Weekly Digest – 24 April 2024

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

Vendor financing of business sales skyrockets

The increased number of vendor financed-business sales over the past year are a sign of the times, says the managing director of business brokerage ABC Business Sales. Vendor financing has helped close the deal in one out of 10 business sales over the past year, compared with about one-in-100 deals the year earlier.

Businesses still hiring, even in tough economic climate

Despite the challenging economic conditions, many businesses are continuing to actively recruit new staff, according to Trade Me Jobs’ latest data.

Economy not expected to improve until mid-2025

Households should watch their costs until at least mid-2025 when economic conditions are expected to improve, Infometrics chief forecaster Gareth Kiernan says.

Profit squeeze on the cards for New Zealand’s big four banks

The market dominance of the four big four Australian-owned banks in New Zealand make them resilient to a downturn, but they will feel the pressures nonetheless says Tim Roche, senior associate of rating agency Fitch.

PGG Wrightson downgrades forecast as trading conditions worsen

Rural services firm PGG Wrightson has revised down its operating earnings guidance for the current June year due to deteriorating market conditions.
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Rocket Lab wins US$32m contract to help US military rapidly respond to threats in space

Rocket Lab has won a US$32 million ($53m) contract to contribute to the Tactically Responsive Space Mission known as “Victus Haze” in a push to give the US military’s Space Force wing the ability to rapidly respond to threats from space.

McClay eyes trade mission to China

China remains a strong commercial opportunity for New Zealand exporters as Chinese businesses and consumers continue to value the country’s high quality, safe produce, says Trade and Agriculture Minister Todd McClay. McClay has just returned to NZ following visits to Beijing, Harbin and Shanghai, where he met ministers, governors and mayors and engaged in trade and agricultural events with the NZ export community.

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