New Zealand's Latest Breaking News, Business, Sport, Weather, Entertainment, Politics

Latest FromHamish Rutherford

NZ First leader Winston Peters has thrown his support behind NZME's proposed buyout of rival news agency Stuff.

NEW ZEALAND

'National interest': Peters backs NZME bid to buy Stuff

12 Dec, 2019 10:52am
6 minutes to read

NZ media in 'dire straits' and NZME bid to buy Stuff in the national interest: Peters.

Finance Minister Grant Robertson presented the half-year economic and fiscal update in Wellington on Wednesday, giving more details of an increase in infrastructure spending. Photo / File

BUSINESS

Grant Robertson: 'Now is the time' to spend big

12 Dec, 2019 6:28am
3 minutes to read

Finance Minister signals big spending on infrastructure, leading to higher borrowing.

Construction work on Transmission Gully, north of Wellington. The major focus of the Government's new infrastructure programme will be on transport. Photo / Mark Mitchell

BUSINESS

Comment: Govt foresees wall of transport demand

12 Dec, 2019 5:00am
3 minutes to read

Focus on transport may not be transformational, but should offer certainty of demand.

Finance Minister Grant Robertson. Photo / File

BUSINESS

Half-year update: Govt ready to test NZ's appetite for debt?

11 Dec, 2019 5:00am
3 minutes to read

Grant Robertson is set to test the public's tolerance for more Government debt.

Finance Minister Grant Robertson is expected to outline exactly how big the Government's

BUSINESS

Half-year update: How many billions is 'significant'?

10 Dec, 2019 5:47pm
3 minutes to read

Economists say Government could raise spending plans by more than $10 billion.

Reserve Bank Governor Adrian Orr (right) at a press conference discussing a slightly softened plan for bank capital levels compared to that announced last December. Photo / Mark Mitchell.

BUSINESS

The big bank backdown

7 Dec, 2019 5:00am
6 minutes to read

Adrian Orr's fight with the banks appears to have ended in a tense draw.

Reserve Bank governor Adrian Orr claims capital proposals which would require the sector to raise $20 billion will benefit the economy overall. Photo / Mark Mitchell.

BUSINESS

Reserve Bank: We've listened

6 Dec, 2019 5:01am
4 minutes to read

Bank says new rules will help economy, but warnings over impact remain.

Reserve Bank governor Adrian Orr has made a final call on how much extra capital banks will have to hold. Photo/Mark Mitchell.

BUSINESS

Banks must raise $20b to meet tough new requirements

5 Dec, 2019 12:01pm
6 minutes to read

Banking system will have to raise $20b to cope with new safety buffers.

Reserve Bank governor Adrian Orr will announce on Thursday how much more capital banks will be required to hold. Photo / File

BUSINESS

Reserve Bank: More capital is better

4 Dec, 2019 5:50pm
4 minutes to read

Reserve Bank defends wanting banks to be able to cope with a one in 200 year storm.

Scarlett Johansson told international media in 2017 that she had found the best chocolate cake in the world in Lower Hutt. Photo / Supplied

BUSINESS

Kiwi maker of Scarlett Johansson's fave chocolate cake put in receivership

4 Dec, 2019 5:00am
3 minutes to read

Company has loyal following but faced cost and time overruns as it attempted to expand.

Pultron Composites chief executive Jasper Holdsworth (centre) is pictured with two Saudi Aramco executives at the Future Investment Initiative in Riyadh. Photo / supplied

BUSINESS

Gisborne family firm does deal with $2.6 trillion Saudi oil giant

3 Dec, 2019 9:36am
3 minutes to read

Family-owned company secures largest ever deal with world's largest oil producer.

Already in a battle for survival, Tamarind Taranaki's production was shut down this week after oil was spotted in the sea near the Umuroa. Photo / Supplied

BUSINESS

Tamarind: From loophole to cleanup black hole

30 Nov, 2019 5:00am
6 minutes to read

Oil company's troubles raise questions for the officials meant to scrutinise the industry.

Prime Minister Jacinda Ardern, during a visit to the Tiwai Point Aluminium Smelter in December 2018. Photo / Getty Images

BUSINESS

Smelter asks Government for transmission relief

29 Nov, 2019 5:00am
3 minutes to read

Government seeks advice on smelters request for lower transmission pricing.

On Tuesday the owners of the Umuroa said they were preparing to leave the Tui fields because of unpaid debts owed by Tamarind Resources. Photo / Supplied

BUSINESS

Oil spill halts Tamarind's production

27 Nov, 2019 6:02pm
3 minutes to read

Cash-strapped oil company was already in battle to maintain production amid heavy debts.

The Umuroa has been producing oil from the Tui oil fields, offshore of Taranaki, since 2007 however its owners say they are preparing to leave because of unpaid bills. Photo / supplied.

BUSINESS

Oil vessel prepares to exit Taranaki over Tamarind debt

27 Nov, 2019 9:26am
3 minutes to read

Troubles of cash-strapped oil company working off the coast are mounting.

The Let's Get Wellington Moving transport plans includes a second Mount Victoria tunnel, but construction would not begin until at least 2030. Photograph / Mark Mitchell

Capital's transport plan 'no done deal'

26 Nov, 2019 12:47pm
3 minutes to read

Wellington's Mayor slams transport plan ahead of meeting with Transport Minister.

Closure of the aluminium smelter at Tiwai Point would likely put off investment in new generation and could bring forward the closure of the Huntly Power Station (pictured), Treasury says. Photo / Doug Sherring

BUSINESS

Power bill drop from smelter closing 'uncertain' - Treasury

26 Nov, 2019 5:00am
4 minutes to read

Closure of aluminium smelter will reduce emissions but also put off clean investment.

Analysts say the owners of the Tiwai Point aluminium smelter are seeking around $50 million in annual relief from electricity and transmission prices. Photo / Supplied

BUSINESS

Meridian 'has made offer' to smelter

26 Nov, 2019 5:00am
3 minutes to read

Meridian had offered smelter owners a better deal before threat of closure was raised.

The Umuroa, which produces and stores oil from the Tui oil fields. Tui's owners, Tamarind Taranaki, hit financial trouble this year when a drilling campaign was unsuccessful. Photo / Supplied

BUSINESS

Oil company owes creditors $190m

20 Nov, 2019 6:23pm
4 minutes to read

Creditors meeting reveals extent of debts, with much believed to be owed to the Crown.

BUSINESS

Taulelei to head Apec business advisory council

20 Nov, 2019 5:38pm
2 minutes to read

Boss of Nelson food and beverage company to chair council when New Zealand hosts Apec.

Environment Minister David Parker speaking to reporters. Photo / Mark Mitchell

BUSINESS

'National interest test' for foreign buyers

19 Nov, 2019 5:38pm
3 minutes to read

Government to have power to block foreign sales of key infrastructure, security assets.

Housing Minister Megan Woods announcing the KiwiBuild reset, Parliament, Wellington. 4 September 2019 New Zealand Herald by Mark Mitchell. RGP 24Oct19 - Energy Minister Megan Woods (right) has war

BUSINESS

Oil company 'exposed giant loophole' - Energy Minister

15 Nov, 2019 5:41pm
4 minutes to read

Minister seeks assurances on Crown's exposure to company which circumvented usual tests.

NZX says its regulatory team is assessing trading in MMH, which owns 50 per cent of Northport, after details of a Government report on Auckland's port activities were released on Monday. Photo / File

BUSINESS

NZX 'assessing' trades in port company

14 Nov, 2019 5:58pm
3 minutes to read

Share price surged after details of government's port study were revealed on Monday.

Finance Minister Grant Robertson has faced a series of call from Reserve Bank Governor Adrian Orr to spend more to boost the economy. Photo / File

BUSINESS

Comment: Reserve Bank governor banks on help

13 Nov, 2019 6:00pm
4 minutes to read

Adrian Orr has stopped calling from help from the Beehive, but says the message is clear.

Tamarind's producing fields are connected to the Umuroa, a floating production, storage and offloading vessel.

BUSINESS

Taranaki oil producer 'may be insolvent'

13 Nov, 2019 10:58am
3 minutes to read

Taranaki arm of Malaysian company suspends payments to creditors.

Reserve Bank Governor Adrian Orr cited a slide in expectations for inflation when he announced the Reserve Bank was slashing interest rates in August. Inflation expectations have continued to fall. Photo / File

BUSINESS

Why Reserve Bank could drop interest rate below 1 per cent today

13 Nov, 2019 9:00am
3 minutes to read

Softer outlook for inflation may tip the scales towards another cut to lending rates.

Reserve Bank governor Adrian Orr shocked financial markets with a 50 basis point cut in August. Markets are split on what the monetary policy committee will do on Wednesday.

BUSINESS

Will interest rates drop again this year?

11 Nov, 2019 5:00am
3 minutes to read

Final interest rate review of the year has markets guessing after heavy cut in August.

Trade advocate Stephen Jacobi is stepping down as executive director of the New Zealand China Council.

BUSINESS

Stephen Jacobi leaving China council

8 Nov, 2019 5:38pm
2 minutes to read

The council is seeking a new full time head from within diplomatic circles.

David Ross, pictured in 2013 as he arrived for a court hearing. After pleading guilty to New Zealand's largest ever Ponzi scheme, Ross was jailed for more than 10 years. Photo / File

BUSINESS

Government shelves Ponzi law reform

6 Nov, 2019 5:00am
4 minutes to read

Minister ditches plans to make it easier to recover money for victims.

Prime Minister Jacinda Ardern visits Tiwai Point Aluminium Smelter on December 06, 2018. Photo / Getty Images

BUSINESS

Power play: Rio Tinto and the smelter that plays wolf

2 Nov, 2019 5:00am
8 minutes to read

Smelter's claim of precarious position is undermined by how often it has done this before.

Prime Minister Jacinda Ardern and Chinese Premier Li Keqiang attend a signing ceremony at the Great Hall of the People in Beijing in April. Photo / AP

BUSINESS

Trade Minister hints China 'upgrade' could be close

1 Nov, 2019 5:36pm
3 minutes to read

Negotiations for upgrade of 2008 deal believed to be complete, but gains may be modest.

The aluminium smelter at Tiwai Pt is subject of a review by its owners. Photo / Supplied

BUSINESS

Tiwai Pt smelter needs 'tens of millions'

24 Oct, 2019 6:01pm
5 minutes to read

Smelter says it needs major reduction in energy costs, warning the Government not to wait.

The owners of the aluminium smelter at Tiwai Pt in Southland have long complained that the way transmission pricing is calculated treats the operation unfairly. Photo / Supplied

BUSINESS

Analysis: Rio Tinto's begging bowl

24 Oct, 2019 5:00am
5 minutes to read

The Government has ruled out writing a cheque, but that is not all it may be asked to do.

The Tiwai Pt smelter uses about 14 per cent of the country's electricity output. Photo / file

BUSINESS

$1.5b wiped off power companies as smelter owners hint at closure

23 Oct, 2019 8:54am
3 minutes to read

The owners of the Tiwai Pt aluminium smelter have raised the possibility of closure.

Wellington Airport says it needs to expand to cater for an expected doubling of passenger numbers over the next 20 years. Photo / file

BUSINESS

Wellington Airport 'flips' to beat growth

22 Oct, 2019 11:23am
4 minutes to read

Capital's airport lays out $1 billion plan to avoid Auckland Airport's growing pains.

Iain Lees-Galloway says Fair Pay Agreements remain Labour Party policy but a consultation paper released this week does not commit the government to progressing them. Photo / File

BUSINESS

Labour's 'absolutely fundamental' promise, on hold

20 Oct, 2019 1:00pm
5 minutes to read

A labour law change promised by Labour to the unions may be going nowhere.

BUSINESS

Hamish Rutherford: The economy's OK, so why is business so uncertain about Govt?

18 Oct, 2019 5:41pm
11 minutes to read

COMMENT: The economy's still in good shape, why is business so uncertain about the Govt?

Workplace Relations Minister Iain Lees-Galloway (left) and former National Party prime minister Jim Bolger at the release of the Fair Pay Agreement working group report in January. Photo / file

BUSINESS

Labour reform 'kicked for touch'

17 Oct, 2019 9:51am
3 minutes to read

Eight months after receiving report on labour law reform, more consultation is announced.

A working group headed by Jim Bolger delivered a report on fair pay agreements in late 2018, but Workplace Relations Minister Iain Lees-Galloway is yet to release the Government's response.

BUSINESS

Unions pressure Labour for controversial law change

15 Oct, 2019 5:00am
4 minutes to read

Unions demand progress on fair pay agreements but no sign the coalition is near a deal.

Finance Minister Grant Robertson has said the Government's books are in a state which means it could respond to a significant downturn, but dismissed one was happening. Photo / File

BUSINESS

Robertson's $7.5 billion question: What will he spend it on?

9 Oct, 2019 5:41pm
4 minutes to read

Does the Government really have $7.5 billion to splash?

Meridian Energy, owners of the Benmore power station, may be forced to sell more electricity to the wholesale market as part of a plan to improve competition among electricity retailers.

BUSINESS

Power price shake-up: Govt to push consumers to shop around

3 Oct, 2019 12:00pm
4 minutes to read

Many households switch power providers; now the Government will target those who don't.

BUSINESS

Hamish Rutherford: Is business confidence biased?

1 Oct, 2019 3:21pm
4 minutes to read

Parts of business confidence are biased, others aren't. Both are pointing downwards.

BUSINESS

Growth 'headed below 1 per cent'

1 Oct, 2019 10:24am
2 minutes to read

The number of businesses reporting a fall in demand points to economic growth slipping.

WeatherWatch chief executive Philip Duncan said he felt

BUSINESS

Niwa, MetService face competition probe

30 Sep, 2019 1:46pm
2 minutes to read

Government entities face probe amid allegations of anti-competitive behaviour.

Reserve Bank governor Adrian Orr said on Thursday that low interests provided an opportunity, as he called for stronger investment signals including from central government. Photo / File

BUSINESS

Low interest rates 'opportunity' - Adrian Orr

27 Sep, 2019 5:00am
3 minutes to read

Reserve Bank governor tries to sooth economy by talking up conditions for investment.