Best of Business

One expert has noticed a subset of voters hasn't reacted positively to the Government's plan to reduce the number of beneficiaries. Prime Minister Chris Luxon today revealed a planned return to a more strict regime of sanctions for those on the unemployment benefit. NZME business commentator Fran O'Sullivan observed the younger members of the press gallery seemed shocked by these changes. She says...

One transport planner is looking into the feasibility of a fixed link between New Zealand's two islands. KiwiRail are officially cancelling an overseas contract for building more mega-ferries, after the Government declined to foot the bill. Nicolas Reid, the Principal Public Transport Planner for MRCagney, says there are other options available to cross the Cook Strait. "There's options around the...

The key interest rate market in the US is pricing several rates cuts later this year. Meanwhile, economic growth is getting stronger and equity markets are at an all-time high. Can these concepts co-exist? Sam Dickie from Fisher Funds explains further. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

One business expert says a change in leadership isn't enough to save Fletcher Building. Yesterday, Chief Executive Ross Taylor and Chair Bruce Hassall both announced their resignation following some lower-than-anticipated half-year results. Auckland University economics professor Robert MacCulloch says the entire company should be broken up altogether. "The company should be nationalised, the Gove...

New Zealand's agricultural sector could be impacted by escalating tensions in the Red Sea. Experts warn the ongoing attacks could cause further shipping bottlenecks around the world. The Country's Jamie Mackay says freight prices have climbed to a level not seen since the days of the Covid-19 pandemic. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

New Zealand's population has continued to expand in 2023- but the influx has slowed somewhat. New data from Stats NZ shows annual net migration reached just under 126,000 in the year to December. The net migration gain is still one of the largest recorded, it's equivalent to the population of Taranaki. NZ Herald business editor at large Liam Dann explains what this means for economic forecasts. LI...

Fletcher Building has had an eventful few days, culminating in the loss of chief executive Ross Taylor and chair Bruce Hassall. The company has also reported a $120 million half-year loss after tax. Milford Asset Management's Jeremy Hutton warns Fletcher may need more than a change in leadership to win back investors. LISTEN ABOVE See omnystudio.com/listener for privacy information.

ASB has warned mortgage holders to be prepared for 'any eventuality' when it comes to interest rates. Chief executive Vittoria Shortt says borrowers shouldn't bank on one particular scenario when it comes to future rate hikes. This follows ANZ economists issuing a 'hawkish' prediction that the OCR could go up two more times in the near future. NZ Herald Wellington business editor Jenee Tibshraeny...

Economists are predicting a boost in consumer spending this February 14th. As demand for flowers and chocolates and fancy dinners skyrockets, people are expected to spend more to contribute to this economic bump. Infometrics Principal Economist Brad Olsen says this Valentine's Day is expected to be the first in several years to match pre-pandemic spending demand. LISTEN ABOVE   See omnystudio.com/...

ASB's CEO isn't surprised by today's reduced half-year profit. The bank has reported a 11 percent fall, due to slower lending, reduced margins and higher costs. CEO Vittoria Short says their profitability is linked to New Zealand's economy. "We've seen a slowing in growth as headwinds impact everything from inflation that's feeding through to businesses and homes- and also the rising interest rate...

Resignations by Fletcher Construction's two top players can be traced back to a single project. The company has reported a $120 million half-year loss after tax. Chief Executive Ross Taylor and Chair Bruce Hassall have announced they'll both leave this year. Taylor says remediation for the SkyCity fire in 2019 was the most complicated thing he's seen in 40 years in the industry. "We basically prog...

It is amazing, isn't it? How the story of one rat in a Dunedin supermarket has just blown up for Countdown. First, it was a photo of a couple of rats in the supermarket in Dunedin. Then there were more rats caught, then the supermarket closed for two days, then it closed for another day and now it's closed indefinitely- until they finish catching the rats. At last count, it was 19 just since Frida...

Fonterra has lifted their 2023-24 season forecast farmgate milk price to $7.80 per kilogram of milk solids. Chief executive Miles Hurrell claims the 30 cent increase was inspired by a  streak of 5 strong GDT auctions. The Country's Jamie Mackay says this is a good start, but some dairy experts believe it should be higher. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There are growing calls for Fletcher Building to make some leadership changes ahead of tomorrow's half-year result. The company has been placed in a trading halt, and it's been revealed Chief Executive Ross Taylor is 'considering his position'. BusinessDesk managing editor Pattrick Smellie says it's a complex situation- and it's unclear if removing Taylor will solve everything. LISTEN ABOVE  See o...

There's a push for a shake up of the Fletcher Building board. The construction company is in a trading halt ahead of the release of its half-year results tomorrow. CEO Ross Taylor is also 'considering his position'. Shareholders Association Chief Executive Oliver Mander says whatever woes the company has, they're down to more than just Taylor. "We do think this is a wider conversation than the CEO...

It looks almost certain that the CEO of Fletcher Building is gone. The company put the shares in a trading halt yesterday, and announced that Ross Taylor would be reconsidering his position. Which says to me- he’s resigning tomorrow. I can’t see a way for him to come out and say he’s not resigning after that statement’s been made. And if he does go, which seems more likely than not, I doubt very m...

Prime Minister Chris Luxon and Finance Minister Nicola Willis are planning to make some changes to public sector agencies. Speculation indicates they could shoulder-tap people with a certain level of business experience to take on leadership roles.  NZME business commentator Fran O'Sullivan explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Kiwis out to buy their first home may soon find that process a lot harder. Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home. These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income. Cor...

Kiwis out to buy their first home may soon find that process a lot harder. Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home. These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income. Cor...

Kiwis out to buy their first home may soon find that process a lot harder. Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home. These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income. Cor...

SkyCity could be forced to cough up millions for alleged breaches of legislation on money laundering. The Department of Internal Affairs is accusing SkyCity of violating the Anti-Money Laundering and Countering Financing of Terrorism Act, after a company review. NZ Herald property editor Anne Gibson says SkyCity will be more concerned about the hits to their reputation, over a prospective fine. "T...

The Finance Minister plans to implement a 39 percent trustee tax rate by April 1. This increase follows on from Labour's proposed plan for trustee tax rates from Budget 2023. Nicola Willis says the Government is looking to fix up Labour's legislation to ensure rates are properly aligned. "We're concerned that when Labour lifted the top tax rate, that misaligning it with the trust rate would lead t...

Super Bowl LVIII is expected to start at 12:30 NZT, and advertisers have been ready for kickoff all year. Brands will be bringing in high-profile celebrities and the best effects money can buy in order to lure in doves of prospective buyers. Michigan State University researcher Dr Ayalla Ruvio says brands will be more likely to prioritise the entertainment value of their ads this year. "The econom...

One Christchurch-based entrepreneur hopes her platform will hold information to make death easier on loved ones. 'Holdmine' allows users to store personal data, including funeral plans, wills, lawyers' contacts and key passwords to be shared with trusted contacts upon passing. Creator Melissa Davies says her experience with her father's unexpected passing showed her there were a lot of complexitie...

The start of a new year is often a good time to check in on how your business is going. Just like we’d take our car in for a WOF, it’s just as important to get a WOF done on the mental health and safety of your business.   Recent court case highlights that workplaces can be held liable for the mental distress and injury their workers suffer.   At its most basic level, mental health and safety at w...