Today in Business

• Today in Business: August 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 Friday, August 29, 2025, and here are five stories you should know about. Ferry Holdings, the Crown company set up to procure two new Cook Strait ferries, expects to spend $13.4 million in its first 16 months. The budget allocates $4.5m for staff, $6.5m for consultants, and $467,000 for contractors, alongside a Wellington office lease. Consultants include PwC, KPMG, Beca, Knud E Hansen, OSK Design, and BRS Shipbrokers. Nearly two dozen staff have been hired, with CEO Sandip Ranchhod starting in September. The company was created after the Government cancelled the iRex project, which cost $671m. Six shipyards have been shortlisted, with contracts expected by year's end, for 2029 delivery. In other news, retirement village operator Met Life Care posted a 25% profit increase to $66.4 million for the year to June, supported by $546.4m in occupation rights sales, up 17.6%. Net debt climbed to $1.52b while total assets reached $6.96b. The company completed 332 new units and care suites across 10 villages, lifting its portfolio to 36 villages serving 7200 residents. CEO Earl Gasparich says Met Life Care has grown into a high-performing organisation, now employing 2400 staff. The company also opened new facilities at Clevedon's Ōtau Ridge. In technology, Christchurch-based Jade Software hosted its Jade Velocity 2025 event, featuring Prime Minister Christopher Luxon and tech leaders including Bo Win Pan and Brook Roberts. CEO Justin Mercer, who joined in 2023, says he aims to double the company's community and strengthen New Zealand's technology sector. Jade reported revenue of $45.3m in 2023, down 1%, but lifted pre-tax profit 10% to $2.9m. The company employs 250 staff, mostly in Christchurch, and is owned by Britain's Skipton Building Society. Clients include Fonterra, The Warehouse Group, MPI, BP, and StaffSync. Mercer emphasises infrastructure, AI, and talent pathways for technology growth. Meanwhile, Port of Tauranga reported a 23% rise in underlying net profit to $126 million for the June year. Total trade rose 7% to 25.3 million tonnes, with container volumes up. Group net profit jumped 90.8% to $173.4m, boosted by a $49.2m gain from the Northport sale. Imports grew 13.9% to 8.9 million tonnes and exports lifted 3.6% to 16.4 million tonnes. Ship visits increased. The port declared a final dividend of 9.7 cents per share, bringing the annual total to 16.7 cents. Shares rose 2.2% after the result, trading at $7.06 by late morning. Lastly, ASB has lowered its fixed-term mortgage rates, becoming the last of New Zealand's major banks to act after the Reserve Bank's Official Cash Rate cut. The one-year, 18-month, and two-year fixed rates are now set at 4.75%. The three-year rate has dropped to 4.99%, while four- and five-year terms fell to 5.29% and 5.49% respectively. The six-month term is 5.04%, with floating rates unchanged at 6.29%. Other major banks, including BNZ, Westpac, ANZ, and Kiwibank, had already reduced their lending rates last week, with most floating rates now in the 6.15% to 6.39% range. 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: August 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 Thursday, August 28, 2025, and here are five stories you should know about. Air New Zealand has reported a pre-tax profit of 189 million dollars, with net profit after tax at 126 million, down from 146 million last year. Chief executive Greg Foran, who will depart in two months, says the airline faces pressure from rising airport and aviation costs, with airport charges up 57 percent since 2019. He declined a 900-thousand-dollar retention bonus earlier this year and confirmed Nikhil Ravishankar will succeed him. Passenger demand remains weak, with government and corporate travel both down. The company says it's managing costs while dealing with challenges such as engine maintenance delays. In other news, New Zealand Post has resumed limited parcel deliveries to the United States after suspending service last week due to tariffs. The new option is available only for businesses with a postal account, while personal parcel sending remains suspended. General manager Jared Handcock says the service helps companies stay connected with U.S. customers. Personal letters and documents were not affected, and gifts under 170 dollars may still enter the U.S. duty-free. NZ Post says it's working on a retail solution to allow individuals to send gifts and parcels again soon. Meanwhile, more than 140 Stuff journalists have gone on strike over pay disputes. The E tū union accuses the company of offering low wage increases while benefiting from a share sale to Trade Me. Journalists walked off the job between 3 and 5 p.m., with pickets outside newsrooms in Auckland, Hamilton, Wellington, and Christchurch. Union delegate David Long says staff deserve fair pay. Stuff denies claims of a "secret payday" and says wages have risen annually since Covid. The company says plans are in place to maintain news output. Elsewhere, the Ombudsman has forced the Reserve Bank to release details about Adrian Orr's resignation as Governor. Documents show Orr temporarily stepped down on February 27 after tensions with the board, Treasury, and Finance Minister Nicola Willis over government funding. Acting Governor Christian Hawkesby took over, while board chair Neil Quigley raised trust concerns in a letter. Orr rejected the allegations but admitted a lack of trust, resigning on March 5. The bank later confirmed funding disagreements were central. The Ombudsman says publishing a timeline balanced public interest and Orr's privacy. Orr has declined comment. And the Port of Auckland has lifted underlying net profit by 55 percent to 85.4 million dollars for the year to June. Statutory profit reached 90.8 million, while revenue rose to 393 million from 339 million. The port will pay Auckland Council 97 million in dividends, including proceeds from the sale of its Marsden Maritime Holdings stake. Container volumes rose five percent to the highest level since 2020. The port reduced debt by 44 million and improved operational performance, with on-time vessel departures up to 72 percent. Vehicle trade fell 17 percent to the lowest since 2013. 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: August 27, 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, August 27, 2025, and here are five stories you should know about. The Government says it's moving to speed up supermarket development in New Zealand. Economic Growth Minister Nicola Willis says the new rules will cut the consenting process from 18 months to one year. Changes include a single building consent system and streamlined eligibility for fast-track processes. A request for information found five prospective competitors and confirmed Costco's interest in expansion. Willis says the West Auckland Costco store has already altered local competition. She also says restructuring Foodstuffs and Woolworths is still under review, with a cost-benefit analysis to advise Cabinet on possible reforms. Meridian Energy has reported a $452 million net loss, impacted by drought conditions and declining energy margins. The result compared with a $429 million profit the previous year. Cashflow fell to $318 million from $667 million. Chief executive Mike Roan says droughts, low wind and gas shortages combined to create a difficult year. Despite the loss, Meridian declared a final dividend of 14.85 cents per share, bringing the annual total to 21 cents per share. Meanwhile, customers are counting their losses after Kitchen Things entered receivership, leaving many without prepaid appliances. Wellington customer Damion says he lost $16,000 after paying for goods that never arrived. Another couple told the Herald they paid more than $14,000 for appliances needed for their daughter's medical care, but deliveries stopped. Ian Burkett and his wife, both in their seventies, say they lost nearly $7,000 on two Bosch appliances. Receivers Grant Thornton have contacted customers for proof of purchase, but some say follow-up communication has not come. Consumer New Zealand advises those who paid by card to seek chargebacks through their banks. Elsewhere, Auckland Airport is investing in new self-service technology to reduce queues. About 60 traditional check-in desks will be replaced with kiosks and automated bag drops, allowing shared use across airlines. The airport says the new system will support more competition and expand check-in space to 13,000 square metres. The airport says the upgrade will "future-proof" it, and improve efficiency. Biometric technology will also be introduced. The airport last week reported a net profit after tax of $310.4 million, up 12 percent. Temporary check-in facilities will operate during construction, set to begin in early 2026. And an Auckland financial adviser called Le Joe, also known as Eric, faces forgery charges after allegedly filing 15 false health and life insurance applications. Authorities say the applications involved 27 non-existent people, generating more than $260,000 in commission. Le Joe was sole director and shareholder of Les Vela Limited, trading as Wise Insurance. The Financial Markets Authority has cancelled the company's licence, citing non-compliance with the Financial Markets Conduct Act. FMA executive Louise Unger says the practice, known as "tombstoning," undermines industry trust. Joe has been charged with three counts of forgery and will reappear in North Shore District Court. 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: August 26, 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, August 26, 2025, and here are five stories you should know about. Fonterra has settled a licence dispute with Bega Cheese, clearing the way for its $4.22 billion sale of consumer and associated businesses to Lactalis. The French dairy giant will pay 3.845 billion dollars, plus 375 million for Bega licences, which are now included in the divestment. Fonterra confirms it will also cover Bega's legal costs. The sale includes the co-op's global consumer business, except Greater China, along with foodservice and ingredients operations in Oceania, Sri Lanka, the Middle East and Africa. Chief executive Miles Hurrell earlier noted the sale price exceeded expectations, marking one of New Zealand's largest corporate transactions. In other news, Genesis Energy has reported a 29 percent rise in net profit to $169 million for the June year, driven by higher generation. Normalised earnings reached $470 million, up 14 percent, while the board declared a final dividend of 7.17 cents, taking the annual total to 14.3 cents. Genesis produced 30 percent more electricity than planned last winter amid gas shortages and low lake levels. The Huntly Power Station again played a central role in supply reliability. Shares dropped 2.6 percent after guidance for next year projected lower earnings due to investment and fuel costs. Elsewhere, Vulcan Steel is raising A$87.1 million through a shareholder entitlement offer to acquire Roofing Industries for $88 million. The deal values the roofing manufacturer at $99 million, including related businesses and branches. Roofing Industries generated more than $160 million in revenue and $25 million in earnings last year. Vulcan reported a 61 percent fall in net profit to $15.7 million for the June year, with EBITDA at $109 million, down 26 percent. The company declared a final dividend of 3.5 cents. Roofing Industries operates from 15 sites across New Zealand, significantly expanding Vulcan's operational footprint nationwide. Meanwhile, NZME has posted operating earnings of $23.9 million for the six months to June 30, up nearly 12 percent from last year. However, the company recorded an after-tax loss of $393,000, compared with a $1.9 million profit in 2024, due to $5.2 million in non-recurring costs. Revenue fell 3 percent to $165.7 million, impacted by the closure of community newspapers. OneRoof lifted revenue 16 percent, with earnings up 52 percent. Net debt rose to $33.3 million. The board declared an interim dividend of 3 cents per share and announced the creation of new editorial and OneRoof advisory boards. In a separate development, the receivership of appliance retailer Kitchen Things has drawn customer complaints over deposits and deliveries. One customer says he paid a $5500 deposit on the same day receivers were appointed by ASB Bank, which holds security over the company. Receivers Grant Thornton are now controlling the business and assets, including related entities Applico and Baumatic Appliances. Customers also report prepaid appliances withheld by courier Fliway. Receivers Russell Moore, Stephen Keen and Adele Hicks say the group faced weaker demand and rising competition, and they are assessing stock while seeking buyers. 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: August 25, 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, August 25, 2025, and here are five stories you should know about. Retail sales volumes in New Zealand rose 0.5 percent in the June 2025 quarter compared with March, according to Stats NZ. After adjusting for inflation and seasonal effects, eight of 15 industries recorded higher sales. Electrical and electronic goods rose 4.6 percent, supermarkets gained 1.3 percent, pharmaceuticals increased 1.2 percent, and department stores grew 1 percent. Stats NZ spokesperson Michelle Feyen says growth was modest but broad-based. Westpac economist Satish Ranchhod says spending appetites are "gradually firming." Over the past year, sales volumes rose 2.5 percent, compared with pre-pandemic gains of around 4.5 percent annually, Ranchhod says. In other news, energy distributor Vector reported a $37 million impairment reflecting fewer future gas connections and uncertainty over supply. For the June year, adjusted EBITDA rose 16 percent to $401.1 million. Chief executive Simon Mackenzie says asset sales, including Natural Gas Trading and Vector On-gas, align with the company's evolving portfolio. Vector entered a new five-year regulatory cycle for electricity networks in April, following Commerce Commission re-pricing. The Auckland-based company announced a final dividend of 13 cents per share, bringing the full-year payout to 25 cents, representing 85 percent of free cash flow. Meanwhile, the Reserve Bank has proposed changes to loosen bank capital rules set in 2019. The bank outlined two options that could lower lending costs by between 8 and 13.9 basis points, with larger reductions for higher-risk borrowers. Farmers could see costs fall about 20 basis points, while homeowners may pay 5 less. Governor Christian Hawkesby says it is important to protect depositors and stability while supporting competition. The proposals follow changes under the Deposit Takers Act, which includes a Depositor Compensation Scheme insuring up to $100,000. Public feedback is open until October 3 before final decisions are made. Elsewhere, jewellery retailer Michael Hill International posted a net profit of $2.1 million for the year to June 29, after a loss last year. Revenue was flat at $643.7 million, while gross margin held steady at 60.5 percent. In Canada, sales were up 4.4 percent, and Australia rose 1.2 percent, but New Zealand dropped 5.5 percent. Digital sales increased 6 percent to exceed $50 million. The group ended with 287 stores, down from 300. Inventory closed at $199.1 million amid record gold prices. No final dividend was declared. And in agribusiness, rating agency S&P Global says Fonterra's strong balance sheet supports its credit quality following the $3.845 billion sale of its consumer business. The sale includes global consumer brands outside China, along with foodservice operations in Oceania, Sri Lanka, and the Middle East and Africa. Around 3.2 billion dollars will be returned to farmer shareholders. S&P says Fonterra's dominance in raw milk purchasing remains strong, and debt-to-EBITDA for 2025 is about 1.5 times, well below its downside trigger of 4.0. On the NZX, Fonterra units rose 22 cents to $7.37, while farmer shares eased. 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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