It’s clean and blue-green and it could power half the homes on the West Coast.
Fonterra revises forecast farmgate milk price
Fonterra has announced that it will reduce its 2023/24 season forecast Farmgate Milk Price range. The cooperative says the range will reduce from $7.25 – $8.75/kgMS to $6.25 – $7.75/kgMS, which means the midpoint will drop from $8.00/kgMS to $7.00/kgMS.
Rise in business credit demand seen across the board
Business credit demand has risen at its fastest level in two years as firms signal a more positive outlook despite higher interest rates. Data from credit reporting firm Equifax showed business credit applications rose 6.3 percent in the second quarter, the biggest increase since the same period in 2021.
NZ remains one of the most co-operative economies in the world. The stats are staggering: our co-operatives continue to be showcased in the Top 300 World Co-op Monitor, including Fonterra, Zespri, Foodstuffs North Island, Foodstuffs South Island, Alliance Group, Silver Fern Farms and Farmlands. Tackling the myths around co-operatives is a priority for Cooperative Business NZ (CBNZ).
Moa is back from the brink of extinction
Moa has been in the craft-beer market for two decades. Moa Brewing Company brewed 1.5 million litres of beer this past year, pushing its production up by 18%, belying a craft-beer market that is down almost 5% in the face of a tough consumer buying climate.
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