The Reserve Bank has agreed to spend $60 billion on quantitative easing to prop up the economy in the wake of the coronavirus pandemic. That is up from its previous spending cap of $33b. Governor Adrian Orr said it had modelled "three scenarios" which would see unemployment peak at between 9 per cent and 12 per cent.
Fashion retailer Hallenstein Glasson Holdings has announced a massive drop in profit since the spread of Covid-19. The company, which owns Hallenstein Brothers and Glassons in New Zealand and Australia, has reported a 32.1 per cent drop in sales for the first quarter ending April 30 compared to the same period last year. In an announcement to the New Zealand stock exchange, the fast fashion company estimated the loss after tax would be approximately $2.8 million.
Shareholders of media company NZME are being urged to vote for a breakup of the company's assets and for a shift in focus towards new media opportunities. Three resolutions have been put by individual shareholders to the company's annual meeting next month although the board has recommended shareholders reject them.
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