Best of Business

New Zealand's largest mānuka honey producer's voted down a richlister takeover bid, leaving its fate in limbo. Comvita received an offer of 80-cents-per-share in August from Florenz - a subsidiary of Christchurch billionaire Mark Stewart's Masthead Limited. Comvita CEO Karl Gradon explained how the company could bounce back. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Prices are soaring for food staples, with prices up 4.7 percent on a year ago. Stats NZ data for October shows cheese, instant coffee, eggs and milk had some of the largest surges. Gas rose 14.4 percent and electricity almost 12 percent Infometrics chief executive Brad Olsen says fruit and vegetables are cheaper - but not meat. "A couple of months ago, right, we were talking a lot about butter. Mince is now the new butter in a sense, given that that's increased, I think, $23 a kilo." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government is planning to increase fines for breaching the Fair Trading Act - from 600-thousand dollars to five-million. It is announcing a swathe of changes to crack down on businesses and individuals breaking consumer laws. The cases could also be moved from the criminal court to the Civil Court to make prosecution easier. Consumer NZ Chief Executive Jon Duffy told Mike Hosking that it is one of the most consequential changes to the act in a generation. He says it will be a deterrent for many companies - but $5million is a drop-in-the-bucket for large multi-nationals. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand produces enough food to feed 40 million people. Some of it we consume and some some we export. But a staggering 30% of the food we make or grow goes to waste. Fruit and vegetables need to look a certain way to make it onto supermarket shelves – or they get tossed. Angus Simms and his partner Katie Jackson wanted to tackle that problem - so they started Wonky Box three years ago. This is the subscription food box full of wonky fruit and veg that's delivered to your door. Their business has grown way bigger and faster than they ever thought, but it hasn't been smooth sailing along the way. Angus joined Kerre Woodham in the latest episode of Bosses Unfiltered to share his story. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A shareholder vote to approve a takeover bid for Comvita has not gathered enough votes to proceed. The bid from Florence to buy Comvita at 80 cents a share required 75% support from shareholders to go through. Although the official vote count has not been released, we know that the numbers fall short of the margin. Octagon Chief Investment Officer Paul Robertshawe told Heather duPlessis-Allan that anything is possible going forward, however it's unlikely that Florence will raise their offer. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The price of gold continues to hit new highs, and speculators are wondering whether they should invest. Gold has seen the strongest year since the 1970s, largely thanks to volatile markets and economic uncertainty. Fisher Funds expert Sam Dickie explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government says it will act on all 19 recommendations from Parliament's banking inquiry - and it's committed to increasing scrutiny around the banking sector. This comes as Westpac and ANZ report significant increases in profit, prompting concern from experts. Kent Duston from the Banking Reform Coalition says the proposed changes make good steps forward, but it's unclear how much of a difference they will make. "I think the big issue here is that the banks simply don't care. Whatever Parliament says - we're on the back of an inquiry from the Commerce Commission, another inquiry from Parliament from the select committee...whatever it is Parliament's saying, clearly the banks aren't listening." LISTEN ABOVESee omnystudio.com/listener for privacy information.

One NZ-based think tank is floating the idea of KiwiSaver schemes for kids, claiming it could set them up with $10,000-$20,000 in savings by the time they reach adulthood. The Institute for Democratic and Economic Analysis has put out a report proposing different models, including a kickstart Government payment and matching parental contributions. Max Rashbrooke, co-founder of the Institute for Democratic and Economic Engagement Analysis, says it could make a significant difference. "Obviously, the Government's moving to make financial literacy a compulsory part of the curriculum, we think that's an excellent idea - but how much more meaningful would that financial literacy education be in high school classes if every child in that class knows they've got a KiwiSaver account that's accumulating?" LISTEN ABOVESee omnystudio.com/listener for privacy information.

Andrew Mountbatten-Windsor is closing down some of his last remaining known business interests, including Pitch@Palace Global Ltd. Pitch@Palace was a start-up project where aspiring entrepreneurs could present their ideas to potential investors - and was once seen as a possible income source for Andrew after the King stopped supporting him financially. UK correspondent Gavin Grey says it's a final nail in the coffin of the disgraced former prince. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The long-running US Government shut-down has come with plenty of economic ripple effects, but there's hopes it could come to an end. The 41-day shutdown could last a few more days, but the the Senate passed legislation to attempt to reopen things. Milford Asset Management expert Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The country's overdue tax debt has hit $9.3 billion for the year to June, according to new reports. It's growing faster than the Government's tax take and New Zealand's overall economy, prompting concern from experts. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Shares in Transport and logistics company Mainfreight have rallied today, despite the company posting an 18.5 percent drop in first-half profit. The result's better than expected, with performance improving and expected to rise more. Mainfreight CEO Don Braid says they've had a tough start to the year, but he feels things are improving ahead of the new year. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Costco's interest in New Zealand could be a good sign for our grocery sector. The big-box US retail chain's bought a large plot in the new Drury Town Centre for its second Auckland store. A Westgate branch opened three years ago. Grocery Action Group chair Sue Chetwin says Costco clearly sees profit potential in New Zealand. "It would be really good if a third or a fourth operator thought like that, but was willing to have a few more supermarkets so more people could benefit." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Artificial intelligence is growing and changing and reshaping industries, but there's growing concerns about the harm it could bring. Trust is a valuable asset in the digital space, and many businesses are concerned about how the online experience could change - and how it could impact their output. Former White House CIO and Fortalice Solutions CEO Theresa Payton says it's going to get harder for people to distinguish the difference between AI and real content - and the race is on to establish proper safeguards. LISTEN ABOVESee omnystudio.com/listener for privacy information.

At what point, when you're a business owner, do you decide that you've had enough? There was Covid, then there were the boom times, then there was the recession that seems to have gone on and on, there's a crisis in consumer confidence, there's global uncertainty that too has gone on and on. There are problems finding staff, there are problems keeping staff, there are problems finding work, problems with cash flow. At what point, which 3 in the morning wake up do you think, "I can't do this anymore?" Do you look at your life and realise that for the past five years you haven't had a life, and you call it quits or do you look at your books, and find yourself hoping for a good summer, then realise that hope is not a strategy, and decide to pull the pin? Business liquidations hit a 10-year high last year, with 2,500 companies folding, and that's the highest annual figure since 2014. Retail and construction suffered the most. But this year it's even worse. The number of companies put into liquidation so far in 2025 has surpassed last year's total for the same period, as economic pressures and low consumer confidence impact business viability. Dry words to describe heart palpitations, terror, dry mouth, sleeplessness, fractiousness. Very dry words to describe a terrible time in your life. Analysts say the recent rise in liquidations can be attributed to an increased focus on enforcement by Inland Revenue, as well as a lag of companies that were in distress during Covid but were propped up with government money, so it gave them a false second life. There's a long-held belief that recessions and shocks like Covid clear the dead wood, that there are many companies that shouldn't be in business, that fall by the wayside. But behind that, every business that closes its doors are people who put their hopes and their dreams and their labour and their hard work and their life savings into it. But does deciding to call it quits bring its own freedom? If you have been in a lather, desperately hoping that you're going to turn the corner for years now, not months, but for years, can deciding to call it quits be liberating? If you've had to make the tough decision to call it, it's done, can it be a relief? There are many people who, you know, through the GFC, it was similar. There were businesses that went by the wayside as people suddenly found they had no spare cash in their pockets. The stock market crash in New Zealand. Now that saw people with astronomically high interest rates, mortgage interest and business interest rates. Again, people with no disposable, lack of consumer confidence, a time of austerity. There were plenty of businesses that went under in the 80s as well. '87 was the stock market crash, and then from, I think it was really about 1990 that I remember that it was just a very, very grim, grim, austere, brutal time. So people have been through it before, and if you have, is there life after insolvency, after a liquidation, after closing your doors and saying, "I cannot do this anymore. I just can't?” There are more important things. My health is more important, my family is more important. Is there, and this is where I'm going to need you to tell me because I've never owned my own business, but I've certainly heard from a number of you over the years who love being your own boss. You can't imagine working for anybody else, but by God, that comes at a price, especially in times like these. So, if you've made the decision to call it, does insolvency mean the end and a new beginning? See omnystudio.com/listener for privacy information.

Many businesses that limped through the pandemic are now going under. Insolvency practitioners have been reporting a sharp rise in the number of insolvencies since mid-2022. Smaller retail, hospitality, construction, transport and manufacturing operators are failing far more now than they were before the pandemic. Waterstone Insolvency Principal Damien Grant told Kerre Woodham a lot of businesses are subject to economic winds, which are outside of their control. He says we as a country are getting poorer, which means disposable income and things like hospitality are dropping, which is why you see a lot of pain in the hospitality sector in particular. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Business NZ believes further action is still needed to address compliance costs for small businesses. It says the Government's making good on its promise to cut red tape, but its new progress report shows several compliance burdens across sectors, including construction. The Ministry for Regulation's engaging with businesses, councils, and industry bodies to begin removing inconsistent regulations. Chief Executive Katherine Rich told Mike Hosking some areas, including hairdressing, are showing positive progress, but wants to see a similar approach applied across all sectors. She says 97% of all businesses are small, and the red tape they face can be significant. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Rocket Lab is set to unveil their results for Q3, and it's prompted speculation from experts. The company's seen some growth and shares have gone up, but concerns have still been raised. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Prime Minister has indicated trade talks with India are progressing well - and speculation claims both nations could have a trade deal by next year. Trade Minister Todd McClay has been hosting Commerce Minister Piyush Goyal in Auckland for a fifth round of talks on a trade deal. Finance Minister Nicola Willis won't disclose too much, but she says good progress is being made. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A $2.5 billion dollar boost for our largest bank. ANZ New Zealand's announced a 21 percent increase in its annual profit. It's largely down to a good year for the bank's hedging - investments designed to offset financial risks. Chief Executive Antonia Watson says the bank also grew its balance sheet, and adjusted funds set aside for covering unpaid loans. "In a sign of green shoots, we've actually released some of the credit provisions that we took in previous years." Westpac has had a 13 percent profit increase - and BNZ's had no change. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's growing calls to revisit the asset sales debate ahead of the election next year. Chris Luxon's calling for an asset-recycling debate before next year's election, after the Treasury warned of unsustainable Crown finances. Infometrics Principal Economist Brad Olsen joined the Afternoons team to discuss further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

What do you do, when you have invested all your money into an idea you thought was going off, and then the whole world shuts down? Do you try to fight on? Or do you completely change your business to survive? That's the decision Aidan Bartlett faced. He's the co-founder and chief Executive of online marketplace Designer Wardrobe. It was, once upon a time, a designer rental shop. Covid-19 wrecked the business but also gave it a new life. Aidan Bartlett joined Kerre Woodham in studio in the latest episode of Bosses Unfiltered. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The battle of the bank BS is back. BNZ, who announced their profit last week, talked of the strong competition out there. But I note their margin went up, up, 6 points to 2.43%. So if there is so much competition, how come the margin is up? Then came the claim from the Reserve Bank among others that the big banks are being tardy when it comes to passing on the Reserve Bank cuts to us punters. Smaller banks are sharper. SBS claims they have hoovered up almost 6000 new customers as changing banks has become easier. Remember SBS last week put out their 3.99% money, limited to certain people, but a market leader nevertheless. Now tied into all of this is the retail bank's long held argument that the margin is higher because they need the cushion, because the Reserve Bank makes them store away too much money for troubled times. But, those rules are changing and changing in the retail bank's favour. In other words; less money required therefore, in theory, it should mean smaller margins. You can also put in there the simple truth that has always been in play - there is nothing stopping us shopping around. We have a good number of retail banks and they do do deals. I know because I've done deals. Some banks will shave decent margins to get your business. The trouble is a lot of us are too lazy to try and moaning is easier than hustling. So who is right? Are the retail banks tardy? Is it a major issue? Is Nicola Willis right when she says things, and by "things" we mean rules, need to change? I of course have long argued that Willis is too much hype and it's not all that bad. But I'm increasingly moving towards accepting I'm wrong. As the Reserve Bank points out as wholesale rates drop the margins have risen, and on latest numbers, keep rising. Maybe, God forbid, Adrian Orr was right when he used to come on this programme and lambaste the banks for making too many excuses. What I do know is the conditions are increasingly right, either through wholesale rates or the changes to reserve rules, for us to see the margins fall and for the cuts to be passed through in full, and faster. And the longer that takes to happen the more we need to see the big banks as a problem and bad actors in the economy. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Many businesses that limped through the pandemic are now going under. Insolvency practitioners have been reporting a sharp rise in the number of insolvencies since mid-2022. Smaller retail, hospitality, construction, transport and manufacturing operators are failing far more now, than they were before the pandemic. BWA Insolvency Founder Bryan Williams told Mike Hosking that many have burned through assets to survive. He says almost every file that comes across his desk is a business that has almost no assets remaining, and has been using all its assets to survive. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The 2025 China International Import Expo has gotten underway in Shanghai and some familiar Kiwi brands are making an appearance. Fonterra, Zespri, Silver Fern Farms and Comvita are among the big names showcasing their output on the world stage. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Officials warn the $200 million set aside to encourage gas exploration may be too small - with production falling and closure of the ageing Māui field looming. The Government's widening the scope and terms of the commercial co-investment fund. BusinessDesk reports a Cabinet paper released today states the field will stop production, with the rest of the sentence redacted. Resources Minister Shane Jones says he isn't privy to when the closure will happen. "We're suffering a decline in the known reserves from those historically large sites and they're working through the process - it's up to them to identify when it will actually cease." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Those who are in work are taking more sick leave. New research by Southern Cross Health Insurance and Business NZ has found an average staff member took almost seven days of sick leave last year, up 1.4 from two years earlier. It's costing the country about $4 billion a year. Business NZ Chief Executive Katherine Rich told Mike Hosking the rise in leave entitlements has had an impact, but many employees are also doing what they've been told, staying home when sick so they don't pass it onto their coworkers. She says post Covid, people think more about their wellness and are less likely to solider on like the Codral ad. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's a form of economic nimbyism that's going on in this country. And if we want to get ahead, everyone knows there must be trade-offs. No economic miracle. New business or growth opportunity comes without a cost. Whether its intensive agriculture on the environment or water to run the data centres that power your smart phones. Every success costs you something. The trick is to be reasonable and take risks then mitigate them or just be willing to wear the costs. The problem we have here is not a lack of opportunities. Not even, in many cases, investment. I was in Otago just recently. Beautiful place. Stunning. There's a gold mine permit been issued. Sam Neil's dead against the project, as are many others. There's opposition and legal challenges etc etc. Fair enough. He has a house around there and is worried about trucks on the road etc. But it's also an area that would be serviced by this brand-new hospital Dunedin's getting. Half the towns and buildings in Otago wouldn't be there to be begin were it not for gold mining. The permit's been issued and the rest is set for the fast track. Wānaka said no to a McDonald's, in part due to concerns about healthy eating. Residents objected to a solar farm in part because of something called lunar reflection. That the moonlight might reflect off a solar panel like it would, oh I don't know, a lake or the ocean. Which is all well and good but if want stuff like new hospitals, highways and potholes fixed, it must somehow be paid for. There's a little too much economic nimbyism going on for anyone to be seriously complaining about the state of things.See omnystudio.com/listener for privacy information.

Former Reserve Bank Governor Adrian Orr has threatened one of his fiercest critics with legal action. He has compelled a London-based central banking news publication to unpublish an article about his tumultuous resignation, written by a former Reserve Bank senior staffer, turned blogger, Michael Reddell. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

One expert is warning the job market won't get easier any time soon. The latest Stats NZ data shows the unemployment rate has reached an almost nine-year high of 5.3 percent in the September quarter. That's 160,000 people looking for a job, and another 138,000 wanting more work. Infometrics principal economist Nick Brunsdon says we're on the cusp of a recovery - but not a quick one. "Our forecast is for it to hit 4.6 by the end of next year - and that's not a low unemployment rate by any means. It's still gonna be pretty uncomfortable." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Five years ago, Port of Auckland was struggling with a shocking health and safety record. Three people had died and many more had been injured at work. Financially, the company was dealing with a costly but flawed automation project, and COVID added plenty of headaches for the global shipping industry too. The company needed a complete turnaround, and Roger Gray was picked as the new chief executive to get on with the job. With a background of 20 years in the Australian Army and roles at Goodman Fielder and Air New Zealand, Roger came with experience in leadership, but this was a big job with big problems. Roger Gray joined Kerre Woodham in studio for the latest episode of Bosses Unfiltered. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government's putting more than a million dollars into rolling out farming tech designed to cut down emissions. A $1.2 million dollar investment's been announced through AgriZero. It's developing a device for cows that spreads their urine across a farm as fertiliser- reducing the need for artificial application. The Country's Jamie Mackay explained the project further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Over in Australia, the Reserve Bank has opted to leave interest rates on hold at 3.6 percent, in line with expectations from economists. Experts had largely predicted this, given the current state of inflation data in Australia. Australian correspondent Murray Olds says it's unlikely Australians will see a rate cut until 2026. LISTEN ABOVESee omnystudio.com/listener for privacy information.

They say when one door closes, another one opens. That's certainly been the case for Lisa King. In the same breath she closed her first business Eat My Lunch and started a drinks brand AF Drinks. AF stands for alcohol free - and it's a range of booze free cocktails. The brand has picked up on a huge rise in people who want to drink less or not at all. It's a change not just seen in New Zealand, but across the world. Within two years in the US market, AF Drinks are now available in 4000 stores in America. Lisa King joined Kerre Woodham in studio for the latest episode of Bosses Unfiltered. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Westpac New Zealand recently saw a significant profit boost - and it's prompted discussion. The Australia-owned bank's reporting a 13 percent jump in net profit after tax of of $1.20 billion in the year to September. Harbour Asset Management expert Shane Solly explained the market reactions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

US President Donald Trump has made significant progress on establishing critical mineral deals with Australia and Japan, prompting speculation from experts. Rare earth minerals contribute to plenty of modern technology, including drones, smartphones and EVs, and these deals have seen stocks shoot up since. Mineral economist Dr Allan Trench explained these deals further - and what investors can learn here. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New research out of Australia has revealed the cost of unpaid household labour - and it's a high figure not recognised in economics statistics. These tasks - including cooking, cleaning and caring for family members -are reportedly worth about A$688 billion, according to new reports. Canberra University economics professor Leonora Risse says many of these tasks are essential services, and most of these are carried out by women. "If we're not recognising it, then what we're doing is we're not recognising women's overall contribution to the economy - the productive activities that hold our economy together. So it's about shining a spotlight on it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Over in Australia, new data shows national home values rose 1.1 per cent over the month of October, and 6.1 per cent over the year. All of Australia's major cities saw significant rises, with investors and first home buyers setting records as they tried to outbid each other. Australian correspondent Oliver Peterson raises the question of what this data could mean for future rate cuts. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Rod Duke has been selling things since he was 16. First shoes, then appliances, and eventually homewares and sportswear. Born in Adelaide, Duke came to New Zealand in 1988 to spruce up a flailing Briscoes for sale. Two years later he scored the best Briscoes deal ever, he bought the whole company himself for $2. He ended up with 12 shabby stores, where dusty wine glasses were sitting on the shelf for $2.71 each. But it didn't take long for Duke to turn the business around. Today, there are almost 100 Briscoes and Rebel Sports stores around the country, and Briscoes is a listed company that's been defying the odds of the economic downturn. The Briscoes boss unpacks it all with Kerre Woodham on the latest episode of Bosses Unfiltered. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Dame Noeline Taurua was stood down as the coach of the Silver Ferns in September due to 'significant issues' in the team. After many public statements and interviews, she was reinstated at the end of last month. Netball NZ, her employer, remained just vague enough that the public could allow their imaginations to run wild about what had happened. Andrew Bayly, MP for Port Waikato, resigned as a Minister after an 'animated discussion' during which he placed his hand on a staffers arm. He said he was led to believe a complaint had been laid, and his resignation was in response to that - but he very recently discovered that no formal complaint was made. Luxon has since said about Bayly, that he would have sacked him if he hadn't resigned first. But what is the right way to go about an employment dispute like these? LISTEN ABOVESee omnystudio.com/listener for privacy information.

Dame Wendy Pye is one of the most successful businesspeople in New Zealand. She’s a rich-lister, her publishing company Sunshine Books has sold over 300 million books worldwide, she's met countless more world leaders, and she was the first living woman to be inducted into the New Zealand Business Hall of Fame. But it hasn’t all been easy. Dame Wendy has gone through a life changing redundancy, legal battles, and had many deals that couldn't be closed. She joined Newstalk ZB's Kerre Woodham in studio for the first episode of Bosses Unfiltered. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New data shows AI is still holding strong in current financial markets. Meta, Microsoft and Google recently unveiled their earnings, and the data indicates there's clear demand for AI. Same Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.