Best of Business

Sky TV has terminated discussions about a potential takeover with an unnamed third party. Last month, the company reportedly received an expression of interest from a prospective bidder hoping to buy the company out. Earlier today, Sky revealed they had received a non-binding offer from the third party that didn't meet their expectations. Milford Asset Management's Sam Trethewey explains why Sky r...

Lobbying efforts are already underway to prevent the incoming Government from implementing a new tax on commercial and industrial building owners. National campaigned on removing the ability of commercial and industrial building owners to deduct depreciation as an expense when paying tax. This extra tax would bring in an extra $2 billion over four years and help cover National's proposed tax cuts....

A Wellington chef says it hurts to see high profile local restaurants closing. In the past fortnight, Field and Green and Shepherd have announced they'll be shutting at the end of the year. Logan Brown chef Shaun Clousten says hospitality is the heart and soul of the city. He says times are tough and he doesn't think the problem is too many restaurants. "We know there's a lot of restaurants, and I...

Former Prime Minister John Key is taking Zespri's kiwifruit fight straight to top Chinese politicians. Zespri filed a civil case in China's Intellectual Property Court in August, against parties it claims are growing unlicensed golden kiwifruit. Key has since spoken with China's foreign affairs minister Wang Yi on a business trip to Beijing to ensure Kiwi farmers have confidence their intellectual...

Foodstuffs, is set to apply to the Commerce Commission to merge its North Island and South Island co-operatives into one national business. The company is half of New Zealand’s supermarket duopoly - and expected to spark big debate on competition issues. Foodstuffs North Island CEO Chris Quin says this merger is part of a strategy focused on creating better value to customers. "Like any business,...

Anthony Albanese has become the first Australian Prime Minister to visit China in seven years- touching down in Shanghai yesterday. He's trying to improve relations with the country's biggest trade partner. Australian correspondent Oliver Peterson says Albanese is expected to meet with his Chinese counterpart Xi Jinping to repair the damage left by Scott Morrison. LISTEN ABOVE See omnystudio.com/l...

Westpac's CEO has identified a range of reasons for its fall in profits. The bank had a $963 million net profit for the year to September, down seven percent from 2022. Catherine McGrath says Westpac has been investing heavily in key parts of the business to improve the customer experience. "We've been investing in the foundation of the bank, so we've been introducing new tools. For example, we're...

A report has suggested the average Auckland house deposit could reach $1 million by 2045. The report was shared exclusively with One News. Enable. Me financial adviser Katie Wesney says it's not an inconceivable amount. "A million dollar deposit in 22 years, that's a 6.5 percent rate. And in all reality in the last 10 years, Auckland house prices have risen by 7.8 percent." LISTEN ABOVE See omnyst...

A new report this morning outlines that an average Auckland house deposit could reach $1 million by 2045. Aera founder Derek Handley spoke with Mike Hosking about it.    LISTEN ABOVE See omnystudio.com/listener for privacy information.

The economy was a significant talking point this election- and remains one of the biggest issues the incoming Government is expected to sort out. The special votes have been counted, meaning National and ACT will need NZ First to form a Government after National lost two seats. Infometrics Principal Economist Brad Olsen says the three parties have a shared goal to bring down public spending, but t...

The special votes are in and officially point to a National-ACT-NZ First coalition. They all ran on a similar election promise of turning the country around, including how they pledged to save the economy.  But what could this all mean for businesses? Business commentator Rod Oram joined Andrew Dickens. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The economic outlook in the United States is looking up. GDP in America has increased at an annual rate of 4.9 percent in the third quarter in 2023, according to recent data. Their inflation is currently at 3.7 percent and consumer spending is surging. Sam Dickie from Fisher Funds recaps the less-than-stellar market reaction to the ongoing US quarterly result season. LISTEN ABOVE See omnystudio.co...

Shareholder confidence in New Zealand's primary sector listed companies has fallen to an eight-year low and dropped 22 percent on the 10 months since January. The S&P/NZX Primary Sector Index dropped to 10,000, a low not seen since January 2016. The Country's Jamie Mackay says only the Fonterra Shareholders Fund has managed to stay positive all year. LISTEN ABOVE See omnystudio.com/listener fo...

The incoming National-led Government will soon have to make headway on their plans for the economy. The sector has already reported increased confidence, with data from Auckland's Business Chamber showing confidence levels are up 11 percentage points from before the election. NZ Herald business editor at large Liam Dann says the incoming Government will want to begin by clearing up the short-term...

A wave of business failings is expected on the horizon. BWA Insolvency's latest report shows 20 percent more business fell in the third quarter of 2023, than in the same time last year. Their managing director says more are inevitable, with the central Government attempting to drive down discretionary spending. Bryan Williams says there are also an increase in costs and labour shortages. "And ther...

New Zealand's sharemarket is in a steady decline, having dropped 20 percent from its January 2021 peak. The selloffs are accelerated, with a reported 10 percent fall over the past 3 months. Milford Asset Management's Mark Riggall explains why the market is in decline- and the role geopolitics has played in these figures. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

The Reserve Bank warns that mortgage stress is set to increase, with more households expected to default on payments. The banking regulator forecasts the portion of banks’ housing lending deemed “non-performing” will almost double by early 2025. NZ Herald Wellington business editor Jenee Tibshraeny says portions are predicted to increase- but it won't reach the figures from the 2009 Global Financi...

A marketing professor thinks New World's latest pots and pans promo let customers down. Customers have been collecting stickers to claim MasterChef branded cookware. A Wellington customer claims some pans have run out across the city. Auckland University Marketing Professor Mike Lee says you would think the supermarket would have enough stock. "The customers thought they were going to get somethin...

Experts claim rising unemployment is necessary medicine to get inflation under control. Stats NZ says unemployment rose to 3.9 percent for the three months to September, up from 3.6 last quarter- and 3.2 a year ago. Infometrics Principal Economist Brad Olsen says those figures are still a lot better than they've been in recent history. "Some of the underlying figures suggest that more people comin...

Economists across the Tasman have noticed Australia is battling two significant economic shocks at once. Stubbornly high interest rates offset by an increased surge in inward migration are helping keep inflation up- leading to increased concerns that the RBA could hike the OCR up come November. HSBC chief economist Paul Bloxham says the increased number of migrants will boost inflation in the shor...

The recent collapse of two high-profile Kiwi startups has raised questions about an incoming downturn for businesses and employment. Online grocery retailer Supie was placed into voluntary administration and craft brewer Deep Creek Brewing went into liquidation today. BusinessDesk managing editor Pattrick Smellie says increased interest rates, stubborn inflation and weak consumer confidence could...

One meat supplier is offering a lifeline to Supie's displaced former employees. The grocery start-up was placed into voluntary administration, leaving 120 workers and thousands of customers out of pocket. Neat Meat managing director Simon Eriksen says the company has already reached out and interviewed several former Supie employees. "As we approach summer, naturally a business like ours is growin...

The Warehouse says the Grocery Commissioner needs to chop-chop on reform. The retailer claimed an investigation into Sanitarium briefly stopping its supply of Weet-Bix isn't happening quick enough. Sanitarium kept up supply to supermarkets. Warehouse Chief Product Officer Tania Benyon says combined with online grocery startup Supie failing - it's reason for prompt action from the Commissioner. "He...

Tonight on The Huddle, current affairs commentator Josie Pagani and Kiwiblog founder and Curia pollster David Farrar joined in on a discussion about the following issues of the day- and more! The Rugby World Cup has finally come to an end- with South Africa narrowly beating out New Zealand to take home the title. What did we think of the result? Was this a fair victory? Have TMOs gone too far? Onl...

The incoming National-led Government is expected to step up for two key international summits. The Pacific Islands Forum and APEC are set to happen within the next few weeks- and it's likely Luxon will attend to represent New Zealand on a wider scale. NZME business commentator Fran O'Sullivan explains what to expect in the coming weeks. LISTEN ABOVE See omnystudio.com/listener for privacy informat...