Best of Business

US earnings season has started up again - and new reports indicate Donald Trump's tariffs are starting to bite. Companies across the US have reported shipping from China has taken a significant dip - the biggest reported since the Covid-19 pandemic. Milford Asset Management's Sam Trethewey explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank of New Zealand is continuing to buy foreign currency assets to give it more firepower, should it need to intervene in the market during a crisis. The central bank sold a whopping $259 million of New Zealand dollars in March to buy assets, such as government bonds, linked to other currencies. The sale marked the second-largest foreign exchange-related transaction (or series of transactions) the Reserve Bank (RBNZ) has engaged in during a month in just over a decade. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The future has been secured for Whakapapa skifield after DoC today granted a 10-year concession. Whakapapa Holdings has signed up to run the Whakapapa skifield on the iconic North Island mountain for the next decade. It's taken multiple Government bail-outs and years of talks to reach this point - since Ruapehu Alpine Lifts folded in 2022. Whakapapa Holdings Chief Executive Dave Mazey says an environment with less time pressure will help with developing a long-term future for the skifield. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Another Government curriculum refresh is aiming to give school kids more grasp of money management. The Education Minister's making financial literacy a compulsory topic for years one to ten. The Government is teaming up with financial organisations, banks, and charities for lessons on investment and taxes. Erica Stanford says kids will learn a small dose each year, increasing in complexity as they get older - in order to build up financial skills over their time at school. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The first 100 days of the new Donald Trump administration have seen capital markets undergo a turbulent few months - but things appear to be stabilising. The tariffs have seen the markets take a noticeable dip, but things have turned the corner this week. Harbour Asset Management's Shane Solly explains the factors behind this. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's Airports Association has voiced disapproval with the latest review of their regulatory arrangements - and suggested the scrutiny needs to be on Air New Zealand. MBIE has launched another review of airport regulations, just three weeks after the Commerce Commission gave Auckland Airport the tick of approval for an upgrade. NZ Airports Association CEO Billie Moore says it's clear there's plenty of strain on the domestic market - and Air New Zealand has a 'monopoly' over that market. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Businesses in the capital city are still feeling glum - Westpac's latest survey has found Wellington has the lowest business confidence of any region in the country. With interest rates dropping and spending increasing, when will confidence return? Also, Wellington mayor Tory Whanau has officially turned the sod at the first tranche of Golden Mile works this morning. How will the plan affect businesses? To answer those questions, Working Style director Chris Dobbs and Tommy's Real Estate CEO Ben Castle joined Nick Mills for the Business Panel. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The UK is still hoping to work out a trade deal with the US - but early reports indicate it's quite a way off. Chancellor Rachel Reeves recently arrived in Washington DC, and she's warned negotiations will take time. UK correspondent Enda Brady says the UK economy needs the extra help, but it's unlikely a deal will come by the end of the week. LISTEN ABOVESee omnystudio.com/listener for privacy information.

US President Donald Trump has spent the past week verbally attacking Federal Reserve Chair Jerome Powell and it's prompted concerns from the markets. Trump recently claimed the US economy could slow down unless interest rates were lowered immediately - and said that Powell's termination 'cannot come soon enough'. Sam Dickie from Fisher Funds explains what this could mean for investors. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Local cheesemakers have voiced concerns about the competition created by supermarket-produced home-brands. Smaller brands have been forced to scale back on production to reduce their reliance on the supermarkets - in a bid to focus on filling niches that appeal to Kiwi cheese lovers. The Country's Rowena Duncum explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Consumer confidence has gone back up - but new data indicates people are also worried about inflation. The latest ANZ-Roy Morgan survey shows consumer confidence rose 5 points to 98.3 in April - but inflation expectations soared 0.5pts to 4.7 percent, the highest reading since July 2023. NZ Herald business editor at large Liam Dann unpacked the factors contributing to this data. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New reports indicate Donald Trump is considering slashing tariffs on Chinese goods by more than half. No announcements have been made yet- but tariffs could reportedly come down to between roughly 50 percent and 65 percent, according to one senior White House official. Asia Business Correspondent Peter Lewis says China has signalled it's open to trade talks - as officials believe this is the US blinking first in the trade dispute. "They see it as vindication of President Xi's strategy - which is to hang tough and not to be bullied and not to negotiate under duress." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister has adamantly denied any suggestions of the Government trying to interfere in the Reserve Bank. Critics have raised concerns that the Reserve Bank's temporary Governor and Chair are acting to appeal to Nicola Willis' interests. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Despite the negative press and volatile climate, some financial markets have managed to hold up solidly throughout 2025. The consumer staples industry - food, beverages, household products - and all the brands tied to that sector have managed to stay strong throughout the year. Milford Asset Management's Stephanie Batchelor explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Chicken exports are returning to normal after a bird flu outbreak in Otago last year. Last December, New Zealand experienced its first confirmed case of avian influenza on an Otago egg farm and thousands of chickens were culled. While the outbreak was contained to the Hillgrove farm, measures were taken to prevent further spread, including surveillance and temporary suspension of chicken exports. The Country's Rowena Duncum explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's been some positive trade news. Stats NZ data shows goods exports rose 19 percent to $7.6 billion in March - compared to the same time a year ago. Milk powder, butter and cheese rose 35 percent to $2.3 billion. Goods imports rose 12 percent to $6.6 billion. Infometrics principal economist Nick Brunsdon unpacked the factors. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's less than a month to go until the 2025 Budget is unveiled - and the Finance Minister has been clear about the goals she aims to tackle. Nicola Willis says New Zealand has been in a significant deficit since 2019, and she's determined to get back into surplus by 2027/2028. She explained getting the country back into surplus will help to pay down debt. "We're borrowing every day right now to keep our hospitals, schools and police going - but we can't do that forever as a country, we need to get the books back in balance." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Limited Easter trading hours are bringing extra financial burdens for businesses according to retailers. The Retail Radar survey shows almost 70 percent of retailers are concerned about the cost of living - with merchant fees also top of mind. The law says local council have the final say on when businesses are allowed to open. Retail NZ Chief Executive Carolyn Young says these restrictions are 'outdated' and don't reflect the current market. "When these laws were first established, we didn't have the internet, people weren't shopping 24/7 online any day they wanted - and families work in different ways and shopping is available in different ways." LISTEN ABOVESee omnystudio.com/listener for privacy information.

If you live in a city, there is something quite special about waking up on Good Friday - to the sound of silence. There are no cars on the road, no hum of traffic in the distance, no sound of people going about their day-to-day routines. My first thought on Friday was - it's like Christmas Day. My second thought wasn't as pleasant - it's like lockdown. But the feeling was the same - how nice the world is when it pauses for a moment. But as much as I appreciate these few days a year when many get to stop, the crazy rush, chock-a-block carparks and supermarkets on Thursday and Saturday made me wonder whether it's worth it. We don't seem to be able to cope, or prepare, for supermarkets to shut. If we weren't down on hot cross buns, I certainly wouldn't have made the trip to my local. It's lovely having Friday and Sunday off, but not, if the days around it are a nightmare. We have been talking about the inconsistencies and confusion around retail laws over Easter for as long as I can remember. What is open and shut depends on where you are in the country; sometimes where you are in a city. Don't forget it's the local authority which decides whether stores can open or not. It depends on what you're selling. There are strange restrictions on what can be sold, and you must be selling something that people can't put off buying until the next day. But you can get a haircut. And just to make it even more confusing - the Shop Trading Hours Act covers both public holidays, and days that aren't public holidays, such as Easter Sunday. I think it's time to let people decide for themselves how they want to spend their Easter. Whether they open their businesses, work or shop, or do none of the above and quietly go about their day. We've been arguing forever the merits of a day off and people being able to spend time with family and friends, or businesses being able to make the most of people wanting to spend money and get jobs done. We have spoken about employees facing pressure from their employers to work over Easter when they would prefer not to. And how there are plenty of employees who would happily take the benefits of working a public holiday. Let's not forget online retailers can sell you whatever they like on these days. What a minefield of confusion. Let's just bite the bullet, simplify the laws, make sure employees are protected, and let businesses decide if they open or not, and get on like it's 2025 and not 1990. I'm also pleased sense is being shown around the purchase of alcohol over Easter. Labour MP Kieran McAnulty's Bill to change rules around alcohol sales on ANZAC Day morning, Good Friday, Easter Sunday, and Christmas was voted through its first reading a week or so ago. Currently, people must order a meal before having an alcoholic beverage at a restaurant or pub. Once again, it's all about simplifying the rules for both hospo, tourists, and Kiwis catching up at a restaurant over the holiday period. And there are a lot of businesses who would appreciate it being simpler to make a buck. LISTEN ABOVESee omnystudio.com/listener for privacy information.

With China and the US promising trade war escalations, economists are speculating about the future of the tariffs and how they'll impact global economies. Some have have drawn parallels with the Great Depression - and warned the world should be prepared for a downturn. Fisher Funds expert Sam Dickie explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data shows inflation's gone up again - and there's concerns about what it could mean going forward. The latest Stats NZ figures put the rate at 2.5 percent, up from 2.2 percent three months ago. It's the first time it's risen in almost three years. NZ Herald business editor at large Liam Dann explains what this could mean for the state of the economy. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Genesis Energy has confirmed it plans to shift its focus over to coal, as gas production declines and no other suitable sources have been found. Genesis has made clear it sees a declining role for gas in electricity generation - despite the Government's attempts to get offshore oil and gas exploration going properly. Energy Resources Aotearoa CEO John Carnegie isn't surprised by this - given the associated challenges. LISTEN ABOVESee omnystudio.com/listener for privacy information.

US tariffs are expected to impact our next inflation figures, according to new reports. The rate increased in the three months to March to 2.5 percent - up from 2.2 percent to December. Petrol, milk, cheese, eggs have all gone up, alongside a dip in prices for international flights and games. Infometrics Chief Forecaster Gareth Kiernan says the new tariffs could push inflation down because of weaker demand. "And we know there will be some cost pressures that do rise because of the changing trade situation. So it's mixed, but the sentiment is pushing towards maybe a little less inflation." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Labour is staying tight-lipped, as Te Pāti Māori says Māori should receive New Zealand Superannuation seven to 10 years before everyone else. Meanwhile, the Green Party supports lowering the age of eligibility for Super for some groups in society. NZ Herald Wellington business editor Jenee Tibshraeny says this has prompted a divided response. LISTEN ABOVESee omnystudio.com/listener for privacy information.

ANZ is speculating interest rates will drop lower than previously expected - as the economy is predicted to need extra help to recover. The bank believes the OCR will bottom out at 2.5 percent, down from the 3 percent low that was previously predicted. ANZ chief economist Sharon Zollner says it's likely the Reserve Bank will give the economy an additional 'push in the back' to help boost a recovery. "It's too soon to make any concrete judgements on what might happen to our commodity prices or anything like that - but it does seem pretty likely that some pretty full-on uncertainty is going to persist for quite a long time." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is confident in the operational funding she's giving the Reserve Bank. Nicola Willis has signed the bank up to a new five-year agreement - 25 percent under the billion dollars sought by the central bank. Willis says she's peeled back the $200 million a year the Reserve Bank had budgeted for - to $150 million. "Not just - are we taking it back to that figure? But we're saying, we want you to stop this pattern of the number escalating every year. We want that to hold steady." Willis says the 750-million dollar budget gives the Bank enough to carry out its statutory functions well. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister has unveiled a major reduction to the Central Bank's planned spending. The Government and the Reserve Bank have agreed to reduce operating expenses by a quarter in the coming year. They've signed a five-year funding agreement, allowing $750 million of operating expenses, well below the $1 billion the Bank was asking for. NZ Herald political editor Thomas Coughlan unpacks the announcement further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Over in Australia, the RBA says its upcoming May meeting would be an 'opportune time' to reconsider the OCR. Experts believe that the global uncertainty over U.S. tariffs could have significant impact on markets all over the world. HSBC chief economist Paul Bloxham says a lot has changed within the economy - and inflation has dropped down. LISTEN ABOVESee omnystudio.com/listener for privacy information.

All eyes will be on tonight's Global Dairy Trade Auction to see if the tariffs will leave an impact on dairy prices. It's been two weeks since President Donald Trump imposed a set of tariffs impacting multiple countries - and financial markets have been sent into turmoil. The Country's Rowena Duncum explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank economist Paul Conway believes there's one upside to the tariff turmoil for Kiwis. Conway suspects the tariffs will likely lead to lower inflation in New Zealand, which will also lead to lower interest rates. Infometrics Principal Economist Brad Olsen unpacked the announcement - and explained the ins and outs of the Reserve Bank's new Kiwi-GDP tool. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Working from the office could set people up better for a promotion than working from home. Recruitment agency Robert Half says 58 percent of workers believe opportunities to advance correlate with office attendance. It says 54 percent would turn up more if it was needed to get promoted. Managing director Megan Alexander says there is a mentality of out of sight, out of mind. She explained that relationship building is critical to climbing the career ladder - which is difficult when you're sitting at home not talking to anybody. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Concerns have been raised over the punishments NZ-based companies could face for greenwashing - and whether or not it's a suitable deterrent. An Australian court has ordered Glad owner Clorox Australia to pay A$8.25 million ($8.87m) for false or misleading representations about bags partly made of recycled 'ocean plastic'. Consumer NZ Investigative Team Lead Rebecca Styles joined the Afternoons team to explain how greenwashing violates the Fair Trading Act - and the disciplinary action Kiwi companies could face for rule-breaking. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Kiwi toy entrepreneur Nick Mowbray says businesses in the US are pressing pause on major purchasing decisions. There's ongoing uncertainty about Donald Trump's tariff plan. The US President says he might temporarily lower tariffs on the auto industry following temporary reductions for Chinese electronics and goods from most other countries. Zuru Toys co-founder Nick Mowbray told Mike Hosking manufacturers and retailers are in a holding pattern, waiting to see how things pan out. He says it would be hard to say they're not worried, but they're just trying to deal with the situation as it unfolds daily. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Last-minute efforts to keep British Steel operating are to be carried out today, as the plant races to secure a supply of raw materials. The Department for Business and Trade said officials are working to keep British Steel operational - and ensure all staff at the Scunthorpe site will be paid. UK correspondent Gavin Grey says efforts are in place to keep it open - but things still feel quite touch-and-go. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Trump administration's tariff announcements have left a notable impact on financial markets - and experts fear we may not be out of the woods yet. Smartphones, computers and some other electronics from China will face 20 percent tariffs, rather than the 145 percent imposed on other Chinese goods. The White House says the exemption is not permanent. Harbour Asset Management's Shane Solly explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Demand is outpacing supply in the small business market, as sellers wait out tough trading conditions while buyer interest is at record levels. Recent data shows new business listings fell 10 percent in the year ended March, compared to a 10 percent increase in completed sales. ABC Business Sales managing director Chris Small says there's been an uptick in migrants gravitating to smaller businesses - which has left an impact on prices. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A successful Wellington business owner says if he were starting again today, he wouldn't start his business in Wellington. "Whether you should do it in Wellington though, I would say no. I think Wellington is actually talent repellent system at the moment," Raygun founder John-Daniel Trask told Nick Mills. "We've had people in our own organisation who have left and said I'm going to places like Auckland because they are so tired – their own words – of the abject wokeness that is in this city." Trask's business sells software that monitors other software for faults, with 93% of its customers based overseas. The company employs 25 staff in Wellington. Also joining Trask was Jugnu's Little India founder Jugnu Gill. Gill owns three of the Indian restaurants across Wellington, having opened his first restaurant in the city in 1997. "Wellington is not in good shape. There are very few places that are doing really well in Wellington at the moment," Gill said. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Markets have been losing many of yesterday's historic gains. US markets climbed steeply after Donald Trump paused higher tariffs on most countries – locking them at 10%. However, they plunged again after the White House confirmed tariffs on Chinese goods are now at 145%. Business journalist Peter Lewis told Mike Hosking the up-and-down is likely to continue until investors have certainty about what's happening. He says while there is a pause, the tariffs haven't gone away altogether, and that will lead to a lot of volatility in the market. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A Labour MP is pushing for change on alcohol sales on certain holidays. Kieran McAnulty's new bill will let licensed businesses already open on ANZAC Day morning, Good Friday, Easter Sunday, and Christmas sell alcohol. It's been voted through to Select Committee today. McAnulty says he's open to amendments to get the Bill through. He says if it turns out the majority of MPs don't want Christmas Day included - he'll take it out. LISTEN ABOVESee omnystudio.com/listener for privacy information.

It's been an interesting week for global markets - with figures dropping or rising at a rapid rate. As Donald Trump's tariffs spark fear - or elation - among investors, questions have been raised over how we can make smart financial choices during a turbulent time. Sam Dickie from Fisher Funds explains how people can make investments amid the chaos. LISTEN ABOVESee omnystudio.com/listener for privacy information.

United States beef prices haven't budged much since the implementation of the 10 percent tariff by President Donald Trump - but Kiwi exporters aren't safe. A subsequent tumbling in the value of the NZ dollar has pushed up farmgate prices in New Zealand dollars by nearly 5 percent. The Country's Jamie Mackay explains what this means for Kiwi beef exporters. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reports indicate the bond market ultimately prompted Trump to pull back on his stream of tariffs. The US President announced on social media that he paused tariffs against 75 countries for 90 days - with China being a notable exception. NZ Herald business editor Liam Dann explained further - and unpacked the market reactions since Donald Trump made his u-turn. LISTEN ABOVESee omnystudio.com/listener for privacy information.