Best of Business

Sir John Key says he doesn't support the Government's controversial Treaty Principles Bill. It comes after calls from the former Prime Minster for the temperature to be turned down on race relations. The bill, championed by ACT, seeks to formally define the principals of the Treaty of Waitangi, but has been met with strong opposition. Key says not only has the bill 'wound people up' but he also th...

There's serious concerns political bickering is ballooning the cost of New Zealand's major construction projects. The cost of Auckland's City Rail Link has risen over the past decade from $3.4 billion dollars to almost $5.5 billion. Outgoing chief executive Sean Sweeney told TVNZ the lack of a clear and consistent pipe line, due to political uncertainly, is the biggest factor driving up costs. Inf...

Increased development of large-scale dairy farms and falling feed prices have driven China’s raw milk production up - and the official price down. The current price is 3.23RMB/kg liquid milk - the lowest in 12 years, according to new data. The Country's Jamie Mackay explains what this means for New Zealand. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The latest unemployment figures are set to be released next week. Experts are predicting unemployment rates will go up - in order to slow down inflation. NZ Herald business editor at large Liam Dann explains what we can expect. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Microsoft is investigating the scope of the damage after users reported issues with Microsoft 365 and Outlook services this morning. Monitoring website Down Detector's had thousands of outage reports - with a number of organisations affected. Tech commentator Paul Spain says it was largely New Zealand that was impacted by this recent outage. "This one wasn't so much of a global issue - it was very...

Briscoe Group Limited has posted a near record net profit after tax of $84.2 million for the year ending January 28, 2024. The group, which runs both Briscoes and Rebel Sport, says profits have nearly reached the $88.4 million record set last year - despite a tough economic climate impacting the retail sector.  Briscoe Group Managing Director Rod Duke says more customers have gravitated to the gro...

Consumers finances look to be recovering, but the relief has yet to pass on to businesses.   The Centrix July Credit Indicator says arrears are easing slightly, with the cost of living also coming down.   It shows 465,000 New Zealanders are behind on their payments, down 9,000 month-on-month.   However, retail energy arrears rose 30% because of the winter months and the ongoing cost-of-living cris...

New home consents have fallen to the lowest point in five years. Stats NZ figures show fewer than 34,000 new homes were consented in the year to June - a 24 percent fall annually. Consents for multi-unit homes, including townhouses, apartments, retirement village units and flats are down 28 percent. Construction sector advisor Mike Blackburn says this downturn has impacted the whole country. LISTE...

US-based frozen potato giant Lamb Weston's profits have been dropping, off the back of a rocky financial period for the company. This is off the back of the company's shares falling almost 50 percent over the course of 2024. Milford Asset Management's Stephanie Batchelor unpacks this downturn. LISTEN ABOVE See omnystudio.com/listener for privacy information.

One expert has claimed there are upsides and downsides to the Government's changes to finance laws. From today, the Government is dropping prescriptive affordability regulations from the Credit Contracts and Consumer Finance Act. NZ Herald Wellington business editor explains whether these changes will make it easier on Kiwis looking to buy their first home. LISTEN ABOVE See omnystudio.com/listener...

The costs of sending Kiwi exports overseas has risen significantly amid escalating tensions in the Red Sea. A report from the Ministry of Foreign Affairs and Trade said global shipping rates have nearly doubled since late April - but they remain below the peak reached during the Covid pandemic. Export NZ executive director Josh Tan says this is an 'external shock' that runs the risk of impacting i...

Air New Zealand is ditching its carbon intensity reduction targets and will withdraw from the Science Based Targets initiative.  It planned to cut carbon intensity 28.9 percent by 2030 - but blamed a lack of fuel-efficient planes and the costs of alternative fuel for this shift in priorities. NIWA climate scientist Sam Dean says Air New Zealand didn't have a lot of choice in this situation. "Funda...

One Wellington property developer is calling on the Reserve Bank to make it easier to repurpose vacant commercial buildings. Alex Cassels has set up several new apartment buildings in Wellington - and is looking to expand to Auckland. He explained how this scheme would alleviate the housing crisis and provide affordable rents.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

New inflation data out of the US has experts speculating potential rate cuts in the coming months. The Federal Reserve is set to meet on Thursday - and it's likely they'll offer an update about when rate cuts will come. Harbour Asset Management's Shane Solly explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

An Auckland plant-based café is beefing up its menu, hoping to increase customers and reduce production costs. Kind Café says the cost of living has forced the change. Owner Cathie Cottle says they're hoping it'll be temporary - and the café will be able to later return to its principles. She says vegetarian options tend to be more expensive than meat. "Our chefs had to go to a lot of effort to ma...

New technology using AI and lasers is helping growers to safely tackle weeds without resorting to harmful chemicals. Map and Zap detects weeds and kills them with a laser - leaving no chemical residue in the soil and not releasing additional carbon. AgResearch expert Dr Kioumars Ghamkhar says the trials have been successful so far. "In vineyards, you don't kill all weeds. You want to keep clover,...

New Zealand's share market is taking a turn for the better. New data indicates the NZX 50 has gone up by almost 6 percent in the past month - and economists are feeling optimistic about this reporting season. NZ Herald business editor at large Liam Dann explains this change in direction. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Government has dropped further hints it isn’t opposed to diluting its 100% ownership of Kiwibank to enable it to grow. While Kiwibank is expanding, it needs a lot more capital to be the disrupter it was set up to be to challenge the big four Australian-owned banks. NZ Herald Wellington business editor Jenee Tibshraeny speculates about the Government's next steps. LISTEN ABOVE See omnystudio.co...

New data indicates the financial pressures are easing on renters. Rental prices have decreased for the first time since 2022, according to Trade Me’s Rental Price Index for June 2024. CoreLogic chief property economist Kelvin Davidson says this is a sign the rental market has shifted in favour of tenants. "There's a bit less demand out there and a bit more supply - so we have seen rents slow. They...

A Waikato-based sheep milk company has managed to gain brand registration for its infant milk formula in China. Spring Sheep will be able to directly import and distribute infant formula to China - and increase export volumes long-term. The Country's Jamie Mackay explains the significance of this deal. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

One expert has voiced approval with the Commerce Commission's plan to regulate PayWave and online credit card fees. The watchdog says capped fees could save Kiwis $250 million dollars, from the $1 billion a year they spend in-store and online.   Infometrics Principal Economist Brad Olsen says these changes are neceesary. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Details surrounding the Warehouse takeover offer have been revealed. Australian private equity firm Adamantem Capital Management has offered to buy the business for $1.50 to $1.70 a share, valuing it at a total of $590 million. Greg Smith from Devon Funds Management has labelled this move 'opportunistic' as the retail sector struggles. "They haven't even got a CEO - it does seem to be quite opport...

The Commerce Commission is looking into regulating fees for PayWave and online card payments. The market watchdog says adding regulation could save Kiwis $250 million dollars, from the $1 billion a year they spend on fees in-store and online. Chair John Small says they're exploring changes that could reduce surcharges to 0.7 percent. "Part of what we're doing here is trying to simplify these rates...

Many Kiwis are concerned the costs of being a parent have reached an unreasonable level. According to new research from Kiwibank, 70 percent of people believe the financial and child-care pressures on parents have gotten harder in the modern world. Kiwibank's Chief People Officer, Charlotte Ward, says people feel there's a 'penalty' that comes with choosing parenthood. "We know from phrases like '...

New Zealand's Minister for Food Safety doesn't approve of some proposed changes impacting the distribution of infant formula. Food Standards Australia New Zealand has written a lengthy proposal to overhaul formula regulations, including changes to how formula can be labelled and where it can be sold.  Ministers from Australia and New Zealand will meet this week to discuss the proposal - which will...