Best of Business

SkyCity says hospitality's still challenging under a red light, but is grateful for some certainty.  Auckland will be given the orange light just before midnight on December 30.  Other regions in red will move to orange then too, apart from Northland.  SkyCity Entertainment Group CEO Michael Ahearne says told Mike Yardley the cap on numbers is tricky under red, but trade has picked up and restaura...

Grant Robertson's defending the decision to keep Auckland in red for another two weeks.  The region along with other red regions, except Northland, will move into orange at midnight on December 30.   The Deputy Prime Minister says [told Heather du Plessis-Allan] they are continuing their cautious approach.  “There is still thousands of active cases being managed in Auckland, and we just want to gi...

December is one of the biggest months for New Zealand hospo, so why isn’t Auckland moving to orange in time?  A survey of 1,000 people showed New Zealanders are not wanting to wait for Māori vaccination rates to go up before restrictions start to ease.   The thoughts surrounding the prime minister's comments on house prices.   LISTEN ABOVE as Trish Sherson and Matthew Tukaki discuss this and the r...

The Act Party has proposed a tax cut for all high- and middle-income earners.  It's one of a number of policies detailed in a discussion document the party has released today.  The aim of the cut is to help "kiwi battlers" keep up with the rising cost of living.  Act Party leader, David Seymour, joined Heather du Plessis-Allan.   “We actually don’t think it’s radical to be honest, me being me I’d...

Christchurch city councillor, Phil Mauger, has just purchased a 150-thousand-dollar hydrogen powered SUV.  But he's a got a problem.   There's nowhere in the entire South Island where he's able to fill it up. And the kilometres left on it are ticking down.    Phil Mauger joined Heather du Plessis-Allan.   “This is exciting technology for New Zealand, I always like to be at the front of something d...

Concerns for Northland businesses.  Because of low vaccination rates, the region will stay in "red" Covid settings until at least January 17.   Northland Chamber of Commerce Chief Executive Steve Smith told Heather du Plessis-Allan he's worried it'll put off visitors.  “We really want to see those Aucklanders and other New Zealanders that have been coming here for decades for their summer holidays...

The booming housing market hasn't only benefited homeowners. It's estimated real estate agents have earned $2 billion in commission over the past two years. The rising sales have seen a new rush of people signing up to become real estate agents. Harcourts Cooper & Co Managing Director Martin Cooper told Mike Yardley the market performed better than expected after the lockdowns. “I’ve had my real e...

Work on the world's first-ever floating city is set to get underway next year.  Backed by the United Nations, the green light has been given for the flood-resistant ocean city off the coast of South Korea.  The project is spearheaded by company Oceanix.   Oceanix co-founder and CEO Marc Collins Chen joined Francesca Rudkin.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

A Tauranga greengrocer has become world-famous for his list of rules he sets for his staff. A disgruntled parent of a former employee posted the list on Twitter and The Sun, The Mirror and Daily Mail did their bit to share it around. On the list are warnings like “Life is not fair.. get used to it!” and “You will not make $60,000 a year right out of high school. You won’t be a vice-president with...

Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to "restricted default," meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company's inability to pay interest due earlier this week on two dollar-denomi...

By RNZ Campervan and tourism company Tourism Holdings Limited (THL) has entered into an agreement to acquire Australian tourism company Apollo Tourism & Leisure. THL would fund the purchase through an issue of shares, with one THL share offered for every 3.68 Apollo shares held by the Australian company's shareholders. The merged entity would be owned by approximately 25 per cent of Apollo's share...

Auckland Transport is being criticised for a cycleway plan costing $8m per kilometre.  More than $144 million out of a billion-dollar city Council climate package will go on 18 kilometres of cycle infrastructure.  It's much pricier than Wellington's bike cycle plans at 1.5 million dollars a kilometre.  Greater Auckland advocacy website’s editor, Matt Lowrie joined Kerre McIvor.  “This 18 kilometre...

Director of JMI Wealth, Andrew Kelleher joined Mike Hosking to talk Fonterra and EBOS, as well as a wrap of the financial year. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A bit of both ways from the tourism sector.  It wants New Zealanders travelling this summer while at the same time, keeping safety front of mind.  Several organisations and businesses in Bay of Plenty's Ōpōtiki district are backing a call from the local iwi and council for people to stay away.  Businesses in some remote communities in the East Cape and Northland are supporting similar calls.  Tour...

The screen industry's being encouraged to make more local content.  The Government's launched a review into how it funds parts of the sector.   Review objectives include developing a more sustainable and resilient sector, while supporting better pay, conditions and improved career pathways.   Film Commission Chief Executive David Strong told Mike Hosking they need to be competitive.  “The fact is...

It's now up to the Government to decide whether to accept a major change to the structure of New Zealand's largest company.  Fonterra's farmer shareholders have overwhelmingly backed a change to its capital structure.  It would reduce the number of shares farmers need to hold to join the co-operative, and aims to discourage farmers from selling their surplus shares to non-farmers through the share...

Export volumes are expected to grow next year but global supply chain issues are predicted to get worse before they get better. ASB’s Trade Disruptions Report says consumers will likely feel the effects of supply chain disruption well into next year. NZ Herald Business Editor at Large Liam Dann told Heather du Plessis-Allan the report is a sign of times we’re going to have to keep track of what’s...

By RNZ Fonterra farmer shareholders have voted overwhelmingly in support of a plan to revamp the co-operative's capital structure. It is one of the biggest votes in the co-operative's history. The structure had been proposed because the co-operative is concerned that as milk production falls, more farmers will look to sell their surplus shares to non-farmers in its associated shareholders fund. Th...

BusinessNZ has rejected the Government’s offer for them to play a role in the Fair Pay Agreements Scheme. Chief Executive Kirk Hope told Mike Hosking the proposed system is fundamentally flawed. But Workplace Relations and Safety Minister Michael Wood says BusinessNZ’s refusal won’t impact the rollout of the scheme. Michael Wood joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/list...

Workplace Relations Minister Michael Wood is trying to pretend it’s not a big deal that BusinessNZ has pulled out of the Fair Pay Agreement system. Be in no doubt, this is a big deal. This is a massive spanner in the works for the Minister’s big project. The way the Fair Pay Agreement system was supposed to work was that — if you got 1000 workers in one sector or 10 per cent of the workforce, whic...

Wellington Business Editor Hamish Rutherford joined Simon Barnett and James Daniels to discuss BusinessNZ's decision to withdraw from the Government’s Fair Pay Agreements scheme. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A cafe in Wellington, Elements, has decided to pivot from sit-in dining to takeaways under the Traffic Light System.  Under the new system, hospitality operators have to require customers to show their vaccine passports if they are going to have people inside their cafes.  Elements has decided not to do that and instead operate as takeaway only, while also running a small retail store.  But owner...

Any pretence that Hui Ka Yan, once China's richest man, remains in control of events at China Evergrande Group ended this week as state representatives took the majority of seats on a new risk management committee established by the heavily indebted developer.  In a statement issued on Monday night after shares in Evergrande fell to a record low in Hong Kong trading, Hui said the new committee wou...

Labour's flagship industrial relations policy is being criticised for being out of touch with modern ways of working.  Business New Zealand's refusing to take part in the creation of Fair Pay Agreements, claiming they're unlawful.  Chief Executive Kirk Hope told Mike Hosking they mean a small employer in Te Awamutu, for example, would be part of a national collective and would have no control over...

An investment into development for a sector that is rapidly growing that will help deliver thousands of jobs and more than a billion to the economy.   Resource consent has been approved for a new $280 million Silverlight Studios film studio development near Wānaka.  It will involve a film school, screening theatre and exhibition centre, cafes and restaurants while they are also considering an appl...