Full Show Podcast: 12 March 2025

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Digging through the spin spins to find the real story
or HiT's Ryan Bridge on Heather Duper c Ellen Drive
with one New Zealand let's get connected and news talks
they'd be good afternoon.

Speaker 2 (00:14):
It is seven after four news talks, they'd be the
balls and rushes caught on the ceasefire. So what exactly
do they want? We look at that? After five the
Unions are up for a fight with Nikola Willis on
the living wage, food scrap bins are heading for the
scrap heap, Shane Jones on the new gas Well and
Taranak he's been visiting today and quite excited about I'll
add too, Rod Juke from Briscoe's here as well. Ryan Bridge,

(00:38):
Welcome to your Wednesday. The dust has settled, finally settled
on that hysterical reaction to the Pole result earlier in
the week, and after all the hype and all the
media coverage and all the excitement from the opposition, I'm
left wondering what exactly is it we want from a
prime minister these days. In the old days, it was

(01:01):
a steady and predictable hand, someone who represented a certain
end of the spectrum for you, your phrases, your holy oaks,
more recently, your clerk's and your keys. Look at what
America is dealing with it the moment. It's pretty much
the antithesis of the type of political leadership that you
would expect here in New Zealand. It's chaotic, it's unpredictable,

(01:21):
it's all over the place. The markets are kicking off
like a frog and a sock. And today we've got
reports the CEOs, the executives, the guys who bankroll some
of these Republican campaigns, the donors, they are all picking
up the blower and asking what the hell is going
on in the Oval office right now? What is the
indgame here? The tariffs are on and off like a

(01:43):
light switch. And then there's the countryes responding. Canada has
tried the tough, took the stand up to the bully routine,
and now they're backing down. Australia has gone the other way.
They did the softly back door diplomacy approach, while that
door today has been slam shut in their face. And
here where our leaders don't really have that much influence

(02:05):
on the world stage. We're turning away from our Prime
minister and the polls. But what exactly are we turning
towards what exactly is the problem with him? Is it
because he says grip it up and well, what I'd
say to you is and that's annoying? Is that a
good reason to change a government? Everybody will have a

(02:27):
different answer to these questions. Of course, the team of
five million does not speak with one voice. The state
of the economy, which is not all Luxeon's making, of course,
and the fact that he shares power with Winston and
Seymour in the first proper full coalition three way coalition,
surely they are part of the problem for him. But
what exactly are we wanting from our prime minister, be

(02:50):
it Luxeon or someone else? Strength, compassion, competence, a better plan.
And once we know the answer to that qui question
and those questions, how long are we prepared to give
them to show us a result? Nine minutes after four
nine two was the number to text. Rod Duke might

(03:12):
have an answer to some of these questions. Actually, he
is the boss of Briscoes and they have announced the
company results today. Revenue largely flat, but profit down because
margins were squeezed. Of course, the state of the economy,
partly to blame for this. Rod Duke is with me.
Good afternoon.

Speaker 3 (03:28):
Hi, right, how are you doing?

Speaker 2 (03:29):
You're really good? Thank you, given I mean it's been
well traversed how bad retail has been for you know,
the struggles over the past year. You must be pretty
reasonably happy with this.

Speaker 3 (03:41):
Yeah, we're pretty toughed with the result. Got the sales
did cost a bit of margin, costs within one percent
of last year in trees back about five million dollars
and stock turns up. So a lot of the metrics
that we measure have come through and we're pretty pleased.

Speaker 2 (03:59):
What is it that you do to make sure you know,
I mean, obviously profit was down, but it's still profit right,
What are you doing to make sure of that and
keeping revenue flat?

Speaker 3 (04:10):
Look, we're doing a lot of the basics that all
retailers know about. You're refreshing the rangers, You're improving the
quality of service in stores, the stores look better, the
online presence and presentation, and the platform is easy to maneuver,
just all the regular things that all retailers want to

(04:33):
do all the time.

Speaker 2 (04:34):
Looking ahead, do you think, well, how long before you
think things get better? And are you worried about Trump
or you don't have much exposure to the tariffs and
the trade wars.

Speaker 3 (04:43):
Look, I have to worry about in this country with
my business rather than worry about mainly the ex elsewhere.
But look, at the end of the day, Look it
is what it is. We'll have some effect in this country.
But basically all I've got to do where there's as

(05:03):
a customer that's been hurting and we think in the
near term it will improve a little and then towards
the back end of the year or the second half
of this year, we should be able to see some
improvement given that we've got a government that want to
be re elected.

Speaker 2 (05:19):
Yeah, we'll get to that in a second. Does that
mean for the first half of this year? Does that
mean more sales potentially?

Speaker 3 (05:26):
Look, Look, it means doing a lot of other clever things,
you know, better rangers, as I said, better service. It's
it's all of those things. Just doing things better than
my competitor set. That's that's the criteria.

Speaker 2 (05:42):
Now you've said today you want the government to get
their their arson to gear. What exactly do you mean
and what do you want them to do?

Speaker 3 (05:51):
Well, I think it's about time something happened. I understand
they probably inherited something that didn't didn't anticipate, and getting
to understand how bad the situation and looking at solving
some of those problems. But there's just about time that
they started, I think to put into place some really

(06:15):
innovative and some problem solving situation the solutions. That would
be my assessment, and I think time is probably about
right now.

Speaker 2 (06:27):
They would argue they have been doing exactly that, you know,
and there's only so much spind there you can cut
if you want to go out and do fancy corporate
tax council whatever, then you've got to balance the books.
I mean, they're in a tight spot, I think, would
be their argument.

Speaker 3 (06:43):
Yeah, and look, i'd agree with that too. I agree
it is a very very very difficult situation. But you know,
we need to see in the suburbs a bit of
imagination and a bit of forward thinking.

Speaker 2 (07:01):
You haven't got any bright ideas for us, Rod, Oh.

Speaker 3 (07:05):
My god, look for bright ideas of improving my profit
next year. They've the come them.

Speaker 2 (07:10):
We'll leave that to them. Hey, thanks very much for
coming on the show. I really appreciate it.

Speaker 3 (07:14):
Pleasure.

Speaker 2 (07:15):
Rod Duke, Managing Director Brisco's Group. Fourteen minutes after four
news Talks HEREB nine ninety two is the number to
text Ryan. We want action, we want to stop the
wasteful spending. I want the Prime Minister to take over
the councils. Is that what you mean by out of
the box thinking. Darcy's next.

Speaker 1 (07:37):
It's the Heather to Bussy Al and Drive Full Show
podcast on iHeartRadio powered by News TALKSB.

Speaker 2 (07:44):
News Talks HEB seventeen minutes after Paul Ryan. The problem
is everyone wants the government to do something, but no
one can say what the something is. Rod is a
case in point. That's Rod Duke, who's the brisco's boss.
Just on the program, he said the government needs to
get its a enter g. That's the polite ways saying
it paraphrasing. But what exactly that means? No one's really

(08:05):
certain of, are they? And the IMF actually has some
thoughts on this. I'll tell you what they think. Caution,
it's boring, but I'll tell you what they think and
predictable later on in the program right now, never boring,
never predictable. Darcy water graves with us. Hey, Darcy, minds
you that's great saying from back in the day. Don't
just do something. Stand there.

Speaker 4 (08:26):
That's what we've got. Hey, I'm here to talk about sport,
nothing else.

Speaker 2 (08:30):
Let's stick to that, shall we?

Speaker 1 (08:31):
Yes?

Speaker 2 (08:32):
Ends it up. I saw this story yesterday and I
was intrigued. So they're looking at making some changes to
junior rugby. Year eight will go from fifteen to thirteen
a side, year seven to ten aside.

Speaker 4 (08:45):
And they're going to have sometimes smaller fields. They're basically
trying to simplify the grassroots.

Speaker 5 (08:51):
Of the game.

Speaker 4 (08:52):
We're going to be joined by Mike Hester tonight a
participation at NZ talking about what they're trying to put
a place.

Speaker 6 (09:00):
Now.

Speaker 4 (09:00):
These are proposals and they're running them through the clubs
and they're running the past everybody concerns as parents, school kids, coaches,
the whole lot, because they want to retain players and
they want players to enjoy the game from a younger
age because once you get your hooks in them when
they're young, you keep them for a long time.

Speaker 2 (09:19):
So hasn't it sort of worked with ripper rugby.

Speaker 4 (09:21):
Yeah, but you've got to progress through the stages till
he become full blown adult players with full tackle, full scrums,
full lineouts. And part of the issue with this here
is that players at a younger age get pigeonholed into
roles that they probably don't need to be, and like
this short fat kid becomes a prop at eight. What

(09:43):
they want to do is have all of the young
players experience the full gamut of rugby and what it means.
So you run and you pass, and your kick and
you tackle, and you have fun with your mates, and
then you start solidifying your role as you get older
and you start understanding the game a lot.

Speaker 2 (10:01):
So you make the team smaller so that everyone gets
to do a bit more of everything.

Speaker 4 (10:04):
Everybody can do a way a bit more.

Speaker 2 (10:06):
I'm not against that, of you against it, I think
there'll be people who have an allergic reaction to that,
or there.

Speaker 4 (10:12):
Will be I think the elephant in the room around
participation though, was concussion, and that's something that has to
be addressed. And we'll talk to Mike about that, because
there's something they're acutely aware of. His mums and dads
not one of their kids playing the game because they're
afraid of that.

Speaker 2 (10:27):
So do you get injured?

Speaker 4 (10:28):
What about the safety that comes into this as well?
And I suppose with less players, bigger I don't know,
we talk about it anyway.

Speaker 2 (10:34):
You get injured in golf, though, don't you look at
Tiger Woods?

Speaker 5 (10:37):
Was that golf, Tiger?

Speaker 2 (10:40):
What happened?

Speaker 4 (10:42):
It could have been a car accident. I mean, you
could have slipped on a sock as he climbed out
of his bed.

Speaker 3 (10:48):
I don't know.

Speaker 4 (10:50):
In a hurry, I'm getting out of here. Well, I
don't know. He's got an r Kelly's he hit a
pop apparently hit and on the goal. No, no, no, no,
it's just cruising. Wasn't on the golfop something? So might
not come to the Masters. I suppose it's sorry an
issue because everybody you can decide when they want to retire.

(11:10):
But you look at the way Tiger is saying it
on for grim Dead.

Speaker 2 (11:13):
I'm not going anywhere.

Speaker 4 (11:15):
I'm not going anywhere. Why Kah, your body's falling apart. Mate,
Maybe you should just like cut yourself some slack and
maybe turn up the Masters every now and then. I mean,
it's got nothing left to prove, bro. But again, that's
his decision. It's his life, and if he wants to
keep all hell, you can get to the Seniors if
he wants and get beaten by Steven Elkert.

Speaker 2 (11:36):
He Sir Jim Redcliffe very quickly says he's got no
money and then he's spent How much has he spent
on the stadium.

Speaker 4 (11:43):
The stadium is proposed to cost two billion pounds, so
about four point five billion New Zealand dollars. Let's not
forget that Manchester Knight is where this new stadium is
going to be, next to Old Trafford.

Speaker 2 (11:54):
I don't know if it's going to be called New
Trafford or not.

Speaker 4 (11:56):
I won't take that was Matt Heath from previously. Apparently
their in the hole for a billion I s.

Speaker 2 (12:02):
The difference is this is this would be capital expenditure,
wouldn't it as opposed to just you know, throwing money
at some some sponsorship rights.

Speaker 4 (12:09):
So that million dollars and you're talking about billions and billions, mate,
just stick your hand on the bag of the couch,
give us that money, will go away.

Speaker 2 (12:18):
Goes with his nut. Seven o'clock on news talks, there'd
be twenty one minutes after four, lots of your feedback
to come on exactly what it is you want from
a prime minister. Also, after five we're going to speak
to an expert, a Russian expert, Russian defense expert. What
exactly did they want? You know, the Ukrainians have come
to the table. They said we're willing to do a
seats fire, that Americans are on board with it. So

(12:40):
now the ball is in Russia's court. What will it
take for them to get across the line. We look
at that after five, checking the point of the story.

Speaker 1 (12:49):
It's Ryan Bridge on here the duples Ellen drive with
one New Zealand.

Speaker 5 (12:54):
Let's get connected and news talks they'd be after five.

Speaker 2 (12:57):
We'll also talk to the CTU president, Richard Wagg's stuff.
He's having a go at Nikola Willis over her procurement
changes that she's made in the last twenty four hours.
We'll look at that at five p ten. Today, we've
got a couple of reports out. One is the im
IMF and don't roll your eyes, but the IMF report.
They do this every year and they take a look
at the state of our economy and tell us how
things how we're fearing. They are saying growth for twenty

(13:20):
twenty five one point four percent two point seven four
twenty twenty six, they say monetary policy easing to a
neutral level is warranted. What does that mean basically what
Adrian All said to three percent by the end of
the year. They say that despite the fact that we
are buying less from the rest of the world and
selling more and more expensive stuff to the rest of

(13:42):
the world, I dairy and our beef, we still have
a problem with our current account deficit. It remains high
and there is a structural component to it, so that's
not great. Where are we getting the growth from? Now
Here is the very predictable part of the report. I
promised you. We are getting the growth dominantly in the
short term from migration, while productivity growth is expected to

(14:04):
remain modest if there is no significant structural reform. So
surprise surprise there. The risks are also not that surprising.
Donald Trump and the trade wars. Also an earthquake, so
pray for us. They recommend, as they have in all
other reports that I've read from the IMF, a comprehensive
capital gains tax, so no one seems to actually do one.

(14:25):
And they also say that the ocr should hit three
point two five percent by midway through this year. So
that's the world according to the our world according to
the IMF twenty six after four Bridge show the retail
card spinning data we've had out today. This is for February.
It was up zero point three percent, so an increase,
but it's not massive and it's nothing to write home about.

(14:48):
Hospitality was down point one, consumables up, apparel up. December,
you'll remember, was a strong month for US, and then
we dipped in January. We were down one point six
you take away the petrel in the vehicles, and the
spending was up point five. We're still not seeing people
going out in kitchen Kichen swiping the cars to make

(15:08):
Rod Drury happy at Brisco's, and that doesn't like it's
going to happen anytime soon. If you look at the
number for February and compare it to February last year,
we're actually down four point two percent. So you know,
you can read all the surveys about consumer confidence that
you want, but it's not at this stage translating into

(15:29):
anything tangible. Dan Mitchison out of the US.

Speaker 1 (15:32):
Next after making the news, the news makers talk to
Ryan first. It's Ryan Bridge on Hither Dupercy Elan Drive
with one New Zealand, let's get connected news talks.

Speaker 5 (15:51):
They'd be good.

Speaker 2 (16:03):
Afternoon twenty five minutes away from five that big investment
summit kicking off in Auckland in Earnest this afternoon. There's
going to be a speech by the Prime minister today.
I mean, if you like speeches by prime ministers, then
you're going to love this investment conference because there's three
of them, apparently, one this afternoon, one tomorrow morning, and
then one tomorrow night if I got that right, or
to Friday, so it's spread over three to three days,

(16:26):
which is right?

Speaker 7 (16:26):
If it's three speeches by prime ministers? Is that three
speeches from the same prime minister, same guy? I mean
he's going to have to hold some material back for
number three, isn't it.

Speaker 2 (16:34):
That's the thing. How many speeches can you do before
you actually lose the room? And it's the same room
of people, and there's only one hundred, so you can't
exactly go to the toilet, you know what I mean?
People will notice, it's going to be obvious. So anyway,
we'll be across that this afternoon. And there are some
changes they've already announced, because obviously the government will want
to be announcing something during this conference. They've annow some
changes that will affect tech gurus highly skilled people and

(16:57):
start up entrepreneurs. And if you're not one of those people,
there's still reason you should care. I'll tell you about
that later on in the show twenty four Away from five, it's.

Speaker 5 (17:05):
The world wires on news Talks, they'd be drive, well, what.

Speaker 8 (17:09):
Do you know?

Speaker 2 (17:09):
Ukraine cowtawels to the US and the taps are turned
back on. Zelenski has said yes to a thirty day
ceasefire and the military aid is back on. Here's Marco
Rubio now hopefully, well we'll take this offer and out
of the Russians and we hope that they'll say yes't
say yes to piece the balls now in our court.
The big, burly, tough talking Ontario premiere has also bound
down to Trump. Trump threatened a twenty five plus twenty

(17:33):
five so tariff's of fifty percent on Canadian steel and aluminium,
and the backdown from doug Ford has been met with
glee from Trump.

Speaker 9 (17:42):
As you know, there's a very strong man in Canada
who said he was going to charge a shirt charge.
You're a tariff and electricity come again to Ocochim. He
has called and he said he's not going to do that. Okay,
he's not going to do that, and it would have
been a very bad thing if he did. And he's
not going to do this, so I respect that.

Speaker 2 (18:02):
Finally, this afternoon, a Pennsylvania man has been caught trying
to board a flight with a small turtle in his pants.
I should have pre read this ants, because I thought
there was going somewhere completely different. You've put you fast,
you read forward to pants and you think small? What ants?
What have you given me? The body scanner alarm went

(18:22):
off and a TSA agent did a pat down determined
there was something concealed in the man's growing area. The
man then revealed and surrendered the turtle. It was wrapped
in a towel. The TSA says the animal appears, thank
goodness to be unharmed.

Speaker 1 (18:37):
International correspondence with ends and eye Insurance Peace of mind
for New Zealand business.

Speaker 2 (18:43):
Damn Metrosin is a US correspondent. Dan, good afternoon to you.

Speaker 10 (18:46):
Well, you know what kind of photo a turtle loves
to take? Right shelfy? Nothing?

Speaker 5 (18:52):
Okay?

Speaker 2 (18:54):
Thanks, thanks Dan, Thank you. I don't know if anyone's
better off for you telling that, Jope, but I appreciate
the sentiment. This is some quiet, very unfunny news. Actually
some night breaking news out of the US. The Education
Department is going to lay off half its stuff.

Speaker 10 (19:11):
Yeah, I mean this is this is just a huge
sweeping layoff that has begun tonight. They're going to cut
about fifty percent of the workforce right now.

Speaker 5 (19:19):
They began this evening.

Speaker 10 (19:20):
They employ about four thousand, maybe forty five hundred people
or so. And what was interesting earlier today, they just
sent out this email to all the employees saying the
offices are going to be closed tonight and tomorrow for
unspecified security reasons. They didn't say what it was going
to be, but they told everybody to take their laptops.
So I think most people could see the riding on

(19:41):
the wall. And you know, there have been reporters that
have been saying that they can't remember a time that
all the offices were closed like this, even for VIPs
that are going to be on the site. So the
layoffs looks like I'll take effect in about ninety days,
and I think this is going to affect and impact
just a lot of day to day operations with the department.

Speaker 2 (20:00):
The Trump wants to get rid of that department altogether,
though right some of they just buttering it up for
the end.

Speaker 10 (20:05):
Well, yeah, that's I think that's what you're I think
you're right between him and Elon Musk. I mean, his
whole goal is to get rid of this department completely.
I don't know whether they'll be able to do that,
but I mean at this point in time, with the
number of cuts they've been going through with the government
so far in the last ninety days, I mean, anything
seems possible.

Speaker 2 (20:23):
Yeah, because presumably you would need someone left standing to
run the education department, wouldn't you or do?

Speaker 10 (20:29):
I mean, yeah, unless you get unless you get Trump,
who says I'm going to take this over like he's
taken so over so many other agencies.

Speaker 2 (20:36):
All Right, How Ukraine is on board with this proposal
for a sea spy. What's Trump saying about him?

Speaker 10 (20:42):
Well, I think they're happy that things are moving forward,
like you were talking about in the World wires there.
I mean, Marco Rubio said that after all this this meeting,
right now, the ball is in Russia's court to take
steps to end the war. The president has said he's
going to speak with Russian President Vladimir Putin about a
plan potentially this week, and they've also agreed that, you know,
this minerals deal, which was kind of what blew up

(21:03):
in the Oval Office a week and a half ago
or so or so, is going to be done as
soon as possible. And you know, Trump is saying this
is going to expand Ukraine's economy and at the same
time it's going to guarantee their long term security, which
is you know, something that the President of Ukraine had
been adamant about.

Speaker 2 (21:20):
Dan We are five years on from the pandemic, but
here in New Zealand, we still have big problems with
their education, with school attendance, all that kind of stuff.
How are you guys fearing over there.

Speaker 5 (21:30):
Yeah, it's kind of the same way.

Speaker 10 (21:31):
I mean, it's hard to believe it's been five years
this month since this kind of first hit and our
kids were kind of caught up. In my kids, i say,
or were caught up in their first year of high
school and they had to do remote learning here and
as a parent it was challenging, and then as a
reporter it was challenging too. And what we've learned from
studies that have just come out is basically kids got
behind over the next couple of years, you know, math

(21:53):
and English and science scores dropped, and unfortunately they still
have not caught up five years later. And what they're
seeing is and a lot of this is stuff that
we've heard before, but a number of kids didn't have
the adequate tools and they didn't have the right spaces
to learn, and as a result, students are seeing their
levels of learning compared to the predecessor's fall. Now, the
one good thing real quick I will say, Ryan, is that, Okay,

(22:15):
we know we can make remote learning work if we
have to, but most importantly, we know that the kids
are actually learning things in school and the environment is
better than trying to separate them. And you know a
lot of socioeconomic hurdles that we had to face, you know,
during the last few years of the pandemic.

Speaker 2 (22:31):
Dan, thank you very much for that. Dan Mitchton, our
US correspondent. It's nineteen minutes away from five Ryan Bridge.
So Nicola Willis has come up with a plan for
procurement and it's upsetting the unions. So here are the
things she wants to do. If you've got a government contract,
This is for smaller ones. You no longer need to
have a five star building rating. If you're doing a
new building, you know, not no longer if you're a

(22:54):
business that wants a government contract, you no longer need
to have evs or hybrid vehicles. You no longer need
to purchase office supplies that produce low amounts of waste
or are recyclable, and you no longer need to pay
the living wage in contracts to cleaning, catering and security guards,
which is what the unions are all miffed about today.

(23:14):
They're on the show after five o'clock. But if you
go through that list, I mean, do you do you
care whether someone who the government contracts to has an
EV or not? I don't. Do you care whether they're
using staples or paper or are just I don't care.
I guess the bigger question in light of the whole

(23:35):
that issue we shall not mention to do with the
thing you eat between breakfast and dinner, which they are
currently serving to young people.

Speaker 11 (23:45):
You know that thing?

Speaker 2 (23:46):
Yeah, if you go for the cheapest option, is that
necessarily the best fun either? You know, it gets a
hard one. What you want really a good smart people
doing the procuring. That's really what it comes down to.
You need good smart people in government departments who are
doing this stuff otherwise, I mean, it doesn't matter how

(24:07):
many rules you set, you'll end up with an exploding
lunch seventeen away from five Barrisoper next.

Speaker 1 (24:14):
Politics with Centrics, Credit, check your customers and get payments certainty.

Speaker 2 (24:18):
New talks here b Barri soapis he has senior political correspondent.
Good afternoon, Barry, afternoon, Ryan, good to see you. Now
you've been having a look at two at this KPMG
report on our banking sector, the margins that we pay,
the margins that our banks earn here versus Australia.

Speaker 12 (24:32):
Well not only Australia, other countries as well. We're in
the middle to upper end in terms of the bank's
profitability if you look at because we've got four big
Australian banks operating in this country. Of course, they last
year made a net profit of seven point two two

(24:53):
billion dollars.

Speaker 3 (24:55):
Which is extraordinary.

Speaker 2 (24:57):
But they're big outfut well no, no, but they keep
telling us they're tens of thousands of employees.

Speaker 12 (25:03):
Yes they have all that, yes, I know, and the
chief executives that are back before the Select Committee at
Parliament this week they're crying poor on their three million
dollar salaries. I mean, it's a really tough area out there.
But if you look at the banks, the margin is
two point three four percent. Now that's the difference. The

(25:26):
ocr is three point seventy five percent, So that's what
they buy their money at, and their margin is two
point three four percent, which would give you an interest
rate of around I guess six percent, And that's what
we should be paying in our mortgages. But you know,
I don't think everybody's paying. Well, we're probably getting closer
to six percent.

Speaker 2 (25:47):
It depends what sort of It depends on your situation,
isn't it how much you're borrowing and.

Speaker 12 (25:51):
What you will well, yeah, right. The biggest problem here
if you listen to the banks, and it's been reflected
by some political circles as well, is the capital that
they have to retain to make sure that if times
do get tough, that the depositors funds will be looked
after and the like. So when you look at other countries,

(26:14):
it's pretty high in New Zealand, mainly because our economy
is in a pretty risky state at the moment.

Speaker 2 (26:20):
That's right, and we're a small country and we're one
earthquake away from everything going to hell. In a handbasket.
So you know, yes, they might be making a little
bit more money here, but they in theory, we are
safer here because they've got the capital.

Speaker 12 (26:33):
But no bank has fallen over here either. And the
thing is that with the new governor of the Reserve
Bank coming in, because the Reserve Bank sets those capital requirements,
maybe they'll be a bit more liberal and certainly that
would appease some of the political circles.

Speaker 2 (26:48):
Now, speaking of political circles, Ginny Anderson, she did it again.
This is on with on Breakfast on Hosking this morning.
Her foot firmly buried in her mouth.

Speaker 12 (26:58):
Was what a I couldn't believe it when I heard it.
It was like regular slot on Wednesday, Mark Mitchell with
Mark Mitchell. She was moaning about what a waste some
time the eighty hours were for hearing submissions on the
Treaties principal Bill when it was going to be voted down. Well,
it was a great, great piece of radio in my view.

(27:19):
The woman Chris Hopkins rates promoting Ginny Anderson to Labour's
finance team last week and making her responsible for treaty negotiations,
made a full of herself when taking issue with Mitchell
over the Treaties bill.

Speaker 2 (27:33):
Ever, listen, Labour took some of the bills through themselves
when they're in Parliament. They got killed off as well.
But I think that it.

Speaker 7 (27:43):
Was a treaty Principal's Bill that Labor brought into.

Speaker 5 (27:45):
The House as well through the process.

Speaker 13 (27:48):
Making it.

Speaker 2 (27:50):
Check your history.

Speaker 7 (27:52):
You don't know, you don't even know that.

Speaker 2 (27:55):
The treaties negotiated.

Speaker 14 (27:59):
Didn't support.

Speaker 8 (28:00):
I was right.

Speaker 15 (28:01):
Labor does not support it, honestly.

Speaker 12 (28:03):
That was her coming back after the break, So I
was right all along. Well, in fact, Jenny, go back
and have a listen, as all our listeners have heard,
you were wrong.

Speaker 2 (28:17):
Hey, just finally the Maori Party staying on the on
a similar vein heir, the Malori Party goes into bat
for funer order agencies. These are the ones who've lost
their contracts. We've heard about it in the last couple
of days. One of them of course, belongs to or
is run by John Timmerhead of their president.

Speaker 12 (28:32):
It's a big it's a big contract and the person
firing the questions today was the Maori Parties co leaded
every rewa Packer. She was accused in Parliament today of
asking questions on behalf of her party's president, John Tamma Harry,
who had one of the big contracts, but Louise Upston,

(28:53):
standing in for the minister, says the transition to the
new providers will be very carefully managed.

Speaker 15 (29:00):
The Department of Prime Minister and Cabinet and the Public
Service Commission are working closely with Tapuny Corkerdy to manage
the transition and to ensure a smooth continuity of service
for the final receiving services.

Speaker 3 (29:13):
Does a provider that has banked over one hundred million
dollars in profit not suggest that the taxpayers money has
not gone for the purpose which was given in the
first place.

Speaker 15 (29:21):
This is a process that Puny Corcuerdy have run, as
recommended by MB that every contract that the government has
should go to market every four to five years to
test the market to see if there are other providers available.

Speaker 16 (29:34):
We've got a member asking pointed questions about a process
in which one of the major losers appears to be
a prominent member of our own political party. I just
wonder if there's any need to declare such a conflict
of interest before asking such questions.

Speaker 12 (29:49):
Well, when speaking decided there wasn't any need to do it.
And I didn't planny of not Rewhitpackers' questions because they
are all superficial, really and they didn't elicit anything but
the fact that she's clearly upset about the contract being lost.
And there is certainly, in my view, something of a
conflict there when you consider she's asking about a contract

(30:12):
that or one of the contracts that was held by
the party president John Tammick, A.

Speaker 2 (30:18):
Bit of distinct you reckon, Verry, Thank you for that.
Verry Soper, Senior political correspondent here at News Talks. Here
be eight away from five after five. Of course, we're
going to talk about what Russia wants from a potential
sex fire deal with Ukraine. And this council bin issue
has read its head again. This is the food scrap bin,
this time in Huanganui where they are throwing. You know,

(30:39):
they've got nineteen thousand food scrap bins they are literally
going to have to put in the bin.

Speaker 5 (30:47):
Digging into the issues that affect you the my casting.

Speaker 17 (30:50):
Breakfast, I thought it might be fun to talk about
school lunches because the media has ignored the subject for
far too long. Of course, if you went and hired
mister Chief Hos, who you knew was a problem, and
that problems come back to bite you in the bum
that's on you.

Speaker 18 (31:02):
Isn't it, Well, well it actually it hasn't. What we've
done is overcome problems as they've arisen.

Speaker 5 (31:09):
When one.

Speaker 19 (31:12):
Problems because you went with the cheapest person in town
who was always going to cause you problems, because that's
what cheaf people go back tomorrow at six am, the
mic asking breakfast with the rain driver of the last newstalks, z' be.

Speaker 2 (31:25):
Five away from five on news talks. They'd be good
to have you with me this evening. And now the
Prime Minister has just released a statement with that sounds
more serious than it needed to needed to. It's just
a statement outlining what he's going to speak to the
summit about in Auckland, which there is a lot of
interest in. He says, a growing New Zealand economy translate
to more jobs, high wages, better infrastructure and it makes

(31:47):
all New Zealanders better off. My message to these companies
and individuals attending the summer over the next two days
is that New Zealand is open for business. He's going
to touch on the Overseas Investment Act changes that they've
made fast track. He's going to talk about the Foreign
Investment Fund changes, which we're talking about later on in
the show. Invest in z Remember they've set up that

(32:07):
vehicle for chrying to encourage investment into New Zealand, the
banking sector. Shape up all of those and getting infation down.
All of those things make us a destination that's right
for your investment. So hopefully they're listening. It is four
minutes away from five ran Bridge. After five, we're going,
of course, going to talk about Russia and what they
want potentially from a ceasefire. Ukraine and America have agreed

(32:30):
to one. But my favorite story of the day, just
because it's a pet interest of mine, is the council
scrappins for your food waste. It just bugs me that
you have to pay for it. You've got no option.
It's eighty dollars per year. If you're a pension on
a fixed income, that's a lot of money. If you're
a pension on a fixed income who does his or

(32:51):
her own composting, at the moment, you still have to
pay for it. How is that fair? Anyway? Hoangan Nui
has done a good thing. We'll talk about that after five.
News talks at be.

Speaker 1 (33:16):
Hell Questions, answers, facts, analysis, the drive show you trust
for the full picture. Brian Bridge on Heather Duplicy allan
drive with one New Zealand let's get connected news talks.

Speaker 2 (33:37):
They'd be good evening seven after five So the ballers
and Russia's caught this evening on the ceasefire deal. The
US has managed to get Ukraine to the table. They've
agreed to thirty days of no fighting. Then hopefully they
can start to have talks about actually ending the war.
This all goes to the Kremlin before it goes anywhere else.
Alexei Moravrev is with Curtain University. He's the associate professor

(33:59):
of National Secure the in Strategic Studies is with me.
Good evening, good afternoon, and good evening to you. Thank
you for being with us. Do you think Russia will
like this deal? Will? But will they like and take
the terms for a thirty day seis fine?

Speaker 20 (34:15):
Well I don't think they do. They will and and
this is what they were trying to manifest over and
over and over a suddain period of time, and a
number of forums saying they're not interested in the temporary
seist fire that may provide the Ukrainians an advantage in
terms of recovering, regrouping, regenerating their strength and then obviously

(34:36):
regaining their will to fight on uh. The Russians are
currently moving the advancing. They made significant progress in liberating
the course cregion and emphasizing on the word liberation. Obviously,
it's different from what the Russians are doing in in Ukraine,
and in this sense, the Russians come into these talks

(34:59):
from the position strength because one of the I mean,
the problem that we have in trying to understand this
whole rapid change concern in the conflict is we have
been subjected to certain types of narratives over the past
three years, and certainly one of the narratives that we're
trying to battle ourselves against is the fact that this

(35:19):
is an unwinnable war and the Russians don't really see
that this is an unwiennable war. Yes, they're making very
slow progress, but they're grabbing territory, their inflicking damage on
the military and that's why they have no interest in
stopping it.

Speaker 2 (35:34):
So you think, Alexi, that the Russian people genuinely believe
even though Potin said this is going to be a
couple of weeks of a war, here we are three
years later. They genuinely believe that they can actually win it.
And what does winning mean? Does that mean actually taking
over all of Ukraine?

Speaker 20 (35:49):
See this is where it also gets very interesting. We
continue to run with this narrative that for some reason,
the Russians won the whole of Ukraine. It was never
stated in any of of Russia's official communications or declarations
than they want the whole of Ukraine. They want Ukraine
as a buffer. That's certainly the endgame in terms of
answering you. And that doesn't mean that Russia wants to

(36:12):
control the whole of the country, which I don't think
they want or can do.

Speaker 2 (36:16):
They just want some space. They want some space between
them and your space, and they.

Speaker 20 (36:20):
Want buffer, and they want buffer between themselves and Nita.
And to answer your question about Russia's will to fight, initially,
yes they were. They were kind of very slow and
they didn't expect that it would be such a prolonged conflict.
But the Kremlin managed to weaponize their minds and militarize them.
So the Russians are currently feeling like they don't want

(36:43):
to stop. I think the greatest disappointment for them if
they would be given orders to hold their assault, and
that may actually cause more a backlash for Putting than
having some sort of negotiation.

Speaker 2 (36:53):
And LEXI very quickly because we are really tight on
time here, but just just to give us an idea,
what would it take for Russia to go through the ceasefire?

Speaker 20 (37:04):
If the United States would bring on the table some
significant concessions to the Russians, whether it's lifting of sanctions
or some sanctions or something else, then Putin would be
able to go back to his people and sell the idea.
If it's going to be just, you know, show a
case of goodwill, well, I think Putin would actually be
damaging his own reputation in the eyes of the people

(37:26):
he was trying to sell this war to, including the
fact that Russia will fight until the end, until victory.
So without some sort of compromise on the US side,
I don't think it's going to be visible.

Speaker 2 (37:38):
Alex I really appreciate your time. That's Alexei Moraviev. He's
with Kurtin University Associate Professor of National Security and Strategic Studies,
saying basically patient needs something from the Americans to get
the ceasefire across the across the line living.

Speaker 5 (37:51):
After five Bryan Bridge.

Speaker 2 (37:53):
The unions in the opposition not happy with the government's
new rules for contracting companies that procure US work to
Companies will no longer have to pay the living wage
for cleaning, catering and security guard services, amongst a raft
of other changes that was announced this morning. Richard wagg
starts with the Council of Trade Unions. Good evening, Good evening, right,

(38:13):
So what is it? I mean, obviously you guys are
for the living wage, but some companies, it's argued they're
too small to pay it, so shouldn't they get a
bite of the government procurement pie too.

Speaker 18 (38:25):
Well, this is a huge part. As you know, it's
a billion ent every year of procure excuss. Well, this
is the something is a people on cleaning, catering and security.
When they put an a tender for business they have
to pay. They didn't have to pay a living wage.
Now the game don't have to pay them.

Speaker 2 (38:43):
Richard. I'm so sorry to interrupt you, but your line
is terrible. Would you mind moving for us slightly?

Speaker 18 (38:48):
Oh, I'm in a pretty good place, I think, but
I would probably How does that sound? I mean, I
are a normal place here. How does that sound?

Speaker 21 (38:57):
Do you know what?

Speaker 2 (38:57):
We might come back to you in just a second,
I think, Richard the line, and we will return to you.
Caller twelve minutes after five on news talks. He'd be
interestingly also today to do with the Oval office, Trump
has obviously spoke the horses and spooke not just the
horses and the paddock, but the horses in his own stable.
This is a report from the Wall Street Journal. Business leaders,

(39:19):
his own advisors are freaking out about how much the
markets are freaking out about what he's doing with the tariffs,
and they're all picking up the phone and ringing capital Hell.
They're all recalling their Republican lawmakers. Hey mate, I bankrolled
your election. What the hell is going on at the
White House right now? It's chaos. The tariffs are on

(39:40):
and off. You know, there's a last minute carve out
to the auto industry because they've been on the blower.
So it's all a little bit confusing for the markets,
as you can see, and the results of the last
couple of days, but also a bit confusing for the
business leaders and for the donors that got Trump into power.
Thirteen minutes after five five. We'll be back in just

(40:01):
a moment with Richard wegstaff. Now, this would have to
be one of the bargain buy Rose deals of the
year so far, and it's available exclusively online at the
Good Wine Cot. Now you'll have to be quick. They've
been selling the deal for the last week or so,
offering it to their database person. It's just been flying
out the door. The wine is called Yellen's Reserve Mulbra Rose.

(40:21):
This is twenty twenty three. The long and the short
of it is that the winery has deleted this wine
from their portfolio and offered a one off sharp price
to clear the last of the stocks. And they didn't
mark around on the price. Remember this is their reserve
label Rose and it's up for grabs at ten ninety
nine per bottle, a pale, pink and deliciously dry rose
for ten ninety nine per bottle, and if you order now,

(40:43):
you'll pay just one dollar per case delivery to your
door anywhere in New Zealand, conditions apply. Honestly, this will
likely sell out tonight, so you'll need to act fast.
Order online right now at the Goodwine dot co dot
Nz or call eight hundred double six to two double
six too. Bred Shane Jones on the show after six tonight,
he's fired up about gas right now. Seventeen after five,

(41:07):
the government's procurement rules companies no longer have to consider
the living wage for cleaning, catering and security guard services.
This is upset the CTU. Richard Wagg starts back with us. Richard,
welcome back, Thank you, Ryan, good to be back now.
The argument is some small businesses companies can't afford to
pay the living wage, so why should they miss out

(41:28):
on government contracts?

Speaker 6 (41:30):
Yeah, I don't think that makes a lot of sense.
You see, what it is basically as a standard, and
everyone bidding for government contracts has to just basically meet
the same standard. So whatever the wage minimums are, or
indeed any other minimums, everyone has to has to meet them.
So there's no disadvantage to small, medium, or large businesses.
They're all on the same playing thought. What this does, though,

(41:51):
is basically enable all of those providers, you know, contractors too,
basically bid on minimum wages. And this is without standards
it or drive wages down.

Speaker 2 (42:01):
But the thing is that the standard, the legal standard,
is the minimum wage, not the living wage. Right, So
now there are perfectly legitimate businesses out there paying the
minimum wage who at the moment can't get government contracts.

Speaker 6 (42:18):
But as I said to you, when they go for
government contracts, they need to pay the same rates as
everybody else. They shouldn't be able to undercut them.

Speaker 18 (42:25):
And that's the problem.

Speaker 6 (42:26):
But when these when these tenders, when the things go
to tender, what we'll see is that the wage rates
for cleaners, for caterers, for security services will all drop
because of the competitive tendering process.

Speaker 2 (42:36):
Governments. Not every company can afford to pay the living wage.
They don't. They're set up like that. Smaller businesses can't
afford to do that. You'll end up with large companies
taking all the government contracts.

Speaker 6 (42:48):
I don't think that's necessarily the case. I think small
businesses can be competitive. But basically what you're saying is
that they by allowing them to drop their wages, so
will larger businesses drop their wages. To everybody will drop
their wages. The only winners will be you know, whoever's
paying for the overall cost. But it certainly won't be
the workers. The workers will be the losers in that program,
so exactly the same as the bus drivers. And that's

(43:08):
why we wanted to have fair pay agreements. Every time
councils put out bus services for tender, everyone who tended
on the minimum wage except the companies that had proper
agreements with their stuff, and they couldn't win tenders because
they were stuck on higher wages. And that's the problem.
You keep driving wages and conditions down with tendering.

Speaker 2 (43:25):
Richard, appreciate your time this evening, Richard Wagstaff, the Council
of Trade Union's president. Time is nineteen minutes after five.
Ryan Bred Now I have an announcement, a very exciting
announcement for you this evening. I'm moving to Huanganui. Do
you know why it's all to do with their bins?
Living in Auckland, you're supposed to separate your food scraps
from the general trash then put them in a separate bin.

(43:47):
And who can be bothered with that? The answer is
not many, if any, well not Inhanganui district, where the
council has just canceled plans to introduce food scrap bins
because they're expensive and unpopular, who would have thought. Unfortunately
for them, they've already purchased nineteen thousand bins, so they
are going to have to throw the bins in the bin.

(44:08):
Now in Auckland, Hamilton and Totong and a bunch of
other councils around the country, they're still doing this. Of course.
Tanya Herman is Hamilton City Council's Operate and Maintain Unit
director and she's with me this evening. Hi Tanya, Hi.

Speaker 22 (44:22):
Ryan, how are you good?

Speaker 2 (44:23):
Thank you? So you guys have got is this? What
do people paying their rates in Hamilton for this?

Speaker 22 (44:30):
So our general rubbish is rated differently, so it's part
of our general rates, so we don't have its targeted.
So we budget thirty three dollars per in in per
household for our food scrap service.

Speaker 2 (44:41):
Right, and how many households use the food scrap bin.

Speaker 22 (44:45):
We've got about sixty three thousand households and we have
about forty percent of our households to use the bin regularly.

Speaker 2 (44:51):
And does all do all of the households have to
pay the thirty three dollars even if they don't use
the bin.

Speaker 22 (44:57):
Yes, that's correct, because it's all part of our suite
of services for rubbishing recycling.

Speaker 2 (45:02):
But is that fear if you're not using the suite?

Speaker 22 (45:05):
Well, it's an option to give to our households. What
we're aiming to do is reduce rubbish going to.

Speaker 2 (45:10):
Lengthal but option implies, sorry, Tana, just to stop you.
But option implies that you have the option to say no,
which they don't.

Speaker 22 (45:18):
They don't know because it's part of our general rate,
and that rate covers a whole raft of our rubbishing
recycling services. That it's not broken down like a targeted
rate where you can opt in or opt out of
a targeted rate. This is a general rate, so it
covers the whole range of services available for rubbishing recycling.

Speaker 2 (45:35):
Okay, fair enough, all right, So since you brought this in,
because the whole idea is that it'll reduce carbon emissions
from landfills, So since this has been brought in, what
has the reduction being in carbon emissions from landfills?

Speaker 22 (45:48):
So it's hard to quantify exactly how much that is,
but as an example, what we do know is that
we're debuting four hundred tons of food scraps per month
and that Hemilton normally from going to landfolds, so does
in itself will have a positive impact.

Speaker 2 (46:02):
But you must measure the carbon emissions that are coming
from landfills. Surely have they gone up or down?

Speaker 22 (46:09):
We do, and as a region we do. It's hard
to calculate it specifically on food scraps alone because there's
a number of factors that have to be taken into
play in that calculation. But like I said, by having
four hundred tonnels of food scraps being diverted from landfill,
which creates methane, if it goes to landfill, that's having

(46:29):
an impact or will be having an impact.

Speaker 2 (46:31):
But surely you would know. I mean, okay, here's a question.
Regardless of what's happening with the food scraps, has carbon
emissions from landfills increased or decreased since you made this change?

Speaker 22 (46:43):
It's our landfall specifically goes to Hampton down, so it's
calculated across the Auckland and why Cuttle regions. So the
emissions are so that we are starting to see a
decrease across the board as a specific to Hamilton, I
don't I couldn't give you those exact figures.

Speaker 2 (47:02):
All right, interesting, Tanna, Thank you very much.

Speaker 23 (47:05):
For that.

Speaker 2 (47:05):
Keep up the good work. I'm sure there'll be people
who won't agree, but that's that's the life of being
in council, isn't it. Tarnier Herman, who was the Hamilton
City Council Operate and Maintain Unit director here on the
show this afternoon. The problem I have with it is
that if you're a pension on a fixed income, that
is a lot of money to you. In Auckland. I
think it's eighty dollars per year. That is, you know,

(47:28):
that's five six seven bucks a week. It's a lot
of money. And if you're already somebody who composts in
your own backyard, you can't opt out of it, which
doesn't seem very fair to me. Twenty three minutes half
for five News Talks Hebb.

Speaker 1 (47:41):
Moving the big stories of the day forward. It's Ryan
Bridge on Heather Duper see Ellen Drive with One New
Zealand Let's Get Connected News.

Speaker 2 (47:51):
Talks B five twenty six on News Talk said, be
sometimes you just have to sit back and think, Wow,
what an incredible man made miracle that's happened in Sydney
in Australia. Over the last couple of months, I've spoken
about this story before, as many of the news have,

(48:11):
but a titanium heart was inserted into the chest of
a man in his forties. He doesn't want to be
named over in Australia. So he had heart failure. He
was going to die, that was a certainty. He needed
a heart transplant. They didn't have the heart to transplant

(48:32):
into him. So in the meantime, scientists and doctors and
medical professionals over the last twenty years have been working
to perfect this titanium heart, a levitating titanium heart, and
they managed to put this artificial heart into the man
and he lasted on this artificial heart long enough for

(48:54):
the heart transplant to take place, which it did earlier
this month, and it's just been made public over in Australia.
The design of this titanium heart was originally done by
young Queenslander twenty years ago. Daniel Tims is his name.
He invented it and what an incredible story. The man
apparently could not feel the heart inside of his chest,

(49:17):
the artificial heart inside of his chest. He was able
to walk down the street. He got an uber home
from the hospital. He went shopping in the month before
he received his donated heart what an incredible achievement. He
basically survived from November to February with a fake heart,

(49:38):
or really with no heart, with no real heart, and
now he has a transplant and he is alive to
tell the story to his kids. Twenty eight minutes after five,
Bryan Bridge, Now we're going to go to Australia after
the News because despite Turnbulls, well, Turnbull's been poking the

(49:58):
bear over in the Oval office in Washington and the
bear is bitten back. There's no exemption for the Aussies.
So we've got a political strategist, Bruce Hawker on the
program right after news, recamping.

Speaker 1 (50:17):
The day's big news and making tomorrow's headlines. It's Ryan
Bridge on Heather du for see Ellen Drive with one
New Zealand let's get connected News talks.

Speaker 13 (50:28):
That'd be I just love be Sohungle and Martin Sarbib
Songle and Brown Ram Martin, You're just like Maviv game.

Speaker 2 (50:39):
Twenty four minutes away from six News Talks, he'd be.
Shane Jones is very excited today. He's a happy boy
because he's been in Taranaki at the opening of a well.
It's an existing gas field, but they are doing some
more drilling, getting some more gas out of it, Squeezing
some more gas out of the poor Hookuda gas field.
It's fascinating how it works as well. His going to

(51:00):
explain it to us, But basically this is an offshore field,
but they access it from the onshore. They drill down
three kilometers and then across under the ocean for eight
kilometers and to actually tap into the field and get
the gas out. Fascinating stuff. He's with us after six
twenty three or way two now, the Ossie PM, Anthony Alberonizi,

(51:22):
he's head out at Donald Trump. This after the US
declined today to make an exception on tarifs for Ossie
steel in aluminium.

Speaker 23 (51:30):
Such a decision, Ya, the Trump administration is entirely unjustified.
This is against the spirit of our two nations enduring
friendship and fundamentally at odds with the benefits that our
economic partnership has delivered over more than seventy years.

Speaker 2 (51:50):
And here is Trump's spokeswoman Carolyn Levitt.

Speaker 24 (51:52):
The President is unweavering in his commitment to restore American
manufacturing and global dominance.

Speaker 2 (52:00):
Australian political strategist Bruce Walker is with me tonight, Bruce,
good evening. You know, Ryan, how are you good? Thank you?
Any surprises on your side of the testment to this.

Speaker 25 (52:10):
Look, I don't think so. Really, I think people were
preparing for the worst. There didn't really seem to be
any indication that President Trump was going to give any
exemption for any countries. Obviously the government was hopeful and
they had a lot of representations being made, but at
the end of the day, the tariff program that Trump's

(52:33):
putting in place is going to apply to Australia as well.

Speaker 2 (52:35):
Do you reckon Turnbull had anything to do with this?

Speaker 18 (52:39):
Well?

Speaker 2 (52:39):
I wondered about that.

Speaker 25 (52:40):
I mean, it was unfortunate that those comments were made
at the time, and Trump is such a unique character
when it comes to personalizing his responses and the way
in which he plays his politics. It's not beyond doubt
that that could have been the case.

Speaker 18 (52:56):
But who knows.

Speaker 2 (52:58):
How's it playing domestically. I know Albanese is also saying
they're not going to hit back with any counter teriffs.
I mean, do people want strength from their AUSSI PM
at the moment to stand up against Trump? Or was
everybody happy to be but more softly softly.

Speaker 25 (53:12):
Well, I think they've seen what's happened in places like Canada,
where the response by the Canadians in putting tariffs on
the America led to doubling of the tariffs on the Canadians.
So I think the similar sanguine view in Australia as well.
Maybe we just got to ride this one out for
a while. It's clear that there are going to be

(53:33):
very significant impacts on America with their tariff policy and
causing inflation and having effects on their stock market right now.
So who knows what Trump's next move or move down
the street you know a few months is going to be.
So I think that probably most Australians would be saying, look,
let's let this thing ride. It's not good. It's an

(53:54):
act of bassardry, I guess I would think by some
by a country that's been very only and loyal to
Australia as it has been to New Zealand largely. But
we live in these very strange times. The opposition obviously
has come out and said that more should have been
done and so forth, so it's running down pretty predictable lines.

(54:14):
So I suspect that most people would think let's just
wait and see how this event unfold in the coming months.

Speaker 2 (54:24):
Bruce, thank you very much for that. Bruce Walker, Australian
political strategist with US. It's interesting to note, and I
supposed to put it in some context, the US only
takes zero point two percent of Australia's still and aluminium.

Speaker 1 (54:37):
It is twenty six the Huddle with New Zealand Southeby's
International Realty find you are one of a kind.

Speaker 2 (54:45):
Jack Tame, host of Saturday mornings here on News Talks.
He'd be and Q and A on TV one as
with us. Hey Jack, Hey, right, good have you on?
And David Pharaoh's with Us Curier Poster and Kiwi Blog.
Hey David, Now let's start with the Russia situation, well,
the Ukraine Russia situation. We had an expert from Curtain

(55:06):
University on Sathanon. He reckoned David that the Russians are
going to need some kind of give from the Americans
before they'll sign a ceasefire for thirty days. I mean
that seems pretty reasonable.

Speaker 11 (55:20):
Look, I think after thirty day CEASEPA will happen because
that doesn't strategically weaken Russia.

Speaker 3 (55:27):
In fact, it's probably helpful to them.

Speaker 5 (55:30):
It gives some time to resupply, get.

Speaker 11 (55:32):
Supply routes through, So thirty days CEASEPA will probably happen,
But much much, much harder is the permanent SEASEPA, because
the one thing that Ukraine needs is the security guarantee,
and it's the one thing Russia is dead see against,
because then they wouldn't be able to just resume the

(55:54):
war in a few years.

Speaker 2 (55:55):
Sign. Yeah, and that's where this whole backstop in. Europe's
trying to step up, and there's a meeting in Paris
tonight to try and create some coalition of the willing
jack Yeah.

Speaker 26 (56:06):
Yeah, Well, I mean I think I think Europe will
have to coalesce in a way that perhaps they couldn't
have imagined the European leaders couldn't have imagined just six
months ago, and perhaps in a way that has been
overdue for some time. But I think David's assessment is
quite right. I think the thirty day cease fire at
least seems like maybe slightly more likely than not at

(56:30):
the moment. I mean, we've seen the kind of behavior
from both sides that you would usually expect before a
cease fire, which is to say they're both launched withering
attacks on each other. But it's curious, right because so far,
at least under the Trump administration, that the Vladimir Putin
and the Russians haven't had to give much, right, They've
kind of been observers and all of this so far,

(56:51):
they haven't to give anything. Really, all of the priest
has been on Zelenski. And in a way, I suppose
the Ukrainians have called the Russian bluff. But David's quite right,
da cease fire is by no means a commitment to
end the conflict right now, and I'm sure that the
Russians will be using that time to entrench their position
even further, if not strength in it. And yeah, yeah,

(57:13):
the real question comes down to whether or not the
Ukrainians can expect any sort of security guarantee. I think
it's inevitable that Russia is going to be keeping large
swaths of territory, But it's whether or not a lot
of Messolinski can get anything out of this negotiation that
will make Ukrainians feel safe for going forward.

Speaker 18 (57:29):
Yeah.

Speaker 2 (57:30):
It is funny, though, isn't it, David? Would we be
sitting here talking about even the potential of a thirty
day ceasefire. If Biden was still in office, we.

Speaker 5 (57:41):
Probably wouldn't be.

Speaker 11 (57:43):
But YEA, getching a stop to the war is easy
if one side surrenders, you know, stopping the war's easy.
Stopping a war with the right outcome is much harder.

Speaker 26 (58:00):
Yeah, And Perma guess the question is would we be
sitting here imagining a future where Ukraine had zero security
guarantees and the war was coming to an end? I
guess that's the other way to flip around that question.
And perhaps we would have seen the ceasefire. I suspect
it would have taken a whole lot longer. And there'll
be people who think that Trump's quite right and hastening
the process. But I suppose it all depends on the outcome.

(58:22):
And if the long term outcome is one that makes
Ukraine less secure, less safe, potentially less democratic, then there'll
be many who argue that actually we shouldn't be.

Speaker 2 (58:31):
Ending the conflict. And on top of that, you've got
this issue that you've got the US on one side
and now seemingly Europe on the other. And while the
US might get people to agree to things wild Europe,
you know, so it's very complicated. Jack Tame, host of
Saturday Mornings on Q and a David Farrah, Curia poster
and Kivi blogger with us. It's quarder to six. We're
back with the Huddle in just a second.

Speaker 1 (58:53):
The Huddle with New Zealand Southeby's International Realty, the ones
with local and global.

Speaker 2 (58:58):
Reach, thee on News Talks. Jack tam and David Farrell
with me for the huddle tonight. Now, this investment summit
is well, it should be getting on the way very shortly.
Actually the Prime Minister is going to speak today, tomorrow
and Friday. Jack, what does what does success look like?

Speaker 13 (59:14):
Or?

Speaker 2 (59:15):
Yeah, how do you even measure success for something like this?
Or is it just the fact that it's happening that's
that's good.

Speaker 26 (59:21):
I mean, I think it certainly started off as a
kind of symbolic exercise, right, and I suppose one of
the measures will be how many projects and the PPP
opportunities the government is actually able to put up that
might you know, tangibly attract international investment. I mean, there's
going to be a fair bit of rah rah about
the whole.

Speaker 2 (59:41):
Thing, you know.

Speaker 26 (59:42):
I think it's going to be really interesting to see
whether or not the Prime Minister and his cabinet make
any comments about the previous government. I think I think
it's in all New Zealander's interests to have a kind
of bipartisan approach and and it's good to see that,
you know, Barbara Evans and some laboring peace are going.

Speaker 3 (59:59):
To be there.

Speaker 26 (01:00:00):
But yeah, yeah, I suppose the real test comes from
what projects they can can put up. And already Chris
Bishop has kind of suggested.

Speaker 27 (01:00:07):
That this is a bit of a.

Speaker 26 (01:00:10):
You know, in a Movese boosh when it comes to
attracting foreign investment. I don't think we're going to see
trillions of dollars of projects put up tomorrow. But really
this is an effort to signal to the world that
New Zealand's are for business.

Speaker 2 (01:00:20):
Yeah, David, I'm interested to see because you know they've said, oh,
this fund is coming, and that fund is coming. Actually
how high up the food chain the people are representing
those companies, Like are we getting day from accouncilor Susy
from HR or just you know, any old Joe blogs
who worked for their businesses coming, or are we getting
the head on shows well day.

Speaker 11 (01:00:41):
Through accounts for some of these companies probably still has
a fusty.

Speaker 3 (01:00:44):
Billion dollar budget.

Speaker 26 (01:00:46):
Day from accounts, actually makes the decisions, but lot success
is hard to make it.

Speaker 11 (01:00:53):
There's two things, which is quality and quantity of who's
turned up. The second one we won't know for two
or three years, which is do we actually then see
a significant increase in investment leading to more jobs, et cetera.
The first one's easy to calculate, and we'll know that
within a week. The second one, you know, is going

(01:01:15):
to take more time and you're never going to know.
Is this because of the investment summit, etc.

Speaker 2 (01:01:21):
Yeah? Hey, just finally, before we go the bin's issues
read its head again. In huangan Nui, the council has
decided to ditch their plans for a food scrap bin,
even though they already brought nineteen thousand of them and
apparently slap the council logo on the side. They're going
to have to throw those in the bin now because
they're just really unpopular. And also they add you know,
to your rate spell, which is obviously not what people

(01:01:43):
want at this time. Jack, are you are you at
home composter?

Speaker 26 (01:01:48):
Do you know I'm an at home composter and I'm
an at home worm Binner. But I'm also a user
of the little green bins because you can't I can't
put like meat and bread in my compost and my
word bin and my wombin, so I put that in
the green bin. And the one thing I actually really
like about the green bins is I think having consistency

(01:02:10):
nationwide about what you can throw out, recycle, put in
food bins and stuff, I think that is really good.
But yeah, if anyone's got a bright idea with what
Wanganoi Distant Council can do with's nineteen thousand of these things,
I'm sure.

Speaker 2 (01:02:23):
They're all is well in Auckland. I know because we
did this on Telly a few years ago, where I
think only forty percent of people use them in Auckland,
And a lot of people are emailing and saying they're
perfect for the kid's lego. So if you've got lego
around the house or toys, yeah, it's a great one.

Speaker 26 (01:02:40):
That's a great suggestion. So that's a really good suggestion.

Speaker 2 (01:02:43):
Yeah, David, what about you? Are you like Jack? Are
you a co poster?

Speaker 3 (01:02:47):
I used three when I lived on the Lifestyle Block, etc.

Speaker 11 (01:02:50):
But not at the moment, But Funnily enough, the more
people the fact we already have so many people who
already compose there is an argument against a varist curbside
food scraps program because you've already got those who are
motivated doing it. And there was research done by Ministry
for the Environment on why more people where there are

(01:03:12):
food scrap services don't use them, because only one in
four use them on a regular basis. And the biggest
thing is people just don't like the smell. They don't
want smelly food scraps sitting around the house all week,
and that's perfectly natural. So I think it was a
dark policy, to be honest to start with.

Speaker 2 (01:03:30):
It's just a pussy.

Speaker 5 (01:03:31):
They waited until they.

Speaker 11 (01:03:32):
Ordered nineteen thousand months before they changed their mind.

Speaker 2 (01:03:36):
Cletainly is they're all now going in the bin themselves,
of course. Thank you, Thank you guys. David Ferrer and
Jack Tame on the Huddle tonight, eight minutes away from six.
Don't forget We've got the Energy Resources Minister with Shane
Jones here after the news at six o'clock.

Speaker 1 (01:03:53):
It's the Heather dupas Allen Drive Full Show podcast on
My Radio, powered by News talksb.

Speaker 2 (01:04:01):
News talks b it is five minutes away from six
Chane Jones after six, Ryan, I totally agree with Jack
who was on the huddle before. Green bins are very
successful in our total Is streets. I use composts, but
all meat scraps go into the curb. This is from
a pensioner, so that you go, Ryan, people should put
their meat scraps in the freezer. That way, you are

(01:04:22):
not going to stink out your rubbish or your compost.
When you get enough, make a stock or put it
on the rubbish collection date. Cheers Gary. Honestly, who has
the time to be putting their scraps in a freezer?
Is anyone? Is no one busy? What is everyone doing?
I mean, I'm assuming that a lot of people are retired.
My grandma's spends a lot of time sorting her bins,

(01:04:44):
you know, but she's got time on her hands. Some
of us don't. And I don't want to have to
pay eighty dollars a year for a bin that I
don't use. But you've got no choice.

Speaker 7 (01:04:55):
The boss won't be happy to hear that you're moving
to one and Eli, Ryan.

Speaker 2 (01:04:58):
Well, I'm sure they can. There's got to be a
studio on Ponganui. I would have thought, and it's a
long way to move just to save eighty dollars a
year or whatever it might be. I didn't even know
what they were going to In fact, it was one
and a half percent extra on their rates, a targeted
rate in Poganui. And they're not going ahead with the bins.
But it's interesting apparently that part of the reason that

(01:05:20):
they were going to go ahead with it and to
begin with, was that under the previous government they brought
in a mandate that all councils had to come up
to the standard, so all councils had to offer the recycling,
the food scrap recycling. So that's why a lot of
the councils are going ahead with it. Now the national
government came in and reversed that, and therefore Poganui goes, well,

(01:05:43):
do we actually need to introduce them? They'd already bought
the bins, but do we actually need to introduce them?
Had the meeting and bang no, they don't. There you go,
we'll hear more from what's going on at this investment summit.
After six o'clock. We'll also get a market wrap find
out what's going on over in Wall Street with Milford
and Shane Jones. He's been just like a pig in

(01:06:04):
mud down in Tartanaki today visiting a gas field. He's next.

Speaker 1 (01:06:32):
Where Business meets inside the Business Hour with Ryan Bridge
and Ma's Insurance and Investments, Grow Your.

Speaker 5 (01:06:41):
Wealth, Protect Your Future News Talks MB Good.

Speaker 2 (01:06:44):
Evening at a seven after six donative training on the
IMF for fort Coming up in just a second. Milford's
market update. We'll look at the tech stocks in particular
that have taken quite a tumble and the investments Summitt
plus Gavin Gray in the UK. All ahead right now,
Shane Jones is celebrating a new natural gas well in Tartanaki.
This is from an existing field, the poor hoor Kuda

(01:07:06):
production well should deliver four petidules into New Zealand's energy
grid each year. The Minister for Resources with me tonight,
High Minister Georder, Greetings, folks, So you've been in Taranaki today.
Can you just describe for us how they're getting at
this gas because it's quite interesting.

Speaker 21 (01:07:24):
Yeah. The sitees called pajor Kuda, near the township of Whitepata,
seven and a half kilometers both out and down into
the bed of the sea, extracting from different cabinist areas
usable gas. I today actually stood next to the seven

(01:07:45):
and a half kilometers of coiled up steel pipe that
has been used and it's exit.

Speaker 2 (01:07:53):
There's an offshore field, but you actually access it from
on shore using this big rig.

Speaker 21 (01:08:00):
Yeah, so they had an infrastructure set up. The main
rig was called Big Ben. Big Ben's done the deal.
Big Ben's moved on, hopefully to a new site with
even better prospects. The infrastructure links the onshore apparatus to
seven and a half kilometers off the coastfine and down

(01:08:22):
on a some of doubt diagonal course. Quite extraordinary engineering
into pockets of gas that are feasible to extract, which.

Speaker 2 (01:08:32):
Is good and great. And this is an existing field
we're getting, you know, we're sucking more out of it.
But it's only four petiitoles that they're going to get right,
and our production is down what more than twenty five percent?
So is this going to make a difference.

Speaker 21 (01:08:46):
Well, there's about three hundred odd thousand households who rely
on gas. One hundred and forty six thousand households would
be serviced by the all meant to supply that omb
announced today. So yes, it's not inordinately large, but if

(01:09:09):
you live in one of those one hundred and forty
six thousand households, it's not to be sneezed at.

Speaker 2 (01:09:14):
What about the companies that are turning gas off to
households and saying no, we're not going to supply it anymore.

Speaker 21 (01:09:21):
Well, let's not hide from the fact. Ever since just
end the sort of can the order gas industry, it's
had a very negative effect on the sentiment and gas industry,
and we are in trying togorate, we invigorate that and
turn it around. We see how gas works in New

(01:09:42):
Zealand is we need one foundation major user and that
major user is a Canadian company called Methodics, and they
make methanol and they supply it to various spots around
the world. And that's why the CEO was here recently
ensuring that I am senior ministers and including the Prime
Minister understand the gravity of the situation with the New

(01:10:04):
Zealand gas industry, and he was testing what will the
government do itself to de risk further exploration. So I'm
working on various proposals as to how we can accelerate
both money into the industry and genuine economic activity.

Speaker 2 (01:10:21):
The big hold up is what you do after that
you've finished drilling.

Speaker 21 (01:10:25):
Right, Yeah, So there's a piece of legislation wending its
way through parliament, and one of the testy pieces of
the legislation is called decommissioning. I after the gas field
is exhausted, what process do you take to remove the
infrastructure that's the pipes and the various other parts of

(01:10:47):
apparatus that have been sunk into the bed of the
sea to take out this natural resources.

Speaker 2 (01:10:52):
And so who's holding that up?

Speaker 21 (01:10:56):
Well, you may or may not recall there was of
crowd called tamar And who walked away from their decommissioning
obligations four or five years ago. That left a bill
of three or four hundred million in rough figures. So
the industry, you want to make sure that the provisions
in the statute don't disincentivize them from looking for more gass.

(01:11:17):
At the same time, I've been saying to them, I
don't want to undermine the Crown's balance sheet by leaving
too much of a bill of things go wrong with
the tax fairs.

Speaker 2 (01:11:26):
So this is not about a negotiation between coalition partners.
This is basically between you and the industry.

Speaker 19 (01:11:34):
Yeah.

Speaker 21 (01:11:34):
Well, obviously I'm a proxy for our group of cabinet ministers,
the entire chroka of three parties. We all campaigned hard
to re establish gas as a firming contingency field, and
I except there are other elements in the broader political
community who don't believe gas or coal should be used,

(01:11:55):
but they belong to the juvenile work tribe, so I
have no time for their thinking.

Speaker 2 (01:12:00):
Still believe it. There, Thanks for your time, Shane Jones,
who's the Minister for Resources with us tonight twelve minutes
after six. Now, just on gas because obviously four peeda duels.
When you're talking about production, I think this year is
just over one hundred peta jewels, but it has been
and regularly was around one hundred and eighty five peta
jewels a year mark, so four peta jewls is kind

(01:12:20):
of a drop in the ocean. But if you look
at what the demand is going to be for gas
going forward, I mean, it still makes up more than
twenty percent of all the elect of all of the
energy that we use in New Zealand right now, So
it's not insignificant, but it is dwindling. Our production of
it is dwindling. And we spoke to the Genesis boss,
Malcolm John's about exactly this a couple of weeks ago

(01:12:42):
and what do they do, particularly at Huntley when it
comes to reliance on gas. Here's what he told us.

Speaker 27 (01:12:47):
We as a company have pivoted to move gas out
of our generation, our baseload generation profile, simply because we
don't see any new activity happening at the moment. So
we've got no proof points to say that gas will
be there in the future, and it's declining at a
rapid rate at the moment.

Speaker 2 (01:13:07):
Yeah, interesting, isn't it. So the demand is the production
is falling, but also the demand at least from some
quarters of the economy is also falling. Just gone thirteen
minutes after.

Speaker 5 (01:13:16):
Six Brian Bridge.

Speaker 2 (01:13:19):
We've had a lot of texts coming in about Huanganui
and the bins there. It's been a very, very hot
topic on the text machine this afternoon and I think
this is a fair one to We'll get to the
text from the Laura who's the executive producers, had a
text from the MP. We'll get to that after the break.
But this is one from Rob Vinson, who is a

(01:13:40):
Whanganui District councilor, and he says, Wuanganui District Council have
not got nineteen thousand food waste bins to dispose of.
They haven't been delivered yet most won't be. There is
a market for any that do become available to councils
that have introduced the service, as they need around five
to ten percent as each year. So basically what Rob

(01:14:02):
is saying is, even though they've paid for the bins,
they might not get all of them delivered, and the
ones they do get delivered they hope to on sell
to other councils. Well, good luck with that, Rob. I'm
hoping that there is a high demand for these bins,
but I fear that some of them may end the
bins may end up in the bin. Fourteen minutes after six,

(01:14:22):
Newstalk Zbach an Antip trainee on the IMF Report.

Speaker 1 (01:14:25):
Next it's the head dupas Allen Drive Full Show podcast
on my Heart Radio empowered by Newstalk ZEBBI.

Speaker 2 (01:14:36):
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(01:14:56):
range of Milford's investing in science, financial goal setting tips,
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(01:15:18):
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Speaker 5 (01:15:32):
Ryan Bridge, this is a quick text.

Speaker 2 (01:15:35):
At eighteen after six from Carl Bates NP four Hoangan
Nui on the Bins issue. Please tell Ryan that if
he wants to come and host the show from hoangan
Nui for a couple of days, Mayor Andrew, and I
would ensure he got to see why wangan Nui. The
annoying thing about pong now is no one knows how
to pronounce it anymore. So if you could fix that problem,
you'd be halfway there anyway, he says Mayor Andrew, and

(01:15:57):
I would ensure he got to see why pogan Nui
is both a cost effective place but also the best
place in New Zealand to live. That's fantastic. I can
see that on a billboard. Quangan Nui simultaneously cost effective
and the best nineteen after six, Ryan Bridge. Now, the
International Monetary Fund, the IMF is today released its yearly

(01:16:17):
report on the state of our economy, and it's not
too keen on the government deregulating banks to spur more
competition in the sector. Jane chip Trainee is the herold's
Willington Business Editor. She's been breaking a looking into this
for USA Good Evening. Hey, Ryan, so why are they
worried about less regulation?

Speaker 28 (01:16:37):
Well, the IMF is basically just cautioning the government. It's saying, hey,
make sure that these rules that the Reserve Bank puts
in place that require banks to have strong balance sheets,
make sure that those rules are actually focused on the
main thing, which is maintaining financial stability, don't you know.

(01:16:57):
It's not saying it quite so explicitly, but it's saying
in the IMF was the primary objective of prudential regulation
should be to safeguard financial stability. So it's making this warning.
And the relevance of this is that Nikola Willis is
looking at whether she should override the way the Reserve
Bank regulates banks because she thinks that potentially, if some

(01:17:20):
of these rules are watered down a bit, banks might
leand more freely. Their interest rates might be a bit lower,
and big and small banks might be able to compete
more freely. So there's definitely a trade off here. On
the one hand, you've got, you know, making sure the
banks are super strong, they've got lots of capital. But
you know, on the other hand, it's like, well, are
we overdoing it? The IMF is saying, make sure that

(01:17:42):
the main goal of the rules is actually to maintain
financial stability.

Speaker 2 (01:17:47):
Yeah, especially but with a country like ours, where you know,
we're an earthquake away from it all being over. It's
funny you say they didn't say this explicitly. The IMF
doesn't say anything explicitly this report. It's so hard to
it's like you need a telescope, a dictionary in another language.

Speaker 28 (01:18:04):
Yeah, yeah, you know, it's like prudential regulation. You know,
it's not that radio friendly.

Speaker 2 (01:18:09):
What else did the IMF have to say about the economy, Well.

Speaker 28 (01:18:13):
They also said that the Reserve Bank should be ready
to use it has another you know, long word macro
macro prudential tools. That's it should be ready to tighten
those loan to value ratio restrictions and it's debt to
income restrictions if low interest rates see the housing market
take off, and see banks do lots of risky lending.

(01:18:35):
So those are those rules that mean you need to
have that you generally need a twenty percent deposit. If
you're an owner occupier, then you need to have you know,
enough income relative to the size of the loan that
you want. There are those rules in place, and it's
it's set a warning that actually the Reserve Bank should
be ready to tighten those if necessary.

Speaker 2 (01:18:54):
Interesting, and now I noticed in that IMEF report they said, yeah,
get your o CR backed to new In fact, they
said three point twenty five percent by mid year. They reckon.
But there's an economist warning that because Adrian Or has
left the Reserve Bank that we might see a slightly
higher track because of his departure.

Speaker 28 (01:19:14):
Yes, now this is where it gets interesting with these
bank capital rules. Again, Adrian Or was a fierce defender
of these rules, so they're still being phased and they'll
be fully phased in by twenty twenty eight. If what
the banks say is correct, then that mean interest rates
will be higher because of these rules. So if banks
need to hold more capital, that costs them, so they

(01:19:36):
pass that cost onto us. But if Nichola Willis comes
in and overrides the Reserve Bank or appoints a new
governor that is happy to loosen the rules, then that
means interest rates could be a bit lower. So that means,
you know, banks might have charge us slightly less for
our mortgages. If that happens, and this is now taking

(01:19:56):
us five steps down the line. If that happens, interest
rates might end up being a bit lower than what
the Reserve Bank deems desirable to keep inflation and check.
So then it might mean that it might need to
lift the o CR a little bit more than might
otherwise be the case. So I know I'm taking us
like a million steps down the road here, but but

(01:20:17):
this be and Z economists Stephen Topliss has said, well,
if the if the capital rules are watered down, that
might mean the o CR might need to be a
little bit higher to prevent the mortgage rates that that
banks charge from falling too low. You know, if they
fall too low, that can stimulate the economy and that
could be inflationary. So that could mean that the o

(01:20:38):
CR needs to go up a bit. So I suppose
the big takeaway here, it's all very complicated, but these
capital rules are worth are worth a lot. You know,
these the way that banks are regulated, you know, that
has a really big impact through the economy. And I
think the IMF is also warning we need we can't

(01:20:58):
tinkle with these things willing. You know that there needs
to be a pretty you know, a good effort to
make sure they are well calibrated because the flow on
effects are.

Speaker 2 (01:21:09):
Extensive, massive, and it's basically a battle between stability and
I guess cost effectiveness too, isn't it. Janet, thank you
very much for that. There's always genative training with US
from the Herald. She's the Marlington Business editor. Twenty four
minutes after six, we'll get a Milford updates on the
market's next whether.

Speaker 5 (01:21:25):
It's macro, microbe or just playing economics.

Speaker 1 (01:21:29):
It's all on the business hours with Ryan Bridge and
Mares Insurance and Investments.

Speaker 5 (01:21:35):
Grow your wealth, protect your future these dogs.

Speaker 2 (01:21:38):
Six twenty seven Stephanie Bachelor, Milford Asset Management with US.
Tonight's Steph, Hello, Hi Ryan. Now there's been a big
sell off in the US markets this week. Of course,
we're getting close now to correction territory, which is ten
percent off the peak. What's the latestier, Yeah.

Speaker 14 (01:21:53):
So the US market, the S and P five hundred
index is down nine point three percent from its peak,
so it is very close to that ten percent mark.
And it's really due to invest a concern around a
slowing in US economic growth. So as the Trump administration
has settled in, they've announced a bunch of policies or
potential policies that could dampen growth. These are things like

(01:22:16):
trade tariffs and cuts to government spending. Over the weekend,
Trump didn't rule out potential recession, so he said there's
going to be a period of transition with what they're doing,
and that led to another almost three percent pullback on Monday.
Then overnight he actually reversed course of it. He downplayed that,
saying he didn't foresee the US going into a recession

(01:22:37):
and he thinks the country is going to boom, which
did help to cushion a further fall that had started
after he threatened more tariffs on Canada. So it's a
little bit all over the place at the moment.

Speaker 2 (01:22:49):
It certainly is now the tech companies, the Magnificent Seven,
which are Kream Della cream of the tech companies, they
have actually been hit harder than most than the broader
Is this a sign that you are they leading the
market here or is there tech specific things going on?

Speaker 14 (01:23:09):
Yeah, there are some tech specific things happening. So it's
the concern is primarily around the amount that these companies
are spending on things like artificial intelligence, and there are
questions around whether they're actually going to be able to
generate a sufficient return on that spend. So we had
the emergence of deep Seek, which raised concerns on this
front back at the end of jan and more recently

(01:23:33):
there have been rumors around Microsoft postponing and canceling data
center leases, so that's added to some of those concerns.
And if you think about the very strong run that
some of these companies have had, you know, some of
the valuations were elevated, and they're also more sensitive to
growth and momentum, So as you would expect, they have
sold off more than the broader market. The Nasdaq is

(01:23:55):
down about twelve and a half percent and the Mags
seven are down even more from the It's.

Speaker 2 (01:24:01):
Interesting if you look at the Magnificent seven and you
look at Meta, they're the only one so far this
year who's actually managed to managed to get a positive return.
What's with that?

Speaker 14 (01:24:11):
Yeah, So that one really comes down to the fact
that Meta is viewed as having one of the most
compelling early AI monetization opportunities. So if you think about
how Meta actually makes money, it's through advertising, and it
was already a leader in targeted advertising, and its investments
in AI are really just helping to extend that lead.

(01:24:34):
So they're helping advertisers create better ads, better target the
right users, and then that in turn helps to improve
user engagement. It keeps us all scrolling on those apps,
and then it's able to better measure how well the
ads are doing, which gives advertisers the confidence to keep
coming back and using metas advertising platform. And you know,

(01:24:55):
given I think it's around half the world's population uses
a meta app each month, it's got a huge base
of customers to roll those initiatives out to. So it's
starting in a pretty good spot.

Speaker 2 (01:25:07):
And we had a lot of change in the Nvidia
stock over the feares of deep seek over in China.
But now there's news that's come out that hit their stock.
News out of Singapore.

Speaker 14 (01:25:18):
Yeah, so that was out last week. It sent the
stock down eight percent on the day, and it was
news that Singapore is investigating three people that are thought
to be involved in smuggling in video chips. So the
buyers appeared to be officially buying them from Singapore, but
it looks like they might have actually ended up in China,
which would have been in violation of US sanctions. And

(01:25:41):
so the reason in Video stock fell so much is
that Singapore accounted for almost twenty percent of in Video's
revenue last year, So depending on what the investigation finds,
there's a risk that a portion of those sales are
illegal and would then fall away going forward. So for
a stock that depends on constant upgrades and growing revenue,

(01:26:01):
it's it's not a good outcome.

Speaker 2 (01:26:03):
Interesting, Stephanie, Thank you, Stephanie Batcheler. Milford Asset Management and
Investments Summit underway in Auckland's Jason Walls Live.

Speaker 5 (01:26:10):
Next everything from SMS to the big corporates.

Speaker 1 (01:26:16):
The Business Hour with Ryan Bridge and Plans, Insurance and Investments,
Grew your Wealth, Protect Your Future News Talks.

Speaker 2 (01:26:24):
V twenty one minutes away from seven News Talks ZB.
If you're just joining us, I'll running through the cards spending,
retail cards spending, because we had numbers out for February today.
They were up, but they're still not where we need

(01:26:45):
them to be. We've had consumer confidence going up, but
confidence is one thing, and then actually swiping your card
is another. So for February, this is from jan to
feb up point three percent. That as an increase, but
not massive. Hospitality was down point one. Consumables and apparel
were both up. December was strong for US. January we
dipped and then zero point three not great. And if

(01:27:09):
you look at that February number compared to February last year,
it's actually down four point two percent, it's twenty away
from seven ran. The government's much talked about Infrastructure Investment
Summit begins tomorrow. Chris Luxen obviously has been hyping this up,
the possibility for overseas investors to help pay for some
of our infrastructure. Jason Walls is News Talks political editor.

(01:27:32):
He's going to be at the conference. Jason, Good evening,
Good evening, Rain, Now run me through what what's the
rundown tomorrow? What's actually happening?

Speaker 24 (01:27:41):
Oh listen, mate, You take a diet, you throw it
at a corkboard that has a photo of a minister
on it, and likely you hit somebody that's speaking tomorrow.
There is just all of them that are taking to
the stage to talk to the investors about various different.

Speaker 2 (01:27:54):
Parts of their portfolio.

Speaker 24 (01:27:55):
Obviously it's the Prime Minister who's opening the conference, and
then you've got Nikola will and then afterwards, as I said,
it's a bit of a shmorgasport really of the who's
who's every minister and their dogs, Simeon Brown, Tama Portaka,
You've got Ericus Stanford just to name a few. So
I don't actually know who's going to be left in
Parliament tomorrow. I mean, my colleagues are going to be
keeping an eye on the house, but there's going to

(01:28:17):
be nobody there.

Speaker 2 (01:28:19):
It sounds like it. Do we know whether any of
the e we are presenting, for example, or any other
New Zealand businesses or outfits or is it just government like?
Is it exclusively government ministers?

Speaker 5 (01:28:32):
Well, I mean we only get.

Speaker 24 (01:28:33):
The sort of what's happening with the government, the ministerial
agenda here. There may well be various different presentations from others,
but the agenda or the number of companies, I mean,
there's one hundred that are coming. Forty seven of them
are from New Zealand. So I talked to Chris Bishop
today and I said, well, hang on a second, this
doesn't really sound like an international conference. And he said, well,
the point is you want to get about half New

(01:28:56):
Zealand half overseas in the room to be able to
have these conversations. So it's the government that's facilitating it.
They're the one that's up there talking about the various
different projects that they want funding for. But there's ore
the delegates in the room that could be talking to
each other, and the government wants to facilitate some of
that capital flow.

Speaker 2 (01:29:14):
Now, obviously we can't, we shouldn't say where it's been held,
but the government did say that it was oversubscribed. Remember
when they came out and said it's oversubscribed and there's
one hundred people. I'd like to know how many people
the venue holds, you know, how oversubscribed was it?

Speaker 24 (01:29:31):
Yeah, well I talked to it, as I said, I
talked to Chris Bishop again today and he said it
was the hottest ticket in town and he had quite
a few people actually lining up four tickets. I don't
mean think he meant literally lining up, but it's yeah,
it's somewhere in Auckland, right.

Speaker 2 (01:29:44):
I wish I could tell you.

Speaker 24 (01:29:45):
I'm going along tomorrow and I'm just going to look
at an email and type that into the uber address
and hopefully I get there. It is somewhere in Auckland,
and I'm pretty sure they'll be able to handle. I
think it's about one hundred people or one hundred companies
that are represented. There'll be more people than that there.
I would say that pro be closer to five hundred
to seven hundred and fifty.

Speaker 2 (01:30:02):
All up, Okay, interesting stuff, Jason, Thank you, very much
for that. I'm sure we'll hear more from you on
News Talks b tomorrow Jason Law's News Talks be Political Editor.
It is seventeen away from seven Bryan Bridge. As part
of this today, the government has made a couple of
announcements already. One is tax changes. This is for incoming
talent or returning talent. So Kiwis have moved overseas. We're

(01:30:26):
talking tech gurus, really highly skilled people, startups, entrepreneurs, those
types people who you want to be living in New
Zealand and paying tax in New Zealand. Crucially, so both
foreigners but also Keywi's returning here. They own shares. Often
they will own shares if particularly if it's a startup

(01:30:47):
in foreign listed companies or non listed foreign companies as well.
So the government is changing foreign investment fund rules for them.
Basically they're moving to a realization method where they'll only
tax dividends that are actually received, which is going to
be a benefit to them. And they're also going to
loosen some rules around double taxing so you don't get

(01:31:08):
taxed twice on some of your investments, basically making it
easier and cheaper for talented people to move here or
Keiwis to return home and bring their money with them,
which is obviously two things that we desperately need in
this country. So you've got to say that's good. And
it sounds like they've had ice house ventures. A couple
of others comment on it, saying this is a great thing.

(01:31:31):
So they've announced something already. Sixteen away from seven News TALKSB.
Gavin Gray in the UK next.

Speaker 5 (01:31:39):
If it's to do with money, it matters to you.

Speaker 1 (01:31:42):
The Business Hour with Ryan Ridge and Mayor's Insurance and Investments,
Grow your Wealth, Protect your Future.

Speaker 2 (01:31:49):
Newstalks EDB thirteen to five. Sorry, thirteen to seven on
News TALKSB. A little slow now. Over in Paris overnight
tonight they're going to be discussing this so called Coalition
of the Will. This is to provide a backstop in
Europe to stop Putting from reinvading Ukraine, and New Zealand
is going to be sending a defense force attached to
this meeting that is happening in Paris there just to

(01:32:13):
observe the Minister Judith Collins will apparently be zooming into
this meeting overnight to find out what's going on. We're
sort of on the sidelines of it. Right now, we're
going to Gavin Gray, who's our UK correspondent, Gavin good
evening either right now, this is on the ceasefire between
the deal that apparently the Americans have been trying to

(01:32:33):
broke it between the Ukraine and Russia. The UK has
also been working behind the scenes in this.

Speaker 8 (01:32:42):
That's what the government here has now revealed. It's saying
it's been really instrumental in trying to get the Americans
and the Ukrainians back in good favor with one another
after that disastrous press conference at the White House with
President Zelenski, jd Vance and Donald and certainly relations do

(01:33:03):
appear to be better. The BBC is reporting that one
of its sources has said that over the past week
there's been a concerted European effort led by Sekia Starma
to get America and Ukraine back in good favor. So
that potentially has been the background to what we're now
seeing with very much the focus and particularly the advice
coming out of Europe that it's time to put Russia

(01:33:25):
on the back foot, and in effect, that is what
this announcement about a ceasefar has done. Because now what's
Russia going to say, because if it refuses it, then
might that jeopardize its growing friendship as it were with
Donald Trump Mighty be so angry with them that all
his previous good words will be burnt. Or are they

(01:33:46):
going to sort of feel that they have to accept it,
in which case, at least we've got this piece for
thirty days, and in which case perhaps the negotiations might
continue afoot. No news from Russia yet. We do know
that on Saturday this week Kirstarmer, Prime Minister will host
of phone call of leaders. He's dubbed it the Coalition
of the Willing, and that is all about this thought

(01:34:07):
about peacekeeping efforts once peace is given in Ukraine, and
those efforts aimed at deterring the Russian president from launching
further incursions into Ukraine.

Speaker 2 (01:34:19):
Okay, Gevin, what more do we know about the man
who's been arrested over this ship collision.

Speaker 8 (01:34:26):
Well, we know he's a fifty nine year old man.
Police are saying very little, but it's been reported that
he is the captain of the cargo ship that was
one of the two ships involved in the collision. The
Portuguese flagged So Long cargo ship collided with the US
registered tanker Stena Immaculate in the North Sea early Monday

(01:34:47):
morning our time, and the US registered Stena Immaculate was
anchored at the time in other words, stationary, and the
cargo ship plowed into it at quite high speed and
it was, as I mentioned, ten in the morning, there
were pretty good conditions in terms of visibility. So the
question is how come and the captain we are hearing

(01:35:09):
has been arrested on suspicion of gross negligence manslaughter, and
that is because there is one person still missing from
both crews. More than thirty were rescued, but one still missing,
and that person is now presumed dead. So the questioning continues.
The captain has been detained in custody and no doubt
still being questioned about what's been going on. Plus of

(01:35:31):
course the analysis I dare say, of the various sort
of devices and black box type recordings that will be
on both ships at that time. But suffice to stay
still really concerning that one of the ships or both
the ships may sink. It is thought they are going
to try and slowly tug them using tugboats tow them

(01:35:51):
back into land. But yeah, big concern over what are
very very good fishing grounds and shellfish stocks and of
course all the BirdLife that uses that for breathing at
this particular time of year, so very very great dangers
of the environment at the moment.

Speaker 2 (01:36:07):
Absolutely now, no one would need really around the world
wouldbed an island at Greenland's election, But we are all
paying attention. We've got results due out soon.

Speaker 5 (01:36:17):
Yeah, we have.

Speaker 8 (01:36:18):
So the voting finished about eight hours ago, eleven hours
in total of voting at seventy two polling stations and
as you say, forty four thousand people eligitible vote, and
frankly it rarely gets to the news. It's like I
said of local council election in terms of size. But
because of Donald Trump's repeated interest in acquiring Greenland is

(01:36:42):
very much now in the spotlight. We do expect the
results soon and this could be really pivotal towards the
future direction for the Arctic territory. And the reason is this,
five out of the six parties in this general election
are all suggesting that basically Greenland becomes independent from Denmark.

(01:37:04):
Denmark has controlled Greenland for about three centuries, and yet
there is a distance of nearly three thousand kilometers apart,
and really, although it governs its own domestic affairs, Greenland's
decisions on foreign defense policies are made in Copenhagen at Denmark,
and the five of those six parties that want independence

(01:37:26):
only really differ on how quickly that independence should come about.
So a great deal at stake here and as I said,
being watched around the world and theres particularly by a
certain mister d Trump.

Speaker 2 (01:37:37):
Absolutely, Gevin, thank you very much for that. Devin Gray,
our UK correspondent. Seven away from seven it's.

Speaker 1 (01:37:44):
The hitherto See Allan Drive full show podcast on iHeartRadio
powered by News Talk Zibby.

Speaker 2 (01:37:51):
News Talk Zibby. It is five minutes away from seven o'clock.
So what have we learned today? Today? We've learned that
it doesn't matter with the you talk tough is Canada
did with Donald Trump, or whether you talk soft as
Australia did. Your answer is no, isn't it? I mean,
that's what we've learned. This guy means business. He does
not give an s about anything or anyone about America,

(01:38:15):
and he did say that going into the campaign. So
I suppose you can't blame the guy News Talk said
b what are we going out to tonight?

Speaker 7 (01:38:22):
Ants stop by the Spice Girls to play us out tonight.
I almost called you Tim there because I was thinking
of Tim Brown Ryan, because yeah, it's related to All Birds.
The reason I'm playing this. All Birds has put out
its full year result for twenty twenty four wasn't very good.
They had made a loss of ninety three million US dollars,
which is bad, but not quite as bad as twenty
twenty three. So part of the problems they had was

(01:38:44):
obviously that Wall Street Journal article that pointed out that
they're not cool with this, you know, Silicon Valley see
anymos that's right, So they're doing something to combat that.
They've released a vid cast. So Stanley Tucci hosts a
four episode vid cast where he sits with famous people
and they like have interesting conversations based on these little
conversation cards that a psychologist has drawn up for them.

(01:39:05):
So presumably this sort of thing Silicon Valley's into anyway.
Guest on the first episode, which you watch on YouTube,
Melanie Ce. So there you go, Spice Girls stop. If
you want to hear more from Melanie C, you can
go listen to a talk to Stanley Tucci about all
birds and the people.

Speaker 2 (01:39:19):
Used to just make good shoes, you know, whatever happened
to that. Thanks for all of your feedback and for
listening today. We'll see you tomorrow

Speaker 1 (01:39:47):
For more from Hither Duplessy Allen Drive, listen live to
news Talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.

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