Best of Business

The Warehouse is stepping up its battle against supermarkets, introducing fresh fruit and vegetables to some stores from today. The produce sections are being rolled out in Whangarei, Auckland's Westgate, Wellington's Lyall Bay, Christchurch's Riccarton, Timaru and Invercargill. Former Food and Grocery Council Chief Executive Ernie Newman told Kate Hawkesby it's a great move. He says current super...

Cyclone Gabrielle is predicted to cost the economy billions of dollars in repairs and replacements. When combined with January's burst of floods, experts are claiming this disaster will add up to billions in infrastructure and roading repair costs.   Infometrics Principal Economist Brad Olsen says that it's too early to guess what the cost of all this devastation will be. Olsen predicts that the c...

New NZX data suggests that several companies have been hit hard by Cyclone Gabrielle. Fletcher Building has claimed adverse weather conditions will likely affect their year-end profits, and Vulcan Steel, and Steel & Tube have reported a reduction in orders due to Cyclone Gabrielle. Horticulture companies such as Scales and Mr Apple are also losing stock due to floods damaging orchards and fiel...

Fletcher Building has reported an $80 million drop in half-year profits, and warns that its full year earnings will also be expected to take a hit. The company was hit hard by significant costs coming out of the repairs to Auckland's International Convention Centre after a major fire damaged the building. Fletcher Building CEO Ross Taylor says that Fletcher's full-year profits for 2023 will be aff...

An economist is warning that the repair of Cyclone Gabrielle could cost our economy tens of billions of dollars. The flow on effect of repairing damage, along with the country's loss of productivity and further supply chain issues will take it's toll on the economy, putting even more pressure on inflation. Massey University professor in Innovation and Economics Christoph Schumacher joined Mike Hos...

Truckies say they're ready to start their engines to deliver supplies as soon as the roads begin to reopen. Certain areas have been cut off due to damage from Cyclone Gabrielle and are unable to be reached. The message from the National Road Carriers Association is for people not to panic as suppliers have stocked up in advance. CEO Justin Tighe-Umbers joined Kate Hawkesby. LISTEN ABOVE See omnyst...

By 2026 public cloud services could add $21 billion to the New Zealand economy, along with creating 134,000 jobs. Spending on public cloud services is expected to double in the next five years as businesses realise the technology can cut costs and support growth. Microsoft National Technology Officer Russell Craig joined Mike Hosking to discuss what public cloud services are and why they are expec...

The Real Estate Institute of New Zealand recorded a 48 percent drop in house sales between January and December. Auckland's median selling price was also down $80,000 dollars in January. REINZ CEO, Jen Baird, joined Kate Hawkesby to discuss the results. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Lyttleton residents are complaining the amount of cruise ships coming in are overwhelming the area, with fears of a Starbucks or trinket shop opening in the future. Resident have taken their concerns to the Christchurch City Council’s Banks Peninsula Community Board. Banks Peninsula Community Board member Rueben Davidson joined Mike Hosking. LISTEN ABOVE   See omnystudio.com/listener for privacy i...

Auckland businesses are wondering when they're going to get a break. Aucklanders are being advised to evacuate if necessary and to expect widespread power cuts today, with the city still expecting to be battered by wind and rain. It comes as the Government announces a $11.5 million funding package aimed at helping those affected by the summer floods. Auckland Business Chamber Chief Executive Simon...

Well it's a combination of the not so perfect storm for avocado growers. Between the fruit getting blown off trees in the wind and the fact that avocado trees do not hold up well in rain, it's not looking good for next years avocado crops. Some growers are saying they expect less than 40 percent of produce to be able to be exported this year. Director of Avos to Go Steve Badger joined Mike Hosking...

Uncertainty about the future of the Tiwai Point aluminium smelter looks likely to be resolved, with the owner ready to make a deal on its long-term contract. The smelter, near Bluff, is scheduled to close at the end of next year, after a review by the mining giant owner, Rio Tinto, decided its energy costs made it too expensive to run. Contact Energy CEO Mike Fuge told Mike Hosking discussions hav...

There are hopes things could be looking up for the services sector after a difficult few years, that's according to the latest BNZ performance index. The figures showed that we may be seeing the end of the record labour demand, with vacancies filling up. BusinessNZ chief executive Kirk Hope joined Kate Hawkesby to discuss. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Prime Minister Chris Hipkins made an appearance at the Apec Business Advisory Council meeting last Sunday evening. Hipkins acknowledged that Auckland was currently going through a hard time due to the impending Cyclone Gabrielle, on top on the flurry of disasters impacting the region. NZME business commentator Fran O'Sullivan says that Chris Hipkins' appearance at Sunday's welcome reception was a...

The minimum wage is set to rise by $1.50 to $22.70 in April, and businesses have voiced their disapproval. New data from Retail NZ has stated that 88 percent of retailers aren't in favour of this hike, and half of the survey participants plan to cut hours and jobs across stores.  Finance Minister Grant Robertson has defended the minimum wage hike, saying it's the right solution to the current cost...

A technology innovation company are taking ram raid protection into their own hands by 3D printing concrete planter boxes, outdoor furniture and seating. The custom street furniture sits in front of retail stores presenting a hard and solid barrier to deter potential ram raiders. QOROX business development manager Nick Lane joined Mike Hosking. LISTEN ABOVE   See omnystudio.com/listener for privac...

A win for tourism as our local hotel industry thrives, with the sector the most optimistic since the pandemic began. The Tourism Export Council forecasts international visitor levels rebounding to around 2.1 million by the end of May and could approach pre-Covid levels mid 2025. Hospitality NZ Chief Executive Julie White told Kate Hawkesby 2023 is already shaping up to be a bumper year for the ind...

Some Ed Sheeran fans are up in arms, claiming their seats for this weekend's concerts at Auckland's Eden Park have been changed without their permission. Consumer NZ chief executive Jon Duffy told Mike Hosking ticket companies are protected by their terms and conditions. He says if they argue the new seats are actually better, they might not need to compensate people. LISTEN ABOVE   See omnystudio...

Heat pumps the size of a five-storey building could be on the way from Fonterra. It's partnered with German company Man Energy Solutions to tackle its carbon production through greener steam generation. The giant heat pumps would reduce enough to be the equivalent to taking 25,000 thousand cars off the road. Fonterra chief operating officer Fraser Whineray joined Kate Hawkesby. LISTEN ABOVE   See...

Once again the farmers are saving us. In 2022, New Zealand exported $11.4 billion worth of red meat but the meat industry’s global markets started easing from the end of last year. The largest drop was in the Chinese market, with December exports down by 21 percent and UK exports dropped by 53 percent. Meat Industry Association chief executive Sirma Karapeeva joined Mike Hosking to discuss what we...

It's onwards and upwards for New Zealand's hotel sector. 2023 is off to a good start, with strong-forward bookings and high demand for the rest of the year. The Tourism Export Council forecasts international visitor levels rebounding to around 2.1 million by the end of May and could approach pre-Covid levels mid 2025. Colliers National Director Dean Humphries told Mike Hosking it's a welcome sign...

BP, Chevron, Shell, ExxonMobil, and Total Energies all earned $219 billion in 2022. All these major oil companies benefited from the surge in oil and gas prices that followed Russia's invasion of Ukraine. This marks a turnaround for the oil and gas industry, as they suffered profit losses in 2020/2021 following a reduced demand for energy during the Covid-19 pandemic. Liam Dann, NZ Herald business...

Sensible or cynical? Yesterday, the Prime Minister announced the first of the Government's policies it will be scrapping in a bid to win back the support of those who have become disillusioned by Labour's lack of action and incoherent messaging. The TVNZ/RNZ merger has been scrapped for now. The hate speech reforms have gone back to the Law Commission. The Workplace Insurance scheme has gone, and...

Money will not buy you happiness. We’ve probably all said that at some point. Mostly to try and convince ourselves that the fact we didn’t win Lotto is no biggie. "Ahh, all those millions - would’ve been more trouble than they were worth." And ironically, that’s what Harvard University has been saying this week after crunching the numbers on its Study of Adult Development, which has been the world...

The Government has announced the minimum wage will increase by $1.50 to $22.70 an hour from April.   According to the ACT Party, the Government has now made it harder for businesses to take a chance on a young worker who is looking for a chance and are putting another cost on businesses at a time when about 30 percent of retail businesses aren’t sure they will survive the next 12 months. Leader Da...