Biz week bouquets and brick bats

Last updated 10:42 13/06/2014

Relevant offers

Better Business

Manukau Liquor Centre caught serving and short-changing underage teen Timaru District Council accused of 'nasty' liquor licence denial AFT Pharmaceuticals to list on NZX and ASX in December Brokers view: Positivity may be returning for Kathmandu Five men die during 'shocking' year for workplace deaths Hamilton city councillors vote down one-way door plan Lecturer claiming cyber-bullying takes objection to ERA investigator Mitre 10 ends Mr Mega without even a goodbye - Vaoga Second Christchurch business gutted by fire, arson suspected TV boss smashed worker's desk with hammer, taunted her on social media

Who deserves a pat on the back in business this week, and who has caused eyebrows to be raised?

Bouquet - Travelling light

Business travellers are the big winners in Air New Zealand's decision to revamp its domestic fare structure.

The airline's most lucrative customers have long complained that their tendency to book at short notice limits their access to cheaper "seat only" fares for short-stay trips.

Instead, the old structure effectively forced them to buy a premium fare that included unwanted baggage allowances.

But from June 24 the bare-bones "seat" only option will be available at all times, saving up to $50 in bag fees.

Brick bat - Piggy bank

New Zealand's biggest bank, ANZ, wasted no time in ramping up its floating mortgage rate, matching within minutes the Reserve Banks decision to raise the official cash rate by another 25 basis points to 3.25 per cent.

ANZ has been at the front of the queue in each of the three rate rises this year.

Yesterday ANZ was charging 6.49 per cent for a floating mortgage compared to about 6.25 per cent offered by its main competitors. None had followed ANZ by last night.

Indeed, Westpac deserves plaudits for continuing to offer the lowest floating rate at 5.99 per cent, having not passed on the full amount of the first OCR increase in March.

Some economists have tipped that banks might not pass on all of the rate rises in order to carve out a competitive advantage.

Ad Feedback

- Stuff


Special offers

Featured Promotions

Sponsored Content