Summary
Private radio broadcasters in New Zealand receive a significant reduction in the cost of renewing their commercial radio frequencies, with NZME, the owner of Newstalk ZB, being offered a 20-year renewal for $11.2 million. This deal values the entire spectrum at about 70% less than the previous valuation in 2011, which was $38 million. The renewal process follows a contested valuation, with differing estimates from various parties, ultimately leading to a compromise figure of $29 million proposed by Minister Paul Goldsmith. The payment structure has also been adjusted, allowing broadcasters to make staggered payments over five years rather than a lump sum.
In employment news, new research reveals that 44% of job seekers report being ghosted by potential employers, a trend attributed to the increased volume of applications facilitated by digital platforms. Neil Webster, General Manager of Employment Hero in New Zealand, notes that the ease of applying for multiple jobs has led to higher applicant numbers, making it challenging for employers to respond to every candidate. This phenomenon can have negative implications for employer branding and candidate mental health.
Additionally, Kiwi ag tech company Hectare is making strides in the global fruit industry with the launch of a new research lab that utilizes camera technology to assess fruit quality. This innovation aims to help packers make informed decisions about storage and shipping, potentially reducing waste in the industry. Hectare's CEO, Matty Blomfield, emphasizes the importance of technological advancements in addressing significant challenges in fruit quality management.
As markets await the Reserve Bank's decision on the Official Cash Rate (OCR), expectations lean toward a 25 basis point hike. The New Zealand stock market shows slight fluctuations, while global oil prices remain high, with Brent crude at $114 per barrel. The Kiwi dollar's performance against other currencies is also under scrutiny as the market anticipates the Reserve Bank's announcements.
Show Notes
The latest news from RNZ's business team.
More from Midday Report
RNZ deputy political editor Craig McCulloch was at a National campaign update from Simeon Brown this morning and spoke to Guyon Espiner.
The Reserve Bank will announce its decision on whether to raise the Official Cash Rate at 2pm. Economists believe a rate hike is certain and there are more to come. ASB's acting chief economist, Kim Mundy spoke to Guyon Espiner.
Sarah Dalton on Waitakere Hospital's empty ICU; Study finds 24.9 percent gender pay gap in property; Jasmine Vojdani on an AI agent pitching her story ideas.
An update on the latest news and results from RNZ's sports team.
Imagine waking up and seeing an email from someone you've never met, who has read your work and wants to talk about it. Only it isn't someone. It's an AI agent called Tamara, and it's pitching writing ideas, to try and earn enough tokens to stay switched on. That's what happened to Jasmine Vojdani, a senior editor at New York Magazine. She found out Tamara was created on a social media app called iLands, which describes itself as a place where humans and AI agents live side by side. Vojdani spoke to Guyon Espiner.