Today in Business

• Today in Business: November 14, 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, 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.

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• Today in Business: November 13, 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, 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.

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• Today in Business: November 12, 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, 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.

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• Today in Business: November 11, 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, 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.

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• Today in Business: November 10, 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 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.

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