The Warehouse Group (NZX:WHA) has released its trading update, which shows a growth in online demand, and the same continues even after the reopening of stores. WHA reported year to date online sales growth of 54.8 per cent, indicating 11.8 per cent of all Group's sales. WHA believes that even though there is a lift in consumer spending post lockdown, there are expectations of a slowdown in consumer spending, as per their survey and economic forecasts. However, the company is prepared for adverse trading conditions by strengthening its liquidity position.
In the wake of global mining company Rio Tinto’s final decision to close the Tiwai Point aluminium smelter, the government has confirmed its support to the economy and people of Southland. Mr Grant Robertson said it is unfortunate and even though it was expected, the final decision is a bad piece of news for the workers at the Smelter and to Southland. The government shall support the local people in the economic development of the region, and Rio Tinto also wishes to join the government for helping people in Southland. The closure would result in the direct loss of 1000 jobs, with 1600 jobs indirectly connected to the smelter also under threat.
The number of new job listings on Trade Me in June was down 17.5 per cent from June 2019, after a 72 per cent decline in April when the coronavirus level 4 lockdown kept most of the country at home. However, job listings in the hard hit hospitality and tourism sector were up 9 per cent from June 2019. There were also big jumps in job ads for agriculture, forestry and fishing, (up 37 per cent), and in science and technology (up 29 per cent). New Auckland job listings were down 55 per cent for the quarter, and in Wellington there was a 49 per cent drop.
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