Larry Williams Drive

The fourth quarter earnings coming out of US markets leave a lot to be desired, according to experts. Credit Suisse estimates that the first and second quarter earnings for 2023 are likely to disappoint US companies in the coming months. Sam Dickie from Fisher Funds says the US is likely in an 'earnings recession', and profit growth is at -5 percent. Sam Dickie says that these fourth quarter earnings are a sign of an earnings contraction, and this will likely get worse with time. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Fonterra is gradually getting tankers to isolated dairy farms after Cyclone Gabrielle. An update from Fonterra confirms that tankers are getting to Northland and the Cormandel, but getting to Hawke's Bay is still challenging. Severe damage to the roading networks between Hastings and Wairoa has made it difficult for vehicles to move through the region.  The Country's Jamie Mackay says that the economic costs and damage from Cyclone Gabrielle are likely to rank up with the Christchurch earthquakes.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Today on The Huddle, Trish Sherson from Sherson Willis PR and Ali Jones from Red PR joined in on a discussion about the following issues of the day: How do we feel about the Government's response to Cyclone Gabrielle? Is today the day the nation comes to terms with the deaths involved with the disaster? Should the OCR decision be delayed after Cyclone Gabrielle? Would this lead to inflation going up? Simon Bridges recently said that a population of 10 million would serve New Zealand well. Could the nation handle all those people, or would upgrades need to take place? LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Commonwealth Bank of Australia has reported record half-year cash profits. The CBA's inflated earnings are believed to have been generated by a rise in interest rate hikes, causing their shares to plummet. Australian correspondent Murray Olds says the Commonwealth Bank of Australia has since acknowledged that inflationary pressure is hitting people hard, and it's poised to get worse. Murray Olds says that the Australian public feels justifiably slighted following these numbers and the banks have a social contract to maintain at this point in time. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Act has been calling for forestry companies to 'take accountability' for slash following Cyclone Gabrielle.  As part of their proposed replacement to the RMA, Act MP Simon Court stated that the forestry companies need to bear responsibility for the property damage slash incurred in the floods. ZB's senior political correspondent says Act has been going hard on this policy for ages, and the event of Cyclone Gabrielle enforces the need for reform. LISTEN ABOVESee omnystudio.com/listener for privacy information.

England dominated in their test match against the Black Caps at Mount Manganui's Bay Oval. Despite New Zealand scoring an extra three wickets, England's Harry Brook has been keeping England ahead. Sports reporter Andrew Alderson explained how Brook has been able to ensure England stays in the lead. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Finance Minister Grant Robertson is due to speak tomorrow with the Auckland Chamber of Commerce. Grant Robertson has been saying that the Government's books are in good shape to handle the financial costs brought about by Cyclone Gabrielle. NZ Herald business editor Liam Dann says the Treasury will be assessing the economic and fiscal costs of the recent extreme weather, and this will likely be discussed at tomorrow's address.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Employees have been leaving in droves during the 'Great Resignation', but many may be regretting their choice. A new report from Employment Hero says that 45 percent of employees who have been in their current job for less than a year are looking to move on. Jarrod Haar, a professor of Human Resource Management at Massey University, says that too many people had have the opportunity to job-hop recently, and will be feeling regretful in their new role. Jarrod Haar says that people will quit their jobs to move into better-paying positions, but may miss their old workplace environment and co-workers. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Napier has been hit hard by Cyclone Gabrielle, with the region expected to face two weeks of no power. Hundreds of desperate, isolated and power-less residents lining up for hours to access gas and petrol. Napier MP Stuart Nash says that the Government is doing everything they possibly can to get these key services back up and running. "We've become sort of addicted to our cellphones and power. We live in the 21st century, that how we get our communication and how we communicate. When your battery runs flat or you've got no power and no comms, it's very difficult to get information." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Black Caps are up against England in the first match of a two-test series starting at Bay Oval. England is leading with 134 for 2 after 23 overs in the first session in a disappointing start for the Black Caps. Sportstalk host D'Arcy Waldegrave explained how the Black Caps can turn their luck around. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

There are fears cyclone-related costs will cripple businesses without Government intervention. Transporting New Zealand's Nick Leggett says the disaster has caused significant damage, including wiping out entire fleets in his sector. He says there should be a Covid-style wage subsidy, for companies that will now struggle to cover wages and costs. "If you've had damage to your property, you've lost some of your fleet and some of your people are unable to come to work, it all adds up to coming to a point where there isn't going to be your part of the supply chain ready to go when those things turn on again. What we need is some support." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Calls for the Reserve Bank to delay next week's Official Cash Rate increase. The Monetary Policy Committee is expected to raise interest rates by at least 50 basis points on Wednesday. The OCR already sits at a high 4.25 percent, in a bid to cool New Zealand's stubborn 7.2 percent inflation rate. But Kiwibank chief economist Jarrod Kerr says in the middle of a national emergency, now is not the time. He says the decision should be postponed until April, when we have a better handle on the economic cost of Cyclone Gabrielle, although Kiwibank estimates it could be up to $10 billion dollars. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

In Hawke's Bay, many communities face another night without power, with 37,000 homes out across the region, more than three quarters of them in Napier. Essential supplies are getting to isolated parts of Hawke's Bay and Tairawhiti. NZ Herald reporter Adam Pearse visited rural Hawke's Bay town Puketapu today. He says the village looks like a bomb site, with roads covered in mud and water and homes destroyed. LISTEN ABOVESee omnystudio.com/listener for privacy information.

See omnystudio.com/listener for privacy information.

The damage to the Hawke's Bay region is being described as complete and utter destruction. 37,000 homes still don't have power, more than the 31,000 in Napier, with Redclyffe substation still out of action. Essential supplies are getting to isolated parts of Hawke's Bay and Tairawhiti. Rotorforce Helicopters chief pilot Joe Faram has seen the destruction in Esk Valley at first-hand while carrying out rescues. He thinks many Esk Valley homes won't be habitable because they're flood-damaged or completely buried in silt. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A new report from the British Government's independent watchdog warns that police may be vulnerable to spying from Beijing. British Police are still reliant on Chinese-made cameras and security devices, which has sparked concern from the publicly appointed commissioner. UK correspondent Gavin Grey says police forces across England and Wales use camera equipment made by Chinese companies, which has led to concerns that they may be vulnerable to spying. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Cyclone Gabrielle is predicted to cost the economy billions of dollars in repairs and replacements. When combined with January's burst of floods, experts are claiming this disaster will add up to billions in infrastructure and roading repair costs.   Infometrics Principal Economist Brad Olsen says that it's too early to guess what the cost of all this devastation will be. Olsen predicts that the cost of the damage will be in the billions, but stated that it was important not to overplay any figures at this point. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New NZX data suggests that several companies have been hit hard by Cyclone Gabrielle. Fletcher Building has claimed adverse weather conditions will likely affect their year-end profits, and Vulcan Steel, and Steel & Tube have reported a reduction in orders due to Cyclone Gabrielle. Horticulture companies such as Scales and Mr Apple are also losing stock due to floods damaging orchards and fields, but it's too early to determine the extent of the damage. Milford Asset Management's Jeremy Hutton says this burst of extreme weather will likely negatively impact the Reserve Bank's decision when it comes to next week's OCR decision.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government has made it easier for borrowers to access emergency finance in wake of Cyclone Gabrielle. To qualify, borrowers will have to have been affected by the bad weather that hit the upper North Island between January and February. The emergency relief exemptions will apply to individuals seeking an overdraft or home loan worth up to $10,000. NZ Herald Wellington business editor Jenee Tibshraeny says the new regulations are still being fine-tuned, because people in Hawke's Bay originally didn't qualify for the scheme until Cyclone Gabrielle hit. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Fletcher Building has reported an $80 million drop in half-year profits, and warns that its full year earnings will also be expected to take a hit. The company was hit hard by significant costs coming out of the repairs to Auckland's International Convention Centre after a major fire damaged the building. Fletcher Building CEO Ross Taylor says that Fletcher's full-year profits for 2023 will be affected by the floods in the North Island, despite a strong performance. Ross Taylor says Fletcher Building will be looking to put several construction projects on hold in the coming months. LISTEN ABOVESee omnystudio.com/listener for privacy information.