Chapter 1: What are the implications of the ongoing sanctions on Russian oil?
the news makers and the personalities the big names talk to mike the mike hosking breakfast with bailey's real estate 100 kiwi owned and operated news talk zb you're welcome today ideas around solutions we got too many regulators we got new ideas around a housing model for you we've got a new report into our ev journey grant baker entrepreneur he's behind 42 below and turners among other success stories uh joe mckenna in italy rod pops in from england
Righto. Can you believe it's Thursday already? What's happening to the week? Seven past six now. Are they flogging a dead horse is my opening question to you this morning. A lost cause. This is the Centre for Research on Energy and Clean Air. It's a think tank in Finland. They put out a call. on Russian oil.
Russian oil is a no-no since the war, as in the Ukraine war, which in an odd way has proved sadly that sanctions don't work because, in a fun fact, it turns out that Australia has already spent 2.4 billion on Russian oil through what is politely called a loophole. Russia's earned 1.6
trillion since the war began and that's before the amount that they're raking in undoubtedly that's gone up since the Iran war and just overnight Britain has loosened sanctions on Russian oil because well prices in places like Doncaster have got a bit expensive hate the Russians till you need them funny eh
Chapter 2: How does convenience influence our purchasing decisions regarding oil?
We can wash our hands to a degree because countries that buy refined oil are exempt in the sense they've got no idea what sort of oil you've got and where it came from. And here, I think, is your cold, hard reality. You don't care, which is where the think tank comes in. Their warning of the growing use of what they call blood oil from Russia, oil that funds a war.
And this is where we find ourselves at one of these interesting intersections. At the Bowser, here's my bet. In an ideal world, should we be funding Putin? No. If it is the difference, though, of one, not getting gas for your car, or two, paying more than we currently do, can we, do we, for a period of time, look the other way? Because in the real world, convenience trumps ideology.
The answer, of course, is yes. Similarly, a lot of people like some very cheap product out of parts of Asia, purchased via certain websites. Products that, if you ran a magnifying glass over the production trail, would most likely lead to awfully young people doing a lot of hard work for next to no money. A survey, if you ask people, would indicate our disgust at that.
Reality would reveal our purchasing habits unaltered by theoretical upset. And so it is with Putin and his oil. The world is full of injustice and unfairness. We'd love to help, but we just need to get to work more.
Yes, this is the way of the world.
So we sanction until we don't. Gets a little bit expensive at the pump.
He is now choosing to buy dirty Russian oil.
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Chapter 3: What are the challenges faced by the Port of Tauranga?
That money will be used to fund the killing of Ukrainian soldiers. Isn't he ashamed?
Well, he has got a lot on his plate. He's playing for time to play party politics on Ukraine, on Ukraine, where we have stood firm. And the only people that benefit when we play party politics in here on Russia and Ukraine is Putin. Also in the comments overnight, old Wiz, who was saying goodbye to his portfolios.
I left the government because we are in the fight of our lives against nationalism. And it is a fight that we are currently losing. Unless we change course, we risk handing the keys of number 10 to reform. And I do not want that on our consciences.
Then moving in Cuba, we've got the oil issue, obviously, and the general expectation the US is about to take the place over. But they've also been busy finalising the paperwork on indicting old Raul Castro.
We are so grateful for this administration, for not looking the other way, for the atrocities committed in Cuba by the regime, by the damage that that regime has done and continues to do. And yes, for standing up for these murdered Americans.
And to China, where Xi and Putin have been getting on like a dacha on fire.
The world today is far from peaceful with unilateralism and hegemonism posing profound dangers. The world faces the risk of regressing to the law of the jungle.
Vlad could not agree more.
Even against a background of unfavourable external factors, our cooperation and economic cooperation demonstrate good and high dynamics.
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Chapter 4: How are regional economies performing in New Zealand?
The trade turnover has grown more than 30 times in a quarter of a century.
Finally got a crackdown in Britain on that dead-end sick note problem they got from the doctors. Last year they scribbled out 11.2 million not-fit notes. There's only 60 million of them. It's normally you're back. Oh God, we're back. God's so back. or a bit of mental health trauma. Anyway, the bill for all that nonsense is Ā£85 billion.
So instead of a note now so you can bunk off, they're going to offer you a bit of psych help or a physio or a job coach. They'll tell you just get outside and do a bit of gardening or walking. Here's the world in 90. Trump won yesterday. I'm sure you're up on that already. Massey lost. He backed the other guy. So that was a success story.
So Trump still reigns supreme within the mega movement, if not the Republican Party generally. And a very interesting read on Britain and the inflation department. Andrew will crunch the number shortly. 12 past six.
The Mike Hosking Breakfast Bull Show podcast on iHeartRadio, powered by Newstalk ZB.
Goldman Sachs, big winner from the IPO that's coming for SpaceX.
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Chapter 5: What is the current state of the housing market in New Zealand?
The SpaceX IPO, they're suggesting, there's a whole lot of people involved, but Goldman Sachs is leading it. They're suggesting it could be as early as today. I haven't seen anything yet. But what also is likely to happen today is the Samsung strike in Korea. You've got 47,000 of them. Talks broke down, so that looks like it's on. Good morning. Very good morning, Mike. Local results.
The ports are doing the business. I love Napier. Yeah, let's bring it back locally. Let's have just a wee reprieve, a wee few seconds reprieve from the straights of oil and inflation. We'll get back onto that.
Chapter 6: How is the EV market evolving in New Zealand?
Napier Port released its first half result yesterday. I think a result which really talks to some of the themes that we've been talking about a lot, sort of the strength of our export markets, rural, regional resilience. I think Informatrix released a report over the last day or so on regional economic performance as well. Anyway...
Mike, these ports around the country, they're sort of partially or entirely owned in many cases by councils. And it's fair to say that a lot of our councils at the moment are in sort of financially challenged positions, so we say. So they're having to fire through lots of rate increases to pay for things like infrastructure. So they need...
their existing assets to earn better returns, or I guess the other option is to sort of sell them and raise the cash. And look, in many cases, our ports haven't earned an economic return above their cost of capital consistently over time. So Napier Port is on this repricing journey, and you can see evidence of this success.
It's just reported a very solid first half result for their 2026 financial year. Revenue up 8.8%. That was led by growth in container services revenue. Underlying net profit after tax increased 21.5%. So these are good numbers. So a good illustration of the strength of our export sector. You had a favourable growing season down there as well. That helped the volumes going through the port.
The port's the sort of conduit. for all of the horticultural exports down there, apples, pears, meat, logs, treated forest products, and it brings in the bulk imports like fertilizer and stuff, though. They did see, Mike, though, a drop in cruise ship visits. I think we saw that around the country. So they've got more revenue. They've got better profit. What does that mean?
Better dividends to shareholders. The regional council is a shareholder there.
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Chapter 7: What are the key insights from Grant Baker's entrepreneurial journey?
So they were also pretty positive in terms of their outlook, despite the global uncertainty. So all in all, good result. Nice. What about Infratil? Yeah, big story in the local exchange yesterday, announcement that Infatil has agreed to sell 53.5 million shares it owns in Contact Energy. So this is a big deal, roughly a 5% stake.
That's through a fully underwritten institutional block trade, which basically means they do it all at once. $9.25 a share, that'll raise them just a tad under $500 million, and it reduces their stake in Contact. They still own a decent chunk of... So what's happening here, Mike, is that Infertile are basically an investment business. They are looking at recycling their capital.
They stress they still have confidence in the energy sector. They acquired these shares through a Manawa Energy transaction. back in 2025. Look, they have a very successful investment in a data centre business, CDC. Now, we can speculate. I would stress the company has not said this. We can only speculate that maybe the cash could be directed there. We'll have to wait and see.
But, of course, data centres, Mike, at the moment, hot topic, you know, topic du jour. Everyone loves them. So maybe the cash ends up there. We will have to wait and see. Right. Now, talk to me about Britain and what happened there.
Chapter 8: What recent developments have occurred in UK politics?
I mean, how do you explain no inflation or, you know, nothing nearly as bad as they thought? That's right. I'll be banging on a week about saying there's inflation everywhere. And what happens in the UK? Well, they had an inflation print that was lower than expected, 2.8% the year to April, and it was 3.3% previously, so lower than expected.
Expectations, services inflation at the lowest level since January 2022. Look, what's happened here, Mike, is there's some sort of machinations around the energy costs. There's some tax changes that have come through which have just basically skewed the numbers a little bit. And also there were some changes a year ago which pushed inflation up. So you've sort of got a favourable comparison.
I think the analysts are saying that inflation will pop back up. It will only be a short-lived reprieve. But what we've had, Mike, overnight, we've had generally positive news for bond markets. Oil prices fallen overnight, hopes to an end to the conflict. So the oil price is down $104. So U.S. long bond rates have fallen. But at the moment, Mike, will this last?
Well, we really don't know because, well, it all depends on the man in the White House, doesn't it? It does indeed. Numbers, please. Yeah, so these are all good numbers this morning, Mike. The Dow Jones is up 578 points. That's just over 1%, 49,941. The S&P 500 up 0.89%, 65 points, 7419. And the NASDAQ up 1.3%. Of course, we're waiting on NVIDIA. That's up 341 points, 26,202.
Overnight, the FTSE 100 gained almost 1%. 102 points, 10,432. The Nikkei fell 1.2%, back under the 60,000 mark, 59804. Shanghai Composite closed at 4162, not much change there. The howls of protest continue to be heard around Australia. I'm here around CGT. That hasn't helped their share market, down 1.25%. Maybe you'll see some rich Aussies come and live in New Zealand, Mike.
They're calling it a tax haven now here. step right come across to new zealand um eight nine four six the close on the a6200 there that was down 108 points so we had a we had a shocking day yesterday so very volatile new zealand market down 1.6 percent 213 points uh 12 761 kiwi dollar 0.5868 against the u.s 0.8204 aussie 0.5050 euro 0.4367 pounds 93.25 japanese yen gold $4,530.
And Brent Crude, $104.69. See you tomorrow, mate. Sure. And partners, Andrew Callagher. Several retail stories out of the States that tell you the people are still spending, which is interesting given everything. Target, they've raised their full sales outlook for the year. Same store sales up 5.5%. Lowe's had a beat as well. Qatar, which is global, but we play in that particular field.
41.8 million passengers they carried. Is that good? Yes. robust, 86% on-time performance, one of the most on-time or punctual carriers in the world. 57,000 people work for them in 90 countries, one of which is here. So they had a net profit of $1.94 billion. So aviation keeps on keeping on.
6.22 at Newstalk ZB.
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