Best of Business

The Government is looking at potentially helping Channel Infrastructure increase its fuel storage capacity at Marsden Point. Channel - New Zealand’s largest fuel import terminal business - has identified some 'very preliminary options' for significantly increasing its diesel storage capacity more quickly than would normally be the case. NZ Herald Wellington business editor Jenee Tibshraeny explain...

The New Zealand sharemarket turned downwards, finishing with a fall of over 1.53 percent. The conflict in the Middle East has continued on, and oil prices have kept going up as a result.  Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

It’s believed businesses will hold off on hiking prices for as long as possible as rising fuel prices risk pushing inflation up.   Reserve Bank Governor Anna Breman says fuel prices are likely to lead to higher inflation and weaker growth over the coming months.  She says it's too early to say how much that will push up inflation across the board, or whether the Official Cash Rate will n...

International airlines could be forced to cut flights in and out of New Zealand if fuel shortages lead to a rationing of supply. Concerns have been raised about airlines needing to make hard choices if fuel deliveries are disrupted by the ongoing Middle East conflict.  Board of Airline Representatives NZ executive director Cath O'Brien says there's still a low risk of planes getting stranded...

The fight is on to run New Zealand's largest farm. Five contenders have put up their hand to commercially farm in Marlborough's Molesworth Recreation Reserve. The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Lotto's ramping up its prizes and number of winners and lifting the biggest win from $50 million to $60 million. It's adding another four Powerballs - which reduces the odds of winning Division One from one in more than 38 million, to about one in almost 54 million.  Chief executive Jason Delamore says many things have changed since the last change-up to offerings 19 years ago. "Our populatio...

Australian Prime Minister Anthony Albanese and European Commission head Ursula von der Leyen have unveiled the details of a new trade deal today. This deal has been eight years in the making, and almost all EU tariffs will be lifted on Australian agricultural products such as wine, fruit and vegetables, olive oil, seafood, most dairy products and wheat and barley. Australians will also now have ac...

There's shock from vegetable growers at news frozen food company McCain is shutting its Hastings processing plant next year. McCain says it reflects a shift in how it'll supply vegetables within New Zealand and Australia. Heinz Watties also announced this month plans to close its Hastings packing site, and three manufacturing sites. Process Vegetables NZ chairman, David Hadfield, says growers will...

Synlait's boss says the company's facing its toughest period in 20 years, but hopes a turnaround is near.  The Canterbury milk processor's posted a half year loss of $80.6 million.  Revenue rose $32 million to $949 million, while debt soared 88$ to $472 million.  Chief Executive Richard Wyeth told Mike Hosking the next six months are critical.  He says they've got the sale of a...

Over in the UK, Prime Minister Keir Starmer is set to chair an emergency meeting on the economic fallout from the ongoing Iran war. The conflict has entered its fourth week, and concerns have been raised over the economic impacts - especially with living costs going up for households.  UK correspondent Kay Oliver says petrol costs keep going up, and it's getting 'scary'. LISTEN ABOVE See omny...

Reports indicate more overseas visitors are cancelling trips to New Zealand, generating more concerns about the nation's economic recovery.  A new survey shows that 77 percent of tourism operators have seen more cancellations over the last month.  Tourism Export Council CEO Lynda Keene says she's not too concerned just yet, despite the ongoing international crisis impacting air travel.&n...

Oil prices have risen as the fall out continues from the ongoing Middle East crisis. Brent Crude oil rose about US$1 to be just above US$113 a barrel in early Asia trade. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Major credit rating agency Fitch needs more confidence our Government will lower debt before it will change our rating.  It reduced New Zealand's AA+ rating outlook from stable - to negative - over the weekend.  Finance Minister Nicola Willis says it's proof of the importance of fiscal discipline. Agency primary rating analyst Sagarika Shandra says the Government has a plan to reach a su...

Finance Minister Nicola Willis has revealed plans are in place to unveil a package to help households with the cost of fuel. She says more details will be revealed tomorrow, and she's worked with Inland Revenue and Treasury officials to develop this planned relief. Willis explained that this plan won't go against the Government's fiscal strategy ahead of the upcoming election. "We will be funding...

There's a view Fonterra's strong result today is unlikely to climb much more. The dairy giant's reported a 2.8 percent rise in first-half net profit to $750 million. It's also announced a 20 cent lift in the farmgate milk price - and a $9.70 midpoint per kilo of milksolids. Federated Farmers Dairy Chair, Karl Dean, says given global uncertainty, he doesn't think the midpoint will reach $10. "The f...

NVIDIA GTC took place last week in San Jose, where thousands of developers and industry experts gathered to discuss the latest AI breakthroughs. The sessions revealed how AI was set to shape every major industry, with plenty of experts discussing the next steps for this new technology. Nanotechnologist Dr Michelle Dickinson was at the event, and she revealed how AI was set to impact the business a...

The Wattie's restructure is likely to have a significant economic impact, where more people could be affected by the shutdown.  Heinz Wattie's has proposed closing manufacturing facilities in Auckland, Christchurch and Dunedin, and a Hastings packing facility - impacting about 350 jobs.  The Country's Jamie Mackay explained how the farmers and growers could be affected by this change.&nb...

Former Reserve Bank economist Michael Reddell says it's getting harder to know how much the economy's growing or shrinking. Stats NZ estimates GDP rose 0.2 percent in the December quarter, below most forecasts. But Reddell says it's also revised the figures for previous quarters. He says the 0.2 for December could still potentially be revised up as high as 0.5 percent, or as low as minus 0.1. LIST...

The conflict in the Middle East is continuing on for another week, and it's got experts concerned about the economic impacts. Iran's blocking shipping in retaliation for the US and Israel bombardment - sending oil prices spiking. Milford Asset Management expert Michael Luke explained how markets have continued to drop. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Over in Australia, the Reserve Bank bumped the OCR up to 4.1 percent, up by 0.25 percentage points. This is the second significant hike it two months, and it's got experts speculating about what this means for the economy on the whole. HSBC chief economist Paul Bloxham wondered what this could mean for other global markets.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Resources Minister is insistent Crown funds should help heat the geothermal sector. A Government strategy has been released on its plan to double the use of geothermal energy by 2040. It's also ring fenced $50 million from the Regional Infrastructure Fund for the development of geothermal energy projects.  Resources Minister Shane Jones says it's a worthy investment. "The Crown stepped up...

There's fears there'll be no slowdown any time soon to the rapid rise in food prices. Stats NZ figures show they rose 4.5 percent in the year to February. Steak, mince and chocolate all shot up more than 20 percent. Infometrics head, Brad Olsen, says the spike in oil prices because of the war in Iran will do nothing to help.  "We know that not only oil prices are key to transport costs, but a...

The Australian Reserve Bank has increased interest rates by 0.25 percentage points, up to 4.1 percent. This is the second month the RBA has lifted rates, with the bank hiking up to 3.85 percent in February. Australian correspondet Murray Olds says the vote to increase rates was divided, but there's concerns about inflation brought on by the ongoing crisis in the Middle East.  LISTEN ABOVE See...

There's praise for Government's aims to smooth the process for venues to serve alcohol during major televised events like the Rugby World Cup. The bill proposes a raft of changes, includes a permanent mechanism to let pubs operate outside licensed hours during major events. Sam MacKinnon from Hospitality NZ explained how these changes will give Kiwi businesses more flexibility. LISTEN ABOVE See om...

What I found more outrageous on the internet yesterday was yet another example of this country's propensity for doling out jobs for the boys and indeed the girls. Every political party does it, every government does it, rewards the party faithful and their generous donors and backers with cushy sinecures. Grafter-in-chief would have to be Trevor Mallard's posting to Dublin – although would it? Bec...