Best of Business

Legislation being drafted to bring back the controversial trade of live animal exports by sea is getting stuck in the cogs of Cabinet. The Labour government banned the trade two years ago, but National and ACT campaigned on bringing it back.  The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Mercury Energy's earnings have fallen on the back of weaker renewable electricity generation, and its bottom-line profit has taken a hit. The company's profit has plunged from $290 million to just $1 million, due to tough power generation conditions. Despite this, Mercury Energy CEO Stew Hamilton is hopeful ahead of another financial year. "We're investing heavily in new power plants - we're inves...

Former economist and investment manager Gareth Morgan was caught off-guard by an AI deepfake using his voice and likeness, and he's warned people to be careful. The investment scam made the rounds on Facebook and Instagram and encouraged Kiwis to invest in a vaguely-defined US-based scheme. Gareth Morgan says his daughter showed him the scam - and it almost had him fooled.  "The only giveaway...

The building sector has raised some questions over the Government's recent changes.  Building and Construction Minister Chris Penk has introduced shared liability for defects - and allowing councils to consolidate their Building Consent Authorities.  Building Industry Federation chief executive Julien Leys joined the Afternoons team to discuss. LISTEN ABOVE See omnystudio.com/listener fo...

One of the country’s major electricity companies is defending their increased profits amid rising energy prices.   Contact Energy’s full year net profit is up 41%, with revenue up 20%.  Their underlying profit also climbed 17%, bolstered by a strong lift in geothermal generation as well as improved sales and customer numbers.  CEO Mike Fuge told Mike Hosking the profits are the resu...

Financial results are coming in thick and fast.  a2 Milk is reporting a 21% rise in profit alongside announcing it has bought the Yashili  plant in Pokeno.  It's also sold its majority stake in the Mataura Valley plant in Gore to Open Country Dairy.  Contact Energy's profit is up 13% after a surge in geothermal generation.  Freightways' profit is up 12.9%.  Chief exec...

Financial results are coming in thick and fast. a2 Milk is reporting a 21 percent rise in profit - alongside announcing it bought the Yashili plant in Pokeno. It's also sold its majority stake in the Mataura Valley plant in Gore - to Open Country Dairy. Contact Energy's profit is up 13-percent, after a surge in geothermal generation, and Freightways' profit is up 12.9 percent. Harbour Asset Manage...

Mānuka honey exporter Comvita has received a takeover offer from a subsidiary of Christchurch billionaire Mark Stewart’s Masthead Limited - Florenz. It's offering 80 cents a share, equalling $56.4 million. The offer has received unanimous support from Comvita’s board and its two largest shareholders, which own a combined 18.3 percent stake. Oliver Mander from the NZ Shareholders Association explai...

Beef + Lamb New Zealand has released its annual Stock Number Survey for the year ending 30 June 2025. The data shows New Zealand’s total sheep numbers fell modestly by 1 percent, and beef cattle numbers rose 4.4 percent.   The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Crimson Education head Jamie Beaton has set his sights on a new business venture. Concord Visa is an immigration consultancy project designed to streamline how startups and talent access new markets. Beaton explained how this venture would help people reach new oppurtunites. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's no shortage of stories where customers go crazy for free giveaways at the supermarket - and one expert has revealed why this is the case. Between coffee shops offering a free drink after you've bought 10 or beauty retailers handing out samples if you spend enough, research has explained this is all another marketing trick to hook people in. University of Canterbury marketing professor Ekan...

New Zealand exporters are remaining upbeat.  The latest Export New Zealand DHL Export Barometer shows about four in five have maintained or increased export volumes over the past year.  Exporters say it's been getting cheaper to do business, but they're getting more worried about trade wars.  NZ International Business Forum Executive Director Felicity Roxburgh told Mike Hosking the...

US inflation held steady in July, with consumer prices rising 2.7 percent - depite the ongoing concerns around import tariffs. Figures are better than economists feared, but underlying pressures make the Federal Reserve's next move unclear. Milford Asset Management's Michael Luke explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's growing calls among Auckland business leaders to get the city's economy going again. According to the latest Stats NZ data, Auckland’s 6.1 percent unemployment rate for the June 2025 quarter was the highest of any region and above the national rate of 5.2 percent. Heart of the City chief executive Viv Beck says the Government needs to find a solution to get the city moving again. "We're ta...

From a PVC pipe in a Taranaki shed to international success, Huski Coolers has seen its overseas exports surge.  The company's renowned wine cooler had its largest overseas order, shipping 76 thousand units to the UK as heatwaves rip through Europe.  The NZ firm is on track to double its eight-figure annual revenue this year.  Huski Co-Founder Simon Huesser told Mike Hosking they wa...

More businesses are reporting losses but things may not be quite as bad as the numbers make it seem.  Inland Revenue data shows one in five businesses aren't turning a profit.  But ABC Business Sales Managing Director Chris Small says most of those are businesses structured to make a loss, like trusts and property companies.  He told Mike Hosking the situation he's seeing is far mor...

Meat processor Alliance Group says Dawn Meats is lining up to pay $250 million for a 65 percent stake in the meat co-op. Alliance, a farmer-owned co-operative and New Zealand’s biggest sheep meat exporter, said the deal would give it an enterprise value of $502 million. The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Spark New Zealand is selling 75 percent of its data centre business for about half a billion dollars. Australian-owned Pacific Equity Partners is taking the controlling share of the $705-million-dollar business. Spark will move its data centre assets and operations into a new stand-alone company. Devon Funds Head of Retail Greg Smith explains what this could mean for the business. LISTEN ABOVE See...

A growing number of businesses are reporting losses and economists have voiced concerns. IRD data shows that in the 2023 tax year, 107,360 companies out of 475,010 reported a current loss. Another 40,670 were carrying a loss over from a previous tax year. Infometrics Chief Forecaster Gareth Kiernan says these figures are consistent with the current deterioration of the economy. LISTEN ABOVE See om...

Resources Minister Shane Jones is investigating whether to ration gas to keep some businesses going. Fertiliser co-operative Ballance last week revealed it's considering a four-month temporary closure after it failed to renew its long-term gas deal. It was outbid by Contact Energy, which is supplying homes. Jones says he'll be focusing on what's doable, to help solve the shortage. "We're not makin...

The speed of decline of our gas supply could be hampering the transition to alternative energy.   A Business NZ survey of commercial and industrial users shows average price rises have topped 100% in the past five years.  Nearly half made various cuts to their business.  Energy innovation centre Ara Ake's Jonathan Young told Kerre Woodham supply's fallen a lot quicker than anyone ex...

There's a view businesses have been taken by surprise by surging gas prices.  Energy management company Optima and Business NZ's joint survey reveals gas prices have risen by more than 100% on average in the past five years.  Nearly half report it's led to them reducing operations, increased prices, or cutting staff.  Business NZ Energy Council Executive Director Tina Schirr told Mi...

The next US Consumer Price Inflation report will be out this week, and economists are speculating about what this could mean going forward. Markets are keeping an eye on things, as inflation continues to be an issue in the US. Harbour Asset Management's Shane Solly explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A new $130 million luxury hotel development in Queenstown is designed to draw in more high-spending visitors. The new hotel will sit on an elevated 1.2 hectare site in front of the award-winning Kamana Lakehouse hotel in Fernhill. Once completed, it will encompass 37 ultra high-end residences across 10 architecturally designed villas, with a central facilities building. Destination Queenstown CEO...

They are some of the biggest industries affected by a slumping economy, so how are they holding up in 2025?  Unemployment and inflation have both risen in the latest updates, foot traffic in the Wellington CBD is still down, and both sectors are about to be stung with increased costs as the government bans contactless payment surcharges. So, how are retail and hospitality operators feeling, a...