Best of Business

An issue with paying for fuel at outdoor pumps has been confirmed as being related to the leap year. The extra day in February has affected Allied, Waitomo, Gull and BP truck stops, stopping customers from paying for their gas. Software provider Invenco was meant to roll out a fix at 3 o'clock - but that hasn't happened. Waitomo Chief Executive Simon Parham says it's surprising because it's not th...

The Reserve Bank Governor says inflation is still too high to consider cutting the OCR. Adrian Orr held the OCR steady at 5.5 percent today, in line with most economist's expectations.  Infometrics Principal Economist Brad Olsen says the Bank's on the right track to bringing down inflation. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank Governor has held the Official Cash Rate at 5.5 percent today, as expected by most economists. Adrian Orr says there was discussion on whether to bring in a small hike, but the Monetary Policy Committee concluded holding was the right move. Milford Asset Management's Katlyn Parker analyses the market reaction to this announcement. LISTEN ABOVE See omnystudio.com/listener for priva...

Finance Minister Nicola Willis wants to exempt some trusts from paying the new 39 percent trustee tax rate. She hinted the Government planned to modify the bill aimed at lifting the trustee tax rate from 33 percent to 39 percent from April 1. NZ Herald Wellington business editor Jenee Tibshraeny explains how Nicola Willis plans to determine these exemptions. LISTEN ABOVE See omnystudio.com/listene...

Building back trust is next on the agenda for the rat-plagued Countdown Dunedin South. It reopened today, after being closed for almost three weeks for pest management procedures. Woolworths Stores Director Jason Stockill says foot traffic was down today, but they're determined to regain customers' faith. "We know it's going to be a slow process, but we've got to get the confidence back into the c...

Economists at our biggest bank expect the Reserve Bank will increase the Official Cash Rate. ANZ's changed its forecast, now predicting 25 basis point hikes in February and in April. That would take the OCR to 6 percent- from its current 5.5. ANZ chief economist Sharon Zollner says the Reserve Bank said it was very close to hiking it again in November. "Since then, they've had a series of small, b...

Warner Bros. Discovery's Asia Pacific president reckons shutting down Newshub at the end of June is the best way forward. Staff were shocked as the company announced they would close down Newshub's newsroom and website- blaming financial headwinds and a tough advertising market. President James Gibbons says he's come to the conclusion this is the right approach. LISTEN ABOVE See omnystudio.com/lis...

Uncertainty over the future for hundreds of Newshub workers, following the shock announcement its newsroom will close. Warner Brothers Discovery executives told staff today they're shutting the newsroom and website, from the end of June. The former-Mediaworks news company says it's battled financial headwinds and plans to focus on streaming service, ThreeNow, not news. Media commentator Bill Ralst...

As several trade ministers come together for this week's WTO meeting in Abu Dhabi, some experts are less hopeful. Stephen Jacobi, the executive director of the International Business Forum, says there's no chance of an agreement for further cuts to agricultural subsidies and tariffs. The Country's Jamie Mackay explains why he's less than optimistic about this gathering. LISTEN ABOVE   See omnystud...

Immigration NZ have found themselves in hot water for failing to do enough risk analysis for migrant workers. A review of the Accredited Employer Work Visa Scheme has found the department had insufficient checks and balances for preventing migrant exploitation. BusinessDesk's Pattrick Smellie says this feedback could send the wrong signal for the future of immigration.  LISTEN ABOVE See omnystudio...

The Aggregate and Quarry Association says urgent intervention is needed to avoid delays in construction projects in the Upper North Island. Auckland reportedly ran out of sand fit for construction purposes, and the quarry industry head says an interim fix is needed to get projects back on track. CEO Wayne Scott says they've been on the cusp of a major shortage for 12 months before the end of 2023....

Sir John Key believes the time was right to step down as chair of the country's biggest bank. Key has been working with ANZ's Australian and New Zealand boards since 2017, and became chair in 2018. He says the bank is in good shape and they had an obvious replacement in mind- so he knew he was ready to retire. "The timing seemed about right for me, and it's a pretty good time for the bank as well....

Several trade ministers from the World Trade Organisation are expected to gather over the next few days. The MC13 gathering, held in Abu Dhabi, will be co-chaired by New Zealand's own Trade Minister- Todd McClay. NZME business commentator Fran O'Sullivan says New Zealand has a lot to gain over this timeframe, if McClay does well. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Michael Hill is boosting its presence in Australia as New Zealand sales drop amid ongoing thefts. Overall half-year earnings were down by 55 percent on last year, with New Zealand being marked as a 'laggard' for the company. CEO Daniel Bracken says Australian consumers are feeling more positive about the state of their economy than New Zealanders. "There's been a number of things at play in the Ne...

NZ Herald's Liam Dann has been won over by a new set of AI developments. Spark has rolled out some new technology designed to improve the world of construction and identify areas that need fixing- speeding up the process. The Herald's business editor at large was impressed by the practical applications of this technology. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Sky TV has made a strong start to the financial year, with a 10 percent rise in net profit for the half-year to December. The broadcaster experienced a 3 percent dip in customers to 1.02 million- but a 4 percent rise in revenue to $393 million. Chief executive Sophie Moloney says she's excited about these results, despite the 2023 entertainment strikes impacting content. "We haven't had those key...

Air New Zealand's half-year earnings have taken a dive, according to today's report. The airline has announced earnings before taxation of $185 million for the first half of the 2024 financial year- down 39 percent on the same period last year. CEO Greg Foran says these earnings reflect a 'normalisation' following a huge surge in demand. "Last year, we made, based on the amount of kilometres we fl...

More operations could be done by robotic surgeons in the not-so-distant future. California-based company Intuitive Surgical has been leading the charge in robot-assisted surgery, beginning in the late 2000s. Milford Asset Management explains the surge in popularity- and shares - surrounding this technology. LISTEN ABOVE     See omnystudio.com/listener for privacy information.

Media giant NZME has reported a drop in net after-tax profit of $12.2 million dollars. The company behind the New Zealand Herald and Newstalk ZB has blamed declining business confidence, inflation, and increased interest rates on their reduced earnings. CEO Michael Boggs says they're hoping for a better financial year in 2024. "We're seeing really good green shoots so far in January and February,...

Auckland Airport is disputing Air New Zealand's concerns the redevelopment will push fares up. Air New Zealand has requested Commerce Minister Andrew Bayly look into concerns about the Airport spending up to $8 million on redevelopment. The airline says the airport's regulated charges are expected to add $46 to a ticket price by 2032, a five-fold increase. Auckland Airport CEO Carrie Hurihunganui...

This week, ASB launched the first steps of a multi-layered campaign designed to protect consumers from scammers. The bank hopes to raise awareness around the issue to prevent their customers from being targeted by fraudulent schemes. ASB CEO Vittoria Shortt says they aim to highlight the most popular scams consumers have to be vigilant for. "Most scams don't start with the bank, they start with pe...

There's turbulence in Air New Zealand's relationship with Auckland Airport. The airline is asking Commerce Minister Andrew Bayly to look into the Airport's development spending, concerned it will drive up airfares. CEO Greg Foran says its plan doesn't deliver a new runway, or improve capacity. He says Air New Zealand wants investment going into the airport, but they also want costs kept down. "The...

Several leading economists are at odds over next week's OCR call from the Reserve Bank. ANZ has claimed the Bank will hike rates up twice before April, BNZ thinks an increase is unlikely, and ASB today predicted the OCR will hold until November before rates are cut. HSBC Chief Economist Paul Bloxham says the economy has slowed down- but high rates still linger. LISTEN ABOVE See omnystudio.com/list...

Infant formula maker A2 Milk has   lifted its first-half net profit by 15.6 percent. That's despite a double-digit decline in China’s infant formula market. BusinessDesk managing editor Pattrick Smellie explains this 'surprising' turnaround for the company. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Contact Energy has reported an increase in net profit and says it expects to finalise a more generous electricity deal with Tiwai Point aluminium smelter. It's recorded a net profit of $153 million for the six months to December. CEO Mike Fuge says he's optimistic about a better long-term agreement with Rio Tinto. "We've been really clear, there are three things- and like any negotiation, it's a t...