Latest / Best of Business / THE RE-WRAP: Proof Banks Make Too Much Money

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THE RE-WRAP: Proof Banks Make Too Much Money · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talk SEDB. Follow
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  Speaker 1: this and our wide range of podcasts now on iHeartRadio
• 0:24
  Speaker 1: The Rewrap.
• 0:25
  Speaker 2: I go there. Welcome to the Rerap for Friday.
• 0:27
  Speaker 3: All the best bets from the Mic Hosking, Breakfast on Newstalks,
• 0:30
  Speaker 3: EDB in a Sillier package, Giant Lean Hart and Today.
• 0:35
  Speaker 2: If you want to run a business, you need a
• 0:36
  Speaker 2: business attitude.
• 0:38
  Speaker 3: According to the Husk will mark the week for the
• 0:40
  Speaker 3: first time in twenty twenty five because look at that,
• 0:44
  Speaker 3: it's Friday, and that.
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  Speaker 2: Is what we do.
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  Speaker 3: Elon musk caught and a major major standal and the
• 0:51
  Speaker 3: price of coffee.
• 0:52
  Speaker 2: We guess which way that's going and not down.
• 0:56
  Speaker 3: But before any of that, this ethical banking thing it's
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  Speaker 3: getting out at hand.
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  Speaker 2: Do these banks want to do business or not?
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  Speaker 4: A lot of you have been asking, quite rightly, does
• 1:04
  Speaker 4: the NAB do the same thing? The NAB and Australia
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  Speaker 4: is the parent bank. Latest we found us from Market Forces.
• 1:10
  Speaker 4: Market Forces are very green, pro anti mining sort of group,
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  Speaker 4: so they wrote a report in December A and Z,
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  Speaker 4: NAB and Westpac and your climate reports last month. The
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  Speaker 4: key takeaway is the door is still open for fossil
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  Speaker 4: fuel companies to keep receiving more finance for their climate
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  Speaker 4: destroying expansion plans. A and Z, NAB and Westpac reported
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  Speaker 4: overall drops and lending exposure. NAB reported a drop of
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  Speaker 4: one hundred and eighty million, which of course is check
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  Speaker 4: and feed. Overall decrease in fossil fuel lending by the
• 1:36
  Speaker 4: big four banks. Generally, lending from all four banks has
• 1:40
  Speaker 4: gone though to companies, they complain because of their ideological
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  Speaker 4: stance with plans to develop more coal and oil and gas.
• 1:48
  Speaker 4: Oil and gas is a bigger player in the electricity market,
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  Speaker 4: of course than it is in this country. But there
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  Speaker 4: is my summation of the article is there is no
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  Speaker 4: overt plan from those banks to curtail banking with those people.
• 2:01
  Speaker 4: Because the letter from the B and Z to this
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  Speaker 4: particular mine was sent at twenty twenty three, and they
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  Speaker 4: gave them a bunch of exit dates. They're going to
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  Speaker 4: close the Mind's asset finance facility by the beginning of
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  Speaker 4: this year. They're going to shut the lending facility by July.
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  Speaker 4: They're canceling credit cards and closing all accounts by twenty thirty.
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  Speaker 4: It was making the decisions in response to its coal
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  Speaker 4: mining policy, which included cap and coal exposure since twenty nineteen,
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  Speaker 4: exiting thermal mining by twenty five, and exiting metallurgical coking
• 2:29
  Speaker 4: coal by twenty thirty. These are parts of the B
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  Speaker 4: and z's commitments to the Paris Agreement on Climate change.
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  Speaker 4: Say whatever you want about coal, as I've said a
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  Speaker 4: million times on this program, So whatever you want about
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  Speaker 4: coal and all the fossil fuels in the world, if
• 2:43
  Speaker 4: we could do without it, brilliant, But we can't. And
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  Speaker 4: you cannot have a government that talks about growth and
• 2:49
  Speaker 4: getting ahead and productivity when you've got one commercial operator
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  Speaker 4: overtly and deliberately sabotaging the operations of another commercial operator,
• 3:01
  Speaker 4: you can't have it.
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  Speaker 3: And also the bizarre thing is these organizations are already
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  Speaker 3: under immense scrutiny for their excessive.
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  Speaker 2: Profits and are being.
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  Speaker 3: Asked why they're making so much money and do they
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  Speaker 3: have to be making as much money as they are?
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  Speaker 3: And so I guess they're making so much money that
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  Speaker 3: they don't have to do business with people who also
• 3:28
  Speaker 3: make a lot of money, which kind of proves the
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  Speaker 3: point that they're making too much money, isn't it.
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  Speaker 2: Do you get what I'm saying.
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  Speaker 3: Should I just calm down a bit so my voice
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  Speaker 3: doesn't go up into that high cracky area.
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  Speaker 2: Maybe it's a rewrap. Anyway, Hey, are you supposed to
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  Speaker 2: do business in this country?
• 3:47
  Speaker 4: Proving life is what you make it. I walk into
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  Speaker 4: a local restaurant right over the holidays. I know it well,
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  Speaker 4: been there a million times Italian. It's very good. Up
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  Speaker 4: with this new owner. Who was this person? I inquired?
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  Speaker 4: He came from Hospow. He told me had worked in
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  Speaker 4: the city, but he and a mate had decided to,
• 4:02
  Speaker 4: as he put it, take a punt. It's better to
• 4:04
  Speaker 4: be an owner than work for somebody. I immediately admired him.
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  Speaker 4: Struma had been put up for sale because it wasn't
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  Speaker 4: making any money. Now that is a familiar story, of
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  Speaker 4: course in Hospow, doom and misery and Hospow. And yet
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  Speaker 4: I can tell you why this place hadn't made any money.
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  Speaker 4: It was because it was only open five days a
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  Speaker 4: week and only for dinner and for limited hours. At
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  Speaker 4: that first thing our new owner did was one open
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  Speaker 4: seven days a week and two open for lunches as well.
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  Speaker 4: He even opened Christmas Day last minute, did twenty covers
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  Speaker 4: on Christmas Day on short notice. By the time we
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  Speaker 4: left town, he was more than happy with how things
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  Speaker 4: were humming. So is hospow and trouble trouble? Or are
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  Speaker 4: there too many owners who don't want to do the work?
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  Speaker 4: So over the holidays I noticed too many people who
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  Speaker 4: weren't opened or won't open long enough. The cafe that
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  Speaker 4: closes at four, you walk in at twenty two to four? Sorry,
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  Speaker 4: kitchens closed? Why sorry? The sign on the door says
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  Speaker 4: we're having a well earned break back on the third
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  Speaker 4: of January or the sixth of January. This was in
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  Speaker 4: tourist country, and let's be honest, I thought all of
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  Speaker 4: New Zealand was supposed to be tourist country these days.
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  Speaker 4: So how much pain is real and how much of
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  Speaker 4: life has made harder simply by not trying hard enough?
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  Speaker 4: Is David Seymour right? There are two camps these in
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  Speaker 4: this country these days, the change makers and the ones
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  Speaker 4: who sort of open but not really and then wonder
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  Speaker 4: why things are a bit slow. Our mate at the restaurant,
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  Speaker 4: my better is, will make a good go of it,
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  Speaker 4: because one he's invested, and two he is determined, and
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  Speaker 4: three he did a couple of things the others could
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  Speaker 4: have done but they didn't, winners and losers. Most of
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  Speaker 4: it is about choice.
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  Speaker 3: Yeah, so you know, if you want your business to
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  Speaker 3: be successful, work seven days a week, twenty four hours
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  Speaker 3: a day.
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  Speaker 2: Don't stop to eat or sleep or go to the bathroom.
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  Speaker 2: It's as simple as that.
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  Speaker 3: And also, if you are a restaurant and you want
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  Speaker 3: my Husking to have dinner there, then you need to
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  Speaker 3: open at about two pm. No, no, not for lunch,
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  Speaker 3: for dinner, for Mike Hosking's dinner oram I know it?
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  Speaker 2: Seriously, it's good to have him back. Let's mark the
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  Speaker 2: week because that's what he does.
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  Speaker 4: Right time now to mark the week, the little piece
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  Speaker 4: of news and current events. It's as popular as a
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  Speaker 4: long black for under five dollars trump eight.
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  Speaker 1: Have to be talented, naturally talented.
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  Speaker 4: Yes, some madness and puffery and stuff you know will
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  Speaker 4: never happen, but a lot of energy and buy in
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  Speaker 4: this week. It'll be dramatic. And I think on balance
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  Speaker 4: are successful four years our economy though two I mean,
• 6:20
  Speaker 4: while we distract ourselves with us reppery over Mexican barbes
• 6:23
  Speaker 4: and a SID sales that aren't actually happening, listen to
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  Speaker 4: the Reserve Bank or the HSBC this week, or indeed
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  Speaker 4: any financial commentator of note. We are in deep, deep
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  Speaker 4: deep trouble. No growth, no, I mean no growth at all,
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  Speaker 4: backwards and growing debt. It never ends well. Deep seek four.
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  Speaker 4: Not the world change they freaked out about day one,
• 6:41
  Speaker 4: but a reminder of the Chinese never sleep actually deep
• 6:43
  Speaker 4: seex seven that actually, I think is the real lesson
• 6:46
  Speaker 4: in the story this week, sanctions as in the Chips
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  Speaker 4: didn't work. All it did was make shy nerds in
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  Speaker 4: China more creative. Charter school seven one of the good
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  Speaker 4: news stories of the week. Not only did more schools
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  Speaker 4: apply than they had money for, more pupils applied to
• 7:01
  Speaker 4: those schools than they had desks for jobs six another
• 7:04
  Speaker 4: good news story. We grudra jobs at the end of
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  Speaker 4: the year, not by but we didn't go backwards a
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  Speaker 4: dairy seven. Stop more the news that are you doing
• 7:14
  Speaker 4: another increase in the latest day auction of course boom seven.
• 7:18
  Speaker 4: I think what they will find is reaching Mack one
• 7:21
  Speaker 4: on a plane as small as they did is easier
• 7:23
  Speaker 4: than reaching Mac one in a big plane with a
• 7:25
  Speaker 4: lot of people playing less than a small fortune to
• 7:27
  Speaker 4: fly fast. In other words, not a lot's actually changed
• 7:29
  Speaker 4: since Concord speaking of speed speed limit six this week
• 7:34
  Speaker 4: is a start, but really does it have to be
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  Speaker 4: that hard and slow for the rest of these roads
• 7:38
  Speaker 4: they promised? Sale GP seven, tell me what one of
• 7:41
  Speaker 4: the highlights of the holidays? That thing is slick ass,
• 7:45
  Speaker 4: It is well run, It makes New Zealand look great,
• 7:48
  Speaker 4: courts is awesome. He's brilliant Winston for mister Hoskins, quote
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  Speaker 4: my words, the race thing I thought he'd moved on from.
• 7:55
  Speaker 4: I mean, he looks better than that these days, until
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  Speaker 4: he doesn't. Shane Jones seven, it's my card Minister of
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  Speaker 4: the week. Taking on the banks over fossil is a
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  Speaker 4: fight he shouldn't have to have, of course, but he's
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  Speaker 4: got the looks on his side. I reckon no limits
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  Speaker 4: on Eden Park seven. Idea of the week. How about
• 8:13
  Speaker 4: we actually do it instead of just gas bagging about it?
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  Speaker 4: And that is the week copies on the website and
• 8:18
  Speaker 4: part of this was written for the first time, by
• 8:19
  Speaker 4: the way, by digital nomads, or at least that's what
• 8:22
  Speaker 4: they said they were.
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  Speaker 2: I think I am one.
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  Speaker 3: I mean, I don't know mad very far, usually only
• 8:29
  Speaker 3: about thirty ks away and then I'd give my digital
• 8:32
  Speaker 3: on but I think I'm allowed to do that already
• 8:35
  Speaker 3: because I already lived here, So forget I said anything.
• 8:40
  Speaker 2: It's a re rabbit, right mask. He's a funny old fellow,
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  Speaker 2: isn't he. Why would you.
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  Speaker 3: Pay somebody to play video games for you when you're
• 8:51
  Speaker 3: the richest man in the world.
• 8:52
  Speaker 4: What a dirty little cheaty lawn muskers, Eh, what a
• 8:57
  Speaker 4: dirty little cheat. So yesterday Tesla crashed because they missed
• 9:01
  Speaker 4: their sales. But more importantly, he's a gamer. He's been
• 9:07
  Speaker 4: claiming that he's ranked among the world's best players of
• 9:10
  Speaker 4: Diablo for he can cruise through Tier one hundred Nightmere
• 9:14
  Speaker 4: dungeons like a stroll in the park. He shared regular
• 9:17
  Speaker 4: updates on x about how quickly he had conquered the
• 9:20
  Speaker 4: global leadership boards of another game, Path of Exile Too,
• 9:24
  Speaker 4: blasting through the toughest content, popping monsters like balloons. But
• 9:29
  Speaker 4: then people went, hang on, this isn't legit is it?
• 9:32
  Speaker 4: By the way, Path of Exile Too is a New
• 9:34
  Speaker 4: Zealand game, and we must not underestimate the intellectual genius
• 9:38
  Speaker 4: in this country that's going into the world of gaming
• 9:41
  Speaker 4: and sending get out to the world anyway. So once
• 9:43
  Speaker 4: Musk started skyting about how good he was at these games,
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  Speaker 4: I'm sorry about my intergestion. I've got a coffee this
• 9:49
  Speaker 4: morning and it's not that good anyway. All the online
• 9:54
  Speaker 4: sleuth's thought, hold on here, what's going on? Is he boosting?
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  Speaker 1: Now?
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  Speaker 4: Boosting is when you pay other people to play the
• 10:00
  Speaker 4: game for you, so that when you log back on yourself,
• 10:04
  Speaker 4: you're already well down the tracking, you've got the barts.
• 10:06
  Speaker 3: Now.
• 10:07
  Speaker 4: They said he's boosting, He denied it, and before ultimately
• 10:11
  Speaker 4: he said, actually, it's true. It's impossible to beat players
• 10:13
  Speaker 4: in Asia if you don't so he's boosting. So he's cheating.
• 10:16
  Speaker 4: And the sad thing about this is that the gaming
• 10:19
  Speaker 4: community apparently thought Elon was super cool because he liked
• 10:22
  Speaker 4: gaming and he was a famous gamer, and so he
• 10:24
  Speaker 4: was part of them and they were part of him.
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  Speaker 4: And he just turns out to be a dirty, rotten,
• 10:27
  Speaker 4: little cheek disappointing, isn't it.
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  Speaker 2: Yeah?
• 10:30
  Speaker 3: I remember my kids used to make me play Crash
• 10:33
  Speaker 3: Bandicoot so they could get through to the next level.
• 10:35
  Speaker 4: Crash.
• 10:37
  Speaker 3: It's one of the few games they ever got to
• 10:38
  Speaker 3: the end of. Actually, Crash Bandicoot. There was another one
• 10:45
  Speaker 3: we played that you had a whole lot of bugs
• 10:51
  Speaker 3: that you connect up to make one long bug.
• 10:54
  Speaker 2: Was that on?
• 10:57
  Speaker 3: I can't remember whether they got the end of that
• 10:58
  Speaker 3: or not, but I did wonder at the time when
• 11:01
  Speaker 3: I was playing them what they were getting it. They
• 11:03
  Speaker 3: would just sit there and watch me do it. It
• 11:06
  Speaker 3: wouldn't it be more satisfying if you did the us yourself,
• 11:10
  Speaker 3: and also, heaven, you got better things to be doing dead.
• 11:14
  Speaker 2: I would think to myself, it's the rewrap, right, So
• 11:17
  Speaker 2: the price of coffee, just check. Oh no, it's still
• 11:20
  Speaker 2: still going up. Oh well, coffee.
• 11:22
  Speaker 4: By the way, is there an industry in people scaring
• 11:24
  Speaker 4: us about coffee? Yesterday? Things are about to get scary?
• 11:26
  Speaker 4: There's your headline. Things quote unquote are about to get
• 11:29
  Speaker 4: scary for coffee. So average green coffee prices are gone
• 11:33
  Speaker 4: from three seventy six aikilo and twenty twenty to ten
• 11:36
  Speaker 4: eighteen nikilo in twenty twenty four to thirteen ninety seven
• 11:39
  Speaker 4: so far in January, roasters are facing between a twenty
• 11:43
  Speaker 4: five and thirty five percent reduction in margin. Here's my guess.
• 11:47
  Speaker 4: First of all, here's the other thing. The sector is
• 11:49
  Speaker 4: in uncharted territory, which is not true because commodity prices
• 11:53
  Speaker 4: haven't been this high since the seventies, so it can't
• 11:55
  Speaker 4: be uncharted territory. If it's been there before, it's charted.
• 11:58
  Speaker 4: We're in charted territory.
• 11:59
  Speaker 3: It's like when Donald Trump says that they've just had
• 12:01
  Speaker 3: the worst inflation that they think exactly in history, except
• 12:04
  Speaker 3: for all.
• 12:04
  Speaker 4: The people to write these stories these days don't even
• 12:06
  Speaker 4: think about what they're saying. So we are in charted.
• 12:08
  Speaker 4: So in the seventies, what they do, Oh, guess what
• 12:10
  Speaker 4: they survived, because guess what. We're still drinking coffee. My
• 12:13
  Speaker 4: guess is as painful as it may be, I think
• 12:16
  Speaker 4: we'll still keep drinking coffee. Is one of those things
• 12:19
  Speaker 4: you can't give up, isn't it.
• 12:20
  Speaker 3: And at which point Mike then sent Sam our executive producer,
• 12:24
  Speaker 3: downstairs to get a coffee from the cape across the road,
• 12:28
  Speaker 3: because obviously he was after talking about coffee, he was
• 12:33
  Speaker 3: desperate for one, because, in case you weren't aware, his
• 12:36
  Speaker 3: coffee machines broken.
• 12:37
  Speaker 2: At the moment at home as well. I would recommend
• 12:42
  Speaker 2: that he gets.
• 12:42
  Speaker 3: An espresso, a virtuo machine like I've got I've never
• 12:51
  Speaker 3: been a big coffee capsule coffee guy until I got
• 12:53
  Speaker 3: this machine.
• 12:54
  Speaker 2: This is the one that does you know, proper flat whites.
• 13:02
  Speaker 2: That's pretty good.
• 13:04
  Speaker 3: We're got to say good, strong coffee, consistent, exactly the
• 13:08
  Speaker 3: same every time, melts exactly the same every time. Does
• 13:13
  Speaker 3: it have a screen, I'm just trying to think. I
• 13:14
  Speaker 3: know it doesn't have a screen. It just has little
• 13:16
  Speaker 3: lights that light up. And then when they light up
• 13:18
  Speaker 3: and tells you that something needs cleaning, you then got
• 13:20
  Speaker 3: to google that see what that means. One day they'll
• 13:24
  Speaker 3: come up with a machine that literally just tells you
• 13:26
  Speaker 3: what that means. Then we'll that's when we'll know that
• 13:32
  Speaker 3: the robots have taken over. This has gone on far
• 13:35
  Speaker 3: too long. I am Glen hat That was the rewrap.
• 13:37
  Speaker 3: We'll be back with another one of interterminate length on Monday.
• 13:40
  Speaker 2: See event
• 13:48
  Speaker 1: For more from News Talks at b Listen live on
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