Best of Business

Meridian Energy's Investor Day data indicates more power companies are looking to embrace growth in a changing market. New Zealand's electricity demand is expected to grow between 50 percent and 75 percent, meaning the sector needs new methods of generation. Milford Asset Management's Jeremy Hutton unpacks the results and announcements. LISTEN ABOVE See omnystudio.com/listener for privacy informat...

Gloriavale has taken a knock in its battle to maintain access to banking services. BNZ has been trying to close Gloriavale's accounts for the last two years, and the Court of Appeal is allowing BNZ to challenge that injunction. NZ Herald Wellington business editor Jenee Tibshraeny explains what comes next in this case. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's business sector seems to be taking a turn for the optimistic, according to new data from 2degrees. The latest Shaping Business Study says 18 percent of business leaders feel like their companies are thriving, 34 percent feel more optimistic about the future and 53 percent anticipate revenue growth.  2degrees Chief Business Officer Andrew Fairgray says the change in Government and imp...

New Zealand's business sector seems to be taking a turn for the optimistic, according to new data from 2degrees. The latest Shaping Business Study says 18 percent of business leaders feel like their companies are thriving, 34 percent feel more optimistic about the future and 53 percent anticipate revenue growth.  2degrees Chief Business Officer Andrew Fairgray says the change in Government and imp...

There's concerns that the Warehouse's top level salaries don't match the company's declining performance.  The Warehouse Group's shares fell to a record low of $0.97 after forecasting earnings would fall at least 64 percent year-on-year. Former chief executive Nick Grayston was paid $2.79 million, out-earning his retail counterparts in the 2023 financial year. Shareholders' Association Chief Execu...

Struggling dairy manufacturer Synlait has asked shareholders to vote in favour of a $130 million lifeline from Chinese shareholder Bright Dairy. The company said a2′s vote would be influential in deciding if the critical shareholder loan needed to pay off bank debt due July 15 went ahead. The Country's Rowena Duncum says the situation's looking dire for Synlait. LISTEN ABOVE See omnystudio.com/lis...

Kiwis’ confidence in the job market took a dive over the past three months, according to a survey conducted for Westpac. The bank reported its confidence index, which measures responses to five questions related to employment prospects, fell by 13 points to 91.4 in the June quarter. Infometrics principal economist Brad Olsen explains why less people are feeling optimistic. LISTEN ABOVE See omnystu...

New Zealand Rugby has posted an $8.9 million dollar net loss for 2023 - the second deficit in a row. Although spending was reduced from the year prior, a drop in broadcast and match day revenue in a World Cup year saw income fall by $3 million to $268 million dollars. NZ Rugby CEO Mark Robinson says there's work to be done for the future. "What we're spending more time on is looking at our strateg...

Top officials from both the EU and China have spoken about controversial EV tariffs over the weekend - and agreed to further talks. The call marks the first time the two sides have agreed to negotiate since the EU threatened China with electric vehicle tariffs of up to 38 percent. UK correspondent Gavin Grey says this is a positive step forward. LISTEN ABOVE See omnystudio.com/listener for privacy...

It's been a bad week for infrastructure incidents, with increased pressure on the Government to find a solution. Between a Defence Force plane breaking down, a toppled power pylon wiping out Northland's power and the grounding of an Interislander ferry, concern is growing about a potential disaster. NZME business commentator Fran O'Sullivan explains where the Government can go from here. LISTEN AB...

Northland businesses are unsure whether they'll be insured for last week's power outage. A pylon tipped over on Thursday after too many nuts were removed from the legs, letting it tip. Transpower says it is an inconceivable and unprecedented situation, and consumers can apply for compensation. But NorthChamber Chief Executive, Darryn Fisher says they're still in the dark about what's next. "I don'...

A Northland business leader says the large power outage will significantly impact business.   Widespread power outages began yesterday morning when a transmission tower toppled at Glorit, northwest of Auckland.   NorthPower says supply has since been restored to the majority of Northland.   Top Energy is showing 61 customers in Bay of Islands still without but warns there's potential for further o...

One expert says investors have had to pay more attention to their long-term goals this year. Ongoing inflation and changing economies have led investors to chop and change their short-term predictions as 2024 went on. Sam Dickie from Fisher Funds explains further. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Minister Shane Jones is still keen to bring back live animal exports sooner rather than later. In an interview on The Country, Jones made it clear in no uncertain terms that live animal exports would be good for the economy. The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's GDP grew 0.2 percent in March, according to new data. This officially takes the country out of a technical recession, but on a per-capita basis, it went backwards 0.3 percent. Experts predict a weak economy for the latter half of this year. NZ Herald business editor at large Liam Dann says the economy isn't likely to bounce back just yet. LISTEN ABOVE See omnystudio.com/listener for...

The Government has launched a new review designed to ensure earthquake-prone buildings are up to standard. The current NBS system has run into controversy, with the inadequate review of a Wellington hospital unit sparking concerns. Minister for Building and Construction Chris Penk says the current standards are very complicated - and he aims to make it easier for people. "In a lot of cases, people...

The news New Zealand is out of a technical recession isn't necessarily cause for celebration.   Stats NZ figures show GDP rose 0.2% in the three months to March and 0.2% in the year to March.   But Herald Business Editor Liam Dann told Kerre Woodham that we could still see a series of further per capita contractions over the next few quarters.   He says if we don't end up back in a technical reces...

Yesterday saw the beginning of New Zealand’s largest business events trade show.   ‘Meetings’ connects overseas investors to domestic industries, highlighting what we have on offer in New Zealand.   Over 1000 business events professionals are gathering in Rotorua’s Energy Events Centre over the next few days.   Business Events Industry Aotearoa CEO Lisa Hopkins told Mike Hosking that New Zealand i...

Over in the UK, inflation has hit the Reserve Bank's target for the first time in nearly three years. Prices rose by 2 percent in the year to May, down from the previous 2.3 percent. UK correspondent Gavin Grey says these stats will likely come into play ahead of July's general election. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Prime Minister Luxon's managed to find himself in hot water after some off-colour comments about previous business delegations. Ahead of his trip to Japan, the Prime Minister said the calibre was lacking in earlier delegations, labelling prior groups 'C-list'. NZ Herald Wellington business editor Jenee Tibshraeny explains why Luxon's comments seemed particularly awkward. LISTEN ABOVE See omnystudi...

The second carbon auction of the year failed with no bids made. 4,075,700 New Zealand Units were on offer at the June auction - prompting zero interest from potential buyers. ANZ agricultural economist Susan Kilsby explains why the market didn't feel the need to turn up for this. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Former market darling Lululemon's been having a rough year, with shares plummeting 40 percent in 2024. The famed athleisure brand is experiencing a drop in popularity after five years of steady growth. Milford Asset Management's Stephanie Batchelor says this is down to inventory missteps and people turning away from discretionary spending. LISTEN ABOVE See omnystudio.com/listener for privacy infor...

Several Greens members have been caught asking to use the private carparks belonging to Wellington retailers for a party event. These retailers were impacted by Green-led cycleway project, which took away on-street parking in the area. Independent Business and Residential Group chairwoman Urmila Bhana says this cycleway has negatively impacted several businesses. "Businesses are down 60, 80, 100 p...

Computer chip producer Nvidia is now the world's most valuable company - overtaking Apple and Microsoft. Shares climbed 3.5 percent on Tuesday, making it worth $3.35 trillion (USD). The surge is driven by optimism about its AI technology. Sharesies co-founder, Leighton Roberts, says he can't predict whether it will fall as quickly as it's risen. He says it's hard to judge, but believes a lot of ex...

The Prime Minister concedes he could have used better words to describe past business delegations. Before setting off to Japan, Chris Luxon told Newstalk ZB the calibre of contingents had been lacking in recent years describing them as watered down to the 'C-list'. ZB senior political correspondent Barry Soper says it was a mistake for Luxon to insult his own voting base ahead of his own business...