Best of Business

New Zealand Rugby has posted a $19.5 million loss for 2024.  Since NZR brought US fund manager Silver Lake on as an equity partner in June 2022, the national body has posted total accumulated losses of around $76 million over three years.  NZR is trumpeting record income of $285 million dollars against the loss.  CEO Mark Robinson told Mike Hosking that much of the deficit is as a r...

New reports indicate a 'major' trade deal between the US and UK is set to be announced. US President Trump has teased that a partnership with a 'respected world nation' is in the works - and Downing Street hasn't denied that the UK isn't involved. UK correspondent Enda Brady speculates further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Beef + Lamb New Zealand is urging the Government to close farming loopholes before 'more damage is done' to the sector. The organisation want loopholes in the guidance around limits on carbon forestry closed - as concerning news of further whole-farm sales emerges. The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

We're two weeks away from Budget 2025, and the Government has been dropping hints about what we can expect. Prime Minister Luxon recently confirmed the Government will increase total capital expenditure allocated in the upcoming Budget by $400 million. NZ Herald business editor Liam Dann explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

It's the end of an era - as WeightWatchers files for bankruptcy after 62 years in business. The company's New Zealand arm closed in-person workshops last year, and it's seen struggles across the world as weight-loss trends change. Nutritionist Nikki Hart says the advent of injectable treatments like Ozempic has played a role in the company's downturn. LISTEN ABOVE See omnystudio.com/listener for p...

Rotorua is hoping to boost its reputation as a top tourism destination - despite some media blowback. TRENZ, New Zealand’s largest international tourism event, just wrapped up - bringing over 1200 travel buyers from 26 countries into the city. Rotorua mayor Tania Tapsell disagrees with the claims that the city is 'dead' and says the city is 'smashing it' in regards to tourism. "We were pretty surp...

New Zealand Rugby has posted a loss of $19.5 million for 2024, despite also bringing in record income. The result was announced during today's AGM in Wellington - and is New Zealand Rugby's third consecutive deficit following a $8.9 million loss in 2023 and a $47 million loss in 2022. The national body recorded income of $285 million, in what it describes as being a 'near break-even result', highl...

Encouraging investment is a top priority in this month's upcoming Budget, according to new reports. Prime Minister Chris Luxon says it'll come from a small number of measures, including more funding for a R&D tax credit. BusinessNZ Advocacy Director Catherine Beard says New Zealand is currently one of the hardest OECD countries to invest in. She says the new agency, Invest New Zealand, is one...

A boost in trade for the UK and India after finalising a long-desired free trade deal. It focuses on tariff reductions for British and Indian goods across almost all sectors, with a boost on UK car and alcohol industries. UK correspondent Gavin Grey unpacks the deal further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Briscoe Group sales fell 2.58 percent on the year to $178.3 million in the first quarter, weighed down by weaker homeware sales. Briscoes Homeware store revenue fell 4.66 percent to $103.6m compared with the first quarter last year, while Rebel Sport’s revenue grew 0.47 percent to $74.7m. Milford Asset Management's Jeremy Hutton explains further. LISTEN ABOVE See omnystudio.com/listener for privac...

It's been 15 years since Auckland became a supercity, and new data has revealed what people believe the city needs in order to improve. A total of 575 Aucklanders participated in the survey, casting 46,000 votes on statements, creating what’s been called a “digital snapshot” of the city’s sentiments. Former Lord Mayor of Brisbane, Graham Quirk, outlined some other point of concern - as Brisbane pr...

Transpower says upgrading the Cook Strait electricity cable would come at a very small cost to consumers.  It's consulting on a $1.4 billion proposal - to upgrade existing cables and allow for building a fourth. CEO James Kilty says the plan is to get another 40 years of stable electricity.  He says because costs will be paid for over that 40 years, prices won't surge.  "It'll be a...

After many hours of debate, MPs have reached the final stage of the controversial pay equity legislation. The Government introduced the Bill under urgency yesterday - which lifts the bar for claims of sex-based discrimination and forces existing claims to restart. NZ College of Midwives Chief Executive Alison Eddy says it's unclear how much of the sector will be impacted. "We have to wait for the...

Overall employment's held steady - but the hours people work have notably contracted. In figures out today, the unemployment rate remained unchanged at 5.1 percent in the three months ending March.  But total hours worked are down three percent over the year.  Kiwibank chief economist Jarrod Kerr says numbers of part time workers are rising, with those working full-time falling.  "B...

The unemployment rate has stayed static for another quarter.  Stats NZ figures just out show the rate remained at 5.1% in the March quarter.  The number of full-time workers fell by 45 thousand over the year and part-time employment grew by 25 thousand.  Herald Business Editor at Large Liam Dann told Kerre Woodham today's figures are a surprise.  He says this is good news but i...

New figures from Stats NZ show livestock numbers have dropped substantially over the past decade. The total number of sheep dropped by 21 percent and the total number of dairy cattle also fell by 13 percent over a 10-year period. The Country's Jamie Mackay unpacks what could be causing these drops. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Government will make major savings over the coming years by outperforming on its housings goals.  Last year, it aimed to reduce the number of people in emergency housing by 75 percent in 2030 compared to December 2023.  However the target was achieved before the end of last year.  Infometrics Principal Economist explains what this could mean for the upcoming Budget. LISTEN ABOVE...

NZME’s likely new chairman Steven Joyce says he hopes to unify the media company’s shareholders as much as possible, following two months of heated debate over the company’s performance and editorial endeavour. Joyce, a National Party Cabinet minister for three terms from 2008 and an experienced commercial media businessman, was today confirmed as a board nominee for NZME. Spinoff founder Duncan G...

Sir John Key does not believe US President Donald Trump intends to keep tariffs on most of the world.   The former Prime Minister is speaking at the Ignite 25 Growth Summit business event in Auckland today.   Key, who's supported Trump in the past, says the President is only focused on China in his new trade policies.   He told Mike Hosking the stock, bond, and currency markets are...

New Zealand's financial markets have taken a positive turn - following months of financial uncertainty.  Greg Smith from Devon Funds unpacked the factors behind these changes. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Westpac New Zealand’s profits are continuing to rise, as it makes more money from existing customers, rather than materially growing its business. The Australian-owned bank’s New Zealand division reported a net profit of $525 million in the six months to March - a 10 percent rise from the same period last year. Westpac CEO Catherine McGrath explains why New Zealand's margins have gone up - despite...

A Kiwi negotiation team is in India this week, holding our first in-person Free Trade Agreement talks. Trade Minister Todd McClay says it's an important step in our relationship with one of the world's fastest growing economies. He says this will be the first of many meetings with New Zealand. McClay explained India is also holding talks with the US, UK, EU and others over this week and the next....

These days I have blurry memories of my time at primary school in Auckland in the late 70s, early 80s, but I can very clearly remember my ASB school banking book. ASB began school banking in 1972 as a way for children to learn about saving and banks, and I guess it was also with a view to retaining us as customers when we were in the workforce and had real amounts of money.  On banking days,...

The next set of unemployment figures are due to be released next week - and speculation indicates they'll go up even higher. Unemployment was sitting at 5.1 percent at the end of last year, according to the data. NZ Herald business editor at large Liam Dann speculates ahead of next week's release. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Air New Zealand wants to tap into more sustainable aviation fuel - to meet net zero emissions by 2050.  It's aiming to cut well-to-wake jet fuel greenhouse gas emissions by 20-to-25-percent in five years, compared to pre-Covid.  Air New Zealand's Kiri Hannifin says this is the main way airlines can de-carbonise.  She says sustainable fuel is costly, but there's ongoing work looking...