Chapter 1: What is the main topic discussed in this episode?
Your trusted home for news, sport, entertainment, opinion, and Mike. The Mike Hosking Breakfast. With Bailey's Real Estate. All together better across residential, commercial, and rural. News Talk ZB. Immigration data as it becomes a hot election issue. The Singapore deal is signed but doesn't mean anything tangible given it's been in place since last year anyway.
Project Freedom in the Strait, how does that work or not? Peter Windsor, former manager at Williams and Ferrari, back after eight on the F1 changes. Catherine Field in France, Ron Little in Britain. 7 past 6, welcome to the day. You know what the thing I like about the Saudis pulling out of Liv? Is the moral lesson that sometimes money can't buy you everything.
Whether the PGA needed reform will be debated forever, I guess. And there is no doubt as a result of Liv, the PGA sharpened their act and deals with players so we can thank the Saudis for that, I guess.
Chapter 2: What immigration data is becoming a hot election issue?
But essentially, Liv by Saudi Arabia was a Trump-like play. We will literally spend you out of business. And if anyone had the budget to spend until you broke, it was Saudi Arabia. Their theory was simple. Offer a deal you couldn't refuse. Those sort of things normally work, sometimes in business, sometimes in jobs, sometimes in sport.
Luai might be an example in league at the moment as Papua New Guinea seems to be some sort of gerrymandered experiment that I'm calling right now will end in tears.
Chapter 3: How does the Singapore trade deal impact New Zealand's economy?
Kyle Sandilands in radio, if you follow that in Australia, got some money so large it made your eyes water. That's now in court having exploded in everyone's face.
Chapter 4: What are the implications of Project Freedom in the Strait?
I assume Fury and Joshua won't be worried about the rates bill when they mix it up later on this year. But back to Liv, lure the big names, cripple the PGA. That was the plan. Offer a payday every weekend. Make it so enticing. Why wouldn't you say yes? What they didn't get, and this is the moral lesson, is that in some cases, money isn't the driver anymore. Some people are hooked.
I mean, Ronaldo presumably is happy playing fourth grade football, but winning the Masters can never be replicated. And playing against guys who couldn't get a tour card, far less a victory, is not worth a big check on a Sunday, given for most of the really good ones, they didn't actually need the money anymore anyway.
Chapter 5: How did the LIV Golf situation affect the PGA?
Once you fly in a private jet, have a house or houses in your favorite bits of the world, set yourself up for life, and hang with your greatest in the sport, some of whom may well be your heroes, no amount of money is going to get you out of your dream. Live wasn't a bad idea, and competition isn't a bad thing.
But successful ventures need more than one main ingredient, and the Saudis never seem to grasp that simple concept. News of the world in 90 seconds. Operation Freedom's underway. Depending on who you listen to, Iran's either firing some missiles or ships are getting through, or both. The Iranians are running full bluster.
Maritime movements that do not conform to the declared principles of the Iranian Revolutionary Guard Navy will face serious risks and violating vessels will be stopped with force. Now, in Armenia, which I'll come back to in a moment because it's a good story, a heavyweight meeting is underway, but the focus is still on the Strait. Macron's weighing in.
If the United States is ready to reopen the Strait of Hormuz, that's great. That's what we've been asking for. However, we will not participate in any forceful operation within a framework that, in my opinion, does not seem clear. Stam is also there.
It is really important that we get the Strait of Hormuz open because that is directly impacting on our economy in the United Kingdom. And that's why in recent months we've pulled together a group of countries to have a reassurance presence, including a military presence. What about the shipping companies and their view of being escorted out?
Potentially it could work, but we also have to keep in mind that The Iranians have many cards up their sleeve and they still have the mind threat that they could potentially put into play. And so the situation is potentially very dynamic and it's very difficult to predict.
In the meantime, the other war in Moscow, they're marking Victory Day by watching a Ukrainian drone hit a skyscraper.
The authorities are doing something, but it seems they still have work to do if this is happening.
unfortunately it's impossible to protect everything now of course it's unpleasant it can be worrying uh interesting developments this morning on putin i'll come to in a couple of moments then count your blessings you're not on that ship with a rat disease three now dead but apparently it could be worse antivirus is not usually spread like covid 19 or influenza although it's respiratory virus most antiviruses
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Chapter 6: What are the latest developments in the Strait of Hormuz?
So that was going well. They're the dominant small business.
business lender in Australia double digit earnings growth but the tone a little bit like ANZ clearly cautious they're saying rising fuel costs are starting to squeeze businesses a bit especially smaller operators and they reckon credit growth is going to slow from 8% now to close to 5% over the next few years so geopolitics big swing factor yeah you're looking at BNZ which is the New Zealand subsidiary weaker on the surface and in fact very weak 38% lower in terms of profit
$494 million, but they wrote down some software, so you strip that out, it's not as bad. Profits are down 6%. But yeah, again, this result is during, I suppose, a period where the New Zealand economy was starting to recover. That's clearly faded post-conflict. And as we know, businesses and consumers have turned a lot more cautious. I need, Greg, some numbers.
I'll certainly give those to you, Mike. The Dow is down 0.9% 49072. S&P 500 is down 0.3% 7205. The Nasdaq is flat 25109. FTSE 100 closed for the holiday there. Nikkei also closed for a holiday. ASX 200 in Australia down 0.4% 8697. NZX50, we actually had a good session despite A2. Freightways were doing pretty well, up 0.5%. 13097 is NZX50.
Looking at oil, NYMEX crude, WTI is up $3.40, $105, spot 30 a barrel. Gold down $94, $4,519 an ounce. Currencies, here against the US, we're down 0.4%, 58.8%. We are flat against the A dollar, 81.9%, down 0.1% against the British pound. 43.4% and down 0.3% against the Japanese in 92.4%. Catch up tomorrow, mate. Greg Smith out of Generate and Generate are your wealth and KiwiSaver specialists.
It will be the most lucrative on record. So the total prize pool now for the World Cup is 871. This is US dollars. $871 million. You get preparation money of $2.5 million. That's up from $1.5 million. This is every team, 48 teams, and this is us as well. $2.5 million preparation money, up from $1.5 million. Qualification money, $10 million, up from $9 million.
So each team, just for simply turning up, will get $12.5 million US dollars. So we'll take that. Thank you very much. 621.5. You're with Newstalk ZB. The Mike Hosking Breakfast full show podcast on iHeartRadio, powered by Newstalk ZB. Yeah, Putin appears in some trouble. The Kremlin, I'm reading this morning, has dramatically increased personal security around him.
Surveillance systems of staffers are being bumped. A number of people are starting to die around him, mainly military figures. So there's growing fears of a coup. So his cooks, bodyguards and photographers... They're banned from travelling on public transport now. Anyone visiting the Kremlin must be screened twice.
Those who work closely with them can only use phones without internet access, which of course is the Iranians' problem at the moment, apart from anything else. So I guess watch this space. 6.25. Trending now with Chemist Warehouse, the real house of fragrances. Now Yellowstone, as in the telly show, has been so successful they've spun it out.
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Chapter 7: How are markets reacting to global economic conditions?
I mean, if you just look at it, Mike, you've got 40 countries from Iceland right through to the Caucasus. You've also got all the heads of the various parts of the European Union. You've got the NATO Secretary General. You've got Ukraine, Zelensky in town.
Now, let's not forget, Armenia until very recently was the close ally of Russia. And, of course, just back in April last month, Prime Minister went to Moscow, met with Putin, and Putin made it pretty clear he wasn't very happy about this coziness to the West. But it seems times have changed, and they're changing pretty quickly. It's more a symbolic meeting, I think, this one, Mike.
They're getting together. They're realizing they need to find new defense and security solutions. They're all realizing they've got to defend their democracies against interference. But really, you know, it's looking so much as though this is all everyone coming together, realizing they've got to do something.
And that it's just time that Europe woke up in particular, reached out for new allies and started thinking, well, we're now on our own. Is that what county is doing there? Absolutely. I mean, Carney, let's not forget, when was it in Davos earlier this year where he said, wake up, everyone, there is a new world order.
Mark Carney, the Canadian prime minister, just within the last couple of hours, came out with a very strong statement saying that it was his view that a new international world order is being rebuilt and it will be rebuilt out of Europe. So very much the idea now, Mike, that Europe needs to think about how it can cooperate with countries nations beyond the EU.
It's not just about transatlantic relations. It's about really that increased pressure to deepen their cooperation. And that is what you've seen with Carney there. His presence is not just, you know, it's not just interesting that he's there, but it shows that everyone's now realizing that the U.S.
is not just a complicated partner, but is now an unpredictable partner and that unity is where it's at. I was thinking about the meetings because Starmer's there, of course, and he's going to dovetail in on this latest loan package. And you had who was hungry the other day with the election. So some of the money gets freed up for Ukraine, blah, blah, blah.
How much of the money that's flowing to Ukraine, when they call it a loan, how much of it's ever going to get repaid? Well, according to French President Emmanuel Macron, it will be eventually repaid. How it's repaid, you're right, Mike, it's a bit fudgy there, especially now since it started, this whole debate about the loan, how it got held up.
Europe's economies have really started to find it difficult in this new economic climate, particularly with what's happening in the Strait of Hormuz. Yes, speaking of which, how are we feeling about Project Freedom? Well, a little bit of concern there. Particularly Emmanuel Macron, just in the last couple of hours, he's been saying it does seem to... What did he say?
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Chapter 8: What factors are influencing the current job market?
And so they've let in a number of people now where a number of average Australians are going, you know what, that's enough. We don't have that problem either. in the sense that if they're aiming for 25,000, fair enough, I'd argue for twice that because we're too small as a country and we don't have scale and we don't have the skills.
And as long as I talk to people who run businesses and I do virtually daily who say I still can't get good people, we need more people in the country. Now, I've got a plea for you in just a moment. 720. The Mike Hosking Breakfast full show podcast on iHeartRadio, powered by Newstalk ZB.
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So if you need new profitable business, onenet.co.nz. Got it? OneNet.co.nz, complimentary consultation there. That'll assess how your business can win more RFPs with Grizzly AI. So you got your Grizzly, you got your OneNet, you got yourself a powerful team for increasing productivity. It is 7.24, quite possibly from our hopeless causes file.
Can I at least try and make a plea that we have a look at the economic damage done by the trigger-happy weather officers and the compliant clickbait media when it comes to storm warnings? was the latest, and hopefully the reason I mention that is it's still fresh enough in our memories to remind us of a week's worth of hyperbole and headline nonsense that actually caused quite a lot of damage.
I mentioned this briefly on the programme yesterday. Not storm damage, but economic damage. Spending in Northland, as a result of all this noise, was down 48%. Auckland, 46%. Waikato, 52%. That would have included the supercars, of course, in Waikato that got canned prematurely. Bay of Plenty down 68%, Gisborne 51%, Hawke's Bay 56%.
Now, obviously in the middle of a storm on that blowy old Saturday and Sunday, you've already worked out that you're not booking an outdoor table for lunch. But these figures will include the week building up to the event, the drama that started the previous Sunday with the ever-present keep an eye on this one headlines. And as the week progressed... the alarmism grew.
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