Best of Business

A Kiwi jeweller has made a huge leap in the technique of diamond setting. It’s thought to be the first major development in the field since 1886. Kiwi jeweller and founder of The Village Goldsmith Ian Douglas has been trying to figure out how to set diamonds without needing metal claws to hold them in the first place. After decades of research and development, he’s perfected the floating diamond s...

There are lots of questions over the new red and orange lights that will divide the country on Friday. Deputy Prime Minister Grant Robertson told Heather du Plessis-Allan in the transitional phase, the Government wanted to start with Orange. "We will look at it again in the New Year in terms of moving to Green, but not before Christmas, therefore we don't want to jump around." LISTEN ABOVE See omn...

Black Friday has morphed into Cyber Monday.  Consumer advocates say that in the Black Friday sales over the weekend, more than one in 10 products had fake sales and one in five increased their price.  Retail X Managing Director Juanita Neville-Te Rito told Mike Hosking if the sale seems too good to be true, it probably is.  She says it's in New Zealanders' DNA to expect a bargain.  “There’s actual...

This week, an application was launched by news publishers to the Commerce Commission for approval to collectively bargain with Facebook and Google over payment for their use of New Zealand journalism.  Managing editor of the NZ Herald Shayne Currie joined Francesca Rudkin.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Lush is bailing on social media   They've deleted all their content from Facebook, Instagram, Snapchat and TikTok saying they'll stay off those social media channels globally until the platforms ensure a safer environment for their users. They're saying goodbye to strong marketing channels with 659,000 Instagram followers, 275,000 Twitter fans and more than 1 million Facebook followers. They say t...

Chinese tech giants including Alibaba Group and Tencent Holdings were fined last Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party. The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration,” according to the State Administration for Market Regulation. Each viola...

Business commentator Rod Oram is back from COP26 in Glasgow. He joined Heather du Plessis-Allan to discuss his thoughts on COP26 and what he thinks the conference actually achieved. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand news publishers want to be able to negotiate a better deal with Facebook and Google, who are regularly accused of stealing their content. They have asked the Commerce Commission for approval to collectively bargain with these tech giants. NZ Herald Business reporter Damien Venuto, who’s been speaking with Facebook and Google joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio....

The closure of Kiwi YHA hostels is a massive blow to tourism. Due to financial difficulties, the eleven hostels will close from December 15. Haka Tourism has used the YHA hostels for its multi-day tours for the last few years. General Manager Eve Lawrence told Kerre McIvor the YHA had an amazing holding in New Zealand, knowing what clients want and need. “In some of the regions, this is gonna be a...

This week's border announcements have spurred a surge of international travel bookings.  Air New Zealand's seen 25-thousand international flight bookings since Wednesday.  From January 17 vaccinated Kiwis travelling from Australia can skip MIQ, subject to a negative covid test.   They'll have to isolate at home.   From mid-February New Zealanders from other countries can do the same  Air New Zeala...

Adrian Orr thinks house prices will drop over the next year.  The Reserve Bank Governor and his colleagues have increased the Official Cash Rate to point-75 percent, partly to deal with ballooning house prices.  Orr said what people are having to pay is well above sustainable levels but will decrease as significant supply comes on stream.  He told Mike Hosking that's despite constraints on buildin...

The retail sector is in for a much-needed boost today.   The industry is set to make about 270-million dollars from Black Friday sales.  Retail NZ Chief Executive Greg Harford told Kate Hawkesby he's hoping Kiwis will get out and support businesses.  “It could really be busier than Boxing Day. Black Friday has become a really significant part of the shopping calendar.”  LISTEN ABOVE See omnystudio...

Black Friday is tomorrow, but it feels like most of the sales have started.   So what products are worth buying tomorrow? And how do we not end up getting duped by all this?  Tech commentator Jordan Tini joined Heather du Plessis-Allan on how to not to make a fool out of yourself.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's disappointment overseas visitors will still need to self-isolate next year.  Fully vaccinated travellers will be able to come here, bypassing MIQ, from April 30.  They must still self-isolate for seven-days.  Haka Tourism General Manager Eve Lawrence told Mike Hosking the Government needs to get rid of the isolation requirement.  “Off-shore travel partners just simply will not sell New Zea...

A rollercoaster ride for house prices is expected following a lift to the Official Cash Rate.  The Reserve Bank has raised the rate to .75 percent.  JMI Wealth director Andrew Kelleher told Mike Hosking the central bank expects inflation to reach nearly six percent, then decline mid-next year.  He said the bank's forecasting Gross Domestic Product to bounce back, and wage growth to be higher.  “Ho...

A plan for a Social Unemployment Insurance scheme is set to be released by the Government and could be a saving grace for those unemployed.   It would mean if a person was laid off, they'd receive 80 percent of their income for an undisclosed period of time.  It would be funded by a levy of between one and two cents for every dollar earned by employees, and similarly for employers.   Business New...

Cosmetics brand Lush has removed of all its social media platforms, including Instagram, Facebook and Snapchat.   The retailer says social media is a place no one should be encouraged to go and visit.   In order to return to the platforms, Lush wants them to introduce best practice guidelines and have international regulations.   Mike Lee, Associate Professor of Marketing at Auckland University, j...

Kiwirail Group chief executive Greg Miller has resigned, effective immediately, due to the distraction of allegations in the media, which he denies.   The acting chair of Kiwirail today announced that Miller said the allegations have become such a distraction, that he has decided that it was in the best interest of him, his family and Kiwirail to step down.   Hamish Rutherford is the Herald's Well...

The developer of a big new housing development in south Auckland is disappointed and surprised that it got turned down by Kāinga Ora.   The development is somewhat futuristic, think no cars or carparks, an electric shuttle fleet for transport people within the development and links to a local train station.   Chris Meehan is the CEO of Winton and he joined Heather du Plessis-Allan.  LISTEN ABOVE ...

A suggestion the Official Cash Rate is going up too slowly.   The Reserve Bank has lifted it to 0.75 percent, up from 0.5.  Independent economist Tony Alexander told Heather du Plessis-Allan what's happening now is similar to events between 2004 and 2008.  “When they increased interest rates, but they did it to slowly and in the end they had to cause a recession in our economy in 2008 with mortgag...

In an interesting move from Rotorua's Red Stag Timber, the company will pay back the wage subsidy it received last year, but not to the taxpayer.   Instead, it will give every vaccinated employee $3000 for Christmas.   Marty Verry is the CEO at Red Stag, and he joined Heather du Plessis-Allan.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Jamie Gray's piece in Monday's New Zealand Herald detailed what the Reserve Bank will do with the $55 billion in New Zealand Government bonds now Quantitative Easing is over.  There seems to be consensus the Reserve Bank will increase the Official Cash Rate today - but the question is, by how much?  Governor Adrian Orr will be making the announcement at 2pm, along with the Monetary Policy Statemen...

An admission from the Government, that the "vaccine pass" system will rely on trust, rather than enforcement.  Under the traffic light system, vaccine passes will be required for a range of activities.  The Ministry of Health says venues must scan vaccine passes with the official Verifier app before allowing entry, but Jacinda Ardern says businesses can simply "sight" the passes without scanning t...

Interest rates are set to rise again, with the Reserve Bank tipped to raise the Official Cash Rate this afternoon.  The central bank is releasing its latest OCR decision and Monetary Policy Statement at 2pm.  It increased the OCR by 25 basis points last month after it had remained unchanged at a record low point-25 percent for 18 months.  Mortgage broker Sue Tierney told Mike Hosking another rise...

New Zealand is set to reap billions of dollars in benefits, thanks to a new travel and trade route.  A New Zealand China Council-commissioned report has found a route linking Asia to South America via New Zealand could bring close to 1.9-billion dollars over 10 years  Executive Director Rachel Maidment told Kate Hawkesby it would benefit our e-commerce, tourism and education sectors.  “There is go...