Best of Business

BusinessDesk's Pattrick Smellie is off on a European sabbatical- and he's hopeful an interest rate cut could come before his return. He outlined his predictions for the coming months here today. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Resource Minister Shane Jones is dismissing what he calls green 'catastrophising' over coal mining. As part of upcoming RMA amendments, Jones will remove the extra controls on consents that he says only apply to coal. He says the industry's treated differently to other types of mineral extraction, and red tape is hurting the sector. ZB senior political correspondent Barry Soper unpacks these new c...

Union workers at Fletcher subsidiary EasySteel have blamed the company's recent mismanagement for a looming restructure. Fletcher has cited market conditions for this restructure, and jobs are on the chopping block. First Union spokesperson Justin Wallace says 50 to 60 jobs could be scrapped. "The interesting part is- this is not only being targeted at union members, it's also being targeted at ma...

Air New Zealand has signed its largest deal yet for sustainable aviation fuel. The airline purchased 9 million litres of fuel from provider Neste, which is expected to reduce carbon emissions up to 80 percent compared to fossil jet fuel. Chief Sustainability Officer Kiri Hannifin supports mandating other airlines follow suit to decarbonise. "All of aviation is required to decarbonise, so we all ha...

The Telecommunications Commissioner says he's disappointed about alleged breaches of the 111 Contact code by telco One New Zealand. The code is designed to protect consumers without copper landline connections. One New Zealand has been accused of failing to provide customers with a way to call 111 in a power cut. Commissioner Tristan Gilbertson says the company would have been aware of its obligat...

There's more details on the finances of Stuff's new agreement with Warner Brothers Discovery. The Newshub owner signed a deal with Stuff yesterday to produce and provide a daily bulletin on TV Three from July 6, following Newshub's closure. Stuff CEO Sinead Boucher says they'll bring over some Newshub employees, but fewer than the 40 or 50 proposed by staff. Herald Editor-at-large Shayne Currie sa...

The Prime Ministers of New Zealand and Singapore have agreed to streamline flows of critical supplies during crises. Chris Luxon sat down today in Singapore with his counterpart Prime Minister Lee Hsien Loong to discuss supply chains and maintaining green economy initiatives. NZME business commentator Fran O'Sullivan explains further. LISTEN ABOVE See omnystudio.com/listener for privacy informatio...

Prime Minister Luxon is eyeing up the opportunities and potential to be found in South East Asia.  Luxon's leading a 24 person business delegation to Singapore, Thailand, and the Philippines over the course of the week. ZB senior political correspondent Barry Soper explains the benefits of New Zealand building more trade relationships. LISTEN ABOVE See omnystudio.com/listener for privacy informati...

The Finance Minister's excited ahead of her trip to Washington DC. Nicola Willis departs tomorrow for a meeting with her counterparts from Australia, the United States, Canada and the United Kingdom. She says she's looking forward to being in the same room as Janet Yellen, who she describes as a 'Queen' of international economics and finance. "She is an incredible person who has advised successive...

Since we were last together, the collapse of television news and current affairs has continued. And with it, we have been subjected to a lot of highfalutin thinking about the metaphysical and cultural reasons why linear TV is dying. You know - go woke go broke. Or- this is because nobody trusts you, because you're all raving lefties. Meanwhile, Melissa Lee has been asked what she is going to do ab...

There's growing concern that the cuts across TVNZ and Newshub won't be the last for locally produced content. As the nation's biggest broadcasting companies struggle with falling advertising revenue, the fate of Kiwi favourites such as Shortland Street remains uncertain. NZ Screen Producers’ Guild President Irene Gardiner says local content plays an important role in keeping audiences together. "I...

It's been a big time for job cuts, with multiple roles being slashed over the past month. The public service has posted several high-profile job cuts, and over 300 media roles disappeared following the TVNZ and Newshub culls. Telecommunications giants like One NZ have also laid off hundreds of workers - and the closure of Sunfed and Kate Sylvester will mean more jobs are on the chopping block. NZ...

Housing Minister Chris Bishop has confirmed a suite of changes will be made to the Residential Tenancies Act. A bill being introduced to Parliament will bring back 90-day no-cause terminations for periodic tenancies, which were removed by Labour last term. Property Investors Federation President Sue Harrison says the return of no-cause rental terminations can mitigate the harm of taking on risky t...

Labour's broadcasting spokesman says the Government cannot afford not to help Newshub. Media Minister Melissa Lee is facing growing questions about how she'll support the embattled industry, with Newshub closing in July. Labour's Willie Jackson says turning to New Zealand On Air could be a stop-gap solution. He says the Government could mediate with other parties on supporting the station- and tha...

The Reserve Bank confirmed they'll hold the OCR in place at 5.5 percent. This falls in line with predictions that the OCR update would follow on from February's release. Milford Asset Management Sam Trethewey says some of the market was hoping for a reprieve- and they were left disappointed. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank held the OCR steady at 5.5 percent, but warned people about the risk that came with increased rates. Governor Adrian Orr says rates will need to stay high for a sustained period- and warned this could lead to more unemployment and financial stress 'than expected'. NZ Herald Wellington business editor Jenee Tibshraeny says the RBNZ's 'engineered recession' came with risks- and we'r...

The Broadcasting Minister says media is a priority for the Government, despite it being absent from the quarterly plan. It's been a dark day for media, with Newshub's closure confirmed for July and TVNZ axing its Sunday show alongside Fair Go, Midday and Tonight. Melissa Lee says she's taking a paper to Cabinet she hopes will help the industry, although she won't give a timeline. ZB senior politic...

Two tech giants claim they've found a way to make AI smarter - and more human-like. OpenAI and Meta have revealed they plan to launch artificial intelligence models capable of reasoning, planning and storing memory. Being AI co-founder David McDonald says this technology opens up new opportunities for various industries. "It has profound impacts on productivity and what people do with their daily...

A sad day for Newshub staff with closure confirmed, and about 250 jobs lost. Warner Bros. Discovery have told staff there's no planned deal 'at this stage' with third parties. Newshub investigations reporter Michael Morrah says it's tough. "It's a huge loss for the country and for democracy- and of course, it's devastating for us here at Newshub." Newshub's newsroom, website and TV news will go of...

A mortgage adviser says New Zealanders are feeling the strain of heavy home loan rates. The Reserve Bank's held the Official Cash Rate at 5.5 percent. Adviser Malcolm Knight says a lot of home owners are asking for interest-only periods or loan repayment holidays. "If you can get through this next 12 to 18 month period- just hunker down, get through the tough credit crunch period - the light is at...

A new report from the Climate Change Commission warned New Zealand will need to tackle methane emissions to keep up with 2050 climate goals. The report warned that the nation would have to reduce stock rates by 23 percent for dairy, and 12 percent for sheep and beef by the 2050 deadline. BusinessDesk managing editor Pattrick Smellie unpacked the political debate surrounding methane emissions. LIST...

Ahead of tomorrow's OCR update, one expert is challenging the Reserve Bank to start cutting rates ASAP. The Official Cash Rate is widely expected to stay at 5.5 percent, but Squirrel CEO David Cunningham believes the RBNZ should ease up. Cunningham says monetary policy changes have a one to two-year lag before they flow through to the wider economy. "What that means is- the Reserve Bank should alw...

Inland Revenue is sending the construction sector a final warning to get on top of business tax obligations. 40,000 businesses with outstanding debt and overdue returns will be sent emails and letters in the coming months. Inland Revenue spokesperson Richard Philp says the current outstanding tax debt sits just shy of a billion dollars. "We'll be writing to most - some we'll try to prompt with a t...

Kiwi plant-based meat replacement company Sunfed is shutting down as inventory runs out and investors leave. The company made chicken, beef and bacon alternatives using yellow pea protein. Founder Shama Lee has announced its closure on social media, saying the plant-based bubble's burst. Marketing expert Bodo Lang says products like this fail after not making money, despite being full of promise....

There's a bright spot among major cuts at TVNZ. The state broadcaster has confirmed it's axing news and current affairs shows, Midday, Tonight and Fair Go. But it is proposing Fair Go's brand will continue on its digital platforms, with four new roles created. E Tu negotiations specialist, Michael Wood, says it is an improvement on the initial proposal. "I think some of the clear support from New...