As per Stats NZ, two months of extremely fewer imports have led to the weakest annual trade deficit since December 2014. For the year ended in May 2020, the annual trade balance was a deficit of NZD 1.3 billion. The difference between annual imports and exports narrowed by an additional NZD 1.1 billion when compared with the year ended in April 2020. Monthly imports stood at NZD 4.1 billion in May 2020, dipped by 25.6 per cent as compared to NZD 5.6 billion in May 2019.
T&G Global Limited conducted its 99th Annual Meeting virtually because of the travel restrictions due to COVID-19. Key highlights mentioned that In 2019, operating profit increased by 6% to $16.5 million despite various one-off costs; Key performance drivers were strong sales and margin improvement in key markets and a premium position in the US for Envy with sales growth of 43%; These drivers were impacted by adverse NZ weather impacting apple volumes and sizes.
Qantas will make 6000 staff redundant as part of a A$15 billion (NZ$16.06b) cost-cutting exercise to help it recover from Covid-19. Qantas is also seeking to raise A$1.9b from shareholders to strengthen its balance sheet. Qantas employs at least 860 staff in New Zealand including 127 pilots at its Auckland-based subsidiary Jetconnect and 81 pilots at its low cost carrier subsidiary Jetstar.
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