Best of Business

The fossil fuel industry's move to keep expanding has been deemed as a recipe for huge financial loss. The oil and gas industry has said they're working towards net zero climate emissions, but a Mindful Money report reveals these promises are no more than greenwashing. Instead of investing in clean energy, it shows they're investing to expand their exploration and field development. Mindful Money...

It's D-Day for Let's Get Wellington Moving. The council will vote on a motion of no confidence today as seven councillors push for the programme to be scrapped. Yesterday, the capital's Mayor Tory Whanau rejected a compromise from the group. Diane Calvert is one of the councillors who's signed the motion - she joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for privacy information...

Filled jobs have lifted by 0.2 percent in May, well below the 0.6 monthly average from the first third of 2023. Healthcare, accommodation and food services, public administration and education have all reported significant growth.  Infometrics Principal Economist Brad Olsen says it's too soon to tell if this is a trend, but some momentum appears to be coming out of monthly jobs growth. LISTEN ABOV...

China is reporting a rising dominance in electric vehicles, having overtaken Japan last quarter. More than a decade of Government subsidies and increased production in EV batteries have given the region an advantage in developing a domestic market. Milford Asset Management analyst Deborah Lambie says 50 percent of all EVs on the road worldwide are based in China. LISTEN ABOVE See omnystudio.com/li...

First-home buyers accounted for a record-high portion of banks’ new mortgage lending last month. In May, first-home buyers 24.3 per cent of the $5.9 billion of new mortgages written- the highest portion since RBNZ began keeping records. NZ Herald Wellington business editor Jenee Tibshraeny says first-home buyers entering the market comes at the expense of investors- who have pulled back from a slu...

A popular Wellington retailer is among the businesses and organisations slamming proposals for the city's Golden Mile. The council will vote tomorrow on a key aspect of Let's Get Wellington Moving - getting rid of cars along Lambton Quay, up through Willis and Manners Streets, to Courtenay Place. Several business owners signed a letter to the mayor, stating the removal of cars from Wellington's ke...

If you want a good example of simple economics, we are living through a doozy. It's only Wednesday but already this week we have millions promised by people who have less than no money to solve the problems they created. $5 million for ski fields, piles of millions for universities, millions more for food banks. Then there's the welfare stats that show, on average, main beneficiaries have been get...

As we approach the July school holidays, Air New Zealand are expecting half a million Kiwis onboard this year. 45,000 seats have been added on domestic flights - and more than 1,300 international flights are scheduled - with Sydney being the most popular destination. Air NZ Chief Customer and Sales Officer Leanne Geraghty joined Mike Hosking. LISTEN ABOVE   See omnystudio.com/listener for privacy...

The Finance Minister is telling universities to take a look at how they deal with their finances and do better. Institutions will get a piece of the $128 million pie, over the next two years. Many have been struggling with declining enrolments and ongoing pandemic impacts. Grant Robertson told Mike Hosking institutions also need to take a serious look at their financial books. “I do think there’s...

Mixed feelings about RMA reforms. The Environmental Select Committee has suggested amendments including faster consenting and enabling local voices. AUT Professor of Construction John Tookey says it will be impossible to have both increased community say, and a faster consenting process. Part of the RMA reforms is reducing the number of RMA plans from 100 to 16, one for each region. Tookey told Ka...

There are growing fears Australia will follow New Zealand into a recession next. Commonwealth Bank and AMP suggest there's a 50-50 chance the Australian economy enters recession within the coming months. HSBC Chief Economist Paul Bloxham says it's getting harder for the RBA to bring inflation down without a recession- but there's a narrow path the bank could tread. "If it were to lift too much mor...

After a month-long consultation period, H and J Smith Invercargill will close on November 18. This decision will affect 220 employees of the flagship Southland store, which has operated since 1900. The Country's Jamie Mackay says H and J Smith was once an important part of the retail landscape, but the sector is changing. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Bills to reform the Resource Management Act have come back from a select committee- full of recommended amendments. These recommendations include more local voice, improve planning provisions and fast track consenting for specified infrastructure to be made permanent. National's Chris Bishop has already promised to repeal the RMA by Christmas if a National-led Government is sworn in. BusinessDesk...

Hopes a multi-million dollar government loan to Ruapehu Alpine Lifts liquidators gets the skifields off thin ice. The Government is chipping in up to $5 million towards the liquidators, as a new bid has entered the table A group on behalf of iwi is now proposing to take over operations of the skifields - the bid for operations to be split between two other companies is still on the table. Ruapehu...

An average of around 16 percent of Kiwis' after-tax income is spent on infrastructure services - including drinking water, transport, broadband and home heating. And spending on those services is surprisingly comparable to Australian households. The New Zealand Infrastructure Commission General Manager of Strategy Geoff Cooper joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for priva...

A lifeline comes as the Government offers a $5 million helping hand towards the liquidators of Ruapehu Alpine Lifts. The loan is being touted as the silver bullet to ensure the ski season can go ahead. Meanwhile, discussions continue behind closed doors. Bids are on the table for an iwi group to purchase the skifields against a separate bid to split operations between Pure Turoa and Whakapapa Hold...

It's expected Chris Hipkins will be walking a tight rope during his meeting with Chinese president Xi Jinping in Beijing today. Newstalk ZB Political Editor Jason Walls says the diplomatic proceedings will be highly choreographed, with every word chosen carefully. He told Mike Hosking it will be a balancing act. “Such as things like human rights, things like the treatment of the Uighur Muslims and...

Hopes Prime Minister Chris Hipkins can shine in his first meeting with Xi Jinping. The pair will meet to discuss topics like trade and the war in Ukraine tonight in Beijing. New Zealand China Council Executive Director Alistair Crozier says New Zealand needs to be sold as an accessible and open country. He told Kate Hawkesby it will be a chance to make up for lost time.  Crozier says it will be th...

The situation in Russia is expected to colour the background of the Prime Minister's trip to China. Chris Hipkins is currently leading a delegation there and is expected to meet with President Xi Jinping NZME business commentator Fran O'Sullivan is with the delegation and says there's concern about what's happened in Russia. "My sense in talking to people here is- there has been behind-the-scenes...

PwC agreed to sell their Government consultancy practice for $1 following a scandal over the misuse of confidential tax plans. The accounting company has also appointed a new chief executive to lead the firm through the fallout. Australian correspondent Oliver Peterson says even after Allegro Funds buys the consultancy practice, it's unlikely any Government will want to to business with PwC. "The...

The Government says it is under no illusions Defence Force aircraft need upgrading. It has been revealed two Air Force Boeing 757s were on the runway during a stopover in Manila, Philippines as the Prime Minister made his way to China. It's drawn criticism from National and ACT over emissions and the cost. Finance Minister Grant Robertson says they Defence Force are looking at upgrading the 757s....

National's finance spokesperson says she's shocked by Government's inability to confirm if the Provincial Growth Fund is getting bang for buck. Parliament has been told the paper trail tracking the Government's handling of the $640 million fund is so poor, auditors had to ask officials to recall what happened in their meetings. National's Nicola Willis told Mike Hosking she can't believe they didn...

With numbers of those employed in the public sector increasing by 28 percent,  along with more top heavy well-paid managers and communication teams, and an increase in spending - a new report is questioning why the outcomes in government dominated sectors aren't performing better. An earlier study shows the best performing countries are capable of achieving the same public service outcomes as New...

The Prime Minister has a tight rope to navigate as he prepares for his trip to China next week. Chris Hipkins is set to leave on Sunday with a large business delegation including exporters from the primary sector, tourism and education sectors. He will meet with Chinese leader Xi JinPing. Former Prime Minister Sir John Key says China's economy has enormous upsides and plenty of opportunities for N...

The unwinding of Covid-19 is still having an impact on the business sector. Investors have noticed companies have benefitted from the impacts of lockdowns and spikes- and some of their growth is unwinding. Fisher Funds senior portfolio manager Sam Dickie says retailers that worked a spike in demand during lockdowns into their prices are feeling the 'sting in the tail'. "A good example of that is t...