29 Mar 2019

Today's business news: What you need to know

2:51 pm on 29 March 2019

Latest - Internet service provider Slingshot has received a rap over the knuckles by the Commerce Commission for failing to advertise the fine print about a discount on its broadband and electricity combo.

The commission said that the company's online campaign was likely to mislead customers because it didn't make it clear that a 10 percent discount for bundling services would only apply if they paid their bill on time.

Slingshot was given a warning and has since changed its website to make it clear that bundling services together would only be discounted if payment was made promptly.

Business New Zealand's economic outlook bleak

Business New Zealand is the latest to flag growing economic concerns, globally and at home.

Its economic conditions index came in at a measure of eight for the March quarter, up six points on the previous quarter and two points higher than a year ago.

Its planning forecast said risk management is needed while international trade tensions remain high, and a capital gains tax and increased capital requirements on banks are slated here.

Despite that, the organisation's chief executive Kirk Hope said the government's sound financial position is strengthening the outlook for growth.

Consumer confidence stable

Consumer confidence is holding up despite growing concern about the economic outlook.

The ANZ-Roy Morgan Consumer Confidence Index rose just one point in March to 122 - which is about its historic average.

Consumers were a touch less optimistic about their current financial situation, but more upbeat about the longer term.

The consumer survey is in contrast to a business survey earlier this week with sentiment falling further to its lowest level in six months.

For more on this story read here.

Property for Industry buys Auckland warehouse

The listed company Property for Industry has bought a new industrial property in Takanini, Auckland for $17.2 million.

It bought the warehouse and office space in an off-market sale, and is leasing it back to the tenant Maxi-trans which supplies trucks and trailer parts to the road transport industry here and in Australia.