Weekly Digest – 15 March 2023

Weekly Digest – 15 March 2023

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

Global bank stocks continue to tumble as SVB collapse raises financial crisis fears

Global bank stocks continued to decline as the shockwaves from the collapse of Silicon Valley Bank (SVB) raise fears of a financial crisis. Emergency measures to shore up banks and reassurances from US President Joe Biden have done little to calm investors.

New Zealand’s median house price drops by 13.9% year over year

The median house price in New Zealand fell by 13.9% from a year ago to $772,200, with Auckland’s median house price also falling 15.2% from a year ago. National houses took an average of 60 days to sell, up from 18 days a year ago, with new listings down by 30% and property sales down by 30% compared to February last year.

Taking on a second job doesn’t mean paying a higher tax rate

Taking on a second job does not result in paying a higher tax rate. The tax rate you pay is calculated based on your total income, with anything earned over $14,000 and less than $48,000 taxed at 17.5%.

New Zealand sees its biggest food price increase since 1989, with fruit and vegetables contributing the most to the surge

Food prices in New Zealand had the biggest increase since 1989, with fruit and vegetables being the largest contributors to the surge, according to StatsNZ. The recent weather events and storms could push the inflation rate to a new 30-year high later in the year, according to economists.

Last-ditch talks fail to avert New Zealand teachers’ strike as 50,000 set to participate

Last-ditch talks between the New Zealand Ministry of Education, the Post Primary Teachers’ Association, and New Zealand Educational Institute Te Riu Roa to avert a strike by kindergarten, primary, and secondary school teachers failed. About 50,000 teachers and principals are expected to participate in the strike on Thursday.

Labour Party rejects National Party’s proposal for inquiry into New Zealand’s retail banking sector

The Labour Party has rejected the National Party’s proposal to open an inquiry into the competition and regulatory issues of New Zealand’s retail banking sector. Nicola Willis, the National Party’s finance spokesperson, expressed her disappointment at the rejection.

Pfizer to Acquire Cancer Biotech Firm Seagen for $64 Billion in Move to Tackle Cancer

Pharmaceutical company Pfizer has announced that it will acquire cancer biotech firm Seagen for $64 billion. Seagen is known for its innovative cancer treatments, including antibody-drug conjugates, and is expected to grow by 12% this year.

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