Best of Business

The Government's proposing new criteria to define who's a contractor and who's an employee. 'Contractors' will need to have signed a contract, stating they're an independent contractor. They must be able to subcontract out any set hours, they can't be prevented from working for other people, and they can't be fired for not taking on extra tasks. Workplace Relations Minister Brooke van Velden says...

The New Zealand electric vehicle market has run out of charge. New Motor Industry Association data shows just one in eleven new vehicle sales are electric, compared to last year where it was one in every four. Imported Motor Vehicle Industry chief executive Greig Epps says it's left many importers with excess stock. However, he says hybrid sales, on the other hand, continue to stay strong. "43 to...

Chocolate, olive oil, butter and takeaway meals have been blamed for pushing up food price inflation in August, according to new reports. Fresh fruit and vegetable prices kept falling, down 12 percent. Falling kūmara, potatoes, and lettuce prices led the way. Potatoes are now the cheapest they’ve been in three years. NZ Herald business editor at large explains the factors driving this data. LISTEN...

G.J. Gardner, New Zealand’s largest franchised group house-building business and biggest residential builder, is planning to expand further. The business is aiming for a 30 percent growth in franchise numbers in the next year, according to new reports. G.J. Gardner's Grant Porteous says there'll always be demand for housing - even during economic downturns. LISTEN ABOVE See omnystudio.com/listener...

The stage is set for the first ever all-civilian commercial spacewalk. Tech entrepreneur Jared Isaacman, alongside a a pair of SpaceX engineers and a former Air Force pilot blasted off earlier this week - and if all goes well, the walk will take place in a few hours. Stardome astronomer Josh Eoraki explains that space is an inhospitable environment for humans - meaning the crew is carrying out a r...

Tech giant Google is being accused of playing hardball with the Government and media companies over the Fair Digital News Bargaining Bill. The bill would force Google to pay for the journalism and news content that help drive its business model. NZME editor-at-large Shayne Currie says it's unlikely Google will pull away from New Zealand altogether - despite the company's threats. "They will certai...

The UK economy unexpectedly failed to grow in July, after flatlining in June, for the second month in a row. Analysts had originally forecasted a slight growth of 0.2 percent. UK correspondent Gavin Grey says drops in the manufacturing and construction sectors contributed to the downturn. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

As birth-rates decline and the population gets older, investors are grappling with a new set of challenges. Recent data indicates the proportion of Kiwis over the age of 65 will be expected to double by 2050. Milford Asset Management's Deborah Lambie says this demographic shift is expected to have an impact on the healthcare system - and lead to a worker shortage. LISTEN ABOVE   See omnystudio.com...

The Government has confirmed buy now, pay later providers will be able to charge whatever fees they want going forward. Cabinet has agreed to remove some consumer protections from the Credit Contracts and Consumer Finance Act (CCCFA) to enable BNPL providers to set late or default fees at whatever levels they wish. NZ Herald Wellington business editor Jenee Tibshraeny explains what this could mean...

Contact Energy has confirmed it reached an agreement to take over electricity generator Manawa Energy in a near $2.3-billion merger. Contact would pay a combination of cash and its own shares to the equivalent of $5.95 for each Manawa share - and it hopes to finalise the arrangement by early next year. CEO Mike Fuge says this investment will help diversify Contact's generating portfolio. "What thi...

Kiwi sheep famers will have to brace themselves for another tough earnings season. Beef and Lamb New Zealand’s new season outlook says farm profit margins were being hit by high costs, especially interest payments, reaching low levels similar to those seen in the 1980s and 1990s. The Country's Jamie Mackay explains the issue further. LISTEN ABOVE See omnystudio.com/listener for privacy information...

The Ruapehu district has been dealt a huge blow - as Winstone Pulp International confirms it will close the two mills in the region. Over 230 workers will lose their jobs, and mayor Weston Kirton is 'gutted' the Government couldn't broker a deal and save the mills. Infometrics principal economist unpacks the economic impact of this announcement. LISTEN ABOVE See omnystudio.com/listener for privacy...

Experts believe a changing retail market and the evolution of influencers have forced online companies to make some changes.  British e-retailer ASOS has confirmed it plans to charge shoppers to return items unless they keep £40 of their order. Meanwhile, Boohoo recently introduced a freight charge into New Zealand, Nike has stopped shipping here altogether and other brands have reduced their avai...

'Chrono-working' could be the next employment fad to wash up in Aotearoa. It lets workers choose their hours dictated by their circadian rhythm, instead of the usual nine to five. Robert Walters Commercial Director Stuart Nash says people have worked to circadian rhythms for thousands of years. He says working this way optimises output. "What we're saying now is - you know what, the best way to ge...

Pattrick Smellie, who has been a regular contributor to this show, is back from his long European sabbatical - and he reckons we need to cheer up in New Zealand. He's written a piece for BusinessDesk saying that the headlines he’s seeing here at home suggest we’re as miserable as we were back in the early 1990s during Ruth Richardson's recession. And he points out that all 9 countries he visited a...

Volatility has returned to US markets, with a significant drop on Friday. Weak employment data saw markets price in larger cuts to US official interest rates by the US Federal Reserve - which is due to meet on the 17th of September. Harbour Asset Management's Shane Solly explains further, LISTEN ABOVE See omnystudio.com/listener for privacy information.

New research has revealed Auckland eateries have the earliest closing times in the world. According to international food magazine Chef’s Pencil , it's unusual for Auckland restaurants to take bookings past 8:30pm, with many closing up between 9pm or 10.pm Restaurant Association NZ's Nicola Waldren says dining early is a key part of New Zealand's culture - and it's helpful for the restaurants.  "T...

New data reveals prospective visitors to New Zealand are in favour of paying a higher levy to come in. The Government recently announced it plans to lift the tourism levy almost 200 percent to $100 next month. BloggerAtLarge writer Megan Singleton reveals that a poll run by the NZ Travel Tips Facebook page shows people aren't as disappointed with the change as predicted. "A whopping 83 percent sai...

Regulation Minister David Seymour agrees Kiwis are struggling with current grocery prices - but doesn't think tighter regulations are the solution. The Grocery Commissioner 's recent annual report into the market highlighted a lack of competition and meaningful improvement amid soaring costs for consumers. Seymour says more rules and regulations won't help improve the situation.  "What we need is...

On the face of it the 4-day working week sounds like a good thing, but the devil is in the detail. Recently in the UK the government has indicated they may strengthen workers' rights to request this – however, it’s the right to request 40 hours compressed into 4 10 hour days, rather than 5 8-hour days. Although it might sound attractive at first, I’m not sure this is sustainable in the longer term...

The US housing market has been undergoing an unusual period. Various aspects of the sector have been found to be running at different speeds - with new builds selling at significant highs and older homes selling at record lows. Sam Dickie from Fisher Funds explains what's going on with the economy. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Global financial market turmoil overnight has come with a silver lining for motorists as oil prices have slumped to their lowest level this year. Cheaper petrol at the pump should follow in coming days after Brent Crude Oil fell 5 percent to US73.74 - a price not seen since mid-December 2023. NZ Herald business editor at large Liam Dann unpacks the economic factors behind the slump. LISTEN ABOVE S...

There's been a growing uptick in corporations ditching their green ambitions. Volvo Cars has abandoned its ambitious target to sell only electric cars by 2030 amid a global slowdown in growth for battery-powered vehicles. Sweden has recently scrapped their aviation tax on airline tickets in a bid to reduce prices and boost availability. Griffith Business School associate professor Dr Rob Hales say...

PwC has identified accounting irregularities, complexities and a lack of auditing at failed Auckland property development group, Du Val. This first receiver's report says one area of concern is related-party transactions. BusinessDesk reporter Maria Slade says PwC has identified a $15 million intellectual property transaction between a trust belonging to founders Kenyon and Charlotte Clarke - and...

The Prime Minister's welcoming support from a billionaire admirer. Elon Musk replied to a tweet by Chris Luxon this week - about being in Malaysia. The founder of SpaceX and Tesla wrote he likes the new New Zealand PM, adding he has good energy and talks directly to the public. Speaking from South Korea, Luxon was pleased to hear of the boost. "That's great, I'll take support from anyone. But more...