9 Apr 2019

Today's business news: What you need to know

5:03 pm on 9 April 2019

Latest - Investment company Veritas said its purchase of the Auckland-based bar business Union Post is unconditional and will settle next week for $1.5 million.

The company said its subsidiary, The Better Bar Company, will buy the business from Cloak Hospitality as a going concern.

Westpac employees uncomfortable with leaving work for other commitments

Westpac Bank sign on Queen Street, Auckland.

Photo: RNZ / Claire Eastham-Farrelly

A survey of workers commissioned by Westpac has found the majority of the bank's employees don't feel comfortable sneaking out of work to attend other commitments, even if they have flexible working arrangements with their employer.

Only one quarter of the 1000 workers surveyed say they feel comfortable leaving the office early.

Women and staff under 35-years-old felt the least comfortable doing so.

Westpac said it lets its staff leave during work hours to do things like pick up children from school.

The bank said it supports other workplaces that do the same.

Fuel purchases slowing electronic card spending

Growth in electronic card retail spending is slowing, dragged down by a drop in fuel purchases.

Seasonally adjusted figures from the eftpos software company, Paymark, shows e-card spending grew 0.9 percent in the three months to March to $5.3 billion.

That's compared with growth of 1.5 percent in the same quarter last year.

The growth is stronger when fuel purchases are excluded at 1.3 percent.

Easy passwords child's play for hackers

Software security company Symantec said the top password attackers used to access devices last year was 1-2-3-4-5-6, which was used in one quarter of all attacks.

No password at all was in second place, which accounted for 17 per cent of the 2018 attacks.

Joan Withers steps down as chair of Mercury

Ms Withers is stepping down after 10 years as a director.

Chief executive Fraser Whinery confirmed she will step down in September.

PaySauce revenue up over 100 percent in Q1

The newly-listed payroll software company PaySauce has seen a lift in revenue in the first quarter of the year.

Its customer base has increased, hiking revenue 106 percent on the same period last year.

PaySauce listed on the NZX just before Christmas through a backdoor listing.

New appointments at RBNZ

The Reserve Bank of New Zealand has appointed Vanessa Rayner to head its financial markets department and Yuong Ha to be head of economics and chief economist.

Ms Rayner has been with the central bank for the past three years, while Mr Ha joined in 1997.

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