Xero co-founder raises capital, Saudi skeletons haunt McCully, UK pension rules penalise KiwiSavers

In NBR Print today: New laws have been introduced in the UK affecting a large number of Kiwis, who could be penalised for transferring their UK pension funds into KiwiSaver schemes. Calida Smylie reports.

Viewed simplistically, Reserve Bank governor Graeme Wheeler’s decision next Thursday should be a simple one. He should cut the official cash rate from its present 3.5%, and signal more rate cuts to come. But as Rob Hosking reports, next week’s decision is shaping up as one of the most difficult facing Mr Wheeler for some time.

“I’ve got to live here, so I’m not going to rape and pillage the market.” That’s how Z Energy [NZX:ZEL] chief executive Mike Bennetts sums up his company’s acquisition of Chevron. Although concerns about less competition are natural, the company won’t throw its reputation away just to do a deal, he tells Tim Hunter.

Advertising blocking software has become an epidemic, with more than 480,000 Kiwis using the internet browser add-ons. Campbell Gibson reveals. Media companies such as TVNZ, NZME, Fairfax [ASX:FXJ] and MediaWorks are being starved of revenue as the number of internet users using ad blockers continues to increase.

Rod Drury is still tied up lock, stock and barrel in Xero [NZX:XRO]. But what about the company’s co-founder? Hamish Edwards retired from Xero’s board in late 2011. At 39, he had retired from fulltime work, and there’s been a lot of golf and skiing since. He’s also kept his hand in the game, helping to bankroll and advise three startups, one of which is about to embark on a new private equity funding round. Chris Keall reports.

Murray McCully’s account of why he appointed government contractor Alex Matheson to negotiate the $11.5 million New Zealand demonstration farm in Saudi Arabia is seemingly turning to dust. Contrary to the minister’s assertions last week, NBR can reveal the former contractor had no previous experience in the Middle East, nor with Gulf interests. Jamie Ball has the story.

In addition, a ministry official from whom the government sought its legal advice on the controversial farm is the former government adviser on the controversial SkyCity [NZX:SKC] international convention centre.

Will China syndrome melt down the  Auckland housing market? Michael Coote says highly leveraged investors could be exposed to a credit crunch in China and would pay off their debts to lenders there rather than to New Zealand’s banks.

What’s really going on at Fairfax [ASX:FXJ]? As a recent departure from Fairfax NZ, Tim Hunter pictures the scene in its Auckland offices as staff were last week told of the latest rejig, involving jobs being rescoped or disestablished.

One thing investors in Metro Performance Glass [NZX:MPG] can be grateful for is that the shares have at least managed to remain above last September’s $1.70 float price – but only just. Jenny Ruth analyses Metro Glass’ maiden result as a listed company.

Epsom and Maungakiekie MPs are going to try and solve the long-running dispute between the Cornwall Trust Board and its residential leaseholders over leases, steep rent rises and freeholding. Adding to the friction is the trust board’s dropping surpluses and climbing expenses, reports Sally Lindsay.

All this and more in today's National Business Review Print Edition. Out now.