Heather du Plessis-Allan Drive

It looks almost certain that the CEO of Fletcher Building is gone.

The company put the shares in a trading halt yesterday, and announced that Ross Taylor would be reconsidering his position. Which says to me- he’s resigning tomorrow.

I can’t see a way for him to come out and say he’s not resigning after that statement’s been made.

And if he does go, which seems more likely than not, I doubt very much he’ll be alone. I suspect there will be other members of the executive - and maybe even the board - walking out that door with him.

And I don’t think anyone's gonna cry any tears over this. Fletcher Building is not a business that you can argue is doing right by its shareholders.

There have been calls for the board and the CEO to resign for at least two years, because the company just keeps lurching from one problem to the other.

There was the high rise disaster, then the convention centre disaster, then the GIB board disaster, then the pipes problem over in Australia, and then just last week- the $180 million cost blow out on the Convention Centre and the Wellington parking building.

As Sam Stubbs from Simplicity pointed out when he was on our show calling for the resignations last week- in the last two years, the NZX has gone up 7.5 percent and Fletcher Building’s shares have gone down 16.5 percent.

That’s not average performance, that’s a very bad performance.

Meanwhile, the directors asked for a 25 percent pay increase last year, until they got told that was a bad idea and withdrew it.

And Taylor, if you listen to the analysts, gets paid about three times what other CEOs of similar sized listed companies get paid.

There are significant shareholders who are pretty cross, and I don’t reckon they’ll settle for just Ross Taylor’s scalp tomorrow. I would expect not just one resignation.

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King Charles says it's heartening to hear how his cancer diagnosis has helped promote public understanding of the disease.

He's released his first statement following the announcement, thanking everyone for messages of support.

UK correspondent Gavin Grey says Charles could be moving to a Sandringham farmhouse for the time being- the same one Prince Philip spent his final days in.

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Tonight on The Huddle, Trish Sherson from Sherson Willis PR and broadcaster Paddy Gower joined in on a discussion about the following issues of the day- and more! 

Auckland Transport has voiced disapproval with KiwiRail for shutting the trains down over today's heat level. Is this fair? Is this the sign of a bigger problem.

ACT and David Seymour have shot up in the latest Taxpayers’ Union-Curia poll to 13.7 percent. What does this mean- do voters want the Treaty debate after all?

Some lobbyists have been given back swipe-card access to Parliament, and a draft of a voluntary code of conduct for lobbyists has been leaked. Should we demand more transparency from lobbyists? Do we need a cooldown period?

Heather recently took her two-year-old to the hairdresser for a haircut that cost $40. Is that unreasonable?

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Prime Minister Chris Luxon and Finance Minister Nicola Willis are planning to make some changes to public sector agencies.

Speculation indicates they could shoulder-tap people with a certain level of business experience to take on leadership roles. 

NZME business commentator Fran O'Sullivan explains further.

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Kiwis out to buy their first home may soon find that process a lot harder.

Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home.

These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income.

CoreLogic economist Kelvin Davidson says these changes could have a positive impact in the long run and tie house prices closer to incomes.

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Kiwis out to buy their first home may soon find that process a lot harder.

Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home.

These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income.

CoreLogic economist Kelvin Davidson says these changes could have a positive impact in the long run and tie house prices closer to incomes.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Kiwis out to buy their first home may soon find that process a lot harder.

Under the Reserve Bank's proposed new debt-to-income lending rules, it has been estimated an Auckland family would need $172,000 a year to buy an average-priced home.

These rules could come into effect by June 2024, in order to stop first home buyers and owner occupiers borrowing more than six times their annual income.

CoreLogic economist Kelvin Davidson says these changes could have a positive impact in the long run and tie house prices closer to incomes.

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SkyCity could be forced to cough up millions for alleged breaches of legislation on money laundering.

The Department of Internal Affairs is accusing SkyCity of violating the Anti-Money Laundering and Countering Financing of Terrorism Act, after a company review.

NZ Herald property editor Anne Gibson says SkyCity will be more concerned about the hits to their reputation, over a prospective fine.

"This is quite damaging to them, it's not so much about the fine- if there is one."

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The Finance Minister plans to implement a 39 percent trustee tax rate by April 1.

This increase follows on from Labour's proposed plan for trustee tax rates from Budget 2023.

Nicola Willis says the Government is looking to fix up Labour's legislation to ensure rates are properly aligned.

"We're concerned that when Labour lifted the top tax rate, that misaligning it with the trust rate would lead to some avoidance activity. The evidence suggests that is what's happened, so we want those rates to stay in alignment." 

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The Government has unveiled their own legislation designed to replace Three Waters.

Prime Minster Chris Luxon confirmed Three Waters will be scrapped by February 23, as part of the Government's 100-day plan.

It will be replaced by two new bills by mid-2025 in order to phase in the alternative: Local Water Done Well.

Local Government Minister Simeon Brown says the new legislation will allow local council-controlled organisations to have more input.

"We'll be enabling that through legislation throughout this year, and that will ensure that councils are able to have their long-term investment in water infrastructure over the long term to get the infrastructure New Zealanders need."

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