Biz Week: Brickbats and bouquets
Who deserves a pat on the back in business this week, and who caused eyebrows to be raised?
That overseas holiday, televisions and other electronics just keep on getting cheaper as the value of the New Zealand dollar climbed higher this week. The humble kiwi dollar has been trading above US88c and came close yesterday to its post-float high of US88.32c set in 2011.
A high dollar means more bang for your buck when travelling in places like Australia, America and Europe. Likewise, retailers can import goods at a better price translating to bargains for those in the market for electronics and whiteware. The flipside though is that our exports are worth less and New Zealand becomes more expensive for tourists to make the long trek down under.
Nearly 300 people have lost their jobs in the past week with the demise of nationwide transport company Bullet Freight Systems and New Zealand Post slashing the size of its Waikato Mail Centre.
Bullet Freight closed the doors on its depots in Auckland, Hamilton, Wellington, Nelson, Blenheim, Christchurch and Dunedin with the loss of an estimated up to 200 jobs after receivers failed to find a buyer for the business over the weekend.
The mounting effect of email and social media on traditional mail volumes has forced 90 New Zealand Post mail workers out on to the street, some of them after 40 years or more with the state-owned company.