McDonald’s fast food likely to cost more after increase in the minimum wages

McDonald’s, Domino's

Reacting on the Government's decision to raise the minimum wages, McDonald's, the fast food company, may increase the prices and review its plans of opening 30 more restaurants, which were planned to be added to its chain of 143 restaurants, in the next three years.

The company had a plan to spend nearly $100 million on expansion. Last March there was a substantially increase in the wages and McDonald's gave all its youth workers the adult rates.

ANZ National cuts credit card interest rates

ANZ National Bank

The interest rates have been reduced by the ANZ National Bank that it charges on credit cards.

The step taken by the bank has come at the time when it has been defamed for not cutting interest rates as fast as the central bank has cut interest rates, though banks have moved to cut mortgage interest rates.

ANZ announced, "The 1.00 per cent per annum reduction on its credit cards, effective March 12, follows a reduction of 1.25 per cent per annum in January."

Further stimulus should be cautiously undertaken

Goldman Sachs

Appreciating the Government's announcement to go ahead of its $500 million infrastructure projects at an accelerated pace in addition to the $480 million business package, Shamubeel Eaqub, economist and research director of Goldman Sachs JBWere's Australia and New Zealand, said, "While small in the context of annual GDP
($180 billion) these are positive and encouraging steps to counter the recession and bolster the aggressive easing delivered by the RBNZ to date."

ASB Bank warns on dividends after profit dip

ASB Bank

11% drop in ASB Bank's profits, as the bank reported a $238m operating profit for the six months to December 2008.

The drop further includes a $41 million that also includes loss that grew from applying new global accounting rules.

In 2007 the profits during the same period were $267 million.

ASB chairman Gary Judd said, "Total bank assets increased by 16.3 per cent, with lending balances rising 8.6 per cent."

Plunge in Fuel prices in New Zealand

Plunge in Fuel prices

Recently, a drop was witnessed in the prices of the fuels since prices were cut by the oil companies by 3 cents per litre.

Mushroom farm future still uncertain

Mushroom farm future still uncertain

New Zealand Mushrooms had received interim orders from the Environment Court either to shut its composting plant or control the odour so that it does not spread beyond its jurisdiction.


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