Best of Business

US Federal Reserve chair Jerome Powell has indicated rate cuts could be on the cards soon. Powell indicated the tariffs were making an inflationary impact, but he explained the impact could still be temporary. Harbour Asset Management's Shane Solly explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Campervan company Tourism Holdings has reported a bottom line net loss, which they're claiming reflects the economic situation in the US. Despite the weak results, the company's hopeful about incoming future growth, which is supported by  forward rental bookings showing double-digit percentage revenue growth in all markets except the US Tourism Holdings CEO Grant Webster explained further. LI...

I'll tell you what I found interesting over the last few days it's the enormous surprise at the start, and now the debate about Chris Bishop saying it's a good thing that house prices are falling. He was asked about this on Friday and he said, yes, it's a good thing and that we've got to decouple the idea that the New Zealand economy is driven by house prices - labelling it 'artificial wealth...

A private Australian firm has bought a majority stake in the famous Kiwi peanut butter firm Pic’s. The hugely successful Nelson-based company is now 51.3 percent owned by Melbourne-based Scalzo Foods, with founder Pic Picot keeping the rest. Picot says he's happy with this move, as the company needs the extra money. "We have big plans and we were getting sort of stuck with a bit too much debt - an...

A banking expert believes changes to capital requirements would impact home loans and other lending. The Reserve Bank's seeking feedback on proposals to lower the requirements. The Government is concerned the current settings are inhibiting economic growth.  Head of Massey University's Finance school, Dr Claire Matthews, says a lot of people have said the bank's gone too far with those requir...

Prime Minister Chris Luxon recently claimed he wants a constant flow of events to draw in international guests in order to stimulate the economy. This follows big names in the tourism sector, like Sudima Hotels, calling for further investment into major events.  Eccles Entertainment founder Brent Eccles says the nation's major events fund has only covered sporting events, not concerts. "It's...

Parliament's finance and expenditure committee released the findings of its banking inquiry today, making 19 recommendations - 14 of which have cross-party support.  It concluded there is no silver bullet for more competition in the sector.  Committee member Todd Stephenson saysthe first step is reducing barriers to entry.  He says a large part of that is capital requirements for ne...

Fonterra is confident farmers will vote to sell major brands like Anchor and Mainland.   It's reached a deal to sell its consumer and associated businesses to French dairy giant Lactalis for $3.845billion.  The deal still needs the approval of shareholders.  Fonterra Chief Executive Miles Hurrell told Heather du Plessis-Allan that the offer is above expectation, and there will be a...

While experts are weighing up the results of US-based tech giants, one Chinese company is dominating markets. Tencent is a Chinese multinational technology conglomerate - and one of the highest-grossing multimedia companies in the world based, on revenue. Sam Dickie from Fisher Funds explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Fonterra has increased its farmgate milk price forecast for the 2024/25 season to $10.15 per kg of milksolids from $10.00/kg, and has narrowed its forecast range for the current season. The forecast range for 2024/25 has narrowed from $9.70-$10.30 per kilo of milk solids (kgMS) to $10.10-$10.20/kgMS, with the final price to be released alongside the co-op’s final result, due in September. The Coun...

SkyCity is pushing forward with a new capital raise, after confirming a significant drop in profit. Underlying profit's plummeted 42 percent, according to new reports. Costs have also been rising, particularly for regulatory compliance, online gaming, and the soon-to-open Auckland convention centre. SkyCity CEO Jason Walbridge says he believes they're acting in the best interests of the company -...

There's belief the job losses at the Eves Valley Sawmill will have a significant impact on the area.  Manufacturing company Carter Holt Harvey is proposing to close the mill, which would result in 142 jobs lost. It's wanting to consolidate its structural timber manufacturing to one site - in Bay of Plenty's Kawerau. Tasman mayor Tim King, lives next door to the mill and says there's no chance...

Workers are now able to speak freely about their salaries, and it's got experts speculating about what this means for Kiwis. The House passed a new law last night preventing employers from taking legal action against workers talking about their pay.  The bill, introduced by Labour's Camilla Belich, essentially renders pay secrecy clauses unenforceable.  Employment lawyer Jordan Boyle say...

Will the latest cut to the Official Cash Rate provide some much-needed stimulus to the business sector?  The central bank's cut the OCR 25 basis points to 3% and is signalling more are possible.  It's recognised unemployment is high, and businesses aren't producing as much as they could.  Prospa Managing Director Adrienne Begbie told Mike Hosking that while some people were hoping f...

UK inflation figure rises in data just released, and it's prompted concerns among experts. The 3.8 percent rise in inflation over the 12 months to July this year is the largest increase in inflation since January 2024. UK correspondent Gavin Grey explains what this means for the economy. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank cut the OCR by 25 basis points to three percent today, but the markets still saw some surprises. Today's cut was divisive, with 2 of the 6 committee members voting for a 50 basis point cut. Remy Morgan from Milford Asset Management explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The longer that this economic funk that we find ourselves in goes on, the more that Jarrod Kerr of Kiwibank is being proven right, isn't he? And we had a cut today - it was 25 basis points down to 3 percent - and now there's the expectation that we will maybe get down to 2.5 percent before this thing bottoms out. 2.5 percent is where Jarrod Kerr has been saying for months that we need to get to. B...

Spark has reported another big fall in profit, with reported net profit down 17.7 percent to $260 million - or a 33.6 percent fall to $227 million, adjusting for one-offs. The telco also cut approximately 1300 full-time employees by the end of June, with many roles being eliminated or going to outsourcing and offshoring firms. CEO Jolie Hodson says it's a tough economic market and the company has...

Fletcher Building has confirmed a new focus on building materials. The construction giant's announced a net loss of $419 million for the past year, compared to a loss of $227 million last year. It's already been looking for buyers for its construction division and some other subsidiaries. Fletcher CEO Andrew Reding says this is the toughest things have been since the GFC. "It's highly unusual when...

There's cautious optimism from the Reserve Bank Governor after cutting the OCR by 25 basis points this afternoon. Christian Hawkesby says the economy's been a bit stagnant, but there's reason to be positive. "We've lowered interest rates a long way now, we've sent out a pretty strong signal that we're willing to lower them further, as required, we've got other drivers of the economy - like high co...

The Reserve Bank is signalling further OCR cuts, but making no promises. It's slashed the cash rate 25 basis points today, to 3 percent. Newstalk ZB senior political correspondent Barry Soper says this is a sign that the screws are off the economy. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank today moved to cut the OCR by 25 basis points to 3 percent, sparking debate among experts. While economists priced in a cut, some anticipated a 50 basis point cut - and the monetary policy committee was reportedly divided on the matter. Infometrics principal economist Brad Olsen joined the Afternoons team to explain whether future cuts are on the cards. LISTEN ABOVE See omnystudio...

Auckland-based café Coffee on Queen is pushing back against a ban on advertising flags, and one expert says it's a sign of a bigger problem. Café owner Matt Redwood says removing the flags from the footpath would lose $200-300 a day in lost sales - which would impact jobs. Auckland Business Chamber CEO Simon Bridges joined the Afternoons team to discuss further. LISTEN ABOVE See omnystudio.com/lis...

A Waterloo-based pub has raised eyebrows among Londoners after it introduced an extra service charge for all purchases.  Drinkers at the pub will be expected to pay an extra 4 percent on their purchases going forward. UK correspondent Enda Brady outlined the terms further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank is widely expected to cut the OCR tomorrow, according to new reports. The OCR is currently sitting at 3.25 percent and the major banks have already been dropping their mortgage interest rates in anticipation. HSBC chief economist Paul Bloxham outlined his predictions. LISTEN ABOVE See omnystudio.com/listener for privacy information.