Best of Business

With so much uncertainty in the Middle East, people should focus on preparing for different scenarios that could affect their businesses, ASB chief economist Nick Tuffley says.
ASB’s revised outlook forecasts inflation to climb further this year and GDP growth contracting for the second quarter thanks to higher fuel prices hitting consumers.
Tuffley told Mike Hosking that Q2 was when the peak impacts of the oil shock would ripple through and affect people’s spending power.
The ASB forecast —of GDP growth at 1.3% and inflation at 4%— was “not the end of the world” but would delay New Zealand’s economic recovery, he said.
Inflation had hit 5% before, when oil prices were high before the financial crisis. That level of inflation was still possible this year, but the Reserve Bank had time to wait, given New Zealand’s economy wasn’t overheating.
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The Brent crude oil price is on track for a record surge as the conflict in the Middle East continues.
Oil prices have been climbing all month as a result of the conflict and experts have raised concerns.
Harbour Asset Management's Shane Solly explained further.
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Chris Luxon says the Government's proposed LNG important terminal in Taranaki will only proceed if it makes commercial sense.
A procurement process was announced last month, with the Government due to make a decision on whether to proceed around the middle of the year.
Newstalk ZB understands multiple ministers privately admit high gas prices might lead Cabinet to walk away from the project.
The Prime Minister told Mike Hosking that the Government will seriously consider the options put on the table.
He says he genuinely wants to make sure the business case is right - and if there's a good business case they'll do it, and if there isn't, they won't.
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There's growing calls for Kiwis to buy New-Zealand made products as pressures mount on our manufacturing sector and local producers.
This follows the recent announcements of closures of both McCain and Heinz Wattie's processing sites.
Buy NZ Made executive director Dane Ambler says we need to nip this in the bud now, as demand collapses.
"There's growing international competition, so now is really the time to back local and step in and get as much support as we can."
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The Warehouse Group has reported a first half net profit after tax of nearly $16 million.
CEO Mark Stirton told Heather du Plessis-Allan he is 'pleased' with the result
But, like most of the world, concerns over Iran and fuel costs plague future outlooks.
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