Best of Business

A view that small businesses may suffer and not be able to survive if the Government's surcharge ban comes into play.  Commerce Minister Scott Simpson announced the ban on surcharges like PayWave will be in place by May next year.   In an open letter, 36 Chambers of Commerce, industry and business associations warn the ban will just be passed on through increased prices.  North Cham...

Business leaders aren’t sugarcoating their messages for the Government.   The Herald's annual Mood of the Boardroom survey shows business leaders are less optimistic about the economy than they were a year ago.  Only a third of respondents back the Government's current growth agenda.  Forsyth Barr Managing Director Neil Paviour-Smith told Mike Hosking concerns are being expressed ab...

A group of Southland farmers say there is a way to profitability for Alliance Group without selling off 65 percent of the co-op. Alliance shareholders are set to vote on whether to accept a deal from Irish company Dawn Meats, which was offering $250 million for a share in the New Zealand co-operative. The Country's Jamie Mackay weighed in on the offer - and whether Alliance Group is likely to cons...

Business NZ says the Government's making workers leave simpler and more cost-effective. It's announced a new hours-based annual and sick leave accrual system, including flexibility of being able to take only the hours needed off work rather than a full day. It'll also mean part-time workers will no longer have a minimum sick leave entitlement. Business NZ's Paul Mackay says leave's always been acc...

There's hopes new changes around leave entitlements will mean employers can focus on their core business. The Government has announced a new hours-based annual and sick leave accrual system as well as the right to take bereavement leave from day one. The changes also mean part-time workers will no longer have a minimum sick leave entitlement - it'll instead be calculated by hours worked. Workplace...

Speculation is building on who'll be the next Governor of the Reserve Bank, and the Government is due to make an announcement tomorrow. A source has told Bloomberg the new Governor is a woman - and is from overseas. Speculation has centred on the Bank of England's Sarah Breerdon. Newstalk ZB reporter Azaria Howell speculates ahead of the big announcement.  LISTEN ABOVE See omnystudio.com/list...

Businesses are hopeful an overhaul of the Holidays Act will give them clearer leave guidelines.  The Workplace Minister will announcing a change to the 2003 Act today.  Business Canterbury CEO Leeann Watson told Francesca Rudkin the current legislation is far too complex.  She says businesses have almost needed an advanced calculus degree to meet their obligations.  LISTEN ABOV...

Genesis Energy has struck a two-year deal with New Zealand mining company BT Mining to supply 240,000 tonnes of coal to its Huntly Power Station. The deal equates to BT Mining providing 10,000 tonnes of coal a month to Huntly, which supports the hydro-dominated electricity system. BT Mining chief executive Richard Tacon explained how this deal will boost the local economy. LISTEN ABOVE See omnystu...

Nicola Willis says there's been a clear message to all ministers - we don't want the billions recently allocated for infrastructure sitting in Government bank accounts. A small scale hospital project announcement yesterday and a school property maintenance announcement today have both talked up the boost they'll give the construction sector in the coming 12 months. The Finance Minister says they w...

Back in 2022, investigative reporter Sönke Iwersen received 100 gigabytes of confidential leaked data from a whistle-blower inside Tesla.  The files detailed dangerous autopilot software errors, a high number of workplace accidents in Tesla’s factories and a culture of fear within the company.  Iwersen's investigation is now a book called The Tesla Files: Inside Elon Musk's Empire of Pow...

New reports show the economy is worse off than previously thought and it's sparked debate about what - or who - is to blame. GDP data shows the economy shrunk 0.9 percent in the June quarter - a more significant dip than the 0.3 percent forecast by the Reserve Bank and similar figures from most economists. Newstalk ZB political reporter Azaria Howell says economic conservatives are calling for a b...

The Auckland apartment market is so dire that a developer is renting instead of selling all the units in one new block. Ockham Residential CEO William Deihl said all the new 10-level 77-unit Whetū in Pt Chevalier would be rented, not sold - sparking discussion about whether apartments have value in the current market. Mt Hobson Group urban planning expert Hamish Firth says apartments can still sui...

How is it that we are having a conversation today about whether Nicola Willis needs to quit her portfolio because of yesterday's shock GDP number? This is crazy.  What happened yesterday is not Nicola Willis's fault. It is the Reserve Bank's fault. It is not a matter of opinion. It is a fact. The Reserve Bank ratcheted up the official cash rate to slow down the economy and engineer a rec...

China's economy continues to slow down after months of decline, and retail sales and industrial production are at their lowest levels of the year.  Falling property prices are also to blame, with house prices in Beijing down 19% from last year.  Asia business correspondent Peter Lewis says that despite this downturn and the trade war with the US, China's exports have kept at a steady lev...

The US Federal Reserve has cut interest rates for the first time since December.  It's a 0.25 point drop, much lower than US President Donald Trump wanted.  Sam Dickie from Fisher Funds explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The GDP drop has sparked concern among experts, and it's prompted many to update their economic outlook. GDP's fallen 0.9 percent in the June quarter - much further than the Reserve Bank and all economists had been expecting. Westpac Chief Economist Kelly Eckhold says Q3 indicators are already looking better, but the bank's upgraded their October OCR call. "We upgraded our October call from a 25 p...

Well, I think it's fair to say that the GDP print has come in at something of a shock. The Reserve Bank was picking a contraction of 0.3 percent. The consensus was a contraction of 0.4 percent. The worst-case prediction from one of the banks was a contraction of 0.5 percent. It's come in at a contraction of 0.9 percent, which is basically twice as bad as most of us thought. Now, the immediate prob...

Nicola Willis says uncertainty over Donald Trump's tariffs drove down GDP in the June quarter. But the Finance Minister admits has admitted she was surprised to see the economy's contracted 0.9 percent. She says there was consensus that GDP would drop, but most forecasts had it at 0.3 percent. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Tesla today announced its Full Self-Driving (FSD) service has now been activated in New Zealand and Australia. Both countries are the first right-hand drive markets to access this technology, which had previously been kept inactive until now. Kiwi motorsport driver Greg Murphy has raised concerns about this, given Tesla's record. "Tesla haven't got a clean record when it comes to the autonomous ve...

New Zealand's economy has been shrinking much faster than experts anticipated, according to new reports. Latest data from Stats NZ shows GDP dropped 0.9 percent in the June quarter after two quarters of growth. Infometrics Principal Economist Brad Olsen says the uncertainty around Trump's tariffs created a ripple effect that's showing through a number of industries. LISTEN ABOVE  See omnystud...

Christchurch-headquartered Brooksfield Homes is looking to bring a new style of townhouse to Auckland.  Reports claim the company's planned eight new Pt Chevalier homes on two sites, with a projected end valuation of $11.6 million. Brooksfield Homes managing director Vincent Holloway says a lot of people want to live in similar heritage properties found in Grey Lynn or Ponsonby - but prices k...

New GDP figures are set to be unveiled tomorrow, and there's concerns from experts that the economy is struggling. The upcoming GDP data is projected to show an economy under pressure, as earlier forecasts of an incoming rebound look less and less likely. Newstalk ZB senior political correspondent Barry Soper says the Finance Minister is trying to soften the blow and put things in perspective. LIS...

There's concern South Waikato's Tokoroa is facing another factory closure, with more than 100 jobs on the chopping block. Carter Holt Harvey is looking at closing its plywood manufacturing plant, the company has told staff. South Waikato mayor Gary Petley says he doesn't know all the details, but it's another blow for the region. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The influence of the New Zealand-made label appears to be decreasing as more consumers prioritise price.  Wattie's is ending some of its contracts with Hawke's Bay peach growers and says more people are choosing imported alternatives.  It says the demand for New Zealand-grown peaches has seen a steady decline in recent years. Consumer NZ Acting Head of Research and Advocacy Jessica Walke...

First of all, can I start by offering an apology to TVNZ? I gave them a bit of grief last night for starting the news bulletin with the peaches, but it turns out I was wrong and they were right. This has sparked a flurry of debate over whether we prefer our Wattie's peaches from Hawke's Bay or whether we don't really care if it comes from China or not.  It's also prompted a statement fro...