The government will implement a historic pay equity pay deal for aged and residential care workers worth $2.05 billion of extra pay for some 55,000 people – close to 2% of the total New Zealand workforce. Prime Minister Bill English and Health Minister Jonathan Coleman announced the deal, which will bring some 20,000 workers on the minimum wage of $15.75 an hour to a wage of $19 an hour.

Read more ($): https://www.nbr.co.nz/article/2b-pay-equity-package-aged-care-workers-confirmed-b-201999

Brexit, the Dutch election, the Turkish referendum and now the French presidency: All have gripped the attention of financial markets and the political media. France is the major power that, with Germany, runs the EU. This is especially the case after Brexit, the withdrawal of Britain.

Read more ($): https://www.nbr.co.nz/opinion/headsup-editor%E2%80%99s-insight-how-interpret-french-presidential-election

It’s not difficult to see the politics behind the government’s announcement yesterday of its pay equity settlement for aged care workers. A couple of years back the issue hived off from the courts – where it had been as far as the Court of Appeal and looked like heading to the Supreme Court – and into the backrooms.

Read more ($): https://www.nbr.co.nz/opinion/what-worry-about-2b-pay-equity-settlement

British Prime Minister Theresa May has the backing of the Labour Party to hold a snap election on June 8. The surprise announcement requires a 60% majority of the 650 MPs in the House of Commons under the Fixed Term Parliament Act, which established five-year terms.

Read more ($): https://www.nbr.co.nz/article/uk-election-june-8-aims-put-brexit-fears-rest-ng-202013

It’s not a given that an impending government pay equity settlement, which would see hefty pay rises to workers in specific government-funded sectors, will flow through to all industries in the private sector, BusinessNZ chief executive Kirk Hope says. This morning it was revealed that roughly 55,000 low-paid workers in aged residential care, home support and disability services will get a hefty pay rise from July. The full details of the government pay equity settlement are to be revealed later today.

Read more ($): https://www.nbr.co.nz/article/pay-equity-settlement-wont-hit-private-sector-too-hard-businessnz-jw-p-201968

Congress is still away this week but in his first public comments since being appointed as CIA director, Mike Pompeo lashed out at WikiLeaks and its founder, Julian Assange. "It is time to call out WikiLeaks for what it really is: a non-state hostile intelligence service often abetted by state actors like Russia."

Read more ($): https://www.nbr.co.nz/article/trumps-beltway-cia-fires-back-and-china-becomes-trumps-new-friend-ns-p-201976

Recent milk production increases in Europe will work to cap any substantial price gains that may have been experienced in New Zealand, an economist says. Figures from the US Dairy Export Council shows milk production in Europe has been climbing since the end of last year, increasing from 12.5 million tonnes of liquid milk per month in November to close to 13 million tonnes in February, despite Russian import bans still being in place.

Read more ($): https://www.nbr.co.nz/article/cranked-european-milk-production-likely-hurt-dairy-prices-jw-p-201982

Inflation data out this week is expected to have jumped significantly. Statistics NZ releases the latest consumer prices index late on Thursday morning and headline inflation looks likely to jump above 2% for the first time in nearly six years.

Read more ($): https://www.nbr.co.nz/opinion/inflation-spike-%E2%80%93-then-what

Trustpower lost 3000 electricity customers in the March quarter but says its new broadband and electricity offers, which include free TVs, have arrested the decline. The electricity generator and retailer’s latest quarterly operating report contained mostly good news, including an effective profit upgrade, gains in gas customers and in those taking two or more of its services.

Read more ($): https://www.nbr.co.nz/article/trustpower-loses-electricity-customers-march-quarter-jr-p-201949

The heavily subsidised New Zealand film production sector doubled its revenue to more than $1 billion last year, mainly due to a “realignment” in Wellington. Figures from Statistics NZ say the overall revenue of the country’s screen industry businesses, which include film, TV and commercials, increased 3% to just over $3 billion in 2016, a stable performance over the past three years.

Read more ($): https://www.nbr.co.nz/article/film-industry-not-looking-more-government-handouts-cg-p-201953