Best of Business

I'm starting to get a little bit nervous about whether we are ever going to be able to attract overseas investors back into our oil and gas industry.
I mean, you think about it - the world has known since October last year that we were back open for business, because that’s when the coalition Government won the election.

From there, it was clear that all three parties wanted to reverse the oil and gas ban. Since October, the world knew things were going to change in New Zealand.
But from what I can tell, no one is interested in coming here to do the work. And frankly, if no one has registered an interest in 9 months, I think we might need to start getting realistic about this.
It's probably over, the ship has sailed.

You can sort of tell by the language that Shane Jones is using that he might know this too - he's talking about trying to make it more appealing for investors to come back by giving them really long-term contracts.

It's almost desperate stuff, and I suspect it's because he can see no one’s nibbling after nine months.
And why would they?
Labour has already raised the prospect that they are open to nixing projects again once they get back in. Investors around the world will see that - and who wants to put billions of dollars of investment in to have Labour come and ban your business again?

So what this means is that, short of a miracle and some overseas investor taking a punt on us, we are probably gonna have make do with what we’ve got. And that’s not a good prospect.
Our gas is running out faster than we thought it would, we’re facing lights out this winter because of a gas shortage. We have been warned about this.
It seems to me - and I'm sorry to say this - that Huntly is going to be a very busy girl burning that coal for a long time.

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Kiwifruit producer Zespri’s profit has dropped 27 per cent but growers have been paid record prices for their output.

Zespri reported a net profit after tax of $173.3 million for the 2023-24 financial year - down from $238.7m the year prior.

The Country's Jamie Mackay explains what this means for the sector.

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SkyCity could be forced to cough up millions for alleged breaches of legislation on money laundering.

The Department of Internal Affairs is accusing SkyCity of violating the Anti-Money Laundering and Countering Financing of Terrorism Act, after a company review.

NZ Herald property editor Anne Gibson says SkyCity will be more concerned about the hits to their reputation, over a prospective fine.

"This is quite damaging to them, it's not so much about the fine- if there is one."

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The minimum wage is set to go up by 45 cents to $23.15, starting April 1.

This two percent increase will affect between 80,000 and 140,000 Kiwi workers.

NZ Herald business editor at large Liam Dann says a reduced increase is the best circuit-breaker for the economy, as the fight to bring down inflation drags on.

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There's hopes a ruling against Uber could help empower other contractors.

The Court of Appeal has ruled four Uber drivers are employees, not contractors.

Uber says it will appeal and claims the move will increase uncertainty for workers who enjoy the flexibility of contract work.

First Union General Secretary Dennis Maga says it could have wider implications.

He says while likely limited to other Uber drivers at the moment, the ruling could help other contractors make their case.

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