Expectations that the housing market upswing would continue through the year have been dashed by the economic fallout from Covid-19. The latest ASB Housing Confidence Survey shows confidence has fallen to a near 8-year low. Fourteen percent of respondents are now expecting higher house prices over the next year, down from 54 percent in the last quarter, 14 percent are expecting higher interest rates and 33 percent think rates will drop.
Nation-wide taxi company Green Cabs has gone into liquidation, reportedly cutting 160 jobs. Palliser Insolvency's Heath Gair was appointed interim liquidator by the Wellington High Court on Monday after the company went into voluntary liquidation. Launched in 2007, the company had branches in Dunedin, Queenstown, Christchurch, Wellington, and Auckland. Gair said the "marginally profitable" company became insolvent during the Covid-19 lockdown when it was forced to cease trading.
Print company Fuji Xerox has told its staff it plans to cut about 100 jobs after its printing volumes dropped 85 percent as a result of Covid-19. The job cuts will be made across the New Zealand operation and newly acquired business CSG. Managing director Peter Thomas said he did not expect printing volumes to recover to pre-covid levels and the decision was made to strengthen the business for the future.
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