Stuff Digital to sell 50 percent stake to Trade Me
Just hours before NZME's annual shareholder meeting, which is expected to roll out some big changes, its rival Stuff made its own headlines. The company announced that Stuff Digital was selling a 50 percent stake to Trade Me. The deal will bring together New Zealand's largest news website and online classifieds businesses. Money correspondent Susan Edmunds has more.
Tags:
To embed this content on your own webpage, cut and paste the following:
See terms of use.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
2 hours ago
- RNZ News
Hong Kong appoints New Zealand judge to top court
Sir William Young. Photo: NZ Government A New Zealand judge has been appointed as a justice of Hong Kong's top court, after a years-long exodus of overseas jurists following Beijing's imposition of a sweeping security law on the finance hub. Hong Kong's lawmakers on Wednesday approved the appointment of Sir William Young, 73, to join five other overseas non-permanent justices from the UK and Australia. Hong Kong is a common law jurisdiction separate from mainland China and invites overseas judges to hear cases at its Court of Final Appeal. Their presence has been seen as a bellwether for the rule of law since the former British colony was handed back to China in 1997. Beijing passed a national security law on Hong Kong in 2020, following huge and often violent pro-democracy protests in the Chinese city the year before. Since then, several overseas judges have quit the Court of Final Appeal without finishing their terms, while others have not renewed their appointments. The lineup of overseas judges has gone from 15 at its peak down to five, not including Young. The newly appointed justice, who retired from his role as a New Zealand Supreme Court judge in April 2022, is expected to start in Hong Kong this month. Hong Kong leader John Lee accepted a recommendation to appoint Young in May and praised him as "a judge of eminent standing and reputation". Cases at the top court in Hong Kong are typically heard by a panel of four local judges and a fifth ad hoc member, who may be a foreign judge. In January, Hong Kong's chief justice said recruiting suitable overseas judges "may be less straightforward than it once was", given geopolitical headwinds. The government has defended the security law as necessary to restore order after the 2019 protests and said the city remains a well-respected legal hub. -AFP
RNZ News
2 hours ago
- RNZ News
Wide Reserve Bank restructure to follow executive and funding changes
The Reserve Bank has already been restructuring its executive team, with a number of its higher ups departing, and the latest news of a wider restructure comes after a major funding cut. Photo: RNZ / Samuel Rillstone A broad restructuring is on the cards at the Reserve Bank, less than two months after the government announced it would cut its budget . RBNZ said it would consult with staff about potential "broader organisational changes" later this month, but refused to provide additional details. RNZ understands certain backroom functions were being reviewed, as the central bank faced a 25 percent cut to its budget in the new financial year. It comes amid a restructure of its executive leadership team, with the departure of another assistant governor. It said Sarah Owen had left the RBNZ, following the earlier departures of Kate Kolich, Greg Smith, Nigel Prince and Simone Robbers. In May, the RBNZ said it would halve its executive leadership (excluding the governor) to four. After slimming down the executive, it said the leadership team below the executive also faced changes. The new leadership structure would come into place from 16 June, and would be made up of 20 director roles under four groups - financial stability, money, enterprise services and operations. "This is a critical time for Te Pūtea Matua (RBNZ), and the changes we're making are more than just structural," governor Christian Hawkesby said. "We want to ensure that we're match-fit for the changing environment and context we're operating in," he said. However, the RBNZ was tight-lipped about the broader organisational restructure. "We will soon be going into consultation with our staff as part of this next phase," a spokesperson said. "Out of care for our people, we have no further details to share externally at this time." The RBNZ has faced a period of uncertainty in recent months, with the reduction in government funding arriving after the abrupt departure of former governor Adrian Orr. It has previously faced criticism over a sharp increase in staff numbers, with the number of full-time equivalent employees increasing from 255 in 2018 to 641 in September 2024. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
3 hours ago
- Scoop
Urgent Reform Needed To Address Mental Health Crisis In NZ Construction
Press Release – The Professional Builder Marti Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. More needs to be done to address the high rates of suicide in the construction industry, according to the head of one of the world's largest mentoring services for the sector. Recent research shows New Zealand's construction sector is facing a mental health crisis, with suicide rates 25% higher than other sectors and Māori, Pasifika, female, migrant workers, apprentices and labourers among those at higher risk. This is due to a number of factors including financial instability, low pay and lack of mental health support. [1] Marti Amos (Ngāpuhi), a former marketing lecturer at Otago University and the New Zealand-based head of The Professional Builder, says these issues are amplified by the industry's boom-and-bust cycle, cost-of-living crisis and a training model that prioritises trade skills over business acumen. [2] 'Kiwi tradespeople are trained to excel on-site, they are underprepared to manage the multimilliondollar business aspects of their work, with dire consequences for their mental wellbeing. 'Our construction workers account for about 7% of workingage male suicides – with nearly one worker losing his life to suicide each week and the avoidable burden and impact of suicide in the NZ construction industry has been estimated at $1.1 billion per annum,' he says. Amos, whose coaching service has supported over 2,500 building companies worldwide over the past 21 years, says the growing mental health crisis among Kiwi builders requires a radical overhaul of the country's traditional construction model – with greater emphasis on financial literacy a priority. 'The New Zealand building industry is seeing its lowest levels of annual growth over a decade with a rate of just 0.6% in the second quarter of 2024 – a factor that is likely to exacerbate mental health concerns for many in the trade. 'Kiwi builders have been taught how to create outstanding projects, they're brilliant with the tools – but no one has taught them how to build a great business. 'In New Zealand and Australia, builders often employ their own teams and handle every aspect of a project themselves. This contrasts sharply with the U.S. model, where general contractors delegate tasks – reducing the burden on the individual,' he says. Amos says his concerns extend beyond the daily operational stresses that plague many builders. He says that without a proper understanding of financial management, many are left grappling with severe cashflow challenges, working long hours and sacrificing their personal lives – a situation that has, in many cases, led to overwhelming stress and deteriorating mental health. 'When you're constantly worrying about how to pay your subcontractors or secure payroll for the next week, it isn't just your business that suffers – it's your whole life,' he says. Amos says demand for targeted support from builders around the world is growing rapidly and his service, The Professional Builder (TPB), which started with a team of three people in 2004, has expanded to 56 and is projected to reach 100 employees within the next 18 months. Company revenue is also projected to double to $30 million within the same timeframe. He says TPB operates in five main countries: the US, Canada, the UK, New Zealand and their fastest growing market – Australia. The company has launched an expansion programme to grow the US market, with plans to increase their physical presence there and establish partnerships with hardware wholesalers, similar to their relationships with Carters, ITM and Mitre 10 in New Zealand. Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. 'At the moment they're stuck on the builder's 'hamster wheel', caught in the weeds of daily operations without the skills to manage the large sums of money and complex challenges that come with running a construction company. 'What we need is to implement business training into apprenticeship programmes to ensure that our future generations of builders are as adept at managing large-scale financial responsibilities as they are at delivering quality craftsmanship. 'With a vital sector at risk and the mental health of thousands hanging in the balance, my message is clear: reform is essential. 'As New Zealand's construction industry stands at a crossroads, stakeholders must adopt a more balanced training model – one that nurtures not only technical excellence but also financial literacy and sustainable business practices. 'This call for change is more than an economic imperative; it is a matter of safeguarding the well-being of those who build our nation,' he says. More information on The Profitable Builders Playbook is available here [1] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. [2] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. Marti Amos Marti Amos (Ngāpuhi) is a business strategist, entrepreneur, and global mentor who has helped over 2,500 building company owners scale their businesses and achieve financial independence. As the founder of The Professional Builder (TPB), he has built a team of 56 professionals operating across New Zealand, Australia, Canada, the UK, the US, and Puerto Rico, delivering business growth strategies for the construction sector. Born and raised in Stewart Island, Marti studied commerce at Otago University, where he pursued PhD research on branding. He lectured in Marketing and MBA programs, examined MCom theses, and worked as a Māori students' tutor and thesis officer in Otago's Commerce Division. As a Mannaki Scholarship recipient, he was also awarded the Otago University Postgraduate Māori Scholarship in 1998. Beyond academia, Marti has built eight businesses across wholesale, insurance, mortgage banking, cleaning, and coaching. As founder of Action Coach New Zealand, he ranked NZ's #1 business coach and #2 globally out of 1,250 coaches worldwide. His expertise in business scaling and financial strategy led him to develop TPB, which helps construction business owners increase profitability and efficiency through structured business systems and mentorship. His insights on business growth and financial resilience will be shared in his upcoming book, launching in May 2025.
