Business Update – 26 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Businesses struggle with increase in cooking oil costs

As the cost of cooking oil continues to rise sharply, some businesses are switching to cheaper alternatives to stay afloat.

Hydrogen fuel cell vehicles becoming more viable

New research suggests that there may be a bigger market for consumers to adopt hydrogen fuel cell vehicles than previously thought. More than 1 million of these vehicles will be on the road by 2027 as technology becomes more widely available.

Super funds are seen as insufficient, but also a lifeline

Some pensioners are reluctant to purchase things like petrol, leaving them isolated from family, friends, and healthcare. While it’s generally acknowledged that your Super likely won’t cover even a basic cost of living, the amount received is still a lifeline for many.

Thousands may be eligible for compensation due to missed flights

Consumer NZ advises that recent flight cancellations may mean that you’re eligible for compensation, especially if the reason for cancellation was within the airline’s control.

Some experts say Reserve Bank is hiking rates too far

With the official cash rate increasing from 0.25% in August last year to 2.5% now, some economists argue that the increase has been too much too fast. Others, however, still stress that the risk of recession is high and the rises were necessary.

Kiwis skipping meals in cost of living crisis

Curia Market Research has released new data suggesting that one in five Kiwis are skipping meals in order to cut costs. Almost half are driving and socialising less.

Russia and Ukraine sign deal to resume grain export to world markets

The UN and Turkey managed to help Russia and Ukraine come to an agreement last week that will reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.

Generational divides apparent when it comes to investment strategies

New research suggests that Gen Z are both the most cautious and the most daring when it comes to investing. The interesting result is likely due to some young people panicking by hoarding what they have, and others trying to achieve wealth by being bold.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.