Best of Business

Over in Australia, rideshare giant Uber has been forced to pay over $270 million to compensate taxi drivers and operators. Taxi companies across the nation took legal action after they claimed they lost years worth of income when Uber moved into the country. Australian correspondent Oliver Peterson says this is the fifth largest settlement in Australian history. LISTEN ABOVE   See omnystudio.com/l...

Uber drivers have continued their employment fight, now at the Court of Appeal. Two years ago, the court ruled four Wellington Uber drivers should be considered employees, not contractors, giving them more entitlements. Now, Uber's appealing the decision, and drivers and unions rallied outside the court today. First Union strategic project coordinator Anita Rosentreter says the protesting drivers...

Complaints from Wellington bus drivers who've been resorting to tampering with excessively loud on-board speakers. One city bus company is threatening to turn security cameras onto drivers to stop them reducing the volume. Tramways Union National President Gary Froggatt says the noisy announcements keep giving drivers a fright. "The driver is concentrating at the front of the bus and the traffic....

There's calls for a complete ban on the deadly engineered stone, primarily used in bench tops. The Australasian College of Physicians is urging the New Zealand Government to follow Australia's lead on the stone, which can give stonemasons the incurable lung disease, silicosis. RACP spokesperson Dr Alexandra Muthu says the organisation is calling for an outright ban on the material being imported i...

A call to action from Consumer NZ to help get on top of false environmentally-friendly claims on our products. It says issues of 'greenwashing' are rising, and it needs the public's help to send in examples to determine the full scope of the problem. Almost half of Kiwis find it difficult to decipher whether a product's green claims is true. Consumer NZ's Head of Advocacy and Research, Gemma Rasmu...

Westpac Bank says New Zealand will need to ramp up house-building prowess to keep up with increased migration. The bank estimates 125,000 homes will need to be built within the next 5 years to meet demand amid soaring post-pandemic migration. Westpac Senior Economist Satish Ranchhod says even if migration slows down to more average rates, the population is likely to increase by 300,000. "Just thin...

Wellington councillors have voted to increase housing density in the city.   It will also strip some housing character protections, and increase the amount of housing near rail lines, as part of amendments to its District Plan.   Business commentator Rod Oram joined Heather du Plessis-Allan.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis is expected to reveal more details about the Government's fiscal situation today, as she continues preparations for May's budget.   The Finance Minister will be speaking to business lunch event in Auckland.   Willis told Mike Hosking that since economic growth forecasts have been getting worse, the two options are to get down in the dumps about it, or they can say ‘what can we do abo...

The immigration boom is showing no signs of abating. Latest figures from Stats NZ show 133,800 more people entered the country than left in the year to January. That's only just below the record net migration of 134,400 recorded in the year to October. NZ Herald business editor at large Liam Dann explains what these figures mean for New Zealand's future. LISTEN ABOVE See omnystudio.com/listener fo...

Relief in sight for Australian winemakers, as China proposes ending crippling tariffs in exchange for suspending a dispute lodged with the WTO. These tariffs were introduced in 2020, and contributed to a wine glut that created an oversupply of 2.8 billion bottles. NZ Wine Chief Executive Philip Gregan says winemakers on this side of the Tasman are relieved for their Australian counterparts. "We've...

There's encouraging signs for food prices as the ongoing fight against inflation continues.  Stats NZ data for February shows overall food price inflation is at 2.1 percent, the lowest it's been since May 2021. Infometrics Principal Economist Brad Olsen says rental prices are still stubbornly high- and that's a big part of the inflation bucket. LISTEN ABOVE See omnystudio.com/listener for privacy...

Inflation in the US is running hotter and faster than predicted, according to new data. The Consumer Price Index (CPI) rose to 3.2- a far cry from expectations. Milford Asset Management's Mark Riggall explains what this means for the US's economic future.  LISTEN ABOVE   See omnystudio.com/listener for privacy information.

The Reserve Bank and Treasury are designing a new deposit insurance scheme. However, Credit unions, building societies and finance companies have voiced concern that these measures could impact their bottom lines. NZ Herald Wellington business editor Jenee Tibshraeny explains the risks and benefits involved in this scheme. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Briscoes has managed to withstand strong economic headwinds and deliver a strong profit. The company announced a net profit after tax of $84.2 million for the year ending 28 January 2024- a 5 percent drop. However, the total sales during that period were $792.0 million, an all-time high for the company. Group Managing Director Rod Duke says it's clear the products the company offers clearly resona...

Businesses hope the Government will bring change to the Holidays Act.   Brooke van Velden has laid out her agenda with a focus on regulations around contractors, public holidays, health and safety rules, and personal grievances.   Also a priority is sorting out the law around holidays.   Employers and Manufacturers Association Head of Advocacy Alan McDonald told Mike Hosking that there's no need f...

Beef + Lamb New Zealand’s mid-season update offers a grim warning for sheep and beef farmers. The report claims farm profits could drop 54 percent to $62,600 on average this financial year, off the back of significant losses. The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Climate Change Commission has recommended reducing the number of carbon credits ahead of future auctions. After a full year of failed auctions, the Commission believes halving the number of credits to reduce oversupply is the right decision.  BusinessDesk managing editor Pattrick Smellie says fewer units will drive up the carbon price. LISTEN ABOVE See omnystudio.com/listener for privacy infor...

Demand from aspiring business owners has shot up to record levels, according to new data. Enquiries are up 50 percent from last year, many coming from 'corporate refugees' and former Government consultants. ABC Business Sales Managing Director Chris Small says many of these laid-off workers have gotten used to a certain lifestyle. "They need to replicate those incomes and the way the job market is...

Air New Zealand is suspending Auckland to Chicago services due to ongoing issues with the availability of serviceable Rolls-Royce Trent 1000 engines used in Boeing 787 aircraft. They'll suspended from the end of this month, until late October. Customers can rebook on another flight, or get a refund or credit. The airline's chief customer and sales officer, Leanne Geraghty, says the company will wo...

India has established a Free Trade Agreement with four European nations. The nation will lift most tariffs for Switzerland, Iceland, Norway and Liechtenstein. UK correspondent Gavin Grey says the UK could benefit from a similar arrangement as the nation prepares for a post-Brexit future. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Freedom Furniture has posted a $9 million dollar loss, and is relying on Australian owner Greenlit Brands to support them financially. The furniture and homeware retailer has 12 stores in New Zealand, including five in Auckland. NZME business commentator Fran O'Sullivan says the 'recessionary environment', increased interest rates and transport delays created by the Red Sea terror attacks have imp...

Over in the US, some proposed new legislation is putting TikTok back in the spotlight. The new bill would force the app's partner company ByteDance to sell TikTok within six months or be banned from US app stores amid spyware concerns. Tech commentator Paul Spain says lots of companies would love to have the power and influence that comes with owning the platform. "Meta probably wouldn't be allowe...

The Finance Minister says the Government's thinking about what to do about problems in the media sector. In the past few weeks there's been proposals made about Newshub's closure and cuts at TVNZ. Nicola Willis says no decisions have been made about what will be done. She says it's hardly a unique problem. "It's not just New Zealand who's going through these big problems, this is a global phenomen...

Veteran business journalist Liam Dann aims to educate readers about business, money and the economy in his new guide- 'BBQ Economics'. The book is designed to answer challenging financial questions in a familiar, entertaining and Kiwi-specific way. Liam Dann says he's noticed business news felt 'sectioned-off' with all the jargon and language- and he hopes to break down the barriers. "The debate a...

The upheaval within the television industry continued this week, with TVNZ announcing cuts to its news and current affairs department on Friday. It’s not just news bulletins proposed to be cut, but also flagship shows such as Sunday and Fair Go. It’s a devastating time for those involved, and another brutal hit to the industry on top of the shock announcement of Newshub’s proposed demise last week...