Best of Business

Microsoft is cutting 4800 jobs - about two percent of its global workforce - in a sweeping restructure. Most cuts are part of a restructure of its struggling Xbox gaming division. It's the latest in a string of mass layoffs by the tech giant alongside major investment in AI. Sam Dickie from Fisher Funds explained the implications of this move. LISTEN ABOVESee omnystudio.com/listener for privacy in...

A private jet company boss has voiced concerns about what could happen if there's not reform at the Civil Aviation Authority - and he's taken these worries to the Government. NZ Jet owner John Ambler has heard concerns from former and current CAA staff about the organisation's culture.  He says it includes an erosion of expertise, and operators fearing they'd be punished for raising concerns....

People are not moving between jobs as seamlessly as they should in a productive economy, thanks to overly restrictive employment contracts. This is the conclusion reached by the Organisation for Economic Co-operation and Development (OECD), after a major new study spanning 15 countries including New Zealand. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee o...

The OCR has been increased for the first time in three years, and it's prompted a divided response among experts. The Monetary Policy Committee's unanimously agreed to raise the cash rate to 2.5 percent. Milford Asset Management's Remy Wisenberg unpacked the reactions further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Official Cash Rate has gone up by 25 basis points. This is the first rise we've seen in three years. It was unanimous around the committee table that it needed to happen because of inflation. Even though petrol and diesel prices have fallen sharply since the Iran war ceasefire deal was struck, they're not back to pre-war levels yet and they won't be for some time. That, of course, is inflation...

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years. The cash rate has been raised to 2.5 percent. Governor Anna Breman says inflation's been eating up household budgets. She says getting inflation back down helps everyone. "It will actually make sure that households get their purchasing power back, they can spend more, they can g...

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy. The central bank raised the cash rate to 2.5 percent - the first hike in more than three years. Some economists thought inflation could surge as high as 4.8 percent this quarter. Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so...

The Reserve Bank has lifted the Official Cash Rate for the first time in more than three years. It's raised the OCR 25 basis points to 2.5 percent. The Monetary Policy Committee's six members all agreed to raise the cash rate - despite divided opinions from economists. Infometrics Principal Economist Brad Olsen says the Reserve Bank will be looking to get the OCR down to a more 'normal' level - an...

Plugging a a solar panel into your own wall is currently illegal in New Zealand, but the Government's looking into changing that. In a post on Facebook, Energy Minister Simeon Brown says work is currently under way to make this change happen. Rewiring Aotearoa CEO Mike Casey has welcomed this move, saying this development would be 'amazing'. "It's something that we thought needed to happen in New...

Has a second NRL team in New Zealand edged closer to a reality after the NRL's new multi-billion dollar broadcast deal? The Australian Rugby League Commission has signed a new seven-year TV rights deal with its existing partners on both sides of the Tasman, including Sky TV, starting in 2028. The NRL wants to increase to 20 teams during that period, with Christchurch considered a candidate for an...

It's been a turbulent time for AI-based investments. The AI capital expenditure-leveraged Korean and Japanese share markets have recovered from last week's drop, but experts say things are still 'volatile'. Shane Solly from Harbour Asset Management explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Sleep Store is celebrating 20 years of helping families find the right products for their kids. The brand has gone from a kitchen table start-up to filling more than 150,000 orders per year. Co-founder and director Louise Tanguay says it's 'wild' to look back at how much the brand has grown. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is hopeful that New Zealand's exports will grow significantly over the next ten years. If reelected, National says it will pursue trade negotiations with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association.  It would seek talks with a further six trading nations over the next decade.  Nicola Willis says it's likely the...

A former Trade Minister says he's very encouraged by National's election promise that it'll pursue trade talks with seven economies. It says it would prioritise trade talks with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association. It's also promised to advance negotiations with a further six countries over the next decade. Tim Groser says if you don...

There's hopes compulsory KiwiSaver can help New Zealand catch up to Australia's economy.  The National Party is campaigning on making KiwiSaver mandatory for all workers, and for gradually raising the matching rate to six percent.  NZ Herald Business Editor at Large Liam Dann says he wants to see a bipartisan effort and for the Labour Party to get on board.  He says people will need...

A Michelin-trained chef has criticised the Michelin Guide after Tuesday night’s inaugural awards ceremony in a post on social media. Jack Crosti, who has worked for Michelin-starred kitchens across the UK and Europe, voiced his support for Michelin coming to New Zealand, but described the ceremony as a 'joke' and questioned the selection process. He says this was a 'once-in-a-lifetime' event for c...

Finding a deal online is getting harder and harder, according to new reports. Delivery software firm Shippit has found standard New Zealand delivery fees have risen 30 cents this year, to an average of $10. Express delivery's gone up $3 to average $17.40 Retail NZ CEO Carolyn Young says it's down to global factors.  "When the Middle East crisis started, we know that freight companies increase...

The International Monetary Fund is broadly happy with how the Government and Reserve Bank are steering the economy - but it's warned some changes need to take place. The agency says the Government will need to hike taxes, as well as continue cutting spending, to get the country’s finances on a more sustainable path forward. NZ Herald Wellington business editor Jenee Tibshraeny explained how this c...

2026 is halfway over, and experts have noticed which trends are leading investor conversations. The chips and computer hardware sector has seen some growth thanks to the AI boom, but the Middle East conflict has continued to generate concerns. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

I totally run the risk of being way too much of a fangirl about the Michelin stars handed out, but I am so excited about this. Mainly, I'm excited for the people who run those restaurants because I realise what this means for them. It means full bookings. It means international recognition. It means the ability to walk into a kitchen anywhere in the world and say, "I worked in a Michelin-starred r...

Wellington council has unveiled their new team aiming to help the capital get its mojo back. The council has brought together a lineup of business, property, technology and creative sector leaders to help shape a five-year plan to grow the city's economy. Mayor Andrew Little says Wellington's seen limited economic growth over the last few years, and the council's hoping to turn that around. "We've...

There's been a surge in bookings for the world's first Michelin star Samoan restaurant.  Auckland's Tala was awarded a single star at last night's New Zealand Michelin Guide awards, alongside 14 other star-winners. It was first time the event was held on our shores - after a $6.3 million dollar Government investment.  Restaurant founder and chef Henry Onesemo says he's already noticed so...

World-class honours have been dished out to select New Zealand restaurants, with hopes they'll lead to a much-needed boost for the industry. Queenstown's Essence has been crowned our only two star Michelin restaurant - alongside 14 others awarded a single star, like Auckland's Tala and Christchurch's Inati. Ninety-five other venues received the Bib Gourmand and Michelin Selected accolades. Newstal...

New Zealand is aligning its toy safety standards with Australia.  The Ministry for Regulation says the change will save a net $6.8 million dollars over the next decade, by reducing the need to retest products already compliant with US and EU standards. Planet Fun CEO Jeremy Kirksmith has welcomed this decision and says it's about time these change were made.  "We import about 1500 differ...

Rocket Lab is buying satellite network operator Iridium for $14 billion, causing the company's shares to jump 18 percent, according to new reports. This would put Rocket Lab in a position to go head-to-head with Starlink, owned by Elon Musk’s SpaceX. BusinessDesk tech columnist Peter Griffin says this is an 'ambitious' move from CEO Peter Beck. LISTEN ABOVESee omnystudio.com/listener for privacy i...