Bernard Hickey reviews the day’s business news with Duncan Garner at RadioLive, Friday during drive-time, October 28, 2016.
You can hear their discussion here.
The NZX 50 is closing down slightly (0.2%) after yesterday’s bounce.
The very wet spring is really starting to hurt dairy production and could cut revenues this year by NZ$330 million.. Fonterra said today production in the Waikato is now down 14% from a year ago and down 2% across the country in September. Fonterra also cut its forecast production for the year by 4.1% to 1.46 billion kgs. Given a NZ$5.25/kg forecast, that implies NZ$330 million less revenue for farmers (and the economy) than expected.
There’s great money in housing rich old people who are selling their valuable houses and moving into almost as valuable ‘occupation rights’ in retirement villages. Summerset upgraded its profit forecast today. Summerset forecast a full year profit of NZ$53 million to NZ$55 million. This represents a 40% to 46% increase on the $37.8 million underlying profit reported for the 2015 financial year and reflects positive trading conditions across all of our villages.
Pumpkin Patch has announced plans to close 7 stores over the next 10 days with the loss of 41 jobs after this week’s receivership announcement.
The sentencing of a third person in the Masala migrant abuse scandal reinforces the need for an Inquiry into how poorly we’re treating meany students and people on temporary work visas.
This content was first released by RadioLive, and is here with permission.