Today in Business

• Today in Business: October 29, 2025

  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.

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• Today in Business: October 28, 2025

  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.

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• Today in Business: October 24, 2025

  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.

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• Today in Business: October 23, 2025

  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.

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• Today in Business: October 22, 2025

  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.

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