Today in Business

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, November 14, 2025, and here are five stories you should know about. Complaints against real estate agents rose 35 percent in the year to June 30, according to the Real Estate Authority's annual report. The Crown agency says challenging market conditions contributed to the increase in formal complaints about licensed agents. Chief executive Belinda Moffat noted growing consumer dissatisfaction with agency performance. The most common complaint themes were customer service, skill and care, disclosure, misleading advertising, and poor communication. In markets, global stocks fell sharply even after US President Donald Trump signed a spending Bill ending the 43-day Government shutdown. Investors had hoped reopening federal services would lift sentiment, but major exchanges in Europe and the United States declined. A market analyst from financial services network StoneX says while technology shares look "increasingly overvalued and overstretched," it is "far too early to call a top in this cycle" as investors remain enthusiastic about artificial intelligence. Oil prices partially rebounded after recent losses. In other news, part of the Hilton Auckland's exterior has been reclad, and developer David Henderson's former apartment converted into additional hotel rooms. Brosnan, the building contractor, says the project was challenging because the five-star waterfront hotel continued operating during construction. A custom scaffolding system attached to each level was used to minimize disruption. Brosnan says it maintained safe conditions for guests and nearby businesses on Princes Wharf. Property owner M&L Group says the recladding is part of its ongoing reinvestment in the 165-room hotel, including the conversion of the former level-eight apartment. Meanwhile, broadcaster Jenny-May Clarkson will leave TVNZ's Breakfast programme next Friday after six years on air. TVNZ says Clarkson and the company agreed she would finish on November twenty-first following a "long and valued contribution." Co-host Chris Chang paid tribute, calling her an "amazing partner in crime." Clarkson told viewers it had been "an absolute honour and a privilege." TVNZ says Breakfast will be refreshed, with a search for a new host underway. Clarkson's exit follows other recent leadership and programming changes at the state-owned broadcaster. And Auckland developer COD Crown Projects has been fined forty-eight thousand dollars for illegal earthworks in Browns Bay and Northcross. The company pleaded guilty to two charges under the Resource Management Act. Judge Melinda Dickey found the breaches caused significant sediment discharge and environmental harm. She says the developer "turned a blind eye" to what was happening on its land. Auckland Council's investigations leader Paul Cowling says the penalty shows courts treat such breaches seriously. Council rules require strict erosion and sediment controls before, during, and after earthworks to protect the environment and surrounding properties. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, November 13, 2025, and here are five stories you should know about. Inland Revenue's intensified its tax enforcement following increased government funding. The department's 2025 report shows tax debt reached $9.3 billion in the year to June, growing faster than the economy. Inland Revenue completed 7,641 audits, up 42%, recovering $4.3 billion in tax debt - the highest since 2018. It referred 650 cases to court for liquidation, a 49% annual rise. Accounting firm director Andrew Dickeson says the agency's focus has shifted from pandemic support to compliance. Common audit issues include property sales tax, low salaries in personal companies, and unpaid taxes by overseas or cash-based businesses. In other news, a new GoGetta Job Mobility Survey finds nearly one in three New Zealand workers would switch jobs for a pay rise under 10%. Twenty-five percent would move for 6-10% more pay, and 6% for only 1-5%. Workers earning below 100,000 dollars were more likely to leave for small increases than higher earners. Thirty-one percent would change jobs for an 11-20% raise. GoGetta founder Colleen Getley says flexible hours and hybrid work ranked ahead of career development. Top red flags for job seekers include high staff turnover, unpaid overtime, and poor company reputation. Meanwhile, tourism arrivals to New Zealand rose 6% in the year to September, reaching 3.43 million visitors. Visitor numbers for the month of September reached 95% of pre-Covid levels. Stats NZ says Australians led the increase with 1.48 million visits, followed by growth from the US, UK, and Japan. Tourism Minister Louise Upston says the lift reflects more transtasman flights and promotional campaigns. In retail data, Stats NZ electronic card figures for October show weak consumer spending. Retail sales rose just 0.2% from September and 0.8% year-on-year. A Westpac economist says most gains came from groceries, with discretionary spending down. Spending on hospitality fell 1.4%, apparel 0.6%, and household goods 0.1%. Overall card spending reached $9.7 billion across 181 million transactions. ANZ figures also show subdued demand and falling consumer confidence Finally, plant-based food maker Grater Goods has gone into liquidation, owing about $208,000 to creditors including ASB Bank and Inland Revenue. The Christchurch company, backed by Icehouse Ventures, closed its bistro before entering voluntary liquidation on November 7 2025. Liquidator Brenton Hunt says the business struggled with working capital amid economic slowdown. Founder Flip Grater says losing a supply deal with Woolworths left the firm unsustainable. Staff are owed $10,000 in wages, and Inland Revenue $60,000. Icehouse Ventures invested $80,000 in 2021 through its ArcAngels fund, representing 8.29% ownership at the time of liquidation. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, November 12, 2025, and here are five stories you should know about. Shares in Mainfreight rose even as the transport and logistics company reported an 18.5 percent fall in net profit to $93.4 million for the six months to September. By mid-afternoon, the stock was up 7.29% at $63.30. The company declared an unchanged 85-cent dividend. The company's New Zealand's profit before tax fell 7.4 percent to 44.1 million, while Europe dropped 31.9 percent to €9.3 million. The Americas recorded a 128 percent slump to US2.3 million. Mainfreight says discontinued project activity and cost increases contributed to the result, but trading improved as the half progressed. Analysts say the outcome was softer than expected but steadied investor confidence. Meanwhile, Allbirds shares fell sharply on the Nasdaq after reporting a third-quarter net loss of US$20.3 million on revenue down 23.3 percent. The company cut its full-year revenue forecast to between 161 million and 166 million. Chief executive Joe Vernachio says the restructure continues as teams focus on cost reduction and liquidity. Allbirds ended the quarter with 23.7 million in net cash, down from 66 million a year earlier. The brand's revenue decline reflects store closures and distributor changes. Allbirds now operates 23 stores, down from 60 in September 2023 near the start of its restructure. In other news, the Reserve Bank confirms its Wellington headquarters has been closed since last Friday because of asbestos discovered during a routine survey. The building at 2 The Terrace may remain shut until November 24 while remediation occurs. The bank says the area is contained and services are unaffected, with staff working from home. The building, which includes major cash vaults needing refurbishment, has previously closed for asbestos issues. Plans for construction to upgrade the vaults begin next year, and separate work on the building is scheduled for 2028. Costs are excluded from the Reserve Bank's current funding agreement. Elsewhere, Costco's confirmed plans for its second New Zealand store at Drury in South Auckland, after reaching a conditional land deal with Kiwi Property. The agreement covers 6.4 hectares within Kiwi's new development. Costco country manager Chris Tingman says the location suits customers from Waikato and southern Auckland. Kiwi Property chief executive Clive Mackenzie says Costco's been a success at Westgate since opening in September 2022. The Drury site is part of a 53-hectare project that began earthworks last year. The metropolitan centre recently received fast-track approval under the government's reform process. Finally, in regulatory news, the Commerce Commission is preparing to file High Court proceedings against ASB for alleged breaches of the Credit Contracts and Consumer Finance Act. The Commission says the case involves overdrafts and debt collection overpayments. ASB faced earlier regulatory issues, repaying over $8 million to borrowers in 2021, and settling a class action for 135 million in October. The bank also faces High Court action from the Financial Markets Authority over insurance discounts. Insurer IAG, which partners with ASB, was fined nearly 20 million last month for overcharging customers. The Commission is separately investigating ASB's self-reported lending breaches. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, November 11, 2025, and here are five stories you should know about. Global dairy prices are under pressure as milk production continues to rise worldwide. The Global Dairy Trade index fell 2.4% at its November 5 auction, with whole milk powder down 2.7%. NZX data show New Zealand's September milk output up 2.5% year-on-year. HighGround Dairy's Stu Davison says global supply is now outstripping demand. Rabobank reports milk production rising across key export regions, with US output up 3.4% in July. Fonterra's forecast milk price range stands at $9 to $11 per kilogram of milksolids, while futures point to $9.77, reflecting softening market conditions and increased supply. In other news, Inland Revenue's applied to liquidate 44 companies linked to Auckland businessman James Hwang, who supplies sushi products to Foodstuffs supermarkets. The case is set for hearing in the High Court at Auckland on November 27. The companies are owned by YB Sushi Holdings and YB Sushi Catering Holdings, both directed by Hwang. According to its website, YB Sushi makes sushi in-store for 51 North Island New World and Pak'nSave stores. Companies Office notices show some entities overdue on tax filings. Meanwhile, the US aviation sector's straining under a prolonged government shutdown, now in its forty-first day. More than 2000 flights were cancelled and 7100 delayed as air traffic controllers worked without pay. President Donald Trump threatened to dock wages for controllers calling in sick, while offering $10,000 bonuses to those working. The National Air Traffic Controllers Association calls members "unsung heroes" and urges Congress to end the shutdown. Democratic Congressman Rick Larsen criticized Trump's comments, calling them attacks on workers keeping air travel safe. Back home, start-up fund Hiraya Ventures has made its first investment, backing student wellness platform Komodo. Founders Hengjie Wang and Alliv Samson, who created education tech firm Kami, invested $10 million into their new fund. They led Komodo's $1.2 million pre-Series A round, joined by New Zealand Growth Capital Partners and former Reddit CEO Ellen Pao. Wang joins Komodo's board under the deal. Hiraya Ventures plans investments between $300,000 and $1 million across technology, fashion, film, and software. The couple previously invested in Icehouse Ventures, Tracksuit, and Halter. Finally, the long-delayed 85 million dollar Beachcroft Residences apartment project in Auckland's Onehunga has a new builder. Receiver Andrew Grenfell of McGrathNicol confirms Method Construction Group is now managing and completing remaining work. The project, started in 2018 under Erson Developments, stalled after its previous builder departed. Grenfell says Method has reviewed construction progress and delivered a revised completion program. Work restarted last week, with practical completion targeted for mid-March. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, November 10, 2025, and here are five stories you should know about. ANZ New Zealand's reported a record annual net profit after tax of $2.53 billion for the year to September, up 21%. The bank attributes much of the lift to a 163 million gain from economic hedges, reversing a 196 million loss in 2024. Cash net profit rose 4% to 2.37 billion, with lending up 4% and deposits up 5%. Chief Executive Antonia Watson says the swing in hedge results reflects volatility, but not underlying performance. ANZ defends its mortgage rate adjustments and confirms continued participation in a class action over past disclosure breaches under the Credit Contracts and Consumer Finance Act. In other news, two major New Zealand gold projects will proceed under mining permits tied to 1996 royalty rates, about half those applied since 2013. OceanaGold's Waihī North expansion and Endura Mining's Snowy River project will each pay 1% of net revenue or 5% of accounting profit. Critics, including Professor Glenn Banks, say taxpayers lose out. Resources Minister Shane Jones acknowledges concerns over fairness, but notes current permits remain valid. OceanaGold produced 178,800 ounces of gold last year, none under post-2013 rates. Its Waihī expansion estimates $131 million in Crown royalties at the grandfathered rate. Also today, Vital Healthcare Property Trust plans to internalise its management, funding the move through a $220 million capital raise. The trust reached a conditional agreement with Northwest Healthcare Properties Management to end external management. Vital expects annual fee savings of 20.9 million and will pay Northwest two hundred and fourteen million plus GST to terminate the agreement. The NZX-listed trust owns a 3.2 billion portfolio across New Zealand and Australia. The raise includes a 190 million underwritten placement and a 30 million share purchase plan at $1.95 a share. Completion is targeted for late 2025 or early 2026, pending regulatory and lender approvals. Comvita's cornerstone shareholder Li Wang has endorsed Florenz's takeover offer at 80 cents a share, valuing the mānuka honey exporter at $56 million. Wang says her family, long-term investors who built Comvita's Chinese market, supports Florenz's bid as the best option for shareholders. A rival proposal led by co-founder Alan Bougen lacks detail ahead of Friday's scheme-of-arrangement vote. Comvita's latest annual loss widened to 104.8 million. Wang warns a delay risks harming the brand, and jobs. The board unanimously backs Florenz's offer. Comvita was founded in 1974 by Claude Stratford, joined two years later by Bougen. Finally, on the technology front, Rocket Lab-built satellite components from Auckland are heading to Mars under NASA's Escapade mission. However, launch plans were halted today due to high clouds over Florida. The flight carries twin Rocket Lab spacecraft, Blue and Gold, each about 550 kilograms, designed to study Mars' magnetic environment. The mission budget is under US$100 million. Rocket Lab contributed propulsion, control systems, radios, and other hardware made across New Zealand, the United States, and Canada. The orbiters will first circle at Lagrange Point 2 before continuing to Mars, with arrival expected in 2027. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, November 6, 2025, and here are five stories you should know about. BNZ reports an annual net profit after tax of $1.5 billion for the year to September, a 0.5% drop from the prior period. Mortgage lending rose 6.4%, business lending 2.2%, and deposits 5.8%. Chief executive Dan Huggins says the margin between lending and deposits fell by 9 basis points due to strong rate competition. The overall net interest margin increased 6 basis points to 2.43%, partly from financial risk management. Revenue fell 3.7%, following the 2024 sale of its wealth arm to Harbour Asset Management. Operating expenses were steady, credit impairments declined, and Huggins' remuneration rose to $1.82 million. In other news, New Zealand's technology sector recorded strong growth in the 2025 financial year. The latest Technology Investment Network report shows the country's 200 largest tech firms lifted total revenue 9.9% to $20 billion and exports 12.4% to 15.3 billion. Employment rose slightly to 61,369, but New Zealand-based roles fell 12.4% to 28,750 as offshore hiring grew faster. Xero led the ranking for the first time, with Rocket Lab entering the top ten. Fisher and Paykel Healthcare reported 16% revenue growth to $2.02 billion. High-tech manufacturing achieved the fastest export growth, up 11% year-on-year. Meanwhile, the Commerce Commission has granted final approval for a 10-year agreement giving Contact, Meridian, and Mercury access to Genesis Energy's Huntly Power Station capacity under the Strategic Energy Reserve Huntly Firming Option. The arrangement ensures continued availability of Genesis' Rankine Unit 2 for dry-year electricity supply. The companies will pay annual premiums and operating costs. Commission chair John Small says the benefits, including security of supply and lower wholesale prices, outweigh any competition concerns. The authorisation follows last winter's price spikes caused by dry conditions and limited gas supply across New Zealand's electricity system. Elsewhere, construction crane numbers are rising again, signalling tentative sector recovery. The latest Rider Levett Bucknall Crane Index shows 116 long-term cranes in operation across New Zealand's seven main centres, up from 105 in the first quarter. Auckland leads with 59, while Christchurch increased to 23 and Tauranga to 14. Wellington fell to five, and Dunedin recorded none. The national index climbed 10.5% to 147 points. Ray White's Vanessa Rader says the increase reflects activity in data centres, industrial projects, aged care, and hotels. The residential index stabilised after last year's low, with 29 cranes now operating nationwide. On the aviation front, Air New Zealand has launched its electric aircraft demonstration project in Hamilton with United States-based Beta Technologies. The battery-powered Alia CX300 completed earlier tests in Tauranga and now enters proving trials. Pilots Andrew Mercer and James Owen will conduct varied flight operations with Beta's team. Air New Zealand says the project supports the airline's innovation strategy. The aircraft carries two crew and 5.6 cubic metres of cargo on flights up to 398 kilometres. Mobile chargers at key airports allow 90-minute recharging. The four-month programme includes flights from Hamilton to Wellington and Blenheim. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, November 5, 2025, and here are five stories you should know about. New Zealand's unemployment rate rose to 5.3% in the September quarter, up from 5.2% in June, marking the highest level in nearly nine years. The figure represents about 160,000 people, the most since 1994. Youth unemployment reached 15.2%, while 138,000 people were underemployed. Regional rates ranged from 6.3% in Northland to 2.5% in Otago. Wage growth slowed, with the private sector Labour Cost Index up 0.4% quarterly and 2.1% annually, below inflation. Economists from ASB, BNZ, ANZ, and Kiwibank agree the labour market is stabilising, and Reserve Bank rate increases have created disinflationary spare capacity across the workforce. Meanwhile, the Reserve Bank's latest Financial Stability Report highlights stress across retail, hospitality, construction, and manufacturing. It says falling business profits mirror levels from the 2008-09 crisis, though banks now hold stronger capital buffers. The bank notes house prices remain around 12% below their 2021 peak and considers them broadly sustainable. It also observes higher US government bond yields have increased New Zealand's borrowing costs. Health insurance premiums rose 19% over the year, and the Reserve Bank said that while insurers' solvency positions are above requirements, rising claims costs could create financial stress. In a separate development, former Reserve Bank Governor Adrian Orr has taken legal action over an article about his resignation. His lawyer, Michael Heron KC, demanded London-based Central Banking remove the story written by ex-RBNZ staffer Michael Reddell, claiming it was defamatory. Both Central Banking and Reddell deleted the article, though neither issued apologies. The publication cited editorial standards in its removal notice. Reddell, also a director of the Bank of Papua New Guinea, had previously written extensively on Orr's March departure, which followed a board letter of concerns later confirmed publicly after an Ombudsman inquiry in August. In other news, Forsyth Barr downgraded Spark to underperform and upgraded Infratil to outperform, citing shifting dynamics in the mobile market. Analysts Ben Crozier and Aaron Ibbotson cut Spark's 12-month target price from $2.65 to $2.40 and lifted Infratil's from $13.25 to $14.60, raising their valuation of One NZ from $1.9 to $2.9 billion. Spark shares were trading at $2.38, down 21% this year, while Infratil was at $12.13, down 4%. The analysts say One NZ is outperforming Spark in mobile, where services account for up to 65% of profits. Turning to commodities, prices fell across the board at the latest Global Dairy Trade auction, marking a sixth straight decline. Overall, prices dropped 2.4%, led by a 6.6% fall in cheddar to US$4449 per metric tonne. Whole milk powder, Fonterra's key product, fell 2.7%, and butter slipped 4.3%. Skim milk powder was steady at US$2559, while anhydrous milk fat fell 1.9%. Butter milk powder rose 1%, and mozzarella gained 1.6%. A total of 39,508 tonnes were sold to 112 winning bidders. In September, Fonterra confirmed a final 2024-25 Farmgate Milk Price of $10.16 per kilogram of milk solids. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, November 4, 2025, and here are five stories you should know about. IAG has confirmed its New Zealand chief executive Amanda Whiting will return to Australia after Australian media revealed the insurer was seeking her replacement. Whiting told staff she was relocating to Sydney for family reasons but would continue leading IAG New Zealand until a successor is appointed. She says it remains "business as usual for now." Group chief executive Nick Hawkins says Whiting's decision was carefully thought out and she will support a transition while staying engaged with the New Zealand business. In other news, online job ads rose 3.5 percent in the year to September, the first annual increase since 2022, according to the Ministry of Business, Innovation and Employment. IT and construction led growth, rising 10 percent, while education postings dropped 13 percent. Infometrics chief executive Brad Olsen says the lift is "minimal" but encouraging, with gains strongest in healthcare and primary industries. Simplicity economist Shamubeel Eaqub says it feels like the bottom of the cycle, though regional trends remain uneven. Job ads continued to fall in Auckland, Northland and Gisborne/Hawke's Bay. Meanwhile, Syos Aerospace is expanding to Australia, establishing production for its uncrewed aerial and surface vehicle technology developed in New Zealand and the United Kingdom. Founder and chief executive Sam Vye says the move supports Australian demand for locally produced systems. The firm has partnered with Starboard Maritime Intelligence to integrate satellite surveillance data and has acquired Bay Dynamics, a maker of remotely operated underwater vehicles. The company previously drew attention for securing a £30 million drone contract with the UK Ministry of Defence supporting Ukraine. Elsewhere, Downer New Zealand has reported a 247 percent profit increase to $66 million for the latest year. Subcontractor costs fell from $900 million to $794 million, while wages dropped, cutting total expenses to $2.4 billion. Downer owns leading builder Hawkins, which was ranked the country's busiest construction firm in May. Hawkins managed $1.2 billion in projects last year, according to data specialist BCI Central's national ranking of 50 builders. And falling rents are not forecast to reverse any time soon due to subdued migration, with Auckland rents down 0.5% annually. "It's difficult to see a strong return to growth in the near term," according to the October update from insights business CoreLogic NZ, trading as Cotality. Auckland rents have been falling for the last 12 months and are now sitting at a median of $650/week, according to Cotality's table. Hamilton rents fell 0.6% to a median $557/week. Dunedin was the only place where rents rose: up 3.4% to a median $505/week. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, November 3, 2025, and here are five stories you should know about. Westpac New Zealand has reported a 13 percent rise in annual net profit after tax to 1.2 billion dollars for the year ending September, up from 1.06 billion. Net interest income grew 9 percent, while net interest margin improved to 2.32 percent. Home lending increased 5 percent, business lending 2 percent. Term deposits fell 2 percent as customers shifted to transaction and savings accounts, which rose 2 and 8 percent respectively. Impairment provisions recorded a 71 million dollar positive swing. Chief executive Catherine McGrath says more home loan customers are ahead on repayments, with an average repayment buffer of nearly 12,000 dollars. In other news, residential building consents rose 3.6 percent in the year to September, with 34,882 new homes approved, Stats NZ reports. September's 3,747 new homes marked the highest monthly total in more than two years. Auckland and Otago led multi-unit growth, while apartment consents jumped 49 percent. RMA Reform Minister Chris Bishop confirms Auckland's new Plan Change 120 will replace Plan Change 78 to balance housing capacity and hazard risks. Recently passed legislation allows backyard granny flats up to 70 square metres without building consent. Building Minister Chris Penk says this step boosts construction productivity and housing supply. Meanwhile, Fonterra's Anchor brand has discontinued its A2 milk range in New Zealand after ending its licensing agreement with the a2 Milk company. The co-op says it will focus on lactose-free options, citing strong growth of its Anchor Zero Lacto range. A2 Milk says it is disappointed and is seeking a new licensing partner to restore local supply. The phase-out follows Fonterra farmers voting to sell the consumer business, including Anchor, to Lactalis. The licensing decision was unrelated to that sale. A2 Milk says fresh milk sales in New Zealand make only an immaterial contribution to its financial results. In a separate development, KiwiSaver provider Simplicity has launched InfraKiwi, a new company designed to raise funds for infrastructure investment and list on the NZX. Chair Rob Everett and managing director Sam Stubbs say it will target New Zealand ownership, excluding foreign investors. The initiative follows estimates of a 210 billion dollar infrastructure deficit over 30 years. Infrastructure Minister Chris Bishop welcomes the move, calling it a positive step for growth and productivity. InfraKiwi aims to invest across energy, water, transport, data, and social infrastructure sectors. Simplicity will initially seed assets before becoming one of the scheme's investors. And finally today, The Coffee Club Ōmokoroa has won Supreme Franchisee of the Year at Westpac New Zealand's 2025 Franchise Awards, also taking the retail and hospitality title. Owners Kelly and Jess Bain opened the café in 2023, emphasizing community connections in a town of fewer than 5,000 residents. Harrisons Flooring won Supreme Franchise System of the Year, continuing its family ownership since 1962. Chief executive Patrick Harrison says the award reflects the company's people and customers. The Franchise Association says the winners highlight resilience in challenging economic conditions. Nearly 550 franchise systems operate nationwide, supporting over 29,000 units. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 31, 2025, and here are five stories you should know about. SkyCity Entertainment Group reaffirmed its annual earnings guidance at its Auckland meeting, with chief executive Jason Walbridge confirming expected ebitda for the June 2026 year between 190 million and $210 million. He says trading across New Zealand venues shows little consumer improvement, though visitation remains strong. The firm is pursuing 330 million in legal action against Fletcher Building over delays to the New Zealand International Convention Centre. Chairman Julian Cook acknowledged poor shareholder returns and confirmed plans to sell 200 million in assets, while a 240 million capital raise prompted protest votes against two directors standing for re-election. Meanwhile, hotel giant Accor has opened its latest property, Tribe Auckland Fort Street, featuring 60 rooms and a new street-level restaurant called Sienna. The launch marks Accor's 48th hotel in New Zealand. Chief operating officer Adrian Williams says the brand targets travellers seeking design-led, good-value stays. Accor's next opening, Jo&Joe Auckland, arrives by November 7, offering 293 beds and a rooftop bar. Both properties are developed with CP Group. Occupancy across Accor's New Zealand hotels is up 1.5% on last year, supported by government tourism funding and rising Australian arrivals, particularly in Queenstown and other regional destinations. On the technology front, Straker renewed its artificial intelligence partnership with IBM, valued at an estimated $28 million over three years through December 2028. Chief executive Grant Straker says the new arrangement introduces token-based charging and higher-margin AI revenue. The ASX-listed firm's annual revenue fell 10% to $44.8 million, while its net profit widened to 10.2 million after non-cash impairments. However, adjusted ebitda rose 18% to a record 4.8 million, and the company ended the year with 12.9 million in cash and no debt. Straker says its AI "Verify" tool is now used globally within IBM's Watson X infrastructure. In other developments, DHL has opened its new $90 million temperature-controlled healthcare distribution centre at Auckland Airport's The Landing business park. The 14,100-square-metre facility uses 41 Geek+ robots to automate storage and picking processes. Chief executive Javier Bilbao says the warehouse increases DHL's health logistics capacity in New Zealand by 20%. Built by Macrennie Construction on airport-owned land, the centre supports 80 staff and handles 12,000 pallets in temperature zones from minus 30 to 8 degrees. DHL Holdings (New Zealand) reported 490 million in revenue for 2024 and 19.5 million net profit, down from a previous 25.8 m. And finally today, Victoria's Secret will return to New Zealand with a full-format store opening airside at Auckland Airport in 2026. The project is part of a major duty-free revamp led by new operator Lagardere Travel Retail, which takes over both arrivals and departures from July 2025. Auckland Airport's Mark Thomson says the transformation will modernise the terminal shopping experience. The new Victoria's Secret store follows a smaller outlet that closed in 2019. Construction begins in early 2026, with upgraded fragrance, beauty and wellness sections, and improved lounges and food areas enhancing the overall traveller experience that year. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, October 29, 2025, and here are five stories you should know about. Carnival Cruise Line will homeport its Carnival Adventure ship in Auckland for the 2027 winter season, marking the first time the brand bases a vessel in New Zealand. The season runs from May 25 to July 29, with nine cruises including routes to Norfolk Island, Fiji, Vanuatu and New Caledonia. Country manager Peter Little says it answers demand from New Zealand guests. Tourism Minister Louise Upston says having a ship homeported in Auckland is a vote of confidence for the tourism sector. The cruise line's return follows P&O Cruises' merger with Carnival earlier this year and last year's Pacific Explorer homeport. In other news, energy company Jera Nex BP has lodged opposition to Trans-Tasman Resources' seabed mining proposal off Taranaki, warning it would block offshore wind development. The joint venture between Japan's Jera and BP absorbed Parkwind last August, which had been studying a large-scale wind farm in the region. Jera Nex BP says seabed mining is incompatible with wind turbine foundations and cable sites. The project seeks to extract 50 million tonnes of material annually over 20 years. The NZIER estimates it could generate $763 million in exports and over 1,300 jobs. A panel decision is due in March next year. Elsewhere, insurer Maritime Mutual, under police investigation following allegations it covered vessels transporting sanctioned oil, has reported strong financial growth. Financial statements show insurance revenue rose to US$108.5 million in 2024, up 27.9 percent from 2023 and more than fourfold since 2019. Profit increased to US$15.5 million. The company "categorically" rejects wrongdoing, saying it maintains rigorous compliance standards. Headquartered in Auckland with operations in London, Dubai, Singapore and Shanghai, it insures more than 7,100 vessels. Its parent, Maritime Mutual Association Limited, is based in Gibraltar, where the corporate tax rate is 12.5 percent compared with 28 percent in New Zealand. Meanwhile, NZME has lifted its 2025 earnings forecast after stronger-than-expected revenue performance. The media group, which owns the New Zealand Herald, Newstalk ZB and OneRoof, now expects ebitda of between $59 million and $62 million. That compares with earlier guidance of $57 million to $59 million and is about 12 percent higher than last year's $54.2 million. Chief executive Michael Boggs says the improvement reflects revenue gains and continued cost control. NZME will report full-year results in February. Its shares last traded at $1.05 at Monday's market close on the NZX. And Western Sydney Airport recorded its first jet landing as part of emergency simulations and readiness testing. A rural fire service seven-three-seven twinjet touched down. Air New Zealand, Jetstar, Qantas, and Singapore Airlines have signed agreements to use the facility. Air New Zealand expects to begin flights from mid-2027. The airport will operate 24 hours a day, unlike Sydney's Kingsford Smith, and is expected to open in the second half of 2026. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, October 30, 2025, and here are five stories you should know about. Fonterra farmers have overwhelmingly approved the $4.22 billion sale of the co-op's Mainland consumer and related businesses to France's Lactalis. Voting closed today with 88.47 percent in favour. Fonterra plans a tax-free capital return of $2 per share, approximately $3.2 billion in total, while retaining $1 billion for reinvestment. The deal includes long-term milk supply agreements and brands such as Anchor and Mainland. Chairman Peter McBride says the divestment will help simplify the business. The sale price exceeds initial valuations. Foreign Minister Winston Peters criticised the decision as "economic self-sabotage." In other news, Caniwi Capital, led by Troy Bowker, has purchased two Auckland properties from Mansons TCLM for $95 million. The unconditional deals include a $50 million acquisition of 7 Fraser Road, Mt Wellington, and a $45 million purchase at Great South Road, Greenlane. The Mt Wellington site spans 3.5 hectares and currently has industrial tenants, though Bowker indicates it may be redeveloped. The Greenlane property is a refurbished, green-rated office building with long-term leases, including Tāmaki Healthcare. Bowker says the building has high-spec fit-outs and a 10-year weighted average lease term. Meanwhile, Boeing has reported a strong third quarter with revenue rising to US$23.27 billion from US$17.84 billion a year earlier. Aircraft deliveries climbed to 160, the highest since 2018. Commercial revenue reached US$11.1 billion as the company booked 161 net orders, including 50 for Turkish Airlines. Boeing and U.S. regulators have agreed to raise seven-three-seven production to 42 aircraft per month. Chief Executive Kelly Ortberg says the triple-seven-ex program is progressing in flight testing despite delays. And Boeing's Ghost Bat drone, developed with the Royal Australian Air Force, has had autonomous trials. In technology, Alphabet has posted its first-ever $100 billion quarter, reporting third-quarter revenue of $102.3 billion, up 16 percent from a year earlier. Net income rose 33 percent to $35 billion. Google Cloud revenue jumped 34 percent. A $3.5 billion European Commission fine reduced operating income growth to 9 percent. Alphabet reports over 300 million paid subscriptions and 650 million monthly Gemini users. The company's Other Bets unit recorded a $1.4 billion quarterly loss. And Nvidia has become the world's first company valued at US$5 trillion after shares rose 4.91 percent at the Wall Street open. The California-based firm's value now surpasses the GDP of France or Germany. Microsoft and Apple each remain just above US$4 trillion. Nvidia's rise follows strong sales and new partnerships, including with Nokia. It also plans a US$5 billion investment in Intel. Analysts say Nvidia dominates the generative AI chip market, powering systems such as ChatGPT. The company's GPUs remain central to AI infrastructure worldwide, reinforcing its position as the leading semiconductor manufacturer. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, October 28, 2025, and here are five stories you should know about. Fonterra farmer shareholders are voting this week on a proposed $4.2 billion sale of the co-operative's Consumer and related businesses to France's Lactalis. The deal covers global Consumer operations excluding Greater China, plus Foodservice and Ingredients units in Oceania, Sri Lanka, and the Middle East and Africa. It includes brands such as Anchor and Mainland and a long-term supply agreement for milk and ingredients. Fonterra expects to return $3.2 billion tax-free to farmers, about $2 per share, and retain $1 billion for reinvestment. The average farmer would receive around $400,000 from the transaction if completed as planned. In other news, shares in Qualcomm jumped as much as 20 percent on Wall Street after the U.S. chipmaker unveiled two new artificial intelligence processors for data centres. The AI200 and AI250 are optimized for AI inference tasks rather than training, a market led by Nvidia and AMD. Qualcomm, known for smartphone and PC chips, says the AI200 offers 768 gigabytes of memory per card and uses direct liquid cooling to manage heat in high-density racks consuming up to 160 kilowatts. The AI200 is scheduled for commercial release in 2026. Meanwhile, Air New Zealand's first Christchurch-Adelaide flight returned today, days before Qantas launches its Auckland-Adelaide service. The route uses Airbus A320 or A321neo aircraft. Adelaide Airport managing director Brenton Cox says about 50,000 people travel annually between Adelaide and the South Island. South Australia's tourism minister Zoe Bettison says New Zealand remains the state's fourth-largest tourism market. Qantas begins its own seasonal Auckland-Adelaide service on Friday, operating four times a week with Boeing seven three seven eight hundred aircraft, adding more than 30,000 seats. Elsewhere, Mitre 10 is pressing ahead with expansion beyond its 85 stores. Chief executive Andrea Scown says the hardware and homeware co-operative plans both new outlets and growth in trade distribution, a developing area for the brand. The company reported full-year revenue up 12 percent and losses reduced by $71 million. Scown says Mitre 10 aims for a new store in a central Auckland zone currently served only by Mt Wellington, New Lynn, and Ponsonby outlets. And the National Business Review has reached out-of-court settlements with three large companies, including a national law firm, over what it calls the illegal stealing of its subscription content. NBR owner and publisher Todd Scott says the settlements follow investigations into multiple firms sharing limited subscriptions among staff. Two fund managers and one law firm each paid legal costs and purchased the correct number of subscriptions. NBR has not disclosed the names or settlement details due to confidentiality agreements. Scott says one company representative compared the breach to sharing a Netflix account. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 24, 2025, and here are five stories you should know about. Failed daily deal website GrabOne owes creditors more than $16.5 million, according to the first liquidators' report. Operator Global Marketplace New Zealand went into liquidation last week due to funding constraints, leaving customers and businesses out of pocket. Most of the debt, $9.2 million, is owed to a related party. Preferential creditors are owed about $518,000, including about $365,000 to staff and about $153,000 to Inland Revenue. Unsecured creditors are owed $3.8 million. Liquidators Daniel Stoneman and Neale Jackson of Calibre Partners have begun a sales process for its assets. GrabOne was sold by NZME in 2021. In other news, Forsyth Barr has downgraded Air New Zealand from neutral to underperform, citing weak demand, capacity constraints and cost inflation. The firm says the airline is loss-making, with a forecast pre-tax loss of $30 to $55 million for the first half ending December 31. Air NZ has had up to 11 aircraft grounded this financial year. Forsyth Barr estimates 2026 revenue at $6.9 billion and return on equity of 1.2 percent. Air NZ's Corsia carbon compliance costs have risen $10 million since August. Jardin made a similar downgrade yesterday. Meanwhile, U.S. regulators are reviewing Tesla's new "Mad Max" driver-assistance mode after reports it may allow vehicles to exceed speed limits and roll through stop signs. The National Highway Traffic Safety Administration confirms it is in contact with Tesla to gather information. The launch coincides with CEO Elon Musk publicly feuding with the Trump administration, including attacking Transportation Secretary and acting NASA administrator Sean Duffy on social media over space policy. NASA confirms both SpaceX and Blue Origin can present approaches to speed up the Artemis III moon mission. Back home, mānuka honey exporter Comvita has become a takeover target at 80 cents a share under a scheme of arrangement from Florenz, valuing the company at $56 million. The board and major shareholders China Resources Enterprise and Li Wang, holding 18.3 percent, support the offer. Founder Alan Bougen is forming a group to oppose the takeover and propose an alternative funding plan. Comvita reported a $104.8 million loss last year, citing oversupply and weak demand. A shareholder meeting is scheduled for November 14. And Sky TV has secured New Zealand Rugby broadcasting rights for another five years and acquired TV3 from Warner Bros Discovery for $1 in a debt-free deal. The company's share price recently reached a five-year high at $3.38. Forsyth Barr lists Sky as a potential takeover target, highlighting its strong free cash flow and dividend of at least 30 cents per share. Analyst Ben Crozier credits Sky's management and improved rugby contract terms. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, October 23, 2025, and here are five stories you should know about. A defunct Auckland construction company has been fined $30,000 in New Zealand's first-ever criminal prosecution for cartel conduct. Justice Sally Fitzgerald says she would have imposed a $595,000 fine if payment were realistic. The company, its former director, and related parties have name suppression pending court decisions. Co-defendant MaxBuild Limited was fined 500,000 dollars last year, and its director, Munesh "Max" Kumar, received community detention. Court documents show Kumar colluded on two 2022 infrastructure projects, securing $161,775 profit before the scheme was exposed by an accidental email. A 2021 law change made cartel conduct a criminal offence. In other news, Sky Sport will launch 4K ultra high-definition streaming with the first Ashes test on November 23. The broadcaster confirms only Sky Sport 1 will be available in 4K, with pop-up UHD channels when multiple live events coincide. Customers using Sky boxes or pods and commercial venues will access 4K content at no extra cost. Sky Sport Now users will pay an additional $5 per month for the UHD Premium Pass, while annual pass holders receive it free. On-demand programs remain standard definition. Sky has not announced 4K plans for its entertainment platforms including Neon. Meanwhile, KiwiSaver assets grew by $5 billion in the September quarter to nearly $135 billion, according to Morningstar's latest report. All multi-sector funds delivered positive results, with default funds around five percent. Morningstar's Greg Bunkall says the milestone marks 18 years since KiwiSaver began. ASB funds ranked strongly, while ANZ led overall market share at almost $23 billion. The five largest providers - ANZ, ASB, Fisher, Milford, and Westpac - manage about two-thirds of total assets. Morningstar estimates $1.1 billion in annual management fees. Over ten years, aggressive funds averaged ten percent annual returns, with conservative funds at 3.4 percent. In retail, Torpedo7's parent company Tahua Group will close the brand's last six stores and move entirely online by February. Retail division chief executive Lesley Francis-Ziogas says the physical model is unsustainable amid economic pressure and shifting consumer behavior. Tahua acquired Torpedo7 from The Warehouse Group in February 2024 for one dollar. The remaining stores will be rebranded as The Outlet, while Torpedo7 itself will continue as an online-only retailer. Francis-Ziogas says the digital model will simplify operations, lower fixed costs, and improve service. Torpedo7 began as an online store in 2004 before expanding into physical retail. And a new $225 million student accommodation tower is nearing completion on Auckland's Lorne Street. Developed by Australasian investor Cedar Pacific, the 18-level UniLodge Auckland Central will provide 758 beds above a heritage building behind the city library. Architect Cliff Paul of Ashton Mitchell says the design encourages community interaction. Facilities include a gym, cinema, library, music rooms, study areas, and two outdoor terraces. Each room features a kitchenette and ensuite bathroom. Communal dining areas and lounges resemble hotel spaces, with a concierge and café on site. The complex will be among Auckland's largest purpose-built student housing developments. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, October 22, 2025, and here are five stories you should know about. Fletcher Building says it has settled all outstanding claims on the Puhoi to Warkworth motorway with the Transport Agency and insurers, closing a long-running dispute. CEO Andrew Reding and Chairman Peter Crowley told shareholders the company's reorganisation from six divisions to five cost $120 million due to IT changes. Nearly 1000 ceiling pipes were replaced in Perth's Iplex remediation, with costs consistent with estimates. Crowley says Fletcher remains focused on quality assurance after the leaky pipes issue. He also confirms the New Zealand International Convention Centre is effectively completed, with testing and compliance processes under way before handover. In other news, Labour proposes increasing the video game rebate from 20% to 25%, lifting the per-company cap from $3 million to $4.5 million, and lowering the eligibility threshold to $200,000 in annual revenue. Leader Chris Hipkins announced the policy at gaming studio PikPok, saying it could be achieved within the current $40 million annual budget. The NZ Game Developers Association previously suggested similar adjustments. Science Minister Shane Reti earlier made the rebate permanent while boosting the Code grants scheme to $5 million. Reti criticises Labour's plan, arguing it favours large studios and could exhaust funding faster. Meanwhile, Airways New Zealand names Darin Cusack as its new chair following Denise Church's retirement, with Danny Tuato'o appointed deputy chair. Minister Simeon Brown confirms Cusack's three-year term begins October thirty-first and Tuato'o's runs to mid-2027. General manager Kim Nichols has also resigned after 16-and-a-half years. Cusack, a board member since 2018, says he will focus on safe and efficient services across 30 million square kilometres of controlled airspace. The Aviation Industry Association says Airways lacks transparency after a Nelson Airport control-tower absence caused delays, urging clearer communication about operational incidents. In Media news, lifestyle and fashion site Ensemble is closing after five years. Founders Rebecca Wadey and Zoe Walker Ahwa told readers the project had reached a natural end, saying maintaining its standards was no longer sustainable financially or creatively. Ensemble was launched in 2020, sold to Stuff in 2021, and repurchased by its founders last year. The closure follows financial struggles at Metro and North & South magazines. Wadey and Walker Ahwa thanked readers, advertisers, and contributors, noting every subscription dollar went to paying writers. Paid subscriptions were paused recently, and farewell stories will be published next week. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, October 21, 2025, and here are five stories you should know about. Finance Minister Nicola Willis sought urgent Treasury advice on improving Reserve Bank oversight after Adrian Orr's resignation as governor in March. Treasury proposed removing the governor from the board to strengthen accountability, but Reserve Bank chair Neil Quigley opposed the idea, saying it would diminish the role's status and international standing. Willis accepted that advice but later introduced a Financial Policy Committee to oversee prudential regulation. The committee will include board members, the governor and external experts. Dr Anna Breman becomes governor on December first, succeeding Christian Hawkesby. Treasury says the change will help the board focus on governance. In other news, Alliance Group farmer-shareholders have approved the $270 million sale of a 65% stake to Ireland's Dawn Meats. The cooperative's members retain 35%. Alliance says more than 87% of the 2,675 shareholders who voted backed the proposal, exceeding the required threshold. Chair Mark Wynne says the result confirms confidence in the company's direction. About $200 million from the investment will repay debt, with the rest for capital projects. Shareholders also gain planned distributions worth up to $20 million annually. The Meat Industry Association reports August red meat exports rose 22% year-on-year to $717 million. Elsewhere, a major Amazon Web Services outage disrupted New Zealand businesses and global platforms including Sky TV, TVNZ+, Snapchat, WhatsApp, Google, Zoom, and Fortnite. The 15-hour disruption affected access to cloud-based services such as accounting platform Xero. Doug Graham from The Bean Machine says his company couldn't complete bank reconciliations or invoices during the outage. Xero confirmed some customers faced login issues while Amazon worked to restore systems. Amazon later announced services had "returned to normal operations" and promised a report on the incident's cause once technical issues were fully resolved, according to international media reports. In a separate development, Torpedo7 will return to being an online-only retailer by February 2026. Owner Tahua Group, which purchased the brand from The Warehouse Group for one dollar in 2024, will convert all remaining stores into The Outlet format. Managing director Roger Harper says the move protects the business and refocuses investment. Torpedo7 will trade through the 2025-26 summer season before clearance sales begin. The brand currently has stores in Albany, Newmarket, Taupō, Christchurch, Queenstown, and the Remarkables. Previously, The Warehouse Group reported a $60.3 million Torpedo7 loss for the 2024 financial year on $94.5 million in sales. Turning to the energy sector, Meridian Energy chair Mark Verbiest says Government participation in future capital raisings marks the biggest change since the company listed in 2013. Speaking at the annual meeting, he welcomed the Government's response to the Frontier Economics Report on the power sector. Meridian, 51% state-owned, posted a $454 million net loss in June after dry conditions and low gas availability. Chief executive Mike Roan says strong spring winds and new battery capacity are improving results. Meridian supplies about 30% of New Zealand's electricity. Verbiest notes an independent report found the market competitive and structurally sound. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 20, 2025, and here are five stories you should know about. Annual inflation in New Zealand reached 3 percent for the year to September, the highest in 15 months and at the upper limit of the Reserve Bank's target range. ANZ's Miles Workman says higher tradeable inflation offset gradual domestic disinflation, while Westpac's Satish Ranchhod notes continued softness in rents and new home costs. Power prices rose 11.3 percent, food 4.6 percent, and local rates 8.8 percent. Kiwibank's Mary Jo Vergara says 36 percent of measured items fell in price, unchanged from the previous quarter, while core inflation eased to 2.5 percent, the lowest since March 2021. In other news, Ponsonby's award-winning restaurant Sidart entered liquidation, owing more than $1 million to creditors and Inland Revenue. Owner and chef Lesley Chandra closed the restaurant last week, citing cashflow difficulties. Liquidators Jared Booth and Tony Maginness report $967,906 owed to The Epicurian Consultancy, $177,920 to Inland Revenue, and $2,606 to employees. Unsecured creditors are owed over $94,000. Sidart, established in 2009 and sold to Chandra in 2021, was named Restaurant of the Year in 2019. The Restaurant Association reports total industry sales rose 1.4 percent to $15.99 billion in June 2025. Meanwhile, the Government will amend the Credit Contracts and Consumer Finance Act to ensure penalties for past disclosure errors are proportionate, but the change won't apply to ongoing court cases. This means a major class action against ANZ will continue. Commerce Minister Scott Simpson says retrospective change is justified to ensure fair outcomes. ASB recently settled a similar case for $135.6 million without admitting fault. ANZ's Antonia Watson says excluding her bank from relief sets a poor precedent. The case, involving 17,000 customers, is due to be heard in March. On the consumer front, Honey New Zealand's energy drink Mānuka Phuel has gained strong traction since its March launch across major retailers. Co-creator Alex McDonald says it took seven months from concept to can, blending mānuka honey with caffeine for a natural alternative. The range includes Big Buzz, Collagen Buzz, and Hydro Buzz, retailing at about $2.59 per can. A Honey NZ spokesperson says the drink meets demand for clean, functional beverages. At the March Synthony festival, about 21,000 of 35,000 attendees tried Mānuka Phuel. McDonald says the company's growth shows strong interest in honey-based energy products. In a separate development, Bastion Shine has recruited six senior leaders from VML Wellington in one of New Zealand's biggest advertising talent moves. The hires include managing director Fleur Head, creative director Damian Galvin, and four other department heads, collectively bringing nearly 50 years of VML experience. Bastion Shine chief executive Toby Sellers says Wellington is a strategic focus and the recruits strengthen its government sector capabilities. The team joins early in 2026. The shift comes amid consolidation within global holding companies, as agencies tighten costs and restructure to maintain competitiveness. Bastion Shine employs 80 staff. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 17, 2025, and here are five stories you should know about. Rocket Lab founder Peter Beck is now worth US$3.5 billion. The company has recently signed its first contracts for the crew-capable Neutron Rocket, and delivered two Mars spacecraft for Nasa. Recent deals, including one with Japan's aerospace agency, lifted its order book above US$1 billion. Rocket Lab raised US$750 million through a rights issue, and now employs about 800 staff in Auckland, following its purchase of a Warkworth carbon composite plant. In other news, Alliance Group's independent director, Mark Wynne, says he's confident farmer-shareholders will back a proposal giving Ireland's Dawn Meats a 65 percent stake for $270 million. The vote takes place Monday in Invercargill. Some farmers have formed an alternative plan to keep Alliance fully New Zealand-owned through new capital contributions and asset rationalisation. Wynne says farmers indicate they prefer external investment after rejecting fresh capital calls last year. Alliance owes banks 188 million dollars due December 19. If approved, Dawn Meats will appoint three of five directors under joint governance and veto rights. Elsewhere, builder Brosnan has been recognised for its extensive repairs to the Oaks Queenstown Shores Resort, which requires $160 million of leaky building remediation. The four-block, 12-level complex involves 161 apartments, costing about $993,000 each to fix. Brosnan's work earned three Australasian Concrete Repair and Remedial Building Association awards, including overall excellence. Chief executive Geoff Nash says block two was completed last year and won the prizes, while work continues on blocks three and four. Owners settled earlier with the Queenstown Lakes District Council and Government. Brosnan reports improvements in passive fire protection and waterproofing across subsequent stages. Singapore Airlines and Air New Zealand will expand their joint Auckland-Singapore route from 21 to 28 weekly flights starting on October 27th. Four aircraft will each operate seven weekly services, using Airbus A350 and Boeing triple sevens. And from January 18, the giant Airbus A380 will also operate on the route until March 29. The A380 features six suites and 78 business-class seats on the upper deck, with 44 premium economy and 343 economy seats below, making it the world's largest commercial passenger aircraft. And in international developments, about 3,000 claimants in Britain have launched a High Court action against Johnson & Johnson, seeking more than £1 billion over alleged asbestos exposure from talcum powder. The case covers use between 1965 and 2023. Law firm KP Law alleges the company knew its talc products contained carcinogenic fibres for decades. Johnson & Johnson refers inquiries to Kenvue, its former consumer health arm, which now handles non-US and non-Canadian litigation. Kenvue says the powder met safety standards and did not contain asbestos. The World Health Organisation has classified talc as probably carcinogenic to humans. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, October 16, 2025, and here are five stories you should know about. The Reserve Bank's released new research rejecting claims its 55 billion dollar Large-Scale Asset Purchase programme drove post Covid inflation or cost the Government billions. The modelling found inflation would have been only 0.5 percentage points lower in 2020-21 without the scheme, and similar afterwards. Chief economist Paul Conway says the programme mainly lowered long-term interest rates and kept the New Zealand dollar down, helping exporters. The LSAP cost the Crown about $11 billion but also delivered offsetting benefits through higher tax revenue and lower borrowing costs. Conway says LSAPs remain a tool for targeted use alongside the Official Cash Rate. In other news, a global airport group reports New Zealand's domestic airfares have risen 63 percent in six years, the fastest in the world. The Airports Council International says inflation and airline competition, not airport charges, drove the rise. Air New Zealand says its domestic fares increased 35 percent as costs jumped more than 40 percent since 2019. Board of Airline Representatives director Cath O'Brien says New Zealand's geography and user-pays system make operations costly. Last week, the Commerce Commission declined to review airport regulation. Air New Zealand's chief executive Greg Foran has called for stronger oversight of airport spending. Turning to household costs, food prices rose 4.1 percent in the year to September, the smallest annual increase since April 2025, according to Stats NZ. Monthly, food prices fell 0.4 percent - the first drop since February 2025. Grocery items led the annual rise, up 3.9 percent, while milk, cheese, and beef mince showed the sharpest increases. Fruit and vegetables fell 2.5 percent monthly. Electricity was up 11.6 percent annually and gas 17 percent. Stats NZ's Nicola Growden says all five food groups still rose annually, but at a slower rate. Domestic airfares increased 2.1 percent annually and 11 percent monthly during the school holidays. Deal website GrabOne has stopped trading after its owner, Global Marketplace New Zealand, went into liquidation. Calibre Partners' Daniel Stoneman and Neale Jackson were appointed liquidators and say funding constraints forced the immediate closure. The website now shows a notice confirming no further deals or refunds will be processed, advising customers to contact merchants about unredeemed vouchers. GrabOne was founded in 2010 and sold by NZME in 2021 for $17.5 million. Retail expert Chris Wilkinson says the group-buying model became outdated as online retail evolved. He describes it as a legacy digital marketing format once popular with small businesses. Finally, in property news, Precinct Properties has appointed builder, Icon, to construct a 201 million dollar, 32-level student accommodation tower at 256 Queen Street, Auckland. The 638-unit building will be part of Precinct's $3.7 billion development pipeline. Icon's Dan Bosher says contracts are signed, with site possession from November 3. Precinct launched a $310 million equity raise to fund the project and repay debt. The tower will feature studio rooms with kitchens and bathrooms, designed by Ashton Mitchell, who says it retains the historic façade of the former Auckland Savings Bank building. The project adds 638 beds to Precinct's student housing portfolio. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, October 15, 2025, and here are five stories you should know about. Investment firm HP Capital, trading as Finbase, has been formally warned by the Financial Markets Authority for serious disclosure and fair dealing breaches. The regulator says Finbase made regulated offers of its Single Investment financial products without meeting disclosure and notice obligations under the Financial Markets Conduct Act. Finbase says the breaches resulted from incorrect legal advice but did not cause investor losses. The company says it has reviewed its legal advisers and worked closely with the FMA to resolve the matter. FMA executive director Louise Unger says fair dealing in wholesale offers is a key regulatory focus this year. In other news, Finaccess Capital chief executive Jose Pares Gutierrez, also chairman of Restaurant Brands New Zealand, says limited liquidity and small free float have constrained shareholder value. Finaccess has launched an offer to take the fast-food group private, open until November 12. The company's independent directors plan to release a Target Company Statement by October 29, including an independent valuation from Calibre Partners. Finaccess highlights that Restaurant Brands' trading volume is significantly below peers. ACC, holding 4.73%, has agreed to accept the offer in relation to its shareholding. Meanwhile, transport technology firm, E Road, is warning small business customers that some truck-tracking devices still depend on One New Zealand's 3G network, which begins shutting down on December 31. 2degrees will close its 3G service at the end of this year, with Spark following in March. E Road co-chief executive Mark Heine says operators should upgrade early to avoid installation delays during the busy holiday period. The company says any systems using 3G Sim cards, including medical devices, security alarms and older e-readers, will stop working once the 3G networks are fully decommissioned. Elsewhere, SkyCity Entertainment Group says Auckland's new $1 billion New Zealand International Convention Centre will host 95 events in its first year. The company released a confirmed schedule extending through 2028, including 28 future international conferences. Fifteen of next year's events will attract about 15,000 attendees. Upcoming gatherings include heart rhythm specialists, ecologists, and dairy experts. The convention centre was built by Fletcher Construction, a subsidiary of Fletcher Building. SkyCity says the International Coral Reef Symposium, scheduled for July, is the convention centre's largest event of 2026, bringing around 2000 delegates and generating an estimated $5.1 million in economic benefit. Finally, in agribusiness, Scales Corporation has upgraded its 2025 earnings guidance. The company now expects underlying net profit after tax of between $54 million and $59 million, up from a previous range of 51 to 56 million. Managing director Andy Borland says performance across the group remains strong this year, ending December 31. Last month, Scales agreed to take full control of Meateor Australia and Fayman International, and lift its stake in ANZ Exports to 85 percent. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, October 14, 2025, and here are five stories you should know about. MyFarm Investments' partnership Rākete Orchards, which grows trademarked Rockit apples, has entered voluntary administration. Administrators George Bannerman and Rees Logan from BDO Auckland were appointed by the board. Rakete chair Tony Hawken says low orchard returns forced the decision, citing weak demand and high supply chain costs. The six Hawke's Bay orchards cover 62.6 hectares, valued at $17.4 million. Rockit chief executive Grant McBeath acknowledges the challenges and says the company is focused on improving orchard gate returns. Rockit declined specific support for Rākete, prioritising investment across its wider grower network after economic pressure and weather impacts reduced performance. In other news, the Reserve Bank will ease mortgage lending restrictions from December. Banks will be allowed to issue up to 25% of new owner occupier loans with deposits below 20%, up from 20%, and up to 10% for investors below 30% equity, doubling the current 5% limit. Acting assistant governor Angus McGregor says new debt to income limits allow less restrictive loan to value settings. Finance Minister Nicola Willis welcomes the change, saying it supports home ownership. The Reserve Bank will consult banks over the next two weeks before implementing the updated lending conditions under its revised framework. On the technology front, NZX-listed Scott Technology has secured $44 million in new automation contracts with major appliance manufacturers in the United States and Brazil. Chief executive Mike Christman says the deals include the company's largest ever appliance project in the US, delivering systems for laundry appliance production. The JBS-controlled firm says automation demand reflects global manufacturing changes driven by labour shortages and supply chain shifts. Scott Technology recently launched its "Destination 2030" strategy and reported a $7.7 million annual profit to August 2024, down 50% from the previous year, due to strategic expenses, lease costs, and tax depreciation changes. Meanwhile, total electronic card spending fell 0.4% in September, ending a three month rise, according to Stats NZ. Spending in retail industries dropped 0.5% or $34 million from August, with motor vehicles down 2.6%, apparel down 1.4%, and durables down 0.8%. Hospitality was the only category to increase, up 1.5% or $22 million. Quarterly data showed a 0.6% rise compared with June, led by higher consumables and hospitality spending. Kiwibank economist Mary Jo Vergara says households are prioritising essentials, while Westpac's Satish Ranchhod notes overall spending growth remains subdued. Cardholders made 168 million transactions, totalling $9.1 billion across all industries. Finally, in a separate development, Parliament has passed a bill ending the ban on Sunday morning and holiday broadcast advertising by a 93-29 conscience vote. The 73-word law allows ads on Christmas Day, Good Friday, Easter Sunday, and Anzac Day morning. Media Minister Paul Goldsmith says the change levels the playing field with digital platforms and reflects audience shifts to streaming. Broadcasters may gain around $6 million in annual revenue. Labour's Reuben Davidson calls the reform minor but supports it, while New Zealand First opposes the measure. The Government emphasises the move as part of wider media industry support. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, October 13, 2025, and here are five stories you should know about. Six Auckland property development companies have gone into liquidation, owing more than $20 million to creditors including Inland Revenue and several major corporates. Liquidators Steven Khov and Kieran Jones of Khov Jones were appointed on October 3 by directors Xu Xin and Wei Liu. KBS Construction, builder of Takapuna's 120-unit Amaia Apartments, owes $9.4 million to unsecured creditors and $129,000 to Inland Revenue. Related entities Henderson Green, Hobson Green, South Pacific Green Development, Pooks Green Development and Swanson Project also collapsed. Liquidators' reports list many trade creditors, and investigations into the companies' assets and legal proceedings are continuing under Khov Jones. In other news, Fletcher Building has issued a trading update reporting further declines in volumes and continued margin pressure through July to September. Chief executive Andrew Reding says market conditions remain subdued, especially in New Zealand, with light and heavy building product volumes falling. Winstone Aggregates volumes dropped 4.1 percent, and Laminex and Iplex in Australia were also weaker. Residential sales reached 88 homes, compared with 90 previously. Fletcher plans another $100 million in cost reductions. The company's annual shareholder meeting takes place on October 22 at Eden Park in Auckland. Also today, Precinct Properties has launched a $310 million equity raise through a fully underwritten $285 million placement and a $25 million share purchase plan. The proceeds will initially repay bank debt, providing flexibility for its $3.7 billion project pipeline, including a $201 million student accommodation development at 256 Queen Street, Auckland. The placement is priced at $1.23 per stapled share, a 7.5 percent discount to Friday's close. NZX trading in Precinct shares is halted during the raise. Following completion, pro forma gearing will fall to 33.2 percent from 41.6 percent as at June 30, 2025. Meanwhile, New Zealand's annual net migration gain fell to 10,600 in the year to August 2025, according to Stats NZ. The data shows record net losses of 47,900 New Zealand citizens as migrant departures reached 73,900. Migrant arrivals declined 16 percent to 138,600, while departures rose 13 percent to 127,900. Annual migrant arrivals had peaked at 234,800 in October 2023. Citizens from India, China, the Philippines and Sri Lanka contributed most to net migration gains. The figures mark another month of falling migration, with only 1,600 more arrivals than departures recorded in August, down from 2,000 in July. In a separate development, the High Court has ordered Du Val founders Charlotte and Kenyon Clarke to pay the Financial Markets Authority $46,000 in costs. Justice Jane Anderson granted the order after the FMA successfully obtained asset preservation measures against the couple and their property group. The assets were first frozen in August 2024 as part of an ongoing FMA investigation. Seventy Du Val entities were placed into statutory management weeks later. The Clarkes opposed costs, but the judge ruled their opposition was privately motivated. The FMA was awarded $40,300 in costs and $5,800 in disbursements. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 10, 2025, and here are five stories you should know about. Finance Minister Nicola Willis says selling the Government's investment in Chorus could raise funds for hospitals and schools. Speaking at the Bloomberg Address in Auckland, she explained the Government holds debt and equity securities, not ownership in Chorus, and aims to sell them for "as much as possible." Willis also discussed tariffs, immigration, and deregulation. She confirmed no plan for a capital gains tax, and said the Reserve Bank was not transparent enough about former Governor Adrian Orr's departure. Meanwhile, the Reserve Bank's new Auckland offices at Britomart will cost more than triple its previous rent. The 10-year lease at 16 Takutai Square totals $32 million, with a $14.5 million fit-out. The lease began August 1, covering over 4800 square metres - double the space at its Queen Street site. The bank's annual report shows last year's lease cost $1 million. The move comes as restructuring continues, with more than 100 job cuts under review. Willis previously said she was dissatisfied with the bank's lease-related costs, but the governor and Reserve Bank board made the decisions about such spending. In other developments, liquidators say Hawke's Bay cherry grower, Cherri Global, owes nearly $43 million to creditors after entering liquidation in March. Price water house Coopers' Janet Sprosen and Stephen White say most debts are to related parties, with the Ministry of Business, Innovation and Employment the largest external creditor. The companies ceased trading in November 2024 after selling major assets. Kānoa's Crown Regional Holdings is owed $1.35 million from a loan approved under the North Island Weather Events Primary Producer Finance Scheme. Liquidators continue investigations and expect to issue further updates within six months. Across the United States, air travel disruptions are worsening as the government shutdown stretches into a second week. Transportation Secretary Sean Duffy says air traffic control staffing shortages have pushed delays from 5 to 53 percent. Many controllers are working without pay, prompting sick leave and flight disruptions at major airports. The Transportation Security Administration warns of longer security lines. The US Travel Association reports losses of 1 billion US dollars weekly. Congress is divided on funding, while US$41 million temporarily extends services to small rural airports. Finally, in markets, New Zealand property shares outperformed globally after the Reserve Bank cut the Official Cash Rate to 2.5 percent. The S&P NZX All Real Estate Investment Trust Index rose 6 percent last month and 14.9 percent in the September quarter, compared with 1.1 and 4.4 percent globally. Harbour Asset Management attributes gains to lower borrowing costs and steady rental income. Office owner Precinct Property, Vital Healthcare Property, and Goodman Property led sector strength. Jar-din reports property shares now trade closer to asset values and notes continued investor interest amid low term-deposit returns, supporting dividend-focused real estate investment performance in New Zealand. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, October 9, 2025, and here are five stories you should know about. The Bank of England warns inflated AI stock valuations pose a material risk to Britain's economy. Its Financial Policy Committee says equity market valuations appear stretched, especially among artificial intelligence focused technology firms dominating nearly 30% of the S&P 500. The bank cautions a sharp correction could reverberate globally, affecting finance for households and businesses. The IMF's Kristalina Georgieva also warns valuations may be "masking" fragilities similar to the dotcom bubble. Gold prices have surged past 4000 US dollars an ounce amid global instability, while the Bank highlights rising government debt and borrowing costs as additional economic vulnerabilities. In other news, liquidators report unsecured creditors of Smiths City are unlikely to recover funds, with debts exceeding $26.8 million. Administrators Colin Gower and Diana Matchett of BDO Christchurch say the 100-year-old retailer faced falling sales, rising costs, and an unprofitable cost structure before entering liquidation. Secured creditors are owed 9.5 million, and preferential claims total 1.16 million, including Inland Revenue's 1.02 million. Unsecured creditors are owed 15.4 million against assets of 8.7 million. Smiths City employed 137 staff and operated nine stores when trading ended, after unsuccessful attempts to sell the business. Meanwhile, the Government's begun a procurement process for a liquefied natural gas import terminal to support electricity generation during dry years. The plan follows last winter's gas shortages and price spikes. Analyst Josh Runciman from the Institute for Energy Economics and Financial Analysis, estimates a floating storage and regasification unit could cost about A$250 million, with full terminal costs near 400 million. The International Energy Agency reports global LNG supply expansion through 2030, led by the United States and Qatar. Runciman notes LNG use overseas is often costlier than renewables, but remains common worldwide. Hopes for the economic recovery have been given a significant boost by the Reserve Bank's decision to "front-load" cuts to the Official Cash Rate. The RBNZ yesterday delivered a 50-basis-point cut to the OCR, and indicated it was prepared to cut again in November if required. The Monetary Policy Committee says inflation remains near the top of its 1 to 3 percent target band, but should return to 2 percent by 2026. Annual inflation stands at 2.7 percent. The committee highlights spare capacity in the economy, and notes modest signs of recovery after last quarter's GDP fall. Retail NZ's Carolyn Young welcomes the cut as support for retailers. And on the technology front, investment platform Sharesies has launched its own Debit Mastercard, promising 1 percent "Investback" where spending rewards are auto matticklee reinvested. More than 30,000 customers have joined the waiting list, with 6000 testing the card early. Sharesies says users can freeze cards, manage spending, and view investments directly in its app. General manager Scott Nixon says the card helps people align daily spending with long-term goals. Mastercard's Ruth Riviere says New Zealanders are becoming more sophisticated with money management. Sharesies now has more than 880,000 customers across Australia and New Zealand and manages up to $9 billion in assets. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, October 8, 2025, and here are five stories you should know about. The Reserve Bank's cut the Official Cash Rate by 50 basis points to 2.5 percent in its latest Monetary Policy Review this afternoon. The Monetary Policy Committee reached a consensus on the reduction, noting it remains open to further adjustments if needed to keep inflation near the 2 percent target. Economist Kelvin Davidson says the move is "shock treatment" to help restart the economy. ASB chief economist Nick Tuffley says inflation pressures appear weaker than expected. Following the announcement, the S&P NZX50 Index rose to 13,621, close to its all-time high. In other news, Cooks Coffee Company's signed a partnership agreement with Tesco Ireland to open five Esquires cafes inside supermarkets by November. The dual-listed company operates 108 Esquires stores across 10 markets, mainly in Europe and the Middle East. Executive chairman Keith Jackson says the Tesco deal aligns with the company's growth strategy. Founded through a merger and holding global Esquires rights since 2013, Cooks Coffee reported revenue of $6.73 million for the year ended March 31, up 43 percent from 4.7 million. The new cafes will feature full layouts and broad food options. Meanwhile, financial trouble's hit two major Auckland apartment projects worth a combined $435 million. Insolvency practitioners have been appointed to companies involved in the 350 million dollar Amaia development in Takapuna and the 85 million dollar Beachcroft Residences in Onehunga. Subcontractors have raised concerns about payments at Amaia, where 15 more buildings are planned. Both projects include 88 units, with Amaia designed to expand to 500 apartments. Operators are also being sought for Amaia's planned childcare centre and gym. In dairy, the Global Dairy Trade price index fell 1.6 percent, led by declines in key products, but economists are maintaining farmgate milk price forecasts near $10 per kilogram of milksolids. Fonterra's current forecast range is $9.00 to $11.00 per kilogram. Whole milk powder dropped 2.3 percent compared to the last sale a fortnight ago. Skim milk powder was down 0.5 percent. Butter prices fell 3 percent and buttermilk powder declined 2.3 percent. Analysts attribute the softness to strong milk production during the October peak. And at the High Court in Auckland, former Minister for Workplace Relations and Safety, Michael Wood, has described what he called "serious deficiencies" in workplace safety at the Talley's group. Wood oversaw WorkSafe's probe after TVNZ aired reports in 2021 and 2022 alleging unsafe practices and injury claim mismanagement. Talley's is suing TVNZ for defamation, claiming the stories damaged its business. Wood says he was told orally by officials that deficiencies reached the board level, though the phrase did not appear in written briefings. Talley's lawyer Brian Dickey challenged how Wood formed his assessment. The trial continues. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, October 7, 2025, and here are five stories you should know about. ASB has agreed to pay $135.6 million to settle a class action, alleging breaches of disclosure obligations under the Credit Contracts and Consumer Finance Act. The settlement ends four years of legal action, with ASB admitting no liability. Chief executive Vittoria Shortt says the deal provides certainty for customers. Lawyer Scott Russell, representing plaintiffs, calls it a positive outcome, avoiding lengthy litigation. ANZ remains the sole defendant and confirms it will continue defending its case. The class action, filed in 2021, followed issues when ANZ sent incorrect loan variation disclosures to more than 100,000 customers. In other news, liquidators for the cancelled Juicy Festival and Timeless Summer Tour are seeking repayment from artists after the companies' collapse left a $14 million shortfall. Reports show Juicy New Zealand owes $8.8 million to unsecured creditors, while Timeless Events owes 5.2 million. Assets total less than $140,000 across both. Liquidators Garry Whimp and Benjamin Francis have asked artists including Ludacris, Akon, and Boy George to return funds paid. They say the transactions may be voidable under company law and have applied to the court for guidance, with a two-day hearing planned after April 17 next year. Meanwhile, the latest NZIER Quarterly Survey of Business Opinion shows confidence declining in the September quarter. A net 15% of firms expect better economic conditions, down from 26% in June. Fourteen percent reported lower trading activity, while nine percent expect improvement next quarter. Hiring and investment intentions have fallen, with 23% cutting staff and 13% planning reduced equipment investment. Manufacturing remains least optimistic, with only 3% expecting improvement. NZIE Arr's Christina Lee-yoong says weak demand and global uncertainty are driving caution. The survey is the final major data release before tomorrow's Official Cash Rate decision. In a separate development, Māori Kiwifruit Growers Limited has launched a new export initiative in the United Arab Emirates with partners Mr Apple and Zespri. The Māori Queen led a delegation in Dubai for the launch. Chairman Geoff Rolleston says the partnership places Māori growers "on the world stage" and aims to reinvest proceeds into training and capability-building. The group represents more than 70 orchards supplying 8% of New Zealand's kiwifruit. And BNZ has reduced several home loan rates ahead of the Reserve Bank's official cash rate announcement. The six-month fixed rate drops 10 basis points to 4.89%, while the 18-month term falls 26 basis points to 4.49%. Two- and three-year rates decrease to 4.65 and 4.85, aligning with rival banks ASB, ANZ, and Westpac. Kiwibank continues to offer the lowest six-month rate at 4.85%. The rate adjustments follow widespread reductions across major lenders last week. At the last meeting in August, the central bank published a new rate track, indicating continued easing through early next year. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, October 6, 2025, and here are five stories you should know about. Former Reserve Bank Governor Adrian Orr will receive a $416,120 restraint of trade payment this month, taking his pay to $1.18 million for the nine months until his March resignation, the Reserve Bank's 2025 Annual Report shows. Chairman Neil Quigley resigned on August 29 following scrutiny over Orr's departure. Staffing expenses rose to $117 million for the year to June 30, up from $94 million. Six executive leaders received $1.6 million in redundancy payments. Acting Governor Christian Hawkesby thanked staff and welcomed incoming Governor Dr Anna Breman, who begins on December 1. The bank delivered a $542 million dividend to Government. In other news, IAG New Zealand's been fined $19.5 million by the Auckland High Court after admitting breaches of the Financial Markets Conduct Act. The insurer made false or misleading representations about pricing and discounts between 2021 and 2024, affecting around 269,000 customers and overcharging $35 million. Justice Peter Andrew says the scale of contraventions was the most serious feature of the case. The penalty reflects IAG's cooperation and remediation. Chief executive Amanda Whiting says the company apologised and refunded customers, adding that systems had been fixed. The Financial Markets Authority confirmed the breaches were self-reported. And the authority's also issued an alert about pump-and-dump scams operating through WhatsApp group chats. The FMA says scammers buy low-value overseas shares, hype them to investors, and sell at inflated prices, leaving victims with losses. It's released phone numbers and aliases linked to the scheme. Scammers impersonate business figures to invite people into groups, initially promoting well-known stocks to build trust. Victims may later face "recovery room" scams seeking more money. The FMA urges investors to stop engaging and block scammers. Elsewhere, the Commerce Commission's warned several Blenheim brick layers over suspected cartel conduct. G J Marfell Ltd, Mike Vis Bricklaying Ltd, and tradesmen Benjamin Robertson and Andrew Dwyer discussed project quotes via text, raising concerns about cover pricing. Commission chairman John Small says such behaviour risks bid rigging and market allocation. The investigation found messages from 2020 and 2021 showing pricing discussions that may have deceived customers seeking competitive quotes. Despite limited financial harm, Small says the warnings highlight the need for tradespeople to understand competition law obligations and ensure lawful dealings with competitors in future projects. And the Commission's ruled out a new inquiry into airport regulation for Auckland, Wellington, and Christchurch airports. Air New Zealand had called for a deeper review, but the watchdog says it will instead consult on information disclosure for major projects. The New Zealand Airports Association welcomed the decision, saying it ensures transparency and stability. Auckland Airport chief executive Carrie Hurihanganui says the report provides investor certainty. But the Aviation Industry Association said the move doesn't provide the confidence that big investment decisions like the Auckland airport terminal expansion can really deliver value for New Zealanders. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 3, 2025, and here are five stories you should know about. Two more banks have joined a wave of mortgage rate cuts ahead of next week's Reserve Bank decision on the Official Cash Rate. Westpac and ASB both dropped their one-year fixed home loan rates to 4.49%, matching ANZ and BNZ. Westpac also cut its six-month rate to 4.99% and two-year rate to 4.65%, while ASB lowered its six-month to 4.95% and two-year to 4.65%. Westpac's Sarah Hearn says the reductions reflect intense competition, while ASB's Adam Boyd says the move supports households refinancing. The OCR currently sits at 3%, down from 5.25% in August last year. In other news, the Government's unveiled a new Defence Industry Strategy aimed at boosting local involvement in military equipment production. Associate Defence Minister Chris Penk says the plan requires multinationals to outline partnerships with New Zealand companies. Defence Minister Judith Collins points to drone-maker Syos Aerospace as an example, with the firm employing 100 engineers and producing 40 uncrewed surface vehicles per month. Founder Sam Vye says the approach strengthens collaboration with the Defence Force. The Ministry of Defence earlier noted growing global tensions and stressed the need for resilience, innovation, and value for money in defence projects. Meanwhile, New Zealand's largest liquor retailer has reported weaker revenue and flat profits. Tasman Liquor, which owns around 370 outlets under brands such as Liquor Centre and Bottle-O, posted revenue of $269 million for the year to April 2025, down 4% from $280.3 million. Gross profit slipped to 20.7 million, while net profit held steady at 4.76 million. The company paid a dividend of $7.77 million to its Australian parent, Metcash. Tasman's stores were affected by Auckland's alcohol policy changes, while nationwide trends show declining alcohol consumption and rising demand for low and no alcohol options. In a separate development, influencers Topher Richwhite and Bridget Thackwray have secured Environment Court consent to develop a glowworm cave attraction near Queenstown. Their company Far away Entertainment won approval after amending its original proposal, which had been turned down by the council. The revised plan requires leasehold, not freehold, and includes native planting and restrictions on fencing and design. The couple already have a separate glowworm venture under construction in Rotorua. The Queenstown site's expected to handle up to 1200 visitors daily. Detailed plans include a ticketing hut, carpark, wetland features, and eco-friendly designs using locally sourced plants and materials. Turning to international markets, Tesla has reported higher third-quarter global vehicle deliveries. The company handed over 497,099 cars, up 7% from a year earlier and reversing three straight quarters of declines. The increase came as buyers rushed to take advantage of a US tax credit that expired on September 30. Other carmakers, including General Motors, Ford, Stellantis, Toyota, Honda and Kia, also reported stronger US sales. The annualised auto sales rate reached 16.4 million in September. Tesla's results follow recent declines linked to competition in China, weaker demand for its Cybertruck, and controversy involving chief executive Elon Musk. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, October 2, 2025, and here are five stories you should know about. Barfoot and Thompson reports a sharp drop in Auckland house prices, despite a rise in sales volumes. The agency sold one thousand and thirty-two residential properties last month across Auckland, Northland, Coromandel and Bay of Plenty, up 21 percent from 889 in August. But the median price fell by 20 thousand dollars to 930 thousand. That figure is now 25 percent below the peak median of $1.24 million recorded in November 2021. Unsold listings remain high. In other news, ExxonMobil's future in New Zealand has been highlighted in Australian media reports. The Australian newspaper says the company could be open to discussions about offloading its New Zealand assets, though ExxonMobil has not placed the business on the market. A spokesperson for ExxonMobil New Zealand says the company does not comment on market speculation. The company owns the Wiri Oil Service business in South Auckland, additional terminals in Mount Maunganui, Wellington, Christchurch and Bluff, and operates a nationwide network of more than 150 service stations through agents and dealers. Meanwhile, airports have welcomed the Government's new freight action plan, an updated national freight demand study, and a freight advisory council. The New Zealand Airports Association says major investments are already underway, including Auckland Airport's new cargo precinct and Christchurch Airport's expanded freight apron, which will accommodate up to eight narrow-body or four wide-body aircraft. NZ Airports chief executive Billie Moore says these initiatives will better connect projects with freight businesses. The plan will be led by NZ Transport Agency. Elsewhere, a Christchurch man has been sentenced over tax offending. Frederick Mario Mau Epiha received 10 months' home detention after pleading guilty to 16 charges in the Christchurch District Court. Inland Revenue says Epiha's company, Redemption Solutions Limited, failed to pay more than 215 thousand dollars of workers' PAYE between August 2022 and April 2023. The department says the offending was deliberate and repeated despite warnings. Redemption Solutions was placed into voluntary liquidation in April 2023. The court also heard Epiha previously managed Asia Pacific Group Limited, whose director was sentenced in 2024 for similar PAYE offending. And the High Court has penalised an Auckland real estate agent, and her husband, for breaching the Overseas Investment Act. The penalties so far amount to nearly $1 million. Land Information New Zealand says the couple bought three Auckland residential properties on behalf of overseas investors without consent, using shell companies to conceal foreign involvement from China and Hong Kong. The court ordered the pair to sell properties acquired unlawfully, with additional penalties pending. One Saint Johns property sold in 2022 for three point five million dollars. Another Mission Bay property remains under development. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, October 1, 2025, and here are five stories you should know about. RNZ has confirmed cuts to youth platform Tahi, weekend shows, and presenting roles after its annual budget was reduced by nearly five million dollars. The broadcaster says its Sunday Culture 101 show will drop from two presenters to one, while the At The Movies radio segment will end but continue as a podcast. The Sunday Sampler show has also finished. Interim head of content John Hartevelt says expansion of platforms such as YouTube and TikTok had made it difficult to support dedicated youth channels. The final Tahi podcast will be released November 6. Tahi was launched in 2021 to target younger listeners. In other news, American author Mel Robbins has sold out two shows scheduled for March at Auckland's new one-billion-dollar New Zealand International Convention Centre. SkyCity Entertainment Group says nearly 2,852 seats were sold twice after Robbins added a second date on March 21. Only limited accessible tickets remain. Tickets, priced from 132 to 177 dollars, went on sale last week. Robbins, author of The Let Them Theory, will present her Let Them Tour, 2026. The venue's general manager Prue Daly says hosting Robbins marks an exciting start for the country's largest seated theatre opening in February. Land Information New Zealand has granted exemptions to Shoon-dee Customs, developer of Auckland's 56-level Seascape tower, allowing it to sell apartments to overseas buyers. Lynns says delays, including a dispute with former contractor China Construction, created financial pressures. The dispute is resolved and new builder Icon is engaged. A Shoon-dee spokesman disputes Lynns' comments on financing but confirms exemptions were necessary to complete pre-sales. The Seascape project, New Zealand's tallest planned apartment tower, has been stalled for more than a year. Lynns says the exemption enables continued settlement of residential unit sales with foreign purchasers. Meanwhile, global air passenger traffic grew in August, according to the International Air Transport Association. Revenue passenger kilometres, or RPKs, rose 4.6 percent year-on-year, up from July's 4.1 percent increase. Passenger load factors from the Americas to the Southwest Pacific, which includes New Zealand, fell 1.5 percent compared to last year. The global airline association expects flight volumes this month to be up 3.4% on a year ago. And Netsafe reports financial losses from impersonation scams rose sharply last month, despite fewer incidents being reported. Losses increased from 5,000 dollars in August to 19,600 dollars in September, with an average of 268 dollars lost per scam. Netsafe says impersonation scams exploit relationships and trust, making victims more likely to follow instructions or send money. The agency urges people to verify unusual requests, even if they appear to come from trusted sources. Netsafe also recorded an increase in account compromise scam reports, rising from 51 cases in August to 59 in September. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, September 30, 2025, and here are five stories you should know about. Andrew Barclay, retiring Goldman Sachs New Zealand managing director and chief executive, has been appointed chairman of TVNZ effective November 3. He replaces Alastair Carruthers, who is leaving the role eight months early. Media and Communications Minister Paul Goldsmith confirmed the appointment today, saying Barclay's background equips him with skills for financial oversight and strategic decision-making. Barclay spent 26 years at Goldman Sachs, the last 19 as chief executive. TVNZ, funded by advertising revenue, recently announced its first dividend in three years. The board also includes broadcaster Paul Henry and former Sky chief executive John Fellet, both recent appointees. In other news, Mexican company Finaccess risto-russ-eon has announced a full takeover offer for Restaurant Brands New Zealand, operator of KFC, Taco Bell, Carl's Junior and Pizza Hut. Finaccess currently owns 75% of the NZX-listed business and offered $5.05 per share for the remaining 25%, worth about $157.5 million. The offer represents a 70.6% premium on Monday's closing price of $2.96. Following the announcement, shares rose 65.54% to $4.90. Finaccess chief executive hozay pa-ress gootearess is also chairman of Restaurant Brands. The company's latest financial results showed sales of $703.2 million and net profit of $11.9 million. SkyCity Entertainment's annual report reveals chief executive Jason Walbridge received total remuneration of $2.6 million in the year ending June 30th. Chairman Julian Cook says only $1.6 million was cash, with the remainder in incentive grants and restricted share rights. The package included $1.44 million in salary and benefits, $177,900 in relocation costs, and $582,500 in long-term incentives. Walbridge, who joined from Las Vegas last year, received no short-term incentive after focusing on financial improvements. The report highlights progress on SkyCity's strategic refresh and says the $1 billion New Zealand International Convention Centre remains on track for February 2026. Meanwhile, Scales Corporation will spend $103 million to gain full ownership of Meateor Australia and Fayman International, and increase its stake in ANZ Exports to 85%. Completion of the acquisitions is scheduled today, with more than half paid in cash immediately, some settled in shares, and the rest paid in instalments over five years. Managing director Andy Borland says the businesses have shown strong performance and strategic alignment. The acquisitions are expected to lift earnings in the current year, with Scales now forecasting net profit between $51 million and $56 million, compared with earlier guidance of $45 to $50 million. And finally, in banking, BNZ has cut its one-year fixed home loan rate to 4.49%, the lowest advertised rate among major banks. The 26-basis-point reduction, effective today, compares with 4.75% at ASB, ANZ, Westpac and Kiwibank. BNZ executive Karna Luke says the cut provides meaningful savings, noting a household with a 500,000 dollar mortgage could save more than $2,400 in 12 months compared with the previous average one-year rate of 5.19%. Luke says BNZ is seeing strong demand for the one-year term. The rate is down sharply from its February 2024 peak of 7.35%, offering relief to mortgage customers nationwide. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, September 29, 2025, and here are five stories you should know about. Major power users are urging stronger measures to secure electricity supply as the Government prepares a response to the Frontier Economics review. The Major Energy Users' Group, which includes Fonterra and NZ Steel, says wholesale prices have risen 150 percent over eight years, with industrial users facing 34 percent higher costs in just two years. Chair John Harbord says the system is "fundamentally reliant" on Genesis Energy's Huntly power station, and warns prices remain high even during periods of abundant supply. Genesis recently struck a two-year deal with BT Mining for 240,000 tonnes of coal to bolster Huntly's coal reserve. In other news, Auckland Airport plans to raise up to 300 million dollars through bond issues. The company today launched an offer of 150 million dollars in five and a half year fixed rate retail bonds, with an indicative margin of 0.85 to 0.90 percent and maturity on April 8, 2031. The retail offer opens today, with all bonds reserved for clients of ANZ, Westpac, NZX participants, intermediaries, and institutional investors. The airport may also issue wholesale floating-rate bonds maturing in October 2028. Last week, the airport opened its 465 million dollar northern airfield expansion project. Meanwhile, a Christchurch builder's been sentenced for evading more than 260 thousand dollars in tax. Gary Terence Moss received seven months of home detention, and was ordered to pay 20 thousand dollars in reparations, after failing to declare income since 2016. Inland Revenue says Moss filed no tax returns between 2019 and 2022 and submitted a false 2023 return, before fleeing briefly to Australia. His underpaid tax was assessed at 267 thousand dollars. Moss later engaged a tax agent, but incomplete amended returns were rejected. He was convicted on one representative charge and one charge of attempting to evade assessment. The Commerce Commission has delayed its decision on Kegstar New Zealand's proposed acquisition of rival, Konvoy, until December. The regulator says it's concerned the merger could substantially reduce competition in keg pooling services, leaving brewers with only one provider. An anonymous small producer submission says alternatives such as one-way plastic kegs or buying a private fleet are impractical. Kegstar, owned by US-based MicroStar Logistics, argues Konvoy is not viable independently. Konvoy went into liquidation in May, but continues servicing customers. The commission says clearance will only be granted if competition is not substantially lessened. Decision date is December 4. And most business leaders support further cuts to New Zealand's official cash rate. In the Herald's Mood of the Boardroom survey, 78 percent back lower rates, while 11 percent oppose cuts and 11 percent are unsure. The Reserve Bank lowered the OCR by 25 basis points to 3.00 percent in August, its lowest since 2022. Many executives say cheaper borrowing is critical for economic momentum, though others warn inflation risks must be contained. Several respondents criticize the Reserve Bank's communication, while others stress monetary policy should be paired with supportive bank lending and government cost-relief measures. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, September 26, 2025, and here are five stories you should know about. Fashion retailer Hallenstein Glasson has posted a 14.4 percent rise in net profit to 39.4 million dollars for the year ending August 1. Group revenue reached 470.7 million, up 8.1 percent from 435.6 million a year earlier. Gross profit rose 7.9 percent to 279.3 million, with margins steady at 59.3 percent. Glassons Australia led growth, lifting sales 15.3 percent to 251.5 million and profit to 22.5 million. Two new Australian stores opened last year. The company was recently impacted by the resignation of chief executive Chris Kinraid. In early trading this year, group sales rose 12.9 percent. Overseas, Donald Trump has signed an executive order outlining a proposed deal for a United States version of TikTok. The plan reduces Chinese ownership to 20 percent, with control shifting to investors including Larry Ellison, Michael Dell, and Rupert Murdoch. Firms Silver Lake and An-Dree-Sin Horro-wits are also involved. Trump says the arrangement protects national security while keeping TikTok available to 170 million American users. The deal follows legislation requiring owner ByteDance to divest. Trump's order extends the compliance deadline by 120 days, moving the enforcement date to January 23. The app's algorithm will be domestically managed. Meanwhile, consumer confidence improved in September according to the ANZ-Roy Morgan survey, rising 2.6 points to 94.6. That reversed the August 10-month low. Two-year inflation expectations stayed at 4.8 percent, while house price expectations slipped to 2.5 percent, their lowest since July 2024. ANZ economist Sharon Zollner says survey responses dropped sharply following weak second-quarter GDP data, averaging 77 versus 96 beforehand. Confidence in personal finances rose 11 points to negative 13 percent, while economic outlook over 12 months fell three points to negative 23. The index for current conditions jumped six points to 88.1, while forward-looking measures remained unchanged. Elsewhere, Elon Musk's artificial intelligence company xAI has accused Open AI of stealing trade secrets through former employees. Court filings in California allege two engineers and a senior executive transferred source code and business strategies to Open AI after leaving xAI. The complaint claims a coordinated effort to undermine the company, which Musk founded in 2023. Open AI responded in a statement saying it has no interest in confidential material and called the lawsuit harassment. The case follows earlier disputes involving Musk and Open AI, which he co-founded and later left. xAI also alleges one former worker admitted copying its entire code base. And Starbucks will close more than 100 stores in North America and some in the UK as part of a one-billion-dollar restructuring plan. Chief executive Brian Niccol outlined the move in a letter to staff, saying closures target outlets failing to meet financial or customer service goals. Starbucks operates over 500 company-owned stores in the UK, where sales dropped to 526 million pounds last year, posting a 36.2 million-pound loss. Global sales fell 2 percent in the June quarter. The company says it will also open 80 new UK stores this year while investing in improving existing locations. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, September 25, 2025, and here are five stories you should know about. Fonterra has posted a net profit of $1.079 billion for the July 2025 year, down 4.3 percent due mainly to higher tax expenses. Revenue rose 15 percent to $26 billion, with Ingredients the standout business. Earnings per share held steady at 71 cents. The farm gate milk price was confirmed at $10.16 per kilogram of milk solids. A 57 cent fully imputed dividend was declared. CEO Miles Hurrell says demand for high-quality dairy products continues to drive returns. Hurrell's total pay reached $6.11 million, up from 5.92 million previously. In other news, Auckland Airport says Sichuan Airlines will begin direct flights between Auckland and Cheng Doo from December 7. The airline will operate two flights weekly using Airbus eh three fifty aircraft, doubling its seasonal schedule from last summer. Airport officials estimate the service will bring around 22,000 new visitors each year, worth about $130 million in spending, alongside 150 million in potential annual cargo capacity. Cheng Doou becomes Auckland's eighth mainland Chinese destination. The city, home to pandas and Setch-One cuisine, has a population of about 21 million and is 2000 kilometres west of Shanghai. Meanwhile, business leaders have rated the shared Deputy Prime Ministership arrangement at barely 3 out of 5 in the Mood of the Boardroom survey. Winston Peters served first before passing the role to David Seymour on May 31. CEOs describe the arrangement as surprisingly cohesive, though some say it weakens the Prime Minister's position. Peters remains the highest-rated minor party leader, scoring 3.7. Seymour rated 3.13, while Green and Te Pāti Māori co leaders saw sharp declines. The Greens' ratings fell after a series of scandals, while Te Pāti Māori leaders faced record suspensions during the Treaty Principles Bill debate. Elsewhere, actor Cliff Curtis is leading a consortium to buy Auckland Film Studios in Henderson from Auckland Council. The facility, valued at $34 million in 2021, has hosted nearly 50 international and local productions including Avatar: The Way of Water. Sources say Taika Waititi and Jason Mow-mower are also involved, though their roles are unconfirmed. Mayor Wayne Brown says the deal is close and he is supportive. The studios were established in 1992 and expanded in 2022 with a $37.5 million investment. Auckland Council says the sale process is ongoing, but commercially sensitive. Curtis has incorporated two new companies. And three wealthy New Zealand families alongside Jubilee Investments have acquired electric motorcycle maker, Ubco, for $5 million. Receivers Stephen Keen and Ian Ruscoe confirm the transaction included intellectual property, subsidiaries, goodwill, plant, stock, and lease surrenders. Ubco, based in Mount Maunganui, collapsed in January owing $35.7 million. At its peak in 2021, the company had raised capital at a $50 million valuation. Receivers say the $5 million proceeds will go toward $7.1 million owed under a general security agreement. The receivers' report was released by Grant Thornton. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, September 24, 2025, and here are five stories you should know about. Swedish economist Dr Anna Bremman has officially been appointed as Reserve Bank Governor, beginning her term on December 1. She replaces acting Governor Christian Hawkesby, who steps down after Adrian Orr's abrupt resignation in March. Reserve Bank chair Neil Quigley also resigned earlier this year, with a replacement yet to be named. Speaking in Wellington today, Bremman says the Bank will focus on "price stability, prudential supervision and payment systems oversight." She also promises "transparency, accountability and clear communication." Breman is the first woman to hold the Governor role in New Zealand and previously served as deputy governor of Sweden's central bank. In other news, the 2025 Mood of the Boardroom survey shows Education Minister Erica Stanford topping Cabinet performance rankings. Fifty-five percent of respondents rated her work as "very impressive," up from thirty-seven percent last year. Winston Peters ranked second, with 23 percent rating his performance highly as Foreign Affairs Minister. Ministers Chris Bishop, Todd McClay, Simeon Brown, Mark Mitchell, Judith Collins, Shane Jones and Chris Penk also featured strongly. However, Prime Minister Christopher Luxon and Finance Minister Nicola Willis did not make the top 10. Meanwhile, Auckland Airport has opened its largest-ever airfield expansion project, costing $465 million. The development adds 250,000 square metres of space, equivalent to 23 rugby fields, and provides parking for up to 11 jets. Six new remote stands with fuel and electricity connections are now available, accommodating both widebody and narrowbody aircraft. Christopher Luxon attended the opening ceremony. Chief executive Carrie Hurihanganui says the project will provide overnight parking and additional flexibility. Construction began in 2019, paused during the pandemic, and resumed in 2022. More than a million cubic metres of soil were moved and 108,000 tonnes of concrete reused. Auckland households and businesses will soon receive the annual Entrust dividend of $364, up from 350 dollars last year. More than 368,000 eligible power account holders will receive payments by bank transfer or as credits on their power bills. Entrust chairwoman Denise Lee says the dividend is "a highlight for many Aucklanders" and provides real relief to families and businesses. Since 1994, more than 2.5 billion dollars has been paid out. To qualify, recipients must be named account holders in the Entrust district as of August 13. Entrust owns 75.1 percent of Vector shares on behalf of local energy consumers. And in retail, Kathmandu owner KMD Brands has reported a statutory net loss of $93.4 million for the 2025 financial year, compared with a $48.3 million loss in 2024. Group sales rose slightly by 1% to $989 million, but gross profit fell 2.1% and operating expenses climbed 3.9%. Underlying earnings before interest, tax and depreciation dropped 64.7% . Kathmandu sales grew marginally to $361.9 million, Rip Curl sales rose 2.1%, while Oboz sales fell to $76.6 million. The company will close 14 stores during 2026 but open six new outlets. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, September 23, 2025, and here are five stories you should know about. The new Reserve Bank Governor will be announced tomorow at 1pm in the Beehive theatrette. Adrian Orr resigned abruptly in March after a dispute with the Minister and board over funding, followed by chairman Neil Quigley stepping down last month. Acting Governor Christian Hawkesby has provided stability since March, and confirmed he applied for the role. Bloomberg has reported the next Governor could be a woman, possibly with overseas ties, though no name has been confirmed. Local and international economists, including Bank of England deputy governor Sarah Breeden, have been tipped as potential contenders. Airways New Zealand has admitted incorrect information was provided about the cause of an August air traffic control outage. Chief executive James Young previously told media a "vendor" was involved, but the company now confirms the faulty software was developed internally. Five flights were held in the air during the disruption, while others were grounded. Airways says the issue stemmed from a sectorisation process in its oceanic system, triggering a one hour outage. Meanwhile, the state-owned enterprise today reported a net profit after tax of $11.9 million and will pay a $10 million dividend. In other news, the Commerce Commission's launched civil proceedings alleging cartel conduct in the Christchurch real estate market, involving four Harcourts franchisees. Chairman Dr John Small says the firms competed for customers, but made agreements affecting commission rates, which constitutes alleged cartel conduct under the Commerce Act. He says the franchisees together held a significant market share. Harcourts confirmed receiving proceedings and pledged cooperation, but offered no further comment. Small stresses the case targets conduct, not the franchise model itself, and warns cartel breaches carry criminal sanctions and potential penalties under the law. Meanwhile, New Zealand's top executives are increasingly focused on geopolitical risks, according to the Herald's 2025 Mood of the Boardroom survey released tomorow. Seventy-eight percent of chief executives say their boards now assess geopolitical vulnerabilities. Institute of Directors CEO Kirsten Patterson says small nations feel global instability strongly. Morrison CEO Paul Newfield says geopolitics is on every board agenda, while Mainfreight's Don Braid says it's essential for global operators. Executives cite concerns over China, trade barriers, and conflicts impacting costs. Even domestically focused firms say they monitor geopolitical events closely for potential impacts on customers and business operations. And as mentioned in the prior story, business leaders will deliver their verdict on New Zealand's political and economic direction in tomorrow's Mood of the Boardroom survey. The 23rd edition attracted 150 responses from leaders across key industries. Results will be presented online and in print, with a live streamed briefing from 7.30am. Editor Fran O'Sullivan will present the findings, followed by a debate between Finance Minister Nicola Willis and Labour finance spokesperson Barbara Edmonds. The survey, conducted between August 15 and September 12, assesses leadership performance, policy concerns, and top national issues as viewed by CEOs and senior directors across major sectors. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, September 22, 2025, and here are five stories you should know about. Genesis Energy has signed a two-year agreement with BT Mining to supply 240,000 tonnes of coal to its Huntly Power Station. The deal provides 10,000 tonnes a month from domestic sources, reducing reliance on imported coal, mainly from Indonesia. Genesis chief operating officer Tracey Hickman says the agreement secures reliable local supply to support electricity generation during periods of low renewable output. BT Mining chief executive Richard Tacon says the deal boosts the local economy while maintaining energy security. Resources Minister Shane Jones says domestic coal use strengthens resilience. Huntly typically burns 300,000 to 500,000 tonnes of coal annually. Meanwhile, almost half of New Zealanders report worsening financial situations over the past year, according to fintech Revolut. Survey results show 42 percent of respondents say they are worse off, while 54 percent find managing money difficult. Revolut's Georgia Grange says women and younger people feel the most pressure, with 71 percent of those aged 25 to 34 struggling. Rising inflation, unemployment at 5.2 percent, and food prices up 5 percent in the year to August have added to pressure. Forty-one percent of New Zealanders are building emergency funds as households adapt to ongoing cost-of-living challenges. In property news, Malaysian Resources Corporation Berhad is refurbishing Auckland's heritage-listed Bledisloe House above the new Te Waihorotiu City Rail Link station. The $41 million office block is undergoing exterior work by L.T. McGuinness and interior fitout by Black, with scaffolding expected down in weeks. Council official Allan Young says a deposit has been paid for the 125-year lease, with settlement due later this year. Designed in 1959, the nine-level, 13,000 square-metre building is being modernised by Cheshire and Peddlethorp Architects. Plans also include a $600 million Symphony Centre on the adjoining carpark site, leased to MRCB in 2021. Also today, the Crown Princess arrived in Auckland, marking the start of New Zealand's summer cruise season. Tourism Minister Louise Upston says nearly 177,000 cruise ship visitors are expected across almost 40 ships, down 20 percent from last year. Retail NZ chief Carolyn Young says many regions will benefit from visitor spending, while Heart of the City's Viv Beck highlights downtown retail gains. Increased visitor levies last October contributed to cost pressures on operators. Upston says the Government has introduced fast-track approvals for new cruise infrastructure, including Port of Auckland's Bledisloe North Wharf and passenger terminal development. And in other news, Retirement Commissioner Jane Wrightson will step down next year after nearly six years in the role. She informed Minister of Commerce and Consumer Affairs Scott Simpson she will not seek reappointment. Wrightson oversaw the first major review of the Retirement Villages Act 2003 and recommended Kiwisaver contributions increase to 4 percent, with 16 and 17-year-olds included from Budget 2025. She also championed compulsory financial education in schools, introduced in April. Wrightson says achievements were possible through her team's work. Simpson says recruitment for a new commissioner will begin soon, and thanked her for her leadership. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, September 19, 2025, and here are five stories you should know about. Prime Minister Christopher Luxon joined Air New Zealand leaders today at the opening of the airline's new Hangar 4 at Auckland Airport. He met incoming chief executive Nikhil Ravishankar, offering advice on leadership and airline challenges. Luxon also discussed the government's new Aviation Action Plan, welcomed by Air New Zealand and NZ Airports. Asked about skills shortages, he said education reforms will help young New Zealanders gain higher-paying jobs. The Talley's defamation trial has been rocked by revelations the food processing giant became aware in 2019, that its workplace injury management and compensation unit had "likely forged and falsified records". Talley's is suing TVNZ and its Christchurch-based 1News reporter Thomas Mead, over six stories published in 2021 and 2022 concerning allegations of poor health and safety standards at several of its South Island plants, and mismanagement at the company's Injury Management Unit. Talley's claims the stories are false or misleading and defamatory, with its lawyer Brian Dickey arguing they were part of a "campaign" that "put the boot in". TVNZ and Mead are defending the claims, citing truth as a defence and that their reporting was conducted responsibly. Talley's set up the unit in question as part of an Eh-Sea-Sea scheme allowing large companies to effectively opt out of the levy system and instead self-manage employees injury and compensation claims. The trial continues. Elsewhere, Briscoe Group has opened its media advertising account to pitches, ending a 36-year exclusive partnership with agencies linked to Greg Partington. The account has been tied closely to chief executive Rod Duke and the long-running Briscoes Lady campaign featuring Tammy Wells. Sources say agencies including Initiative and Dent-Sue are contenders. Wells, who has appeared in Briscoes commercials since the late 1980s, recently confirmed her contract had been extended beyond this year. Briscoes and Partington declined to comment on the pitch process. The move signals a major shift in one of New Zealand's most enduring advertising partnerships. In technology, Meta's launch of its new 800 US dollar Ray-Ban Display AI glasses was disrupted by glitches during a live demonstration. Founder Mark Zuckerberg struggled to take a video call after three failed attempts on stage in California. Later, a chef testing the glasses was unable to get recipe assistance from the AI chatbot. Zuckerberg told the audience they would move on after the difficulties. Despite the mishaps, Meta unveiled smart glasses featuring a built-in screen for messaging, navigation, and video calls. The glasses also include voice-command AI, camera functions, and display capabilities directly visible to the wearer. Finally, demand for Apple's iPhone 17 has quickly outstripped supply in New Zealand. Spark says the iPhone 17, Pro, and Pro Max models are sold out, though limited stock of the iPhone 17 Air remains. Noel Leeming chief executive Jason Bell reports presales exceeded expectations, with the Pro Max selling fastest. Retailers are offering trade-ins and interest-free deals, but first-wave stock remains limited. Preorders opened on September 13, with first availability today. Apple's website lists varying delivery times, from immediate shipping of some Air models to three to four weeks for the Pro Max 2TB version, depending on specifications ordered. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, September 18, 2025, and here are five stories you should know about. Pressure's on the Reserve Bank to act more aggressively to cut official interest rates, after key growth data showed the economy performed far worse than anyone predicted over the June quarter. New Zealand's economy shrank sharply, with gross domestic product down 0.9 percent, worse than market forecasts of a 0.4 percent fall and the Reserve Bank's prediction of a 0.3 percent drop. Stats NZ says the decline was broad-based, with 10 of 16 industries contracting. Manufacturing fell 3.5 percent and construction dropped 1.8 percent. Per capita GDP fell 1.1 percent, and the annual decline was 1.1 percent. Swap rates and the New Zealand dollar also fell on the release. GDP has now declined in three of the past five quarters, following a revised March quarter increase. Elsewhere, the US Federal Reserve has cut interest rates by 25 basis points, moving the benchmark range to between 4 percent and 4.25 percent. It's the first reduction this year, with officials citing slower job gains and rising employment risks. Chairman Jerome Powell says the Fed remains committed to independence from politics. New Governor Stephen Miran, formerly Trump's adviser, dissented, preferring a larger cut. The decision followed a nine-month pause on rate changes. The Fed lifted its 2025 growth outlook to 1.6 percent while leaving unemployment and inflation forecasts unchanged. Eleven members of the Federal Open Market Committee supported the cut. In other news, the Government will invest up to 70 million dollars over seven years to support artificial intelligence research through the new Advanced Technology Institute. Science, Innovation and Technology Minister Shane Reti says the funding will back ambitious proposals and foster partnerships between researchers and industry. The allocation comes from Budget 2025, with funding beginning July 2026. Last month, concerns were raised about cuts to existing research grants and the closure of Callaghan Innovation. Reti says the investment will build capability, commercialise projects, and create jobs while supporting sectors such as healthcare and agriculture with advanced AI applications. Meanwhile, administrators recommend Kitchen Things and related companies be liquidated, after reporting debts of more than 16.6 million dollars owed to 396 creditors. The group, which includes Applico and Appliance Works, entered voluntary administration and receivership on August 20. Administrators George Bannerman and Rees Logan of BDO Auckland say no deed of company arrangement was proposed, leaving liquidation in creditors' interests. ASB is owed 9.9 million dollars as sole secured lender, while 124 workers are owed 883 thousand dollars. Business revenue fell from 110 million in 2020 to 50 million in 2025, with net losses reported consecutively. Finally, New Zealand's best workplaces have been recognised in the latest "Great Place to Work" rankings. Realestate dot co dot NZ topped the small business category, while Hilton led the medium and large business category. Specsavers placed second, followed by Salesforce, DHL and Rothbury Group. Cisco ranked second in small businesses, ahead of Robert Half, Medtronic Australasia and Franklin Smith. The awards are based on employee surveys and independent audits. Great Place to Work general manager Rebecca Moulynox says organisations with strong trust, wellbeing support, and open culture keep staff engaged and productive. Randstad issued a separate ranking in June, naming Air New Zealand first. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, s...See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, September 17, 2025, and here are five stories you should know about. The International Energy Agency says global oil and gas fields are declining faster, requiring nearly 90 percent of upstream investment just to offset falling supply. Executive director Fatih Birol says, "Decline rates are the elephant in the room." The Paris-based agency analyzed 15,000 fields worldwide, noting shale and deep offshore resources decline quickly compared with major Middle East producers. New Zealand is also facing sharper reserve declines. The Ministry of Business, Innovation and Employment reports gas reserves fell 27 percent in 2024, with production forecasts cut. Gas use dropped 19.8 percent last quarter after Methanex paused production to conserve supply. In other news, Auckland Airport will have its busiest domestic day of the year this Friday. The airport expects one million passengers during school holidays, up six percent from last year. Domestic departures could exceed 15,000, alongside heavy international traffic. Chief customer officer Scott Tasker urges travelers to allow time and follow airline check-in requirements. New scanners now allow laptops and phones to stay in bags. Parking is limited, but pre-booking is encouraged. Top domestic destinations are Christchurch, Wellington, and Queenstown. Tasker says additional staff and contingency plans are in place to manage congestion during the busy holiday travel period. Turning to markets, the latest Global Dairy Trade auction recorded its third consecutive fall, with overall prices down zero point eight percent. The previous auction dropped four point three percent. Cheddar was the only product to rise, gaining two point two percent. Whole milk powder, which has the biggest impact on Fonterra's farmgate milk price, fell zero point eight percent. The steepest fall came from mozzarella, plunging 9.6 percent. Moving to the aviation sector, Air Ruatōria founder and chief executive Mahanga Maru is promoting bilingual safety briefings in Māori. Speaking at the Aviation Industry Association summit in Wellington, Maru says "Te reo Māori is part of who we are." His East Coast airline operates three Cessna aircraft on scenic and charter flights. Safety cards now feature Māori terms such as "kahu kautere" for lifejacket and "putanga ohorere" for emergency exit. Maru, a veteran pilot of 40 years, urges aviation to embrace Māori language and culture. He says aviation remains vital for regional connectivity, especially where road or rail alternatives are limited. In property news, Christchurch-based Brooksfield Homes is debuting in Auckland with eight colonial-style townhouses across Pt Chevalier. Managing director Vinny Holloway confirms five have already sold before construction. The two sites, Moa Road and Smale Street, have a combined projected value of $11.6 million. Homes feature pitched roofs, tall gables, verandas, and classical architecture. Prices range from $1.2 million for a two-bedroom unit to 1.58 million for three bedrooms. Brooksfield has delivered more than 600 homes since 2019. Holloway says demand in Auckland reflects interest in heritage-style designs, with more projects planned in Westmere, Mt Albert, and Mt Eden. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, September 16, 2025, and here are five stories you should know about. PwC has trimmed debts of the failed Auckland-based Du Val property group from $306 million to 267 million through asset sales. In its latest six-monthly report, PwC says secured creditor debt fell from $224 million to 185 million, aided by sales in Māngere Bridge and Māngere East, totalling $23.2 million. China Construction Bank was fully repaid on an $18.1 million loan. Investors in the Build to Rent Fund, may receive between 40 and 44 cents per dollar. The Financial Markets Authority investigation continues, with court orders freezing assets and restricting overseas travel for the founders. In other news, the Government confirmed plans to modernise competition law with amendments to the Commerce Act, the first major update in nearly 20 years. Commerce Minister Scott Simpson says the reforms target anti-competitive practices, including serial small acquisitions, predatory pricing, and "killer acquisitions" of start-ups. The Commerce Commission would gain powers to restore competition through court orders and apply prohibitions to AI-driven conduct. Confidentiality protections would be strengthened, while collaboration rules for businesses would be simplified. Simpson also announced a new governance board for the Commerce Commission following an independent review led by Dame Paula Rebstock. Meanwhile, Local Government New Zealand's request for KiwiSaver contributions for councillors and mayors was rejected by the Government. In March, LGNZ urged Minister Simon Watts to extend employer contributions to local representatives, who are currently treated as contractors. Watts says no changes will be made. An Inland Revenue briefing also opposed the proposal, citing scheme consistency. The request followed Budget 2025 changes that raised employer contributions to 4 percent by 2027, but halved Government contributions to $260.72 annually, saving $2.5 billion over four years. LGNZ argues councillors' roles resemble MPs, who receive generous employer-funded superannuation. Elsewhere, Auckland Airport has completed a major stormwater upgrade, installing a 4.4 kilometre network and New Zealand's first coupled wetland biofilter. The system treats runoff from over 100 hectares, using a forebay as well as a wetland with 20,000 plants, and biofilter cells to remove contaminants before water enters the Manukau Harbour. The biofilter, covered by bird netting, can process three times the volume of a traditional pond. Chief planning officer Mary-Liz Tuck says the upgrade improves resilience and sustainability while freeing land for aviation use. The works follow severe flooding in 2023 that exposed vulnerabilities in Auckland's stormwater infrastructure. And finally, food prices rose 5 percent in the year to August 2025, with grocery items the main contributor, Stats NZ reports. Dairy led increases, with milk up 16.3 percent to $4.72 for two litres, cheese up 26.2 percent to $12.89 per kilo, and butter up 31.8 percent to $8.58 for 500 grams. Meat, poultry and fish prices rose 8.1 percent, fruit and vegetables 8.9 percent, and restaurant meals 2.4 percent. Rent rose 2.1 percent, while petrol fell 2.4 percent. Electricity was up 11.4 percent, and gas 14.5 percent. ANZ's Sharon Zollner says inflation pressures are broadly tracking expectations. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, September 15, 2025, and here are five stories you should know about. ANZ has agreed to pay 240 million Australian dollars in penalties for failings across its institutional and retail divisions, the largest single fine ever sought by Australia's financial regulator. The proposed penalty, subject to Federal Court approval, includes 125 million for bond trading issues. The Australian Securities and Investments Commission says ANZ acted unconscionably in dealings with the Government, failed to respond to hardship notices, misled customers on savings interest rates, and charged fees to deceased clients. Chairman Joe Longo says ANZ betrayed public trust. In New Zealand last week, ANZ also agreed to a 3.24 million dollar fine over wrongly applied customer overdraft fees. In other news, New Zealand's economy is expected to show a contraction in the June quarter after growth earlier this year. Market forecasts see GDP falling between 0.4 and 0.5 percent for the period, following a 0.8 percent rise in March and 0.5 percent gain in December. BNZ economists point to sharp declines in manufacturing sales, down 2.9 percent, with falls across food processing, chemicals, metals and machinery. Construction activity also weakened. Kiwibank cites housing market underperformance and trade uncertainty as drags. Annual economic activity remains flat, showing no growth compared to a year earlier. Elsewhere, Ryman Healthcare is selling its consented Park Terrace site in Christchurch, abandoning plans for a 240 million dollar retirement village. CBRE is marketing the land, which Ryman had once planned as its largest Christchurch project with 155 units, 54 assisted living suites, and aged care facilities. Resource consent granted in 2021 allowed six buildings, but the development stalled. A Ryman spokeswoman confirms the land is under review as part of a divestment strategy to release 500 million dollars in cash. The company posted a 437 million dollar loss last year after property devaluations and higher interest expenses. Meanwhile, the aviation industry is calling for change at the Civil Aviation Authority as new chief executive Kane Patena takes office. Aviation Industry Association acting president Gordon Alexander told the sector's annual conference in Wellington the CAA has focused too heavily on enforcement at the expense of broader economic priorities. He says workforce shortages, rising levies, and supply chain delays are pressing challenges. The industry employs about 177,000 people and contributes 5.6 percent of GDP. Associate Transport Minister James Meager now oversees aviation. The conference also features discussions on mental health, workforce development, and the sector's future direction. Finally, in regulatory news, the Financial Markets Authority is warning clients of former financial adviser David McEwen to check for unauthorized payments. The FMA says complaints have been received about unexplained credit and debit card charges linked to McEwen and associated entities, including Stockfox Limited and Cosmopolitan Holdings. Executive director Louise Unger, advises customers to contact their banks immediately if charges appear. McEwen faces criminal charges for breaching a permanent stop order issued in December 2023, which barred him from contacting potential investors. The order followed concerns about investor harm linked to his share-tipping service, and subscription-based investment newsletter. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, September 12, 2025, and here are five stories you should know about. Auckland Airport has asked contractors to stop installing fire doors supplied by Pacific Door Systems amid an asbestos scare. A spokeswoman says the airport is working with the supplier and specialists to assess risks. Allevia Hospital Epsom, owned partly by Sir Stephen Tindall interests, is also checking its projects. Fire doors from the company have been used in developments including SkyCity's convention centre and Christchurch's Te Kaha stadium. Massey University staff were previously exposed during drilling. Fletcher Building confirmed investigations last week, while WorkSafe says intact fire-rated doors pose a negligible risk. The timeframe of contamination is believed to date back one year. In other news, Stats NZ reports retail spending rose for the third straight month in August 2025. Electronic card transactions in retail industries increased 0.7 percent, or 45 million dollars compared with July, the largest monthly rise this year. Core retail spending rose 0.9 percent, or 55 million dollars. Apparel was up 1.8 percent, while hospitality gained 1.4 percent, its best result since November 2024. Consumables and durables also lifted. Fuel and motor vehicles declined. In total, 174 million card transactions were recorded, with 9.3 billion dollars spent. The average transaction value was 54 dollars, according to Stats NZ's release. Elsewhere, administrators of Smiths City say two more stores have closed as the retailer's liquidation sale enters its final days. The 107-year-old chain went into voluntary administration on September 2. Staff numbers will be significantly reduced next week, but employees will receive full payment of annual leave entitlements this month. The remaining stores in Auckland, Christchurch, Oamaru, Alexandra and Invercargill will trade until Sunday, with all stock discounted by 70 percent. Gift cards and refunds are not being accepted. Founded in Christchurch in 1918, Smiths City was purchased in 2020 by Polar Capital for 60 million dollars. Meanwhile, Vehicle Direct and associated entities Auto Trading and Auto Compliance and Repairs have gone into liquidation, owing creditors more than 5.7 million dollars. Westpac is the largest creditor, owed just over 3.1 million dollars. Inland Revenue is owed more than 800 thousand dollars across the three firms. Staff entitlements total nearly 283 thousand dollars. The companies, owned and directed by Muhammad Waseem, traded in used car sales, vehicle imports, and auto repairs. Liquidator reports cite unrecoverable costs, excessive overheads, and weak sales as key pressures. Westpac appointed receivers over secured assets following the liquidation last week. And the Board of Airline Representatives says international air services to New Zealand this northern winter will exceed 2019 levels by 3.5 percent. Executive director Cath O'Brien calls it a milestone for the sector. Hawaiian Airlines has resumed its Auckland-Honolulu route, while Jetstar and American Airlines have expanded operations. The airline group says services this southern summer will be 8.2 percent higher than last year. Stats NZ reports July overseas visitor arrivals reached 93 percent of 2019 levels. Tourist spending totaled 44.4 billion dollars last year, including 4.1 billion dollars in GST contributions, according to official figures. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, September 11, 2025, and here are five stories you should know about. Boutique cheesemaker Cranky Goat has gone into liquidation, one week after the collapse of Denheath Desserts. Blenheim-based owners Hellene and Simon Lamb announced the closure on Facebook, confirming their store The Cranky Pantry has also shut. A post says, "After 11 incredible years of crafting our beloved cheeses, the time has come to close our doors at Cranky Goat." The Lambs noted challenges including major weather events and Covid-19. Biz Rescue's Geoffrey Falloon was appointed liquidator of Cranky Goat Limited on August 31. The company was known for handcrafted goat cheeses and operated locally for more than a decade. In other news, a station in Central Otago is back on the market after being sold in July to Australian gold miner Santana Minerals for $25 million. The two thousand eight hundred and eighty hectare sheep and beef farm, owned by Bruce and Linda Jolly, was listed on TradeMe on September 1. The earlier transaction was conditional on Overseas Investment Office approval, requiring farmland to be offered domestically first. Legal firm Anderson Lloyd is handling the listing. Partner Robert Huse says the Jollys are "open to offers." Santana Minerals has not yet submitted an application for overseas investment consent. Meanwhile, Westpac economists report New Zealand house prices have shown no growth this year. Chief economist Kelly Eckhold says the housing market remains subdued following the Covid-19 era, with momentum yet to return. He notes the Reserve Bank's recent change in stance may influence sentiment through the rest of the year. Westpac forecasts house prices to rise 5.4 percent next year, with only minor growth of 0.6 percent expected over 2025. Eckhold says lower interest rates generally support housing demand over time, but the current stock of unsold properties continues to weigh on prices nationwide. Market activity remains described as "comatose" this year. Elsewhere, NZ King Salmon has purchased a commercial site at Cloudy Bay Business Park in Blenheim for $8.14 million. Chief executive Carl Carrington confirmed the site would eventually replace Nelson processing facilities as part of its Blue Endeavour project. Carrington says the new facility will create between 70 and 100 jobs, though development is at least three years away. He says the Blenheim location reduces transport needs, with fish already farmed in the Marlborough Sounds. Carrington says, "It's important for us to have a facility capable of supporting our growth as we scale up the Blue Endeavour Open Ocean Farm." And The Pure Food Company has expanded access to its texture-modified foods through a new partnership with meal delivery provider, Eat. The company already supplies every public hospital and 80 percent of aged care facilities in New Zealand, as well as more than 500 aged care homes in Australia. In 2023, it entered Europe through partnerships with global healthcare firms. Co-founder Sam Bridgewater says the Eat partnership could add 2,000 customers, allowing people with swallowing difficulties to access Pure Food meals at home, extending its reach beyond hospitals and aged-care providers. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Wednesday, September 10, 2025, and here are five stories you should know about. New Zealand's annual net migration gain continued falling in the year to July, reaching just 13,100. Stats NZ figures show a net gain of 60,700 non-citizens was offset by a record net loss of 47,600 citizens. Work visa arrivals held at 32,300 annually, significantly below 2023 peaks. Student arrivals lifted to 31,000 annually, though still under previous highs. Migration peaked in October 2023 with a net gain of 135,500, before declining sharply as departures of New Zealand citizens accelerated. In other news, Jetstar announced its biggest expansion of New Zealand and transTasman routes, pledging 660,000 additional seats. Auckland to Christchurch flights will increase from eight to 11 daily, adding 290,000 seats. Auckland to Brisbane services will soon operate twice daily, with 99,000 extra seats. Auckland to Sydney flights rise to 12 weekly, while Christchurch to Melbourne will operate daily, year-round. Jetstar will base another Airbus A320 in Auckland. Chief executive Stephanie Tully says the expansion boosts domestic capacity by 18 percent, and transTasman by 14 percent. Meanwhile, a federal judge temporarily blocked U.S. President Donald Trump from removing Federal Reserve Governor Lisa Cook. A judge ruled Cook showed strong evidence her removal likely violated the Federal Reserve Act's "for cause" provision. Trump moved to fire Cook last month over alleged mortgage fraud before her Fed appointment, which she denies. No charges have been filed, but the Justice Department has opened a criminal investigation. Cook argues her due process rights were breached. In Auckland, Finance Minister Nicola Willis addressed the Financial Services Council, voicing doubt about cross-party consensus on superannuation reform. She highlighted costs around proposals from New Zealand First to make KiwiSaver contributions compulsory and lift rates to 10 percent, estimating a $15 billion annual expense. Willis says universal pensions are already funded through taxation. She says Labour initially supported discussions last year, but later backtracked. Labour's Barbara Edmonds rejected claims her party supported reform. And finally, on retirement savings, the Financial Markets Authority reports KiwiSaver contributions fell for the first time in the year to March 2025. Just over two million members contributed, down 1.3 percent from the prior year. Around 30 percent of members aged 18 to 65 made no contributions. Hardship withdrawals surged to $444 million, up 68 percent. FMA chief executive Samantha Barrass says the trend risks long-term inequality between contributors and non-contributors. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Tuesday, September 9, 2025, and here are five stories you should know about. Transpower has lodged an application with the Commerce Commission to invest $1.1 billion upgrading New Zealand's North-to-South Island electricity link. The plan includes replacing three submarine cables, adding a fourth, and building new termination stations. Chief executive James Kilty says consultation showed strong support, adding the HVDC link is vital for reliability. The cables, first laid in 1965 and replaced in 1991, are deteriorating and must be renewed by the early 2030s. Transpower expects no impact on electricity supply during upgrades. The cost will be recovered gradually through transmission charges, which currently make up about 8% of consumer power bills. In other news, the former head of security for WhatsApp has filed a lawsuit against parent company, Meta, in a US District Court. Attaullah Baig claims Meta ignored serious privacy flaws, allowing thousands of employees access to sensitive user data and failing to stop more than 100,000 daily account hacks. He alleges retaliation and dismissal after warning executives, including CEO Mark Zuckerberg. Meta disputes the claims, with a WhatsApp spokesperson saying the allegations distort the company's security work. Baig, fired in February, is represented by a whistleblower group, and has also alerted federal regulators to his concerns. Meanwhile, New Zealand's manufacturing and construction sectors recorded the largest sales declines in the June 2025 quarter, according to new Stats NZ data. Manufacturing sales dropped $1 billion, while construction fell $720 million compared to March. Seasonally adjusted, construction sales fell 3.1% after a 0.7% rise in the previous quarter. Total filled jobs across all industries fell 0.5%, or 10,560 positions, to 2.26 million. Construction employment was down, as were roles in administrative and support services. Regionally, Hawke's Bay fell 1.1% and Auckland 0.6%. Across all industries, total sales reached $196 billion, up 2.1% from June 2024. Elsewhere, Igneo Infrastructure Partners is poised to sell one of New Zealand's biggest energy companies, Clarus Group, to Canadian private capital giant Brookfield, according to the Australian Financial Review. Clarus owns gas and electricity distribution networks in New Zealand, and the paper said a sale could value the business at more than two point two billion dollars. The company's Firstgas connects more than 300,000 homes and businesses with natural gas through its gas distribution and high-pressure transmission network. Its other main businesses are Flexgas, which provides energy storage services to electricity generators, and New Zealand's largest LPG retail supplier, Rockgas. Clarus also owns the Firstlight Network - the lines company supplying electricity to the Tairāwhiti and Wairoa region. And in banking, ANZ says there's no big restructuring planned for its New Zealand operations despite major job cuts in Australia. Its parent company announced on Tuesday that about 3500 roles would be lost by September next year as part of a restructure costing A$560 million. ANZ New Zealand says changes locally may affect only 20 to 30 positions, consistent with prior years' reviews. The bank employs about 7500 staff in New Zealand. The Australian restructure follows the appointment of new chief executive Nuno Matos, who says the bank is removing duplication and focusing on risk management priorities. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, September 8, 2025, and here are five stories you should know about. ANZ has agreed to pay three point two five million dollars after admitting breaches of fair dealing laws, that led to customers being overcharged millions in interest and wrongly applied fees. The Financial Markets Authority found ANZ breached the Financial Markets Conduct Act in two cases involving overdraft fees and mortgage incentives. More than 209,000 customers were overcharged a total of four point three million dollars. ANZ has remediated affected customers. The FMA says ANZ made false representations in both cases. The bank accepted findings and paid the settlement to the Crown in lieu of a pecuniary penalty. In other news, Inves-tore Property has confirmed a conditional agreement to acquire the Silverdale Centre in Auckland for 114 million dollars from Stride Property. The large-format retail complex hosts 39 tenants, including Woolworths and The Warehouse, alongside Noel Leeming, Chemist Warehouse and Supercheap Auto. Inves-tore briefly went into a trading halt before announcing the deal. The company also outlined a capital raise through convertible notes and changes to its management arrangements with Stride Property, which will be presented to shareholders. The Silverdale Centre is located in one of Auckland's fastest-growing suburbs. Meanwhile, a Christchurch retirement village resident has voiced ongoing concerns after a failed complaint over an alcohol ban in communal areas. Jean Sparrow, of Condell Retirement Village, says her group was wrongly accused of drinking alcohol at a Christmas Day 2023 gathering in the barbecue area, despite only having non-alcoholic drinks. Disputes panellist David Carden ruled the owners had not breached residents' rights, upholding the alcohol ban and management's actions. Company director Paul McCormack says liquor laws had been breached for years without a licence, and the owners chose not to obtain one. The dispute cost $20,000, with residents ordered to pay $2100. In technology, Amazon Web Services has confirmed its power purchase agreement with Mercury is active. Under the deal, Amazon is buying about half the output from a wind farm near Palmerston North, equal to 185 gigawatt hours annually. The wind farm totals 102 megawatts with average production of 370 gigawatt hours per year. Amazon reportedly paused its own Westgate data centre build, but is consuming large electricity volumes, indicating substantial ongoing operations through alternative infrastructure arrangements in New Zealand data facilities. Finally, turning to markets, strong demand from Europe lifted New Zealand red meat exports to 864 million dollars in July, up 19 percent despite volumes falling seven percent. Sheepmeat exports reached 22,779 tonnes, down 11 percent, but values rose 21 percent to 308 million. The European Union was the largest sheepmeat market by value at 85 million. Beef exports totaled 35,847 tonnes, down four percent, but values climbed 17 percent to 402 million. The United States was still the top market at 262 million, while China reached 175 million. The United Kingdom had the strongest growth, with beef exports up more than sixfold. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, September 5, 2025, and here are five stories you should know about. Fletcher Building has cut the maximum pay package for its new managing director and group chief executive by two million dollars. The company says the board reset the pay structure to link it more closely with long-term performance and share price results. Andrew Reeding became managing director and group chief executive on September 30, 2024, replacing interim leader Nick Traber and outgoing chief Ross Taylor. Before officially starting, Reeding announced plans for a comprehensive review of the company. The reset includes plans to cut operating costs by 180 million dollars as part of the strategic overhaul. In other news, Auckland Airport is redirecting confiscated batteries to community groups instead of landfill. Aviation Security removes about 470 batteries a day from checked luggage, equivalent to about 171,000 annually. Batteries are generally permitted only in carry-on bags due to fire risks. Since August last year, around 95,000 unopened batteries have been donated to charities. Auckland Airport says most are double A and triple A batteries, commonly used for toys, smoke alarms, and school equipment. The Civil Aviation Authority says power banks, vapes, and wireless earbuds must be carried on board. Meanwhile, Sean Plunket has become full owner of online radio station The Platform after buying out Wayne Wright junior's 75 percent shareholding. The confidential transaction leaves Plunket as sole director and 100 percent shareholder. Wright says it was a "great ride" but describes media as a "high-risk, low-yield space." He says the Wright family's investment had helped the station move from start-up to self-sustaining operations, but further growth would require new investment. Wright has also stepped down as company director following the ownership change. Across the Tasman, Qantas is cutting executive pay following a major data breach that exposed details of 5.7 million customers. The airline's annual report says incentives for chief executive Vanessa Hudson were reduced by 15 percent, cutting her pay by 250,000 Australian dollars. Other executives had pay docked from an incentive scheme too. In the data breach, compromised information included 1.3 million addresses, four million names and email records, and 10,000 meal preferences. Qantas says it obtained a New South Wales court injunction preventing use of the stolen data. The airline recently reported a 1.78 billion dollar annual profit, up 28 percent on last year. Back home, Radio New Zealand is proposing to close its youth brand "Tahi" and restructure arts and culture coverage, citing reduced Government funding. An RNZ manager says the changes are a necessary response to a nearly five-million-dollar or seven percent annual budget cut. Proposed changes include replacing two staff on the Culture one-oh-one programme with a single role and merging the dedicated movie reviewer into a broader entertainment position. Meanwhile, the National Business Review confirms journalist Mike McRoberts' email was hacked in a phishing attack. The scam originated offshore. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Thursday, September 4, 2025, and here are five stories you should know about. Ikea will open its first New Zealand store on December 4 in Auckland's Mount Wellington, three weeks before Christmas. The Sylvia Park store will stock about 7500 products, include click-and-collect facilities, and feature 28 motorbike parking bays and EV chargers. A 426-seat food court will serve food including meatballs, while solar panels, rainwater harvesting and LED lighting will support sustainability goals. The Swedish company says it received 25,000 applications for 500 roles. Prime Minister Christopher Luxon welcomed the investment, calling it a sign of foreign investment and job creation. The store, about the size of three rugby fields, will be Ikea's furthest from Sweden. In other news, Wētā FX, Sir Peter Jackson's visual effects firm, posted a $59 million loss in its 2025 annual report, following an $82 million loss the previous year. The company, which employs hundreds of people in Wellington, also confirmed around 100 job cuts as part of a restructure. Revenue grew to $478 million, up from 430 million, with $411 million earned from New Zealand clients. The report shows $34 million from Canada, 25 million from Australia, and 7.3 million from the United States. Government tax incentives provided nearly $2 million this year, and Wētā FX has restarted research and development to capitalise on the scheme. Meanwhile, WorkSafe New Zealand has fined Kylin Scaffolding $8500 after a nine metre high scaffold collapsed onto Peach Parade in Auckland in January 2024. The collapse narrowly missed cars and three workers nearby. WorkSafe's investigation found the scaffold was essentially free-standing, lacking required safety features such as rakers and ties. Regional manager Brad Duggan says it's "miraculous" no one was killed. Witnesses reported the structure curled "like a wave" before toppling. WorkSafe says the company failed to conduct a proper risk assessment despite its operations manager being qualified. It calls the structure "seriously deficient" and a blatant public safety risk. In a separate development, Fletcher Building says it's investigating possible asbestos contamination in fire doors installed at Auckland's International Convention Centre. The doors, supplied by Pacific Door Systems, contain a board material sourced from overseas that has tested positive for asbestos. Fletcher says tests confirm no asbestos residue in public areas and says installed doors remain safe if undisturbed. Christchurch Council is also testing more than 100 fire doors at the Te Kaha stadium project. The Ministry of Business, Innovation and Employment confirms it's working with agencies and suppliers, while WorkSafe says it launched a "targeted health and safety response". And the Government is proposing to replace joint liability in building defects with a system where each party is responsible only for its share. Currently, councils often face large payouts when builders cannot cover costs. Insurance director Duncan Colebrook opposes the change, saying the industry lacks appetite for blanket cover. Certified Builders chief Malcolm Fleming supports it, noting guarantees could be more widely used. He says about 42 percent of Certified Builders' projects already include such protection. Minister Chris Penk confirms homeowners will still have safeguards, though the specific mechanisms and providers have not yet been finalised. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.