5 Mar 2019

Today's business news: What you need to know

2:18 pm on 5 March 2019

Latest - The Treasury department says a no-deal Brexit would have only a modest negative impact on New Zealand's economy, should it happen.

In its monthly economic indicator report, the independent government agency made special mention of the pending Britain and European Union split.

It said trade and direct investment in Britain is small, although some multinational businesses, exporters and investors could face disruption.

Fonterra CEO won't take $1.95m job for granted

Fonterra's acting chief executive will stay on permanently, with a pay packet of $1.95 million a year, after an international search was canned.

The dairy co-operative announced that Miles Hurrell will continue to lead its turnaround strategy and the ruthless review of is assets, as it tries to recover from a $196m loss last financial year.

Mr Hurrell will be paid a base salary of $1.95m, with some short and long term incentive payments tied to targets agreed by the board.

For more on this story click here.

Accommodation numbers up last year

More hotel supply has helped to boost the number of nights stayed in accommodation last year.

In the year to December, guests spent 40.4 million nights in hotels, motels, backpackers, and holiday parks - up 2.3 percent on the previous year.

Over the period, capacity increased, with an extra 1600 hotel rooms added to the sector.

Mercer settles claim with Fonterra

Mercer Group has been forced to shell out $1 million and offer its future services at a cheaper rate after a silo it designed collapsed at Fonterra's Edendale factory in Southland.

The stainless steel fabricator said the deal settles all claims over the 2016 collapse.

The agreement comes without any admission of liability on Mercer's part.