Best of Business

Alliance Group this week announced a significant loss for the 2023 financial year. The co-operative lost over $70 million, as geo-political tensions, inflationary pressures and weakening global markets continued to affect the red meat sector. The Country's Jamie Mackay says the current volatile market has created extra pressure for the struggling sector. LISTEN ABOVE See omnystudio.com/listener fo...

New data from REINZ showed the New Zealand housing market cooled in October. Prices declined 2 percent nationally on a seasonally adjusted basis, in the first monthly reduction in house prices since April. NZ Herald business editor at large Liam Dann says prospective buyers are feeling less optimistic as interest rates continue to soar. LISTEN ABOVE See omnystudio.com/listener for privacy informat...

US President Joe Biden and his Chinese counterpart discussed climate change, in a first bilateral meeting in seven years. The pair sat down together ahead of the APEC Summit in San Francisco. Biden says Xi Jinping agreed to help disrupt fentanyl drug production, resume military communications and assess AI risk. Herald business commentator Fran O'Sullivan says they also talked about a combined app...

Former British Home Secretary Suella Braverman has hit back with a 'scathing' open letter to Rishi Sunak. Braverman was recently sacked after she accused the Metropolitan Police of bias in the policing of protests. UK correspondent Enda Brady says people believe Braverman's setting herself up for future leadership in the Conservative party, with many voicing support for her views. LISTEN ABOVE   S...

Electronic card spending data recorded the first significant drop since mid-2022 this October. Spending in retail industries fell 0.7 per cent compared to September, down by $44 million, Stats NZ said in a press release. Demand for larger items has declined by 7.8 percent, and spending on apparel has fallen 8 percent. Infometrics principal economist Brad Olsen says retailers are staring down the b...

Latest data shows market confidence has returned to New Zealand. Stats NZ's monthly price report showed airfares, petrol and food prices were down across the board, and the NZX has shot up by 5 points in November. Milford Asset Management Jeremy Hutton explains what this means for the coming months. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The incoming Government is expected to contend with a billion-dollar hole in its books created by the upcoming ETS auction.  The final auction of units under the Emissions Trading Scheme for 2023 isn't expected to clear on December 6. Most participants in the carbon market expect this auction to fail, on the grounds that a full year's worth of units will need to be sold. NZ Herald Wellington busin...

The Financial Markets Authority (FMA) has pulled a controversial video campaign accused of mocking fraud victims. As part of Fraud Awareness Week, the FMA partnered with comedian Tom Sainsbury to depict a 'Boomer Dad' getting scammed out of his planned trip to France. New data released from banks showed that New Zealanders lost almost $200 million in scams in the year to September. Financial advis...

Alarm bells are being raised over in Australia, as economists warn the risk of inflation lingering is increasing. The Reserve Bank of Australia raised the OCR to 4.35 percent last week- the highest official cash rate seen in 12 years. HSBC Chief Economist Paul Bloxham says the RBA will likely have to do more to raise the OCR and bring down inflation in the coming months. LISTEN ABOVE See omnystudi...

Economists fear the primary sector is likely to struggle from lower export prices during the economic downturn. Infometrics chief forecaster Gareth Kiernan also warns increased interest rates are likely to add to the stressful climate for new Zealand's rural community. The Country's Jamie Mackay explains how Kiwi farmers are expected to struggle in the coming months.  LISTEN ABOVE See omnystudio.c...

Fruit, vegetables and similar household staples were the largest contributor to a monthly fall in food prices. Stats NZ says prices were 6.3 percent higher in October than a year ago- but cheaper than in September, down 0.9 percent month on month. LeaderBrand CEO Richard Burke says supply had been restricted and demand strong, but now they're working to recalibrate. "We've got a whole lot of crop...

Tonight on The Huddle, Trish Sherson from Sherson Willis PR and former Labour chief of staff Mike Munro joined in on a discussion about the following issues of the day- and more! Chris Luxon has warned coalition negotiations will be extended for another week- and claimed it seems unlikely he'll make it to APEC. Is this a bad look for the National Party, or does this process need more time? MBIE is...

Christopher Luxon says coalition talks will probably prevent him from attending this week's APEC leaders' meeting in San Fransisco. The summit for Pacific Rim leaders is expected to focus on conflicts in the Middle East and Ukraine. It will also include a crucial meeting between US President Joe Biden and Chinese President Xi Jinping, the first on American soil in about seven years. NZME business...

The brains behind New Zealand's largest regenerative beauty brand has her eyes on a new sustainable venture. Brianne West plans to reduce the use of single-use plastic soda bottles with ‘Incrediballs', tablets that add fizz and flavour to a glass of water. West says ‘Incrediballs' will be packaged in fully home compostable wrapping to prevent moisture from damaging the product before use. "We foun...

ANZ's CEO is defending its cash net profit, at a time households struggle with the cost of living. The country's largest bank has reported a 10 percent increase in its cash net profit in the year ending September. Antonia Watson says their profit of over $2 billion is a lot of money in a New Zealand sense. "The thing is, we're just really big- and I think that's the hard thing for Kiwis to get the...

Flow-on effects from a cyber attack are affecting Australia's second-largest port operator. DP World Australia, which is responsible for 40 percent of maritime freight, stopped internet access to all its ports on Friday, halting goods movement in and out of the country. Australian correspondent Oliver Peterson says the ports in Perth and Brisbane have just restarted operations. But he says Sydney...

Officially we don't know yet whether Xi Jinping will be at APEC in San Francisco next week, but it does look very likely? If he comes, will he meet with Joe Biden?   Meanwhile, Bloomberg is reporting that Xi Jinping is set to attend a dinner with top us business execs including Tesla's Elon Musk and Apple's Tim Cook.   How was Anthony Albanese's visit to China received over there?   And China has...

Fonterra's new climate plan has been welcomed by Federated Farmers and climate researchers   The company pledged to reduce farm emissions by 30% by 2030.   Business commentator Rod Oram joins Heather du Plessis-Allan to talk about it.     LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Kiwisaver provider Simplicity has announced it will immediately sell off its shares in three Israeli banks in response to the conflict in Gaza.    Simplicity says after an internal review, it decided the banks don't meet the requirements of its responsible investment policy.   Sam Stubbs is the CEO of Simplicity talked to Heather du Plessis-Allan about it.    LISTEN ABOVE See omnystudio.com/listen...

Industry experts are 'cautiously optimistic' about Fonterra's plan to reduce on-farm emissions by 30 percent by 2030. The dairy co-op has promised to utilise new technology, changes to farming practice and existing and new vegetation to remove carbon. The Country's Jamie Mackay says a 30 percent reduction in 7 years is unlikely, based on current projections. LISTEN ABOVE See omnystudio.com/listene...

More eyes are on the Commerce Commission, as Foodstuffs seeks their approval for a merger. The retail giant hopes to merge its North Island and South Island operations into one business, but needs the Government agency to sign off. NZ Herald business editor at large Liam Dann says these businesses have to see some threats of legislation or disruption before they get too big. LISTEN ABOVE See omnys...

Creditors of failed online grocery business Supie today voted in favour of liquidation at a watershed meeting. A report from BusinessDesk counted 14 people in multiple meetings held about the company, despite 100 seats being laid out at PwC's Auckland office. Neat Meat founder and former Supie creditor Simon Eriksen doesn't think there's a lot of money left over. "The money has gone, and knowing e...

Global logistics company Mainfreight has reported a significant slump in net profit and revenue. Their result shows profits declined 42 percent, to $124 million- after a successful 2022. CEO Don Braid says the company managed to have two really good years, as the company took advantage of unprecedented demand.   "We're now heading towards a more normalised trading environment, freight volumes are...

Fonterra says their emissions reduction scheme will work for the benefit of its farmers. The dairying giant plans to slash on-farm greenhouse gases 30 percent by 2030 through new tech, farming practices and carbon removal. There's no punishment for farmers not complying- the company instead hopes demand from customers to go green will be incentive enough. Director of Sustainability Charlotte Ruthe...

Economists are wracking their brains over how negotiations are set to shape the incoming Government's economic polices. ANZ's latest economic outlook examined the fiscal outlook for the incoming National-led Government, and noted that the addition of ACT and NZ First could lead to more significant changes. Infometrics principal economist Brad Olsen says National will face potential roadblocks in i...