Best of Business

Over in the UK, household  energy prices will rise by 13 percent a year in July, as soaring wholesale costs caused by the impact of the Iran war hit bills for the first time. Energy costs have jumped as a result of Iran blocking the crucial Strait of Hormuz shipping route - where a fifth of the world's oil and gas is carried. UK correspondent Gavin Grey says even if the Strait was unblocked t...

Accountants are hopeful the Government will use the Budget to do something about the secret little wealth tax those with offshore investments are currently paying. As it stands, most people with more than $50,000 directly invested in assets offshore, including shares in companies listed on stock exchanges, need to pay tax on a portion of the value of their investments, regardless of if they receiv...

The Reserve Bank has opted to keep the OCR on hold at 2.25 percent today. Most markets had priced in a hold, but the views on what will happen next are split, especially considering concerns around inflation.  Milford Asset Management's Remy Wisenberg explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Well, that Official Cash Rate decision is probably one of those moments where you find out whether you're a glass half-full or glass half-empty person. Because on the bright side, the Official Cash Rate didn’t go up. On the downside, it looks like it’s definitely going up next time. So yes, it’s a reprieve - but it’s only a reprieve for six weeks, excuse me, before the screws on the economy start...

Auckland Council has released a new document, seeking potential interest from 'an exclusive funding and naming rights partner for a landmark activation initiative that will transform the Auckland Harbour Bridge into a dynamic storytelling canvas through light.' The project - expected to be a multi-year tourism initiative starting in August next year - is likely to attract widespread interest among...

Tradies are being encouraged to warm up before work in order to reduce the impact of injuries. The construction industry is a high source of of work-related ACC claims, and some managers are educating their teams on the benefits of warming up. Chris Polaczuk from Construction Health and Safety NZ says there's still a 'macho culture' in the trades, where too many people see pain as a badge of honou...

Former Minister Peter Dunne says it's time to look at MP allowances. NZ First MP Andy Foster's claiming a $36,000 accommodation allowance for the Wellington family home he bought 26 years ago.  He's moved to the Wairarapa, but lives in the capital when Parliament sits. Dunne says MPs should be reasonable.  "Fair enough if you're required to commute to Wellington each week to get some acc...

The Reserve Bank Governor says she's mindful of the weak economy, as she weighs up Official Cash Rate settings. Anna Breman made the final call to keep the OCR unchanged at 2.25 percent today. The Monetary Policy Committee had been evenly split on hiking or holding, and is now signalling it'll go up in September. Breman says they consider the factors pushing inflation up, but also the weak economy...

The Reserve Bank Governor acknowledges many Kiwis are doing it very tough right now. Anna Breman used her casting vote today, to keep the Official Cash Rate unchanged at 2.25 percent. The six-member Monetary Policy Committee was evenly split on hiking or holding the rate. Newstalk ZB senior political correspondent Barry Soper explained further. LISTEN ABOVE See omnystudio.com/listener for privacy...

The boss of New Zealand King Salmon says it's no fluke they're finally swimming downstream.  The company’s posting a net profit of $13.8 million for the six months to March.  The previous period saw a net loss of more than $20 million.  CEO Carl Carrington told Mike Hosking it was a tough summer on the seas, with temperatures well above average, but a lot of work went into investing...

Infrastructure investor Infratil has made a strong full year result. This was driven by  investments in Australasian data centre business CDC and United States renewable energy business Longroad Energy. Chief executive Jason Boyes explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Rural lending specialist Rabobank expects the 2026-27 dairy season to be another strong one for farmgate milk prices, but says rising inflation will take its toll. After a string of strong Global Dairy Trade (GDT) auctions, Rabobank expects a robust opening milk price from dairy co-op Fonterra of $9.50 to $10.00 per kg of milksolids for the 2026-27 season. However,  the bank said the inflatio...

There's hesitation around moves to beef up regulations guiding electricity gentailers. From July, the big four gentailers mustn't give their retail arms better deals on power contracts than independent companies. Penalties for serious breaches are also ramping up.  Electric Kiwi CEO Huia Burt says this is a good start, but she sees a remaining problem. "We're asking those gentailers to act in...

Conferences on our shores are driving up international delegation numbers, which have surged more than 50% annually.   According to Stats NZ, arrivals are near pre-Covid levels, with more than 16 thousand people coming in the first quarter.   International delegates contributed more than $54 million to the economy, with visitors spending an average $500 per day.   Business Canterbur...

Business NZ says a new loan scheme to help businesses ditch gas is a necessary step.    This year's Budget funds up to $1.2 billion in guaranteed bank loans to help businesses transition to renewables.  Potential losses are accounted for with $48 million set aside.  Business NZ Advocacy Director Catherine Beard told Ryan Bridge it's still a loan business will need to pay back,...

Some are working pretty hard currently to buy into the Mike Smith storyline that the big end of town has the Government's ear over climate change.  Mike Smith is the activist, the agitator, the chainsaw man, the "smack the America's Cup" bloke.  So, you know, a life of angst and upset.  His latest outing was in court, looking to sue individual companies over their pollution around c...

It's a big week for the economy, with the next OCR announcement set to be unveiled this coming Wednesday. Markets are expecting the Reserve Bank to leave the OCR unchanged at 2.25 percent, but a hike hasn't been ruled out. Harbour Asset Management's Shane Solly explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Iran war may be denting demand for Turners, but the company's still outperforming previous years thanks to its popular Tina ads.  Turners Automotive has reported a record normalised net profit of more than $63 million for the year to March – up 16%.  Chief executive Todd Hunter told Mike Hosking strong growth in finance and insurance means they're well ahead, despite the war slowing...

Nvidia, the world's largest listed company and a critical bellwether on the health of the AI sector, posted record first-quarter earnings on Thursday of more than $136 billion. That's up 85 percent on a year ago, with forecasts for the next quarter of over $153 billion. Sam Dickie from Fisher Funds explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Elon Musk's SpaceX is set to go public - allowing people to trade shares in the firm on the stock market. The initial public offering (IPO) on the US stock market will likely be one of the largest in Wall Street history. NZ Herald senior business writer Chris Keall says this will likely come close to making Elon Musk a trillionaire.  LISTEN ABOVE See omnystudio.com/listener for privacy inform...

Grant Baker is one of the country’s best success stories.  The Kiwi serial entrepreneur has had his hand in a number of pies but is best known for two companies – 42 Below and Turners.   It’s a career that’s spanned decades, and that’s before you get to his philanthropic efforts and work in co-founding the Gut Cancer Foundation in 2008.  He’s unravelling his career in his new book ‘...

Labour leader Chris Hipkins doesn't think the public much cares about which companies would be in the party's Future Fund.  It won't be revealing key details - including the cost to the Crown and which state assets would go into it - until after voters go to the polls. NZ Herald Wellington business editor Jenee Tibshraeny unpacked the reactions to this announcement. LISTEN ABOVE See omnystudi...

The ongoing conflict in Iran has led to bond yields and interest rates going up all over the world, and it's prompted concerns among experts. This will impact Kiwis as well, as many KiwiSaver portfolios have taken a hit as a result. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Infratil says it has agreed to sell 53.53 million shares - representing a 5 percent stake - in Contact Energy through a fully underwritten block trade. The sale is at $9.25 per ordinary share, generating expected gross proceeds of about $495.17 million, and taking Infratil’s shareholding down to 9.08 percent. The sell-down is expected to complete on May 25. Generate investment specialist Greg Smit...

New Christchurch flights are being hailed as a key step for global connectivity. From October, Air New Zealand will fly direct between Christchurch and Singapore, Tokyo and Perth.  Christchurch Airport chief executive Justin Watson says Christchurch is in a really good place, and more people will want to experience the city. "People want to come and visit, they want to go to events, they want...