Welcome to Kalkine Media’s daily update of the latest events in the NZ financial markets, the economy and major corporate moves -
Dunedin Railways Ltd is closing for the foreseeable future with the likely loss of 51 jobs. The company operates tourist trains from Dunedin including the Taieri Gorge Railway tour and Pacific Coastal railway lines, which are popular with visiting cruise ship passengers and international tourists.
Falling airfares and petrol prices have driven down transport costs so far this year, Statistics New Zealand consumer price index shows. The consumer price index (CPI), which measures inflation, rose 0.8 percent in the first quarter of the year, driven by higher prices for cigarettes, and residential rents. Annual inflation was 2.5 percent, the highest since the September 2011 quarter when it was 4.6 percent.
Despite the impacts of COVID-19 on many businesses, Fonterra's chief executive Miles Hurrell says the business is on track to contribute more than $11 billion to the New Zealand economy this year. Fonterra produces products in 140 countries, including in New Zealand, Its products include milk, cheese, and milk powder. Fonterra has more than 20,000 employees worldwide, with more than half in New Zealand.
Stuff has become the latest media organization to ask readers of its website to make a contribution towards funding its journalism. The media business is joining dozens of other media outlets in New Zealand and overseas, to solicit donations from readers using Kiwi-developed system PressPatron. Stuff chief executive Sinead Boucher told Parliament's Epidemic Response select committee last week that Stuff's advertising revenues had fallen by more than half since the coronavirus pandemic began impacting the business.