Jetstar resumes New Zealand operations today | NZ Market Update

  • Jul 01, 2020 NZST
  • Team Kalkine

ASB is closing nine branches permanently, while another 25 branches will only open for three days each week. ASB’s executive general manager retail banking Craig Sims? said it wasn't easy closing branches, but said some were only visited by two or three customers a day. No jobs would be lost through the closures, and the bank had begun recruiting more than 150 people to work across its phone, online and branch network. Five of the branches closing are in Auckland, with branches also closing in Hamilton, Papamoa?, Christchurch and Mosgiel?.

Auckland International Airport expects to report an additional "net adverse impact" of $50 million to $90 million in its result to June 30, mostly from write-offs and capital expenditure termination costs due to the coronavirus pandemic. The company has seen commuter numbers shrink to just 5 per cent of the norm, and expects to announce more staff cuts, in addition to the 25 per cent reduction already implemented. In March AIA suspended its underlying earnings guidance for the current financial year due to the significant uncertainty surrounding the duration and impact of Covid-19 travel restrictions on the business. Shares in AIA last traded at $6.57, having lost 32.3 per cent over the past 12 months.

Competition is back in New Zealand air space with the coming back of Jetstar. Following three calm months, the airline again commenced flying travelers in New Zealand. There's been high demand for the airline's flights and 2000 customers are set to board Jetstar flights today. Jetstar revived its New Zealand business with promotional tickets as low as $21 between Auckland and Wellington. The airline is intending to reach 60 per cent of its usual domestic schedule, running 75 return flights per week and would closely observe demand, with further domestic flights likely to be added to the schedule in coming months.

#Jetstar #ASB #NewZealand #Kalkine

 


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