Best of Business

Companies in Shenzhen, a major Chinese business center, will be allowed to reopen while efforts to contain coronavirus outbreaks progress, the government said Thursday, following a citywide shutdown that rattled financial markets. Testing of everyone in the city of 17.5 million people is “progressing smoothly,” said a deputy mayor, Huang Qiang, at a news conference. He said 71 new cases were found...

A call for more employer transparency. Parliament's Education and Workforce select committee says the Government should consider making it compulsory for employers to post starting salaries when advertising jobs. It says this could help alleviate the gender pay gap and decrease the information imbalance between employers and employees.   But BusinessNZ says it won't work. Chief Executive Kirk Hope...

The strain supermarkets are under due to Covid could be starting to ease. Foodstuffs North Island CEO Chris Quin says they're feeling like they're through the worst of it. He told Mike Hosking since January 23 at peak they've had 1100 of their team unable to work due to Covid.   Quin says they're now down to under 500 in that position, and only 40 of those are from supply chain teams.  LISTEN ABOV...

An MIQ hotel has promised workers the living wage once it goes back to hospitality.  Managed Isolation and Quarantine will be a four hotel operation by the end of June, but there's been concerns they'd be dropping back to a lower pay rate.  Rydges Auckland has confirmed it will pay workers the Living Wage of $22.75 permanently.  Unite Union National Secretary John Crocker told Tim Dower they're no...

The Finance Minister is describing the latest GDP figure as solid.  New Zealand's Gross Domestic Product rose three percent in the December 2021 quarter, following a 3.6 percent drop in the September quarter.  The increase was below bank economists' predictions.  Grant Robertson told Mike Hosking it's still a good result.  He says the past few times we've rebounded from difficult periods with rest...

GDP rose by three percent in the last three months of last year, a lower figure than most economists had forecast but ahead of Reserve Bank expectations.  It follows a 3.6 percent fall in the previous three months.  The rise has come as Covid-19 restrictions loosened.  To discuss, Kerre McIvor was joined by NZ Herald Business Editor at Large, Liam Dann.  LISTEN ABOVE See omnystudio.com/listener fo...

Air New Zealand's glad it will soon be able to welcome Australians and travellers from the rest of the world.  Vaccinated Aussies can come here from April 13 while those in other countries with relevant visas, can visit from May 2.  Air New Zealand chief executive, Greg Foran, told Mike Hosking flights to and from Australia made up 15 to 20 percent of its business pre-Covid.  “To get the Tasman ba...

New Zealand will need to step up its marketing to Australia, ahead of our border opening to them.  Vaccinated Australians can come here from April 13 and those in other countries with relevant visas can come here from May 2.  Travel marketing consultant, Trish May, told Kate Hawkesby Tourism New Zealand has been keeping the name of New Zealand in the minds of the Australian consumer.  And she says...

Fully-vaccinated tourists will be allowed into the country sooner than expected.  Our newsroom understands travellers from Australia could be set to arrive - without the need for managed isolation - as early as next month.  Visitors from other countries which New Zealand has visa waver arrangements with, like the United Kingdom, will be able to come in the weeks after that, followed by all other c...

The Government is set to keep a close eye on the fuel price situation after temporarily trimming the tax take.  It's cut fuel excise duties and road user charges by 25 cents a litre for three months.  Prices for 91 in Auckland this morning range from $2.64 to $3.26.  Energy Minister Megan Woods says they'll be monitoring what's happening.  She told Mike Hosking there'll be more details in the comi...

Fuel prices have been slashed by 25 cents a litre to help combat rising prices.  Motorists will be lining up to fill their tanks today as the discount came into effect at midnight.  Questions are being raised as to whether it will help those dealing with a cost of living crisis.   New Zealand Initiative chief economist Dr Eric Crampton joined Kate Hawkesby.  LISTEN ABOVE See omnystudio.com/listene...

Your unruly property in central Christchurch could be about to be slapped with a huge new rates bill.   After a number of complaints about unsightly or overgrown sections, the council is proposing to charge landowners four times their regular rates if land is not being used or developed.  However, it would also work the other way - rewarding those who kept their section tidy with a rates reduction...

The fuel companies appear to be playing ball.  Fuel excise duties and road user charges have been cut by 25 cents a litre each for three months.  Prices appear to have fallen as a result  Gull New Zealand Manager Dave Bodger says [told Mike Hosking] the move is a game changer.  He says when they have monthly discounts of up to 20 cents a litre off, they get queues out the door.  “25, it’s actually...

Small businesses want the red tape cut out of the economy.  A new survey of Australian and New Zealand sole traders found a growing number of traders concerned about the health of the economy.  It also suggests people want simpler rules around doing business rather than additional government support or extra funding.  Hnry Chief Executive James Fuller told Kate Hawkesby small operators want change...

The Commerce Commission came out with its final report into supermarkets this week. Many have questioned just how much will realistically change with the tweaks that have been recommended and how long it will take. One of these tweaks will be a code of conduct to settle disputes between suppliers and supermarkets, where there will be a third party to go to. Business commentator Rod Oram joined And...

The cost of vegetables seems to be going through the roof for certain vegetables. With cabbage, broccoli and cauliflower reaching astronomical prices, you might want to think again about growing these vegetables. Vegetable growers say it’s an unviable profession more and more. It appears to be down to energy costs doubling in the past year, increasing minimum wage, and how costly farm audits are....

Facebook and Instagram have hate speech guidelines, but they're being quietly relaxed when it comes to Vladimir Putin and the Russian military. According to Reuters, moderators have been told not to take action against Facebook and Instagram users in a number of countries if they call for the death of Putin or Russian soldiers, so long as it’s related to the invasion. Credible threats of violence...

Between Chris Luxon and ANZ, the National Party in a single week have reshaped the political debate and increased their chances of winning next year by a lot, if not exponentially.  Luxon was back into it yesterday, talking up tax cuts and slack government spending, he is onto a winner.  ANZ came to his aid with their forecast of inflation at 7.5 percent, the Reserve Bank upping interest rates at...

Employers may need to reevaluate their thinking around vaccine mandates.   The Public Service Commission is advising government departments and agencies to ‘pause’ the dismissals of unvaccinated staff.   Fonterra has now opted to scrap its vaccine mandate, as long as employees commit to a daily testing programme.  Employment law expert Alastair Espie told Mike Hosking businesses need to think abou...

There are predictions petrol will hit $4 a litre, as the invasion of Ukraine and sanctions against Russia push up commodity prices across the board.  Z Energy Chief Executive Mike Bennetts told Mike Hosking it would imply crude oil would be more than $USD200 a barrel, which we've never seen before in the world's history.  He says it's not impossible, but would certainly be out there.  Bennetts say...

The Auckland Business Chamber says isolation rules for household contacts are a waste of human capital.  From midnight Friday, Covid-19 cases and their household contacts will only need to isolate for seven days.  But Chamber chief executive Michael Barnett says he'd like businesses to be able to treat all workers as critical - let them test every day before going to work.  He told Mike Hosking ha...

A suggestion there's not too much of an appetite for an even shorter isolation period.  Covid cases and household contacts only have to isolate for seven days, from midnight Friday - with contacts testing on day three and seven.  EMA Head of Advocacy Alan McDonald told Kate Hawkesby while the business community would like it to be less, there's a large chunk of the population still worried about l...

A new startup company considers themselves the "Tinder for barns"  Called Heybarn, the idea is that rural and lifestyle property owners that have free shed space, can rent out that space for Kiwis who need more room.  They can "match" online, and despite being early days, the startup is seen as a world first.  Heybarn co-founder Tom Brownlie joined Kate Hawkesby.  LISTEN ABOVE See omnystudio.com/l...

The little guy is using leverage on one of the largest public companies in the world.   UK company Unilever has agreed to publish more rigorous data on fat, sugar and salt in their products after a minor shareholder forced a resolution.   Shareaction, a Ginger Group charity, got enough shareholder backing to force the changes after a review found that only 17% of Unilever's food and drink sales we...

Concerns at the length of time it may take for changes to the supermarket industry to bring prices down.  The Commerce Commission's final report recommends Woolworths and Foodstuffs offer wholesale supply to other grocery retailers on a voluntary basis.  It also recommends helping consumers make more informed purchasing decisions and enhance competition at the retail level, by introducing mandator...