Best of Business

It’s been a bad day for the Government regarding vaccine mandates. Earlier today, it was announced that the High Court in Wellington ruled that the mandates for Police and NZDF weren't reasonable or justified in a free and democratic society. But it isn't the only area with vaccine mandates they have problems with. The Government has said their mandates would affect 40 per cent of the workforce, w...

New Zealand has joined a majority of the world in sanctioning Russia for the invasion of Ukraine. The sanctions particularly apply to financial institutions, but the key outstanding issue is the debate to bar Russia from SWIFT, the banking system’s international payments system. With industrial sanctions, it affects high-tech areas, which would affect some performance aspects of the military. Busi...

Hong Kong residents are becoming increasingly annoyed with the administration’s insistence on sticking to China's “zero-COVID” strategy as the city posted another record number of cases Wednesday, bristling at ever-stricter regulations and a plan to test everyone for the virus. Schools have already switched to online learning and summer holidays are being moved forward so that the buildings can be...

Hoki season is coming up. Sealord, who farm the hoki, are expecting half the crew they usually have for the upcoming season. Usually they’d employ up to 400 seasonal workers between May and September, but this year, they're going to be grateful to get 200. Sealord CEO Doug Parlin joined Andrew Dickens. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Fonterra is getting our first-ever electric milk tanker.   It's part of the announcement made by the Government for funding for climate friendly vehicle and tech projects.   And Fonterra should be able to charge it at new high powered EV charging stations, also part of the announcement.   Chief Operating Officer at Fonterra Fraser Whineray joined Mike Hosking.  LISTEN ABOVE See omnystudio.com/list...

The Explore Tāmaki Makaurau voucher programme has been a shot in the arm for struggling Auckland businesses.  It's a scheme where you sign up for a voucher to spend on Auckland activities, and registrations are closing today.  More than 220,000 Aucklanders have registered, with 53,000 vouchers used so far.   Auckland Unlimited investment and industry director Pam Ford told Kate Hawkesby three and...

Businesses still expect to feel under pressure in phase three of the Omicron response.  Health officials will now primarily focus on managing high-risk contacts and locations of interest, like aged care homes.   Only cases and their household contacts must isolate for 10 days - with all other contacts expected to monitor for symptoms.   Canterbury Employers Chamber Chief Executive Leeann Watson to...

I’m really starting to wonder why we get so caught up and obsessed with the idea of owning a home.  I do know why and I’ll get to that shortly. But is it really worth all the stress? Really?  All this talk about mortgage interest rates going through the roof after the Reserve Bank started lifting the Official Cash Rate yesterday is one thing.  There are rates, maintenance, insurance - all expenses...

A clear picture of the impact Covid-19 is having on Air New Zealand.  The airline's just posted a statutory loss before taxation of $376 million for the six months to December 31.  Chief executive Greg Foran told Mike Hosking fear's been impacting bookings since the Omicron outbreak began.  He says schedules have been adjusted, with about a third of customers saying they don't want to travel at th...

Expect interest rates to continue rising as the Reserve Bank tries to get inflation under control.  The central bank has upped the Official Cash Rate by 25 basis points to one percent.  Reserve Bank Governor Adrian Orr told Mike Hosking the country's been very fortunate, with strong export prices and business and household balance sheets.  “So we’re in good shape, but interest rates need to go hig...

New Zealanders with mortgages are expected to be hit in the pocket by the latest Official Cash Rate hike.  The Reserve Bank has increased it by a quarter of a percent, to one percent.  Kiwibank chief executive Steve Jurkovich told Mike Hosking the rates borrowers have been enjoying are historically low.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's superannuation fund, as well as ASB and Westpac's growth fund all hold shares in Russian listed companies with ties to the Kremlin.   British and American sanctions on Russian companies therefore might start impacting our KiwiSaver funds.  Barry Coates, chief executive of Mindful Money joined Kate Hawkesby.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Everyone agrees it's not a matter of if, but of by how much, the Reserve Bank raises its official cash rate today.  Commentators are picking a rise of 25 basis points, which means rising a quarter of a percentage point to 1%. However, others wouldn't be surprised to see a rise of 50 basis points, I think, bookies are putting it around 30%.  The reason is that we have inflation galloping away on us...

Kumara rum is something you might not have heard about before.  A new Kiwi start-up called Bayside Rum has launched its first kumara rum - which is done by distilling kumara mash molasses in wine caskets that used to have pinot noir in them.  Egor Petrov is the man behind Bayside Rum - he launched it in just December last year but it's already in some of our most prestigious bars.   Egor joined Mi...

The Reserve Bank's being told to be more proactive when it comes to the Official Cash Rate.  It's expected to lift the rate this afternoon in a bid to combat runaway inflation.  The OCR's currently 0.75 percent and commentators think it will go up by a quarter or half a percent.  Infometrics senior economist, Brad Olsen, told Mike Hosking the Reserve Bank should put the rate up by half a percent t...

A prediction the Reserve Bank will take a cautious approach to the Official Cash Rate.  The central bank releases its latest Monetary Policy Statement, and any change to the rate this afternoon.  The OCR is 0.75 percent, after it was raised by 0.25 percent in November.  Fisher Funds Head of Fixed Income, David McLeish, told Kate Hawkesby he thinks the Reserve Bank will put the OCR up by a quarter...

The Transport Minister says Covid-19 disruptions have affected the Hamilton to Auckland train service.   A report for the Waikato Chamber of Commerce found including the subsidy, it costs more than driving.   It also found on the assumption of one person per vehicle, the carbon emissions are higher per person taking the train.   Transport Minister Michael Wood told Mike Hosking it needs time for p...

The Finance Minister is defending the comparison period for the Government's new business support package. From Monday, some will be eligible for up to $24,000 over six weeks.   They have to prove a 40 percent drop in revenue over seven consecutive days within the six weeks before phase two of the Omicron response, compared to after.   Grant Robertson told Mike Hosking they've always done the paym...

A hospo boss says new government help doesn't go far enough.   A targeted payment will help some businesses struggling with revenue loss due to Omicron. To be eligible, they must show a 40 percent drop in revenue, since moving to phase two.   Lone Star Chief Operating Officer Paul Steiner told Kate Hawkesby while it's great there's support, it doesn't address the problem of staffing.  “The bigger...

Restaurants aren't completely sold on the new support dished up by the Government.   From Monday, a six-week payment will be available for Omicron-hit businesses that can prove a 40 percent revenue drop.   Auckland Restaurant Association president Krishna Botica told Mike Hosking it's unclear how much help that will actually provide businesses that are struggling to survive.  “The jury is out, we’...

Hong Kong's hospitals reached 90% capacity on Thursday and quarantine facilities were at their limit, authorities said, as the city struggles to snuff out a record number of new COVID-19 cases by adhering to China’s “zero tolerance” strategy. To ease the strain on the city's healthcare system, officials said they will take a different approach to hospitalization and isolation policies and allow so...

Some businesses are still struggling to access Rapid Antigen Tests. In Wellington there's only one pick up point for the tests for healthcare and critical workers. Food and Grocery Council CEO Katherine Rich told Heather du Plessis Allan it's only open for two hours and the system is counterintuitive. “It actually makes more sense for many to buy your own kit because accessing the free one costs t...

Fonterra is making changes to the Global Dairy Trade’s ownership structure. They’re selling a 33 percent stake to the NZX and also might be selling some to the European Energy Exchange. Business commentator Rod Oram joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Keep New Zealand Beautiful has released its annual list of the most beautiful towns and cities, with Whakatane the overall winner. Kaitaia and Taupo won the small and large towns respectively, and Hastings and Wellington took out the small and large cities. Keep New Zealand Beautiful CEO Heather Saunderson joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy inform...

A big development in the ongoing sports streaming battle. Spark Sport has lost the English Premier League rights to Sky TV. Sky will air all 380 Premier League matches per season for six years from the 2022-23 season, which starts in August. Jarden Head of Research Arie Dekker joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.