Best of Business

US President Donald Trump's accused Iran of completely violating its ceasefire agreement - with the Strait of Hormuz closed again. Iran's fired shots at ships in the Strait over the weekend, and has warned it'll stay closed until the US lifts its blockade. Harbour Asset Management expert Shane Solly revealed how these developments could impact markets. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand First is heading into the election with a plan to break up the supermarket duopoly. If re-elected, the party's promising to split Foodstuffs into two nationwide co-operatives - one for New World and Four Square, and the other for Pak'nSave. Consumer NZ says the current Government's efforts to encourage a third player into the market have largely been unsuccessful. Head of Advocacy and Research, Gemma Rasmussen, has raised questions over this plan - and indicated it might not be the best solution to rising food prices. LISTEN ABOVESee omnystudio.com/listener for privacy information.

KiwiSaver hardship withdrawals have spiked to their highest in a decade last month, amid rising fuel prices. According to the IRD, more than 5600 people withdrew their savings due to financial hardship - the second-highest amount ever since August 2016. Over 49 million dollars was withdrawn, a 12.6 percent increase from March last year. Simplicity chief economist Shamubeel Eaqub says the cost of living crisis, and the recent spike in job losses and business closures have all cumulated into the current increase. "Mostly, what we're seeing at Simplicity is just that people have lost their jobs, they've lost their businesses, or they can't repay their mortgage - it's kind of life stuff. But the recession has real human cost." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A Kiwi company is flipping the bird, pivoting from making environmentally friendly wool shoes to AI. After years of losses, Allbirds sold all its assets this month and now plans to lease GPUs – chips used to train AI software. It's revised its moniker to NewBirds AI. Kevin Milne joined Jack Tame to talk about the rise and fall of the company. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Kiwi company Allbirds has announced a new direction and it's drawn questions from experts. After years of losses, the former sustainable shoe company is transitioning to AI after selling all its assets this month. It's revised its moniker to NewBirds AI - seeing share values surging up to 700 percent. NZ Herald senior business writer Chris Keall says the tech and business-based press has raised concerns about what this could do for the company. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The US earnings season is in full swing, with many leading companies posting their results. The Middle East conflict is looming over this year's data and experts have raised concerns. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Airlines are now treating the fuel crisis as a long term issue. The conflict in Iran, which has closed the Strait of Hormuz, has forced airfare rises and route cuts. Board of Airline Representatives NZ Executive Director, Cath O'Brien, says airlines have to look well ahead. "At the moment, we're planning for the season that runs October to March. As we plan ahead, we have to plan networks on a totally changed basis of cost. And I think that's the real challenge." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government's looking at ways to give businesses long-term certainty about fuel. Latest figures show we have 56 days of petrol, 45 of diesel, and 47 of jet fuel either here or en-route. Associate Energy Minister Shane Jones told Mike Hosking officials are considering what additional information they can release. He says the real plague is uncertainty, and it's not a bad idea to further mend the uncertainty in the business community. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's renewed hope in the Kiwi start-up scene with a surge of investment in 2025. New data shows the number of deals rose 14%, with total investment surging 61% to $754 million. Fintech and health-tech saw strong gains, while climate and clean-tech dropped. Angel Association Chief executive Bridget Unsworth told Mike Hosking 47 companies were funded, compared to 51 in 2023. She says more money going into fewer deals is an exciting sign of the start-up ecosystem maturing. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Inland Revenue has claimed New Zealand needs higher taxes, building off earlier arguments made by Treasury. It sees scope to increase the goods and services tax (GST) rate - offering a cash transfer to low-income earners - and tax more capital gains. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Shares in A2 Milk dropped this week after the company downgraded their earnings forecast - after the business was hoping to increase their net profit for the June year. A2 Milk has cited supply chain issues, partly relating to the conflict in the Middle East. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

If you haven't watched the Bunnings video yet showing its staff being attacked, I recommend you go and watch it - especially if you feel uneasy about the company using CCTV for facial recognition. It's a compilation of incidents that have occurred in its stores. The first incident shows a man pulling a knife on a staff member and threatening them so he can walk out the door with two trolleys' worth of stolen goods. That happened at the Porirua store. The next incident shows a man holding a box who runs at and knocks over a staff member, while another man behind him tries to steal a second box. That happened at the Takanini store. The incident I found hardest to watch is a man approaching a staff member at their car in a mostly empty car park. He sidles up to them, then smacks them in the head when they're not expecting it. He then chases the staff member as they run away and trip because they are so frightened. Now, let's be clear about what's going on here - Bunnings is releasing this video as part of a PR campaign. It's trying to convince us that it needs to use facial recognition technology in two of its Hamilton stores. What blows my mind is that it has to go to these lengths. It's been trialling facial recognition since 2018. It's fought its way through a tribunal process in Australia. It's had the Privacy Commissioner here, and the equivalent over the ditch, watching them. It's engaged a Māori digital sovereignty expert. It's released at least two of these video compilations. And all of this, so far in New Zealand, is just for permission to operate in two stores. Not all stores - just two. Two Hamilton stores. That's because there are still enough people worried that Bunnings will take our biometric data and sell it, lose it or wrongly deny entry to some innocent person. I would have thought this was a slam dunk. I would have thought the answer would be: yes, absolutely - go ahead and use facial recognition if that's what you need to do to keep your staff safe. Because sure, something might go wrong one day with the CCTV. But go and watch those videos. Things are going wrong right now. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A Kiwi startup designed around rethinking the way we sleep is getting international recognition. Do Not Disturb Sleep Company, an Auckland manufacturer of premium sleep products, has secured a multi-million-dollar distribution, sales, and marketing agreement in the US. Founder Chris Larcombe says the brand's grown and evolved over the years, and this is great news. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Repeat offenders are the target of the recent Bunnings facial recognition technology rollout. It's turning on scanners in Te Rapa and Hamilton South today, before later rolling them out countrywide. Threats have more than doubled in the hardware retailer's stores in the past four years, 34 percent from repeat offenders. Bunnings New Zealand general manager Melissa Haines says data on regular shoppers won't be kept. "If someone comes into our stores, there's a very quick scan of the face - if there's any match to a person that's previously committed serious harm in our stores, then that's where we're using it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

An employment expert's raising his eyebrows over Xero investigating complaints against the newly crowned New Zealander of the Year. The tech company's reviewing a decade-old accusation of inappropriate behaviour from former chief executive Sir Rod Drury - which has come to light, and he denies. Employment relations specialist Max Whitehead says Xero can't do much. "It's a mystery why Xero are taking any action, there's a 90-day limit on taking a personal grievance. The other thing is that maybe the Human Rights commission - but there's a 12-month limit on that." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Air New Zealand's debuting 'world-first' sleeping pods on ultra long-haul flights in November. Economy Skynests will be installed on six revamped Boeing 787-9 Dreamliners, and open for Economy and Premium Economy passenger bookings next month. The six pods are laid out bunk bed-style between the two cabins, furnished with mattresses, bedding, ventilation and privacy curtains. Aviation commentator Irene King joined the Afternoons team to discuss further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

It's tougher than ever for jobseekers to find work, and one expert has revealed how people can get ahead in the current market. Employment expert Emma McLean has revealed that doom-scrolling job apps isn't the solution, and that networking is important to find opportunities. She joined the Afternoons team to explain further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The ongoing Middle East conflict has seen Australia business confidence hit lows not seen since the Covid-19 pandemic. The US has today moved to blockade the Strait of Hormuz, and the supply shock is likely to hit households hard, according to experts. HSBC chief economist Paul Bloxham explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Fonterra has named Richard Allen as its new chief executive, succeeding Miles Hurrell. Allen - who joined Fonterra as a graduate in 2008 and has worked in various roles across the dairy co-operative - will take over next month. Hurrell will remain in a transition advisory role until September. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's growing a reputation among the global tourism industry for its difficult inter-island travel. Industry workers who attended the world's leading travel trade show in Berlin have made claims that ferry disruptions are leaving tourists and travel companies wary about the possibility of getting stuck while here. Destination Marlborough general manager Tracey Green says it's now a common concern. "It's something that we try to ignore, but unfortunately the drum is getting a little bit louder as time goes on - and as more events occur with the Cook Strait crossing." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Another bank is predicting an upcoming OCR raise. ANZ has already picked three consecutive Official Cash Rate hikes in July, September, and October. Now Westpac says it's becoming more of a possibility next month - but is more likely in September. Chief economist Kelly Eckhold says the Reserve Bank will work from specific indicators. "They're looking for indications that the peak in inflation will be even higher than they currently expect." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Iran war is prompting Qantas to scale back flights within Australia, but it's flying more to Paris and Rome. The airline's scaling back domestic Qantas and Jetstar flights about 5 percent. Qantas says fuel prices have more than doubled since late February, and remain highly volatile. Australian correspondent Murray Olds says the airline's projected to make a loss amid the ongoing conflict - and business confidence has dropped. LISTEN ABOVESee omnystudio.com/listener for privacy information.

While many may not have heard of ‘Viva la Dirt League', their kids probably have. Self-described as a ‘bunch of nerds who play games and make comedy sketches about games,' they're a YouTube sketch comedy group and independent production company based in New Zealand. But what was once a channel that made a couple of hundred dollars a month has grown into a multi-million dollar business, with millions of subscribers, billions of views, and their own streaming platform. It was founded by Alan Morrison and Adam King in 2011, with Rowan Bettjeman joining a couple years later. Like many, the content they produce has changed throughout the years – beginning with parodies before pivoting into shortform comedy when it became unprofitable. “We pivoted pretty hard into comedy sketches quite early,” Morrison told Mike Hosking. “Like two or three years in. We literally found there was a tech store called Playtech that allowed us to film there after hours,” he said. “And we just filmed in the store and got like, one sketch out every couple of weeks.” For some success comes fast and hard, but for others like Viva la Dirt League, it takes a bit longer. “It's been a slow burn across out entire lifespan,” King told Hosking. “There were the odd sketch here and there, we've had a few, what you'd call ‘viral successes.'” But it wasn't until they committed to a consistent schedule that they really started to take off. “When we were committed to doing three videos a week, the algorithm was like, okay, these guys are reliable and started to present us,” Morrison explained. But consistency isn't the only factor in the group's success. “Part of our success and the success of people online is people don't necessarily want you to just make the exact same thing over and over,” King said. “They want to see your creativity, and often the videos that do best are the ones that we've thrown our heart and soul into that might be a little bit different.” LISTEN ABOVE See omnystudio.com/listener for privacy information.

Global oil prices have shot up again, with Donald Trump gunning for authority over the Strait of Hormuz. The President's announced a naval blockade on Iranian ports, after peace talks collapsed in Pakistan yesterday. Despite the ceasefire, he's looking at resuming strikes. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Concerns have been raised over the new Wellington water entity, as its board members will be paid twice as much as their Wellington Water counterparts. The group's new chair will be paid $110,000 - a higher figure than the $60,000 Wellington Water's previous chair was paid. The entity's CEO will also be paid $645,000 - a higher amount than the previous Wellington Water CEO got. Wellington mayor Andrew Little says this is disappointing news, even if the group has plenty to manage. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's growing concern about the impact of the Middle East conflict, and at least one major bank has forecasted increases to the OCR. ANZ has revised its outlook, with forecasted increases to the OCR bringing rates up to 3 percent by October. Associate Finance Minister Chris Bishop says skyrocketing fuel prices will have a flow-on effect on the New Zealand economy - and it's likely inflation will spike too. "That's an unfortunate reality of global events...the forecast will properly come out with the Budget, that's the kind of next major event." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A warning Iran has more ways to inflict economic pain if war resumes with the US, other than in the Strait of Hormuz. Donald Trump's threatening a navy blockade of the shipping lane from 2am NZT after talks in Pakistan have brought no deal. Iran says military vessels approaching the Strait will be dealt with severely. Reuters Middle East correspondent Alexander Cornwell says UAE and Saudi Arabian oil terminals could be at risk. "The Iranians have proven that they have the capability of hitting both of these sites - and there is also the question of Yemen's Houthis and whether they will try, once again, to close or restrict the Red Sea." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Concern from pharmacists over revelations Chemist Warehouse is planning to double its sites in the next decade. BusinessDesk reports a confidential briefing for Regulations Minister David Seymour shows it's aiming to have 140 stores. Independent Pharmacy Group Co-founder John Saywell says corporate chains are squeezing out small local chemists. "Bigger and cheaper isn't always better, and in healthcare, it's a good idea to keep the business interests separate from the care and the local owner-operated pharmacists really care for their communities." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The country's largest bank is now forecasting three Official Cash Rate hikes before the election. ANZ is predicting three consecutive increases in July, September, and October - bringing the OCR from 2.25 percent to 3 percent. A week ago, most economists were expecting the central bank to keep the OCR on hold until December. But the Reserve Bank's hawkish tone is prompting most to change their forecasts. ANZ chief economist Sharon Zollner says there's a lot of 'medium-term' uncertainty as concerns around inflation linger. "In real time, they're constantly having to weigh up the upsides and downsides of going too soon or going too late. And essentially, if you're at neutral, it might feel like a more comfortable space to perch and wait and see how things pan out." LISTEN ABOVESee omnystudio.com/listener for privacy information.

President Donald Trump named Kevin Warsh as his choice for Federal Reserve chair earlier in the year, and he's set to have an impact on the US economy. Warsh's confirmation hearing is set to take place next Wednesday and there's speculation growing about what this means for interest rates. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Federated Farmers says farmers are experiencing fuel shortages, with some two to three weeks behind their normal fuel drops. The US and Iran have reached a two-week ceasefire, and negotiations are planned in Pakistan this week, on a longer term settlement. Federated Farmers Dairy Chair Karl Dean says there's no signs of this going away amid the ongoing uncertainty. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand sheep and beef farmers are set to see strong returns for the 25/26 season, but there's global factors impacting the outlook. Concerns have been raised over the US tariffs situation and the ongoing conflict in the Middle East. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Consumer NZ says ongoing mechanical problems put Fords to the top of its list of the worst cars to own. The US brand produced the two least reliable cars - in its survey of almost 6,000 owners. The Focus and Escape Models won the top spots. Product test journalist, Bryan Wall, says out of all cars, they had the most major faults reported. "Their cars were off-road for, probably, an extended period of time, because the engine wasn't working or the gearbox had failed or there's an electrical problem." Volkswagen's Tiguan and BMW three series make up the top four. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Flat whites are out and iced coffees are in - and there's a wide range of factors behind this change. Cafes across the nation have noticed an uptick in younger customers reaching for cold drinks over hot. Flight Coffee co-founder Richard Corney says there's been a rise in people buying iced drinks, as well as chilled RTD coffees. "I don't have stats off the top of my head in terms of value now, but we've definitely seen a big consumer shift in how coffee's being consumed - mainly lead by Gen Z." LISTEN ABOVESee omnystudio.com/listener for privacy information.

It's important to make the right choices where it counts - and downsizing for retirement is one of those key decisions. One expert says it's important to make sure you start planning the journey before you're ready, in order to make the right choices. Age Brightly founder Hannah McQueen joined the Afternoons team to explain further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank says it's still unclear what today's Iran ceasefire announcement - and resulting dramatic fall in oil prices - mean for New Zealand. The central bank's held the Official Cash Rate unchanged, at 2.25 percent. It's working off the assumption inflation will surge to 4.2 percent this quarter. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Both US President Donald Trump and Iran have portrayed the last minute ceasefire deal as a victory for their nations. The nations accepted Pakistan's proposal to pause fighting two weeks and Iran's agreed to reopen the Strait of Hormuz. Milford Asset Management expert Brendan Larsen says shares in the US, Australia and New Zealand have gone up off the back of the news. LISTEN ABOVESee omnystudio.com/listener for privacy information.

AI is taking up a significant role in New Zealand's employment operations, and one Kiwi company has opened up about the process. Employment Hero, which specialises in recruitment software, has revealed that AI has screened tens of thousands of CVs each month and overseen 1000 job interviews in March. Employment Hero's Neil Webster says business owners have revealed prospective employees have also used AI in the recruitment process - and hiring managers will manually check any candidate that seems promising. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The two residents of Australia's smallest town have decided to sell up and move on. Cooladdi is a nine-hour drive west of Brisbane, and the new owner will be expected to keep busy - working as a postie, publican, motelier, restaurateur and shopkeeper. One of Cooladdi's residents, Carol Yarrow, says the town is on Australia's longest road, and it sees lots of people come through every day. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank says there are still plenty of unknowns, after today's Iran ceasefire announcement and resultant oil price drop. It's held the Official Cash Rate at 2.25 percent, but is forecasting inflation could surge to 4.2 percent this quarter. Governor Anna Breman says that figure could be much lower if things settle in the Middle East. But she says if not, fuel costs could rise more, pushing inflation even higher. "The worst case scenario is that firms that are already squeezed feel like they have to pass these costs onto consumers, and that we see inflation getting embedded into the economy." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A weaker dollar's helping commodity prices. ANZ's Commodity Price Index hit a record high in March, rising 6.4% as the dollar weakened 2.8%. Global prices rose 4.1% – the second-highest monthly rise on record. BusinessNZ CEO Katherine Rich told Mike Hosking on the surface, higher prices look positive for exporters, but they're also facing much higher costs. She says the weaker dollar boosts export return but also makes imports more expensive. LISTEN ABOVE See omnystudio.com/listener for privacy information.

One expert says it's important Auckland makes the most of what it has in terms of infrastructure, rather than daydreaming about future mega-projects. Infrastructure New Zealand is calling for more investment in Auckland's transport woes in order to boost the city's productivity. CEO Nick Leggett says Auckland needs to unlock the right tools to make the most of the city - and said a congestion charge is needed to fund more infrastructure. LISTEN ABOVESee omnystudio.com/listener for privacy information.