Best of Business

Fletcher Building's chief executive and board faced up to some very disappointed shareholders at today's annual general meeting. Company chief executive Andrew Reding revealed margins were under pressure - with revenue down 12 percent in September versus 7 percent down in July and August, compared to the year earlier. NZ Shareholders Association CEO Oliver Mander was at the meeting, and he noted t...

Uber Eats will be expanding into 12 new locations across the country, focusing on regional towns. From next month, its food delivery will be available in smaller towns like Taupō, Levin, Whakatāne, Timaru and Wānaka.  Restaurant Association President and Monsoon Poon Owner Mike Egan says it's perfect timing - just before summer.  "I can see the campgrounds, people who will be sick of hav...

The chair of Parliament's Finance Committee is perplexed ANZ's head wasn't across the details of her pay packet.  Chief executive Antonia Watson was among the banking heads grilled by MPs this morning, under pressure to justify a $2 billion profit during tough times for Kiwis. She says she's paid $2.5 million, but would need to give her total remuneration including share options and bonuses,...

Sky TV's struck a deal with Warner Bros Discovery - ensuring it continues to be the home of HBO content in New Zealand. The company has stopped HBO’s Max app launching on our shores and confirmed Neon will keep streaming its original content - and several WBD franchises, such as Friends , Rick and Morty and The Big Bang Theory. Chief executive Sophie Moloney says it's good that viewers will be abl...

Kiwi start-up Nature Baby is looking to expand into the US market again. What started as a small business operating out of an Auckland flat has grown into a multi-million dollar business - and co-owners Jacob and Georgia Faull are looking to re-launch the brand overseas. Jacob says the brand's not immune to the effects of the current economic downturn - but the 'green shoots' in the economy are gi...

Finance Minister Nicola Willis has voiced pride for Team New Zealand following their latest America's Cup victory - but she's unsure if the nation can justify hosting the event. Team boss Grant Dalton says New Zealand's absolutely in the running to host the next Cup. However, Nicola Willis says there's a number of factors that go into picking an America's Cup location - and New Zealand needs to be...

Designer Wardrobe, the famed online retail start-up, has confirmed it plans to expand over into Australia. The company was founded in 2015, and it connects sellers looking to part with their pre-loved designer clothing with buyers looking for bargains. CEO Aidan Bartlett says the company's seen a surge in demand - including increased interest from Australian consumers. "For us, it's just saying -...

According to new reports, one in four New Zealand adults have bought something off Temu in the last three months. The Chinese e-retailer, alongside similar fast-fashion giant Shein, has experienced a significant rise in popularity thanks to cheap prices and free shipping. NZ Herald business editor at large Liam Dann says this boom in demand is harming traditional retailers, who are experiencing lo...

Over in Australia, unemployment rates have dropped to 4.1 percent - making a pre-Christmas cut to interest rates less likely. The economy added 64,100 more jobs last month, 51,600 of which were full-time roles. Australian correspondent Murray Olds says this is good news for some people - but the reduced odds of a rate cut will put strain on homeowners. LISTEN ABOVE See omnystudio.com/listener for...

As the world's ageing population is expected to grow over the coming decades, investors have turned their attention to vision care. As people get older, the need for corrective lenses and treatment goes up - meaning investors are looking to take advantage of increased demand. Milford Asset Management analyst Deborah Lambie reveals the companies that stand to benefit from this. LISTEN ABOVE See omn...

The Accident Compensation Corporation concedes there’s room for it to tighten its processes, as it proposes increasing the levies it charges to help pay for rising claims costs. ACC said, in its just-released annual report, that “lower-than-expected rehabilitation performance” contributed towards it reporting a wider-than-expected $7.2 billion deficit in the year to June. In the previous year, it...

There's pressure growing for the Reserve Bank to move more aggressively on the Official Cash Rate. New Zealand's inflation rate is officially back on target, at 2.2 percent. Infometrics Principal Economist Brad Olsen says that although the Reserve Bank has recently cut the OCR - it's still higher than it should be. He says the Bank probably needs to slash the rate faster than it originally intende...

Tauranga City Council will wait until mid-2025 to expand charges for letting businesses offer al fresco dining. The fee per-square-metre of footpath use was meant to apply from July.  Tauranga mayor Mahe Drysdale says delaying its introduction recognises the tough conditions for hospitality now. He says they're now rethinking how high the fee should be.  "That's a conversation we need to...

Well, how good is that inflation number out today? 2.2 percent - we're there, baby! We're pretty much bang on where inflation is supposed to sit - at 2 percent, halfway between 1 and 3 in the target band. We’ve made it. We have had inflation run out of control in this country for three years, but we have finally got it back to where it’s supposed to be. That is absolutely reason to...

All eyes are on Stats NZ's newest release tomorrow - as Kiwis brace to find out the official Consumers Price Index figures. Following the Reserve Bank's latest cut to the OCR, the bank is confident inflation has dipped below the 3 percent threshold. HSBC chief economist Paul Bloxham predicts whether or not inflation will drop back within the target band. LISTEN ABOVE See omnystudio.com/listener fo...

Kiwi farming experts are paying tribute to the women in their lives as part of this year's International Day of Rural Women. Plenty of organisations have taken the day to celebrate the women making waves in the nation's rural sector - and The Country spoke to some of the Kiwi women making a difference and smashing the 'grass ceiling'. Host Rowena Duncum explains further. LISTEN ABOVE   See om...

The housing market remains subdued across the country, with slightly weaker prices, more stock available and houses taking longer to sell. New data from the Real Estate Institute (REINZ) shows the national median fell 2.3 percent, to $781,000. Infometrics Principal Economist Brad Olsen says prices are likely to stay low - despite recent cuts to interest rates. LISTEN ABOVE See omnystudio.com/liste...

Long-awaited improvements to Air New Zealand's Dreamliner cabins are set to get under way. New seats, new carpets, new screens and new Business Premier cabins are among the features customers can expect after the planes get retrofitted in Singapore. The airline's General Manager of Strategy, Networks and Fleet, Baden Smith, says the upgrades will make better use of the space and give customers mor...

Over in China, officials have outlined plans to further stimulate the economy amid an ongoing downturn. China's Ministry of Finance announced that China would issue special sovereign bonds to recapitalise its largest state owned banks. It would also allow local Governments to use RMB 2.3 trn of local Government special bonds to buy unsold homes. Harbour Asset Management's Shane Solly explains what...

One Kiwi investor believes more New Zealand businesses should be putting money aside in order to expand internationally. Phase One CEO Mahesh Muralidhar says this would boost the nation's GDP and add to the economy. He says Kiwis have plenty of entrepreneurial ability - but they lack the ability to see scale like their international counterparts.  "The same entrepreneur, the same university s...

One expert has rejected the claim that Kiwis need to pay more taxes. ASB chief executive Vittoria Shortt says New Zealand has to bring in more tax dollars to fund the infrastructure the nation needs. This follows ANZ's boss calling for New Zealand to introduce a capital gains tax. OliverShaw Tax Partner Robin Oliver says the nation can't be taxed into prosperity. "Our issue as a country is - we st...

There's more criticism of central city roadworks in Wellington. Retail NZ, Hospitality NZ and the Bus and Coach Association are asking the council to review its Golden Mile pedestrianizing project. A number of businesses say roadworks and cycleway projects have forced them to close. Retail NZ Chief Executive Carolyn Young says it's 'disappointing' that mayor Tory Whanau says the Golden Mile is a b...

I think we need to get over ourselves here in New Zealand when it comes to foreign investment. And it looks like we’re going to have to get over ourselves - whether we want to or not - with the Government’s plan to make it easier for foreign investors to buy New Zealand companies and properties. The way I’d describe it is that, at the moment, the Government thinks we treat overseas investors as if...

Inflation appears to be easing, although some figures are continuing to surge. Latest Stats NZ figures show petrol is 14.9 percent cheaper than a year ago, while food prices rose 1.2 percent. Fruit and vegetables are 8.3 percent cheaper, while olive oil is 58 percent pricier. Butter, chocolate biscuits and alcohol have also been getting darer. ASB senior economist Mark Smith joined Francesca Rudki...

The Official Cash Rate has been cut to 4.75%.  The Reserve Bank's lowered it by 50-basis points from 5.25% in a move predicted by economists.   The bank says inflation's within its 1-3% target range and is converging on the 2% midpoint.  It says economic activity is subdued, with weak business investment and consumer spending.  Herald business editor at large Liam Dann told Mat...