/news/business/rss 九一星空无限 Keep up with the latest in business and financial sector news with 九一星空无限talk ZB. Fri, 16 Jan 2026 20:36:00 Z en /news/business/advertising-complaints-board-finds-f-word-branding-not-likely-to-be-offensive/ /news/business/advertising-complaints-board-finds-f-word-branding-not-likely-to-be-offensive/ This article repeatedly uses a swear word in the context of its inclusion in an advertising complaint, and may be offensive to some readers. A gin distiller which uses the F-word to name and promote its products has started using asterisks in its branding, even though a complaints board says it is unlikely to be causing serious offence without them. The Good George Brewing company says its branding is “humorous and colloquial, rather than harmful and offensive” and it has sold 80,000 bottles of the F-branded gin over five years, with only a single complaint. However, Good George also says it will now promote its products with asterisked versions of the F-word, and stop using it unadulterated. The Hamilton-based company has also withdrawn an advertisement which promoted two bottles of gin and one of tonic as a “crisis management pack” after a complaint to the Advertising Standards Authority (ASA) that this was not socially responsible. The complaint under the Advertising Standards Code and the Alcohol Advertising and Promotion Code was brought by the Communities Against Alcohol Harm lobby group. Its community affairs advisor, Nathan Cowie, complained about the “crisis management” promotion and the branding of eight varieties of gin, all of which used F-words on their labels. “If you want to drop F-bombs in your advertising, now you can,” Cowie commented today in response to the ASA decision that the branding did not reach a threshold to cause serious or widespread offence. Cowie said his group complained on behalf of a “concerned community stakeholder” who worked as a counsellor dealing with the aftermath of sexual assault and alcohol abuse. “They were concerned about the harm they see from alcohol in the community, and the incredibly poor standards of social responsibility on display from this advertiser,” he said. “The Advertising Standards Complaints Board has not upheld parts of this complaint related to the liberal use of F-bombs in the naming, labelling and advertising of these products,” Cowie said. “Unless fixed by a higher authority, this creates a precedent where advertising standards are very permissive of profanity, and the bar for a high standard of social responsibility is significantly lowered.” Cowie in his complaint specifically quoted an advertisement which read in part: “When life throws a year like 2025 at you, sometimes the only strategy is to pour a stiff G&T and ride it out. The Crisis Management Pack is your emergency pack for surviving clusterf***s large and small.” The ASA complaints board found that the advertisement suggested that the effects of consuming alcohol can improve or enhance a situation, and “this was not socially responsible”. The board said it would have upheld that part of the complaint, but considered the matter settled after the advertisement was withdrawn by the company. A majority of the board did not uphold the section of the complaint about the product names and website advertising for the “Good George F***ery” series of gin products. They said the F-word was being used in a humorous way which “does not reach the threshold to cause serious or widespread offence”. Advertising targeted to adults It also said the labelling and advertising was targeted to a limited adult audience. The company said in its response to the complaint that its advertising campaign was in the context of shared experiences in recent years, starting with the Covid-19 pandemic and including rising living costs, natural disasters and social and global uncertainty. “The creative intention behind the ‘F***ery Series’ is to reflect that shared sentiment through light-hearted, cathartic adult humour,” it said. The Good George Brewing company has been selling its F-word branded gin for five years, and has had only one complaint in that time. The product names were intended as humorous exaggerations of public mood, not literal statements about alcohol or its effects. “The tone is deliberately irreverent but benign: it acknowledges the chaos of recent years in a way many adults understand, without suggesting that alcohol improves mood, solves problems or assists with coping,” the company told the complaints board. “The advertisements are directed solely at adults, appear only in adult-appropriate channels, and would be interpreted by a reasonable adult as satirical rather than instructional, therapeutic or prescriptive.” In a statement today, the company said that the ASA decision recognised what its customers already understood: “This range is clearly satirical, aimed at adults, and intended as light-hearted commentary on some pretty challenging years.” The dog who said "bugger", from the Toyota advert in 1999. The ASA decision canvassed previous findings, including one in 1999 against a television advertisement for the Toyota Hilux which repeatedly used the word “bugger”, finally spoken by a dog who became mired in mud. That advert, which attracted multiple complaints, was described by one as “low intelligence, foul-mouthed humour”. The complaints board at that time said that “bugger” was part of New Zealand rural humour and was unlikely to cause widespread offence because the advert was screened after 8.30pm. Ric Stevens spent many years working for the former New Zealand Press Association news agency, including as a political reporter at Parliament, before holding senior positions at various daily newspapers. He joined 九一星空无限’s Open Justice team in 2022 and is based in Hawke’s Bay. Wed, 14 Jan 2026 04:32:48 Z /news/business/kiwis-turn-to-paper-planners-and-home-resets-in-new-year-spending-trends/ /news/business/kiwis-turn-to-paper-planners-and-home-resets-in-new-year-spending-trends/ New Zealanders have been splurging on new products in early 2026, but some surprising items are not featuring on many ‘New Year, New Me’ lists. Payment firm Afterpay released data showing what Kiwis were spending on during the New Year period from December 1 to January 6. Paper-based organisation products saw the biggest uptick in sales, with planners, notebooks and similar items up about 180% year-on-year, outdoing sales in more traditional New Year items such as activewear and gym memberships. Computer-related technology has declined in year-on-year sale. Emily Marshall, a senior director at Afterpay, said this might be signalling a shift in the habits of New Zealanders. “Kiwis are investing more in everyday tools that support better routines, wellbeing and organisation,” Marshall said. “From planners and notebooks to activewear and home essentials, spending data shows people are leaning into a broader ‘analogue wellness’ shift – choosing tactile, offline tools that help turn good intentions into lasting habits.” Paper products have outstripped sales of tech products in the New Year period according to Afterpay. Photo / Gusher The data from Afterpay has suggested consumers were looking to move away from screens and focus instead on habit-building and changes in lifestyle. Izzy Forde, a 24-year-old healthcare professional, said she has turned to paper planners in an attempt to bring structure and calm to her week. “Writing things down helps me feel organised and in control, without constantly being on my phone,” Forde said. “It gives me a moment to slow down and focus on what’s important.” Although fitness items didn’t see the highest uptick in sales, they still featured highly on the list. Outdoor and recreational products saw sales up about 67%, while fitness footwear and activewear increased by about 45%. Spending on home reset purchases was also up year-on-year as home decor, plants and soft furnishings were up between 40-50%. Skincare and personal care products also saw sales increase by about 38%. Wed, 14 Jan 2026 02:11:58 Z /news/business/wellington-set-to-lose-another-hospitality-business-with-closure-of-leuven-belgian-beer-cafe/ /news/business/wellington-set-to-lose-another-hospitality-business-with-closure-of-leuven-belgian-beer-cafe/ Wellington’s Leuven Belgian Beer Cafe will close its doors at the end of the month after 25 years in business. Long-time publican and owner Russel Scott posted on Facebook: “It’s with heavy hearts that we share some sad news – Leuven Belgian Beer Cafe will be closing. “We are so grateful for the support, memories and community over the years.” Leuven Belgian Beer Cafe, which opened in June 2000, will close on January 28. For Scott, it’s the closure of yet another of his hospitality businesses following difficult trading conditions in the capital since Covid hit in 2020. Scott closed the doors to Avida Bar in May last year, citing the worst conditions he’d seen in hospitality in Wellington since becoming involved in the area in 1987. In January 2024, Scott closed brewery, restaurant and pub Whistling Sisters, which was opened in 2018 in memory of his daughter Karen, who died from breast cancer in 2015. The Herald has contacted Scott for comment. Hospitality New Zealand chief executive Kristy Phillips told the Herald it has been a challenging couple of years for Wellington’s hospitality sector. “[This is] due to a number of factors including, reduced discretionary spend; the shift to remote work resulting in reduced CBD foot traffic; ongoing roadworks; rising operational costs …” she said. But Phillips said while trading conditions remain tough for hospitality businesses, the economic outlook is one of cautious optimism. “Despite some hospitality businesses closing, new ones continue to open and others look to rebrand or reinvent themselves to fit with changing trends and consumer preferences,” she said. “The number of accommodation and food service businesses in Wellington has increased by 14% since pre-Covid times.” Phillips said there is a sign of confidence in the capital’s hospitality sector and wider economic conditions will continue to improve throughout the year. “Anecdotal commentary from our members is that the summer trade so far has been really positive and there is clear evidence of vibrancy in [Wellington].” Last year, popular Wellington pub Fortune Favours closed its brew bar after nearly a decade. Owners Shannon Thorpe and Dale Cooper said the business was no longer financially sustainable. “Unfortunately, the cost of living crisis has proven too difficult for us to navigate. We’re down 20% on last year, which was already 25% down on the year before,” a post on the company’s social media read. The economic crunch also claimed other Wellington establishments including wine bar Plonk and games store and cafe Caffeinated Dragon Games. Wed, 14 Jan 2026 00:15:16 Z /news/business/unemployment-may-have-peaked-at-53-westpac-survey/ /news/business/unemployment-may-have-peaked-at-53-westpac-survey/ A Westpac survey is pointing to a modest improvement in the labour market, indicating unemployment may have peaked at 5.3%.  The bank said its Westpac-McDermott Miller Employment Confidence Index (ECI) rose 3.9 points to 93.8 in the December quarter.  While it was the highest reading since March 2024, it remained in subdued territory, Westpac said.  A level below 100 indicates more households are pessimistic about the outlook than optimistic.  “New Zealanders still see jobs as being in short supply,” Westpac senior economist Michael Gordon said.  “However, there was a slight improvement in the December quarter, consistent with our view that the unemployment rate has peaked at its current level of 5.3%.”  There was more confidence about job security and opportunities in the year ahead, he said.  “There’s a growing sense that the economy has reached a turning point, although the labour market is typically one of the more lagging aspects of the economic cycle.  “For that reason, we expect only a gradual improvement in the unemployment rate over the course of 2026.”  Current and expected earnings growth remained subdued in the December quarter.  “The existing slack in the labour market means that workers’ negotiating power has decreased, and with inflation back in the target range, cost-of-living increases have become correspondingly smaller,” Gordon said.  The results were mixed across the country, with confidence rising in seven regions and falling in four.  “In particular, the earnings measures of the survey were weaker in dairy-intensive regions such as Northland, Waikato, Canterbury and Southland,” Gordon said.  He said recent falls in dairy prices may be weighing on earnings expectations across these regions.  Confidence among employees working in both the private and public sectors rose over the quarter, Imogen Rendall, market research director of McDermott Miller said.  Private sector employees’ confidence is up this quarter with an increase of 5.2 points to 96.8, and public sector employees’ confidence has increased 1.9 points to 96.  “Private and public sector employees remain particularly concerned about the current job market, with close to six in 10 saying that jobs are currently hard to get,” Rendall said.  The survey was conducted from December 1-11, 2025, with a sample size of 1550.  Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.  Tue, 13 Jan 2026 22:15:45 Z /news/business/small-businesses-offered-15k-for-ai-under-765k-government-pilot/ /news/business/small-businesses-offered-15k-for-ai-under-765k-government-pilot/ Small businesses are being offered up to $15,000 to help them get to grips with AI. A pilot scheme is backed by $765,000 from the Ministry of Business, Innovation and Employment, drawn from its existing budget. The funds imply up to 51 recipients for the invitation-only scheme, which kicks off next week. Small Business Minister Chris Penk and Science, Innovation and Technology Minister Shane Reti announced the pilot today. “Small business owners tell me they want to use AI to clear space in their busy schedules, so they can focus on the parts of their business they enjoy, but many are unsure where to start or how to use these tools in a safe and practical way,” Penk said. “This pilot programme will give small business owners practical support from trusted experts so they can confidently use AI tools that lift productivity and help them stay competitive in a rapidly evolving technological landscape. Eligible businesses will receive co-funding of up to 50%, capped at $15,000, to develop an AI plan tailored to the needs of their business, workers and customers, Penk said. Invitation-only “The pilot is being run through the Regional Business Partner Network for existing customers at present,” a spokeswoman for Penk said. “From next Monday, RPB providers will send out invitations to businesses currently working with growth advisers. “As these businesses have a relationship and history with their RBP provider, for the sake of a pilot this will allow for better benchmarking around digital capability and confidence using AI tools.” Advisers in the network will help small businesses implement their AI plans. The MBIE-funded Regional Business Partner Network worked with 15 organisations nationwide, typically the local chamber of commerce. The pilot will last for six months. The 15 partners are listed on the RBP site here. ‘$76b’ opportunity “AI has enormous potential to drive economic growth and increase productivity,” Reti said. “New Zealand’s Strategy for Artificial Intelligence estimates that adopting generative AI alone could add a staggering $76 billion to the New Zealand economy by 2038, which equates to 15% of national GDP,” he added. “Through our AI strategy, the Government is also investing up to $70m over seven years through the New Zealand Institute for Advanced Technology to support innovative AI research and applications, develop world-class expertise, and sharpen New Zealand’s competitive edge.” The $70m was from savings yielded from scrapping Callaghan Innovation, which was defunded in Budget 2025. The NZ Institute for Advanced Technology is expected to be in operation later this year, based in Auckland rather than the capital (home of Callaghan) after lobbying by Mayor Wayne Brown. Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer. Tue, 13 Jan 2026 01:57:57 Z /news/business/canopy-healthcare-alerts-patients-to-a-data-breach-that-occurred-six-months-ago/ /news/business/canopy-healthcare-alerts-patients-to-a-data-breach-that-occurred-six-months-ago/ It has come to light that another service provider to the healthcare sector, Canopy Healthcare, has been hit by data breach. However, those affected have only just been informed of the attack that occurred six months ago. Patient records, passport information and bank account details have been affected. Canopy describes itself as “the largest private medical oncology provider in New Zealand”. Its stable includes Auckland Breast Centre, Canopy Imaging, Canopy Cancer Care, Absolute Radiology and Imix. In a post to its website, dated “January 2026″, the company said a “small” amount of data was copied. “There continues to be some uncertainty as to the precise data and individuals that may have been affected,” Canopy said. “On July 18, 2025, Canopy Healthcare identified that an unknown person temporarily obtained unauthorised access to a part of our systems used by our administration team. “In instances where some patient or staff information may have been accessed, we are contacting those individuals directly.” It added: “The unauthorised party may have accessed a small number of bank account numbers, which had been provided to Canopy for payment or refund purposes. We are directly notifying potentially affected individuals.” The message also said: “There have been some instances of staff identity information potentially being affected, and we have notified those staff to provide support.” Canopy advised those whose passport information had been compromised could add an “alert” to their record via the Ministry of Internal Affairs. “No credit cards were affected,” it clarified. Canopy said its operations and services continued as normal. “Despite rigorous investigation, we have not been able to confirm who was responsible,” it said. “To date, Canopy has not been contacted by the unauthorised party.” Canopy said it notified the Privacy Commissioner and police at the time of the attack. It has been approached for comment. Canopy’s public statement follows the December 30 revelation that some 127,000 patients had their medical files accessed in a ransomware breach of the ManageMyHealth portal for GPs. Security experts said they found flaws in ManageMyHealth’s technical setups, while questions have also been raised about governance and government oversight of private providers. Health Minister Simeon Brown has asked the Ministry of Health to conduct a review of the ManageMyHealth breach. Brown and the Office of the Privacy Commissioner have been asked for comment on the Canopy breach. Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer. Mon, 12 Jan 2026 01:50:35 Z /news/business/us-company-bourns-tries-to-take-over-new-zealand-chip-maker-rakon/ /news/business/us-company-bourns-tries-to-take-over-new-zealand-chip-maker-rakon/ By RNZ Rakon has received a takeover offer from US‑based electronics manufacturer Bourns Inc, valuing the Auckland tech firm at $356 million. Loss‑making Rakon – a specialist manufacturer of high‑precision microchips and frequency‑control components – confirmed it had received a formal takeover notice from privately held Bourns. Rakon reported a narrowed half‑year loss in November. The offer valued Rakon at $356m, compared with its $206m market value at Friday’s close. The proposed all-cash bid represented a 72% premium over Rakon’s Friday closing price of 90 cents, with Bourns offering $1.55 per share. Lock‑up agreements give Bourns an early advantage In a separate NZX notice, Rakon said Bourns had secured lock-up agreements covering the holdings of its three largest shareholders: Siward Crystal Technologies, interests associated with former CEO Brent Robinson, and Wairahi Investments. These commitments amount to 41% of Rakon’s outstanding equity – a significant head start for Bourns before the full offer is launched. Next steps under NZX takeover rules Bourns must issue a formal takeover offer within 10 to 20 working days from Monday. The bid is conditional on receiving at least 90% acceptances; otherwise, it lapses. Bourns said approvals will be required from regulators in New Zealand, France and the UK, and encouraged shareholders to accept once the offer was formally lodged. “We believe the offer represents a compelling opportunity for you to sell your shares and share rights, and encourage you to accept the offer for all your holdings once the formal offer is made,” the company said in its notice. Long histories and boardroom tensions Privately held Bourns was estimated to be worth $7-$10 billion, employing 9000 people. Bourns Inc, founded in 1947 and family‑owned, manufactures sensors, circuit‑protection devices and magnetic components for the automotive, industrial and consumer electronics markets. Rakon Limited, founded in 1967, is a global leader in frequency‑control and timing technology used in 5G networks, satellites, emergency beacons, aerospace and defence systems, and autonomous vehicles. Rakon’s independent directors formed a committee to assess the proposal and were advising shareholders to take no action until the formal offer and an independent adviser’s report were released. Rakon has been riven with boardroom disagreements in recent times over the performance and direction of the company. This is the third takeover approach for Rakon in as many years. A previous $391m offer in 2024 collapsed after the unidentified bidder and Rakon failed to resolve “complexities” during due diligence. -RNZ Sun, 11 Jan 2026 23:54:21 Z /news/business/managemyhealth-data-breach-victim-s-health-records-vanish-from-portal-as-she-awaits-brain-scan-results/ /news/business/managemyhealth-data-breach-victim-s-health-records-vanish-from-portal-as-she-awaits-brain-scan-results/ A victim of the ManageMyHealth cyber attack is horrified to see most of her documents stored on the portal have gone missing.  Not only was she just informed by ManageMyHealth that her data had been compromised in the breach, but about 100 of her medical records stored on the platform have vanished. All but 16 are gone.  The woman, who will be referred to as Jane to protect her privacy, has a web of chronic health conditions, so relies on the portal to get her test results quickly and ensure records from the various parts of the health system she engages with are consolidated in one place.  She is also nervously awaiting results of a brain scan and is due to have a hysterectomy.  “It’s so f* horrible. It’s so invasive,” Jane said of the situation.  “Out there somewhere is personal information that my family doesn’t even know.”  She noted she had been so cautious of sharing her personal information, she didn’t even have internet banking.  “There is a reason I don’t have apps on my phone, but they told me I could trust it [ManageMyHealth],” she said.  “Doctors can’t be touting stuff if they’re not certain it’s safe. They’re supposed to be people who people can rely on.”  Jane is one of about 127,000 people whose health records have been compromised in the attack, which ManageMyHealth became aware of on December 30.  The attacker allegedly demanded the company pays a US$60,000 ($104,000) ransom by 5am today to avoid the data being distributed.  ManageMyHealth is issuing daily updates, but is declining to answer the Herald’s questions, including around what’s happened to Jane’s documents, whether it’s negotiating with the hacker, and whether it’s been audited by a government entity.  The portal, which has 1.85 million users in New Zealand, works in conjunction with one of the two main operating systems GP clinics use. Medical practitioners use it to share information with their patients – including notes from appointments, test results and prescription information.  Jane believed personal health-related photos were among the documents that have now disappeared from the portal.  Some data breach victims have heard from their clinics, but not ManageMyHealth. However, Jane had only heard from the latter.  She was incensed by its communications ironically being headed, “private and confidential”.  Jane hadn’t contacted ManageMyHealth to ask where her documents had gone.  The Herald has heard a report of the 0800 number ManageMyHealth has given victims being clogged and not connecting to an operator.  “I don’t trust them,” Jane said.  “They’re going to cover their asses … They’re in PR mode.”  ManageMyHealth hasn’t said anything in its daily updates about people’s files going missing.  On Thursday, it said it was still in the process of contacting those whose data had been breached.  “The issue now is, who’s going to take accountability?” Jane questioned.  Health Minister Simeon Brown has distanced the Government from the saga, saying ManageMyHealth was responsible for keeping the data safe.  He directed the Ministry of Health to do a review in the wake of the breach.  The Office of the Privacy Commissioner wants the Privacy Act to be strengthened, as there is no civil penalty regime for organisations that fail to protect personal information.  Health New Zealand hasn’t responded to the Herald’s questions about the oversight it has of companies like ManageMyHealth that provide key services to the health sector.  Health New Zealand issues providers with detailed IT guidelines, but hasn’t told the Herald if it has audited ManageMyHealth.  In terms of accountability provided by ManageMyHealth’s governance structure, it only has two directors, one of whom is its chief executive and sole owner (via another company) – Vino Ramayah.  It is establishing an advisory board to provide it with support in the wake of the attack.  Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.  Fri, 09 Jan 2026 02:30:10 Z /news/business/alliance-group-ceo-willie-wiese-steps-down-after-dawn-meats-deal/ /news/business/alliance-group-ceo-willie-wiese-steps-down-after-dawn-meats-deal/ Alliance Group’s chief executive, Willie Wiese, is stepping down, with new shareholder Dawn Meats installing Niall Browne as acting CEO.  Browne is group chief executive at Ireland’s Dawn Meats, which last year spent $270 million on taking a 65% stake in the meat processor.  Farmer-shareholders have retained a 35% share in Alliance, New Zealand’s biggest sheep meat exporter.  Alliance chairman Tom Moran said Wiese had decided to leave the company after eight years, including almost three years as chief executive, to attend to some “pressing” family matters and focus on new opportunities.  “Willie’s decision to step down follows an intensive two-year reset of the entire business, a pleasing return to profitability and the completion of a successful capital raise with Dawn Meats,” Moran said.  He thanked Wiese for his commitment in leading the significant turnaround of the company.  Wiese said he had delivered all his goals for the company and that now was the right time to leave the company.  “After much reflection over the holiday period, and in discussion with the board, I have decided it is the right time for new leadership to lead the next phase of growth,” he said.  “I’m proud of the hard work and support of the Alliance team and our farmer shareholders that has brought the company to this point, with the business now well positioned for the future.”  Browne said Wiese had worked hard over the last two and a half years to help find a suitable partner for Alliance, and had played an integral role in the successful capital raise.  The then cash-strapped co-op was facing insolvency and a December 19, 2025, deadline to repay $188m in bank debt before the Dawn Meats proposal gained the appoval of farmers in late October.  “Willie and the Alliance team have brought the business back to profitability and we thank him for his contribution. We wish him well for the future,” Browne said.  An integration process with Dawn Meats is under way with senior representatives from Ireland and the UK visiting New Zealand to share information, make plans for the future and secure further synergies with Alliance, he said.  Browne said that, with the company having completed its first quarter, it was tracking ahead of budget, with supply from both current and returning shareholders and new suppliers.  As part of the completed transaction with Dawn Meats, Alliance farmer-shareholders will receive a $20m payment scheduled for the end of the 2025-26 season and a further $20m scheduled at the end of the 2026-27 season, subject to livestock flows, he said.  Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.  Tue, 06 Jan 2026 02:26:27 Z /news/business/costco-nz-turns-in-first-profit-since-2022-opening/ /news/business/costco-nz-turns-in-first-profit-since-2022-opening/ Costco New Zealand has turned in its first profit since the US retail giant set up shop in Auckland in 2022.  In a filing with the Companies Office this week, Costco NZ said its net profit came to $9.62 million in the 52 weeks to August 31, 2025, compared with a loss of $0.93m a year earlier.  Losses from Costco’s New Zealand operation peaked at $20.5m in the 2023 financial year.  In this week’s filing, Costco said its total revenue came to $385.08m in 2025, up 6.5% from $361.52m in 2024.  Nasdaq-listed Costco Wholesale Corp’s shares last traded at US$875.74 ($1512.86), down from last June’s peak of US$1055.59.  In its latest financial report, issued in the US last month, Costco Wholesale Corp said its first-quarter net sales increased by 8.2% to US$65.98 billion from US$60.99b in the same period last year.  Last November, the Herald reported that Costco planned to build a second shop at South Auckland’s Drury. The first store opened at Westgate in September 2022.  Kiwi Property chief executive Clive Mackenzie and Costco country manager Chris Tingman made a joint statement about a conditional land deal at the time.  “Kiwi Property has reached a conditional agreement with Costco Wholesale to sell the retailer 6.4ha of land at its new Drury development, paving the way for New Zealand’s second Costco store,” they said then.  Costco’s business model centres on a membership-based warehouse club system, where customers pay an annual fee for access to bulk goods at low mark-ups.  Tue, 06 Jan 2026 00:14:26 Z /news/business/bay-of-plenty-independent-bookstores-reveal-how-they-are-keeping-doors-open/ /news/business/bay-of-plenty-independent-bookstores-reveal-how-they-are-keeping-doors-open/ Independent bookstores across the Bay of Plenty are turning a new page and remaining optimistic for summer, despite a tough retail climate. With automatic email replies on and Kiwis clocking off for the holidays, eyes will be off screens and on pages. As a result, Bay of Plenty book retailers were gearing up for a busy summer of recommending beach reads. Briar Simons, owner of Pāpāmoa second-hand bookstore Xanadu Exchange, said people were looking for light reads so they could “lie down on the beach and read a nice romance”. Customers were also after the popular titles during the summer. Simons said everybody was looking for authors such as Freida McFadden, Kristen Hannah and Sarah J. Maas. “I get a lot of requests for the same book, and if I do get them ... boom, they’re gone.” Summer was Xanadu’s busiest time of year. When Simons spoke to 九一星空无限, 1000 books had just been dropped off at the store within an hour. The number of customers had picked up since the beginning of December and Simons expected to be busy until the end of February. Xanadu Exchange was open every day except Christmas Day. Xanadu Book Exchange owner Briar Simons. Photo / Gavin Ogden Simons said her biggest challenge running the second-hand bookstore was paying the rent. Having downsized from three to two buildings, her situation had improved. But the economy and rising prices dictated her customers’ spending habits. “By the time people go to the supermarket and get their food, books are a luxury,” she said. “People are living their daily lives and money’s a bit tight.” Simons said business was quieter during the week but weekends were “full-on” and people visited from across New Zealand during public holidays. She said her loyal customer base kept returning and brought her new customers. “It’s nice to support your locals, and that’s why a lot of people come to me, because they like to support me and they’ve been coming to me since I started.” The competitive pricing of her books also helped her business stay afloat. Nothing was over $5 and customers received store credit when they brought in books. Customers could swap out the old for new, which in turn meant fresh stock for Simons. “Prices are a really big thing. “If we start raising prices, that’s the end of the business. I always promised that I wouldn’t go more than $5 for books. I’ve stuck to that and it has worked well for me.” Customers browse Xanadu Book Exchange in Pāpāmoa. Xanadu Exchange sold more than just books to keep the business going. Simons stocked CDs, DVDs, jigsaws and more. “It’s a drawcard for everything. People come in for a book and then they end up buying a DVD or a piece of china. It all helps. “If you get people who don’t read, they’re not going to come and visit me. Some customers’ husbands don’t read, but if you put something there [that they will buy], the husband will buy something. “You can browse all day in this shop and turn around the corner and see something else.” Round and Round in Mount Maunganui also expanded its business plan beyond selling books to “keep going” during tough times. The store sold art by local artists and records, and hosted printmaking sessions and book clubs. Owner Stella Clark said doing lots of new and different things helped it stay afloat. During NZ Music Month, bands played in the shop while people browsed. “We want to expand on what a bookshop traditionally is and offer what the community wants.” Clark said tourists sought out the store during summer and many travellers, especially people working in kiwifruit, attended the printmaking sessions as a different activity. Round and Round in Mount Maunganui. Photo / Bijou Johnson Katja Pott from Katja Pott Art and Books in Historic Village had been bookselling for 30 years. She said bookselling was a “struggling business”. But she endeavoured to service her community’s wants, ordering in specially requested books for her customers. Rotorua’s McLeods Booksellers manager and book buyer Gabrielle, who did not want her last name published, praised the store’s team for keeping doors open. “We are book people who are passionate about reading and connecting readers with great books.” She said the employees prided themselves on “really good customer service”. The store offered a range of staff favourites – books they had read and loved. “These are books that people keep coming back to, wanting another recommendation from us, having read something that we’ve recommended and enjoyed. “People keep coming back to enjoy the shop, enjoy the experience and get to see really great quality books.” The store had a lot of repeat customers because employees were good at matching books with people, something online retailers cannot do, she said. “That’s our point of difference,” she said. “It comes down to service and selection.” Xanadu Exchange owner Briar Simons’ summer reading recommendations: The Housemaid series, Freida McFadden Anything by Kristen Hannah Anything by Colleen Hoover The Seven Sisters series, Lucinda Reilly, 1984 or Animal Farm, George Orwell To Kill A Mockingbird, Harper Lee Bijou Johnson is a multimedia journalist based in the Bay of Plenty. A passionate writer and reader, she grew up in Tauranga and developed a love for journalism while exploring various disciplines at university. She holds a Bachelor of Arts in Classical Studies from Massey University. Sat, 03 Jan 2026 20:48:03 Z /news/business/tesla-loses-ev-crown-to-china-s-byd-in-2025-as-sales-slip/ /news/business/tesla-loses-ev-crown-to-china-s-byd-in-2025-as-sales-slip/ Tesla’s sales fell in 2025, the company has reported, ceding its position as the world’s biggest electric vehicle maker for the year to Chinese automotive giant BYD. The American company led by Elon Musk logged 418,227 deliveries in the final three months of the year, taking its full-year sales figure to about 1.64 million EVs. This marked a drop in sales of more than 8% compared with 2024. A day before, BYD said it sold 2.26 million EVs last year. Analysts had expected Tesla’s sales in the final quarter to slow less, to 449,000, according to a FactSet consensus. The pullback comes after the elimination of a US$7500 ($13,000) tax credit in the US at the end of September 2025, with industry watchers noting it will take time for EV demand to rebalance. But even before then, Tesla’s sales had struggled in key markets over CEO Musk’s political support of US President Donald Trump and other far-right politicians. Tesla has also been grappling with rising competition from BYD and other Chinese companies, and from European giants. Shenzhen-based BYD, which also produces hybrid cars, unveiled record EV sales in the past year on Thursday. Known as “Biyadi” in Chinese – or by the English slogan “Build Your Dreams” – BYD was founded in 1995 and originally specialised in battery manufacturing. The automotive juggernaut has come to dominate China’s highly competitive market for new energy vehicles, a term used to describe various vehicles from fully electric ones to plug-in hybrids. China is the world’s largest market for new energy vehicles. BYD is now looking to expand its presence overseas, as increasingly price-wary consumption patterns in China weigh on profitability. While BYD and other Chinese EV producers come up against hefty tariffs in the US, the company’s success is picking up in Southeast Asia, the Middle East and in Europe. Elon Musk’s politics weighed on the demand for Tesla vehicles in 2025. Photo / Getty Images Tesla only narrowly beat BYD in annual EV sales in 2024, with the US company’s 1.79 million outpacing the latter’s 1.76 million. Tesla shares closed 2.6% down in New York on Friday. Analysts at Wedbush Securities noted Tesla’s quarterly sales figure remained better than some had speculated. They flagged the company faces a “more difficult demand environment following the end of the EV tax credit while Europe remains a headwind to its deliveries”. The company still forecasts challenges obtaining certain regulatory approval in Europe – relating to self-driving technology – with sales potentially rebounding once the regulatory hurdles are cleared. “Sales around smaller and emerging markets have started to see larger growth metrics than expectations, which look to offset the declines in key regions like China and Europe,” Wedbush analysts said. – Agence France-Presse Sat, 03 Jan 2026 02:59:30 Z /news/business/china-s-beef-import-restrictions-unlikely-to-impact-new-zealand-beef-exporters/ /news/business/china-s-beef-import-restrictions-unlikely-to-impact-new-zealand-beef-exporters/ The Chinese Government has placed quotas on beef imports as it seeks to protect domestic farmers and producers. Under the new rules, New Zealand will have an annual duty-free quota of 206,000 tonnes rising to 214,000 tonnes, worth up to $1.75 billion if fully utilised. This represents around 8% of China’s combined quotas. Trade Minister Todd McClay said China's new beef quotas were larger than the last two years’ beef exports. Photo / RNZ, Reece Baker Trade and Investment Minister Todd McClay said that while the quota was unwelcome, it was larger than the beef exports to China over the last two years, which were around 150,000 tonnes per year. “New Zealand exports are unlikely to face restraint under the arrangements.” McClay said the outcome reflected strong engagement between New Zealand and China throughout the investigation process. “It sees a better outcome than some countries who now face a reduction in access,” he said. “I’ve been able to make the case to my Chinese counterparts on three occasions last year that New Zealand exporters are not harming the Chinese beef market and therefore should not be adversely affected by safeguard measures. “Our quota allocation means beef exports under the China NZ free trade agreement are in practice unaffected.” McClay said the Government worked hard to ensure the measures applied reflected the strength of the trade partnership between the two countries. “While any new restriction is disappointing, this quota is larger than our recent export volumes and means that exporters can continue trading without additional tariffs.” China is New Zealand’s second-largest beef market after the United States. “New Zealand beef exporters can have confidence in the Chinese market, where demand for high-quality, safe food products continues to grow,” McClay said. In the 12 months to November 2025, 19% of New Zealand’s beef exports by value, $961 million, went to China, representing approximately 4% of China’s total beef imports. China brought in a total of 2.6 million tonnes of beef to November last year, according to customs data. Brazil is likely to be one of the hardest-hit countries, as China accounts for nearly half of its total beef exports. The South American nation could lose up to US$3b ($5.21b) in revenue in 2026 as a result of the new policy, the country’s Association of Refrigerated Meat Packers said. Thu, 01 Jan 2026 05:29:34 Z /news/business/budgets-still-constrained-christmas-peak-spending-falls-for-fifth-year/ /news/business/budgets-still-constrained-christmas-peak-spending-falls-for-fifth-year/ Christmas Eve has retained its title as the busiest shopping day of the year, but the peak hour was well down on previous years. Payments network Worldline NZ recorded 563,303 transactions between noon and 1pm today. That was lower than the 607,299 transactions recorded in the same hour on Christmas Eve last year. The number of transactions in the peak hour has fallen in recent years as consumers have faced pressure from the high cost of living and rising unemployment. In 2020, some 678,812 transactions were made between noon and 1pm on Christmas Eve. The peak-hour total fell to 660,815 in 2021, 650,909 in 2022 and 626,692 in 2023. The peak minute for spending today was 12.13pm when 9745 transactions were processed. A slowdown in spending also emerged in this year’s Black Friday sales data. Figures released by Worldline NZ showed spending through core retail merchants selling non-food goods reached $55.6 million on November 28, 2025. Non-food goods spending on Black Friday alone was down 6.2% compared with last year and fell 4.6% for the three-day weekend. Worldline NZ’s chief sales officer Bruce Proffit said while Black Friday sales brought out many shoppers, the pattern across the weekend was consistent with spending on non-food goods, which ran below year-ago levels over other weeks of November. “It appears that consumer budgets are still constrained at this end of the year. Clothing merchants experienced higher spending than Black Friday 2024 over the weekend but spending elsewhere was generally down,” Proffit said. Retailers will be hoping shoppers come out in force on Boxing Day. Some had already begun advertising specials before Christmas. Homewares retailer Briscoes started its “Boxing Day sale” five days out from Christmas. Other retailers, such as Farmers, begin Boxing Day sales online on Christmas Day and in-store the day after. Wed, 24 Dec 2025 02:50:44 Z /news/business/electricity-authority-lays-complaint-over-huntly-power-plant-code-breach/ /news/business/electricity-authority-lays-complaint-over-huntly-power-plant-code-breach/ The Electricity Authority has lodged a formal complaint with an independent panel alleging a breach of an industry code by power generator Genesis Energy. The authority alleged Genesis had failed to comply with dispatch instructions in respect of the gas-driven turbine, Unit 5, at Huntly, and that it failed to immediately advise Transpower of a reason why Huntly Unit 5 was unable to comply with instructions on January 26, 2024. Dispatch instructions are the instructions the system operator – Transpower – issues to generators to provide generation. The Electricity Authority (EA) said compliance with dispatch instructions is critical for maintaining the stability, reliability and efficiency of the power system. “If generation is suddenly unavailable (for example, through an unexpected outage), this can have a flow-on effect such as a localised cascade failure of the power system and regional loss of supply,” the EA said. The code requires generators to comply with dispatch instructions and to communicate with the system operator if issues arise. The rulings panel is an independent body that determines breaches of the code and may make appropriate remedial orders under the Electricity Industry Act. Asked for comment, Genesis said it endeavoured to comply with the Participation Code and had worked closely with the EA regarding the alleged breach. “While we are disappointed that a complaint has been escalated to the rulings panel, we will continue to work through the process to a resolution,” Genesis said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Tue, 23 Dec 2025 02:37:54 Z /news/business/fma-board-shake-up-as-steven-bardy-named-deputy-chair-from-2026/ /news/business/fma-board-shake-up-as-steven-bardy-named-deputy-chair-from-2026/ Steven Bardy has been appointed deputy chair of the Financial Markets Authority. Bardy, who is currently chair of the audit and risk committee, will serve as deputy chair from January 1, 2026 to February 28, 2027, when his current term on the board ends. Bardy has been acting board chair as the Ministry of Business, Innovation and Employment (MBIE) investigates Financial Markets Authority (FMA) chair Craig Stobo for undisclosed reasons. In early December, MBIE announced an investigation into what it said were “matters that have been raised” about Stobo. “Mr Stobo has agreed to temporarily step aside as FMA chair while the investigation is undertaken,” the ministry said in a short statement. Bardy has extensive experience as a regulator and adviser in financial services, regulation, compliance and risk management. His background includes leadership roles at the Australian Securities and Investments Commission (ASIC), where he served as a senior executive for over eight years, and as group head of operational risk and compliance at Westpac. Philip Doak and Alastair Hercus have been appointed to the board from January 1, 2026 to December 31, 2030. Doak has over 35 years of experience in the New Zealand financial services sector. He has held senior executive positions spanning the strategy, distribution, operations, programme management and technology functions of banking and funds management firms. Hercus was formerly a partner and board member of Buddle Findlay with an extensive public sector and public law practice, following an earlier diplomatic career with the Ministry of Foreign Affairs and Trade. Christopher Swasbrook has been reappointed to the board for the period December 23 to December 22, 2030. Swasbrook has served on the FMA board since 2019. Meanwhile board member Prasanna Gai has resigned from the board, effective December 31, 2025. Gai has served on the FMA board since 2018. Mon, 22 Dec 2025 23:57:43 Z /news/business/nz-retail-spending-warms-up-before-christmas/ /news/business/nz-retail-spending-warms-up-before-christmas/ Consumer spending through Worldline NZ’s payment network picked up in the third week of December, but remained below year-ago levels so far this pre-Christmas shopping season, the company says. Spending processed through Worldline’s core retail merchants in the first 21 days of December reached $3.223 billion, down 1.3% on the first 21 days of December 2024. Worldline NZ’s chief sales officer Bruce Proffit said payments jumped sharply last week on the week before, as usually happens this time of year, but spending year-on-year remained below that of 2024 for the week and month to date. “As anticipated, we continued to see the spending at food and liquor shops increase in the third week of December and the busiest days are yet to come for that retail sector,” he said. “The hospitality sector meanwhile was very busy on Saturday [December 20] and likely reached its Christmas season peak that day. “However, this peak day was 3.8% below the 2024 peak and even below levels recorded on one day in February 2025, which suggests spending on pre-Christmas parties was more modest this year,” Proffit said. “Likewise, in the wider core retail sector, spending stepped up another level from the immediately prior weeks but spending remains below year-ago levels so far this month for stores selling electronics, gifts, clothes, furniture, appliances, sports equipment and books.” The exceptions, with spending up on last year, included toy stores, chemists, jewellers and home decorating retailers. Proffit also said the gap between spending this year and last year will likely close to some extent in the next three days, as spending did in 2014 when Christmas Day was last on a Thursday. Combining the three merchant groups, annual growth of core retail spending through the payments network in the first 21 days of December was highest in Whanganui (up 2.7%) and Otago (up 1.9%), while spending declines were largest in percentage terms in Wellington (down 4.8%) and Bay of Plenty (down 3.4%). Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Mon, 22 Dec 2025 03:20:30 Z /news/business/gentrack-ceo-gary-miles-sets-nz-record-with-173m-pay-packet/ /news/business/gentrack-ceo-gary-miles-sets-nz-record-with-173m-pay-packet/ Gentrack chief Gary Miles has smashed New Zealand’s CEO pay records – pocketing an eye-watering $17.3 million in the past year. The bumper payday, revealed in the company’s freshly released annual report, dwarfs previous highs and cements Miles as the country’s most richly rewarded boss of an NZX-listed company by a long shot. The bulk of the payment resulted from the vesting of 1.3 million performance share rights, which were awarded under a long-term incentive scheme introduced in 2020. Those shares had a market value of around $16.35m when they vested. On top of that, Miles received a base salary of $898,000 and superannuation benefits of $49,000, taking his pay to more than $17m. Miles also earned a short-term incentive bonus of 40% of his base salary, which he chose not to take and instead invested that money into the bonus pool for the company’s employees. The CEO pay package is more than double the previous highest-paid New Zealand company chief executive, former Ebos CEO John Cullity, who received $7.3m in 2024 and $8.4m in the 2023 financial year. Miles’ remuneration is closely watched by the New Zealand Shareholders’ Association, which has argued the performance hurdles are potentially not high enough. Gentrack, which makes software for running airports and utilities, does most of its business offshore. It has a current market capitalisation of about $940m, which puts it alongside the likes of Sky City Entertainment Group, but well below our largest non-bank listed company – Fisher & Paykel Healthcare ($21.8 billion). Gentrack’s remuneration framework was approved at a special meeting in October 2023 when a majority of Gentrack shareholders voted in favour of the long-term incentive scheme, covering the 2024, 2025 and 2026 financial years, which saw up to 9.437 million in new shares, or “performance rights” issued to the Gentrack executive team – including up to 2.454 million for Miles as chief executive. At the time, Gentrack shares were at $4.80. The incentive scheme did not kick in until the stock passed $5.00, with the full performance rights only awarded if it topped $10.00 – which was hit in June 2024, after the company announced a strong first-half result. Since hitting a high of $14.20 in December 2024, the share price has trended down and recently traded at $8.35. Gentrack has performed extremely well since the early days of the Covid pandemic, when its share price tumbled to $1.20 when the company’s airport customers were stifled by border closures. Problems were compounded when a financial crisis hit Gentrack’s water utility customers in the UK. Miles, who took the reins in 2020, is credited with driving the firm’s comeback. Gentrack CEO Gary Miles in the 九一星空无限 offices. Photo / Cameron Pitney Gentrack’s annual report notes that the CEO and executive remuneration is reviewed by the board of directors each year. “The board works closely with and is advised by Gentrack’s people and culture committee, considering market remuneration data benchmarks, achievement of performance goals and factoring in creation of long-term sustainable shareholder value.” In its latest full-year result, for the year to September 30, Gentrack missed some analysts’ expectations, but pleased investors with new contract announcements, including Pennon Water in the UK. It reported revenue of $230.2m, up 7% year-on-year. Earnings before interest, taxation, depreciation and amortisation (ebitda) increased 17.8% to $27.8m, although came in slightly under analysts’ expectations. Net profit was above expectations at $20.9m, a 119% increase on the previous year, mostly because of foreign exchange gains. Duncan Bridgeman is the managing editor of 九一星空无限 Business 九一星空无限, overseeing the Business Herald and BusinessDesk. Sun, 21 Dec 2025 21:34:46 Z /news/business/asset-sales-p%C4%81mu-landcorp-boss-says-there-are-conversations-around-its-future/ /news/business/asset-sales-p%C4%81mu-landcorp-boss-says-there-are-conversations-around-its-future/ Pāmu Landcorp chief executive Mark Leslie is admitting conversations around the future of State-Owned Enterprises are “front of mind” for the farming agency. In an interview with 九一星空无限talk ZB, Leslie spoke about how the business has been on a turnaround plan, and continues to aim for improved financial performance. The Pāmu boss has also spoken candidly about questions around its future. “We’re pretty clear around the number one priority is the performance piece. That’s what we’ve been focused on. Equally, we understand the views of the owner in terms of the Crown - they would like to release some capital.” The Act Party has suggested some state-owned farms should be considered for sale or privatisation, with MP Mark Cameron calling the idea a “no-brainer”. Pāmu, formerly Landcorp Farming, manages around 360,000 hectares of land across more than 100 farms in the country, including on some land owned by the Department of Conservation. Prime Minister Christopher Luxon has ruled out asset sales this term. The PM has recently reiterated calls for a “bigger, bolder, braver” conversation about asset recycling, in which assets could be sold with proceeds used elsewhere. Leslie noted Pāmu was looking at options around its future, but noted it could come with complexities around leases, farms subject to Treaty settlements, and those with first right of refusal to iwi. “The last thing we also want to leave is a business that has sold some assets and is now unable to fund itself.” “One thing Pāmu’s always been very proud of is that we haven’t had to go and seek funding from the Government. We don’t want this business to get into that position either.” The Pāmu boss added significant changes had been made at a farm level, and says the agency has “really thought about how we actually drive that performance right across the whole network of farms” and potential integration to maximise returns from both dairy and livestock. The discussion also came up during Parliament’s scrutiny week, where chair John Rae told MPs “we totally respect the Crown has the right to make a decision around ownership, or change of ownership”. “Our job is to give the best sense of what that would look like, preserve the value that we believe that Pāmu brings to the farming system and we continue to prosecute that, and make sure that we fully understand what we might be giving away at the first instance, if we were not able to retain this asset in the way it is.” Rae also told the select committee hearing that the agency spends time mulling what it would do if farms went “out of our system and into alternative ownership.” In November, Pāmu announced its updated forecast for a net operating profit for the financial year ending June 30 2026 was being revised to between $80m and $90m, up from August forecasts. The prediction is also well above the target of $61.3 million in the agency’s statement of corporate intent. It follows a letter of expectations sent to State-Owned Enterprises, or SOEs, which urged it to manage farms as efficiently as those owned by non-Crown organisations, and to demonstrate efficiency, as well as reducing corporate overhead spending. A July Treasury report on Pāmu Landcorp’s statement of corporate intent and business plan, obtained by 九一星空无限talk ZB under the Official Information Act, stated there was an expectation to improve performance and deliver returns. It noted the prior forecast for net operating profits, which at the time was $61.3 million in the 2026 financial year, with an assumed 2% increase in commodity prices over the next decade. Officials stated they were “concerned this growth is optimistic given the volatility in markets”. Pāmu‘s most recent forecasts show a greater net operating profit than the initial predictions which Treasury referred to. At the time, it predicted dividends of $15m, $10m and another $10m from the 2026 to 2028 financial years, with total shareholder return set to increase. On the dividends, Leslie told 九一星空无限talk ZB recent severe weather the lower South Island faced probably cost an estimated $14m to $15m, meaning Pāmu had to be sure the dividend was at a level that could allow them to have a sustainable balance sheet. The July report also stated small farms had been identified for sale, and that the SOE would consider “opportunities to divest further underperforming and isolated farms.” In the interview, Leslie added he will continue driving commercial performance in 2026. He also acknowledged the SOE’s workforce, saying they’ve asked a lot and made a lot of changes, but people had really stepped into that and delivered “some amazing results on-farm.” Azaria Howell is a multimedia reporter working from Parliament’s press gallery. She joined 九一星空无限 in 2022 and became a 九一星空无限talk ZB political reporter in late 2024, with a keen interest in public service agency reform and government spending. Sun, 21 Dec 2025 16:00:03 Z /news/business/rocket-lab-to-build-18-us-missile-tracking-satellites-in-816m-deal/ /news/business/rocket-lab-to-build-18-us-missile-tracking-satellites-in-816m-deal/ New Zealand–founded space company Rocket Lab has landed its largest contract to date, winning an $816 million deal to build a new generation of missile-tracking satellites. Rocket Lab will design and manufacture 18 satellites for the US Space Development Agency’s Tracking Layer Tranche 3 programme, part of the US military’s Proliferated Warfighter Space Architecture. Rocket Lab founder and CEO Sir Peter Beck said the satellites will help detect and track advanced missile threats, including hypersonic weapons. “Rocket Lab is honoured to play a role in enabling this.” The contract includes a base award of $806m, with a further $10.45m available through options. “This contract underscores that Rocket Lab’s vertically integrated approach isn’t just a competitive advantage – we’re enabling a fundamental shift in how national security space programs are executed.” Sir Peter Beck says the new satellites will help detect and track advanced missile threats. Photo / From The Launch of Rocket Lab Rocket Lab will equip the satellites with its Phoenix infrared sensor payloads to deliver wide field-of-view missile warning and tracking capabilities, Beck said. StarLite sensors have also been selected by other prime contractors involved in the Tranche 3 programme, creating further opportunities for Rocket Lab to supply subsystems beyond its own satellite builds. The company said total potential contract value across the programme could reach about US$1 billion ($1.7b) once these supply opportunities are included. Rocket Lab said the satellites would be built on its Lightning spacecraft platform, drawing on its vertically integrated manufacturing model. The company designs and produces most major spacecraft components in-house, including solar arrays, propulsion systems, avionics and payloads, Beck said. “Rocket Lab is uniquely positioned to lead the charge in delivering solutions that meet the needs of national security.” Sat, 20 Dec 2025 02:26:44 Z /news/business/gdp-rises-11-in-q3-economy-officially-in-rebound/ /news/business/gdp-rises-11-in-q3-economy-officially-in-rebound/ New Zealand's economy is officially in rebound. Data just out from Stats NZ show GDP rose 1.1 percent in the three months to September. The Reserve Bank had been forecasting a growth rate of about 0.4 percent. Economists had been expecting it to sit on about 0.9 percent. Many households still did it tough through the quarter, though, with unemployment reaching 5.3 percent and inflation of three-percent. Wed, 17 Dec 2025 21:52:02 Z /news/business/broadspectrum-road-fraud-case-final-subcontractor-sentenced-in-auckland/ /news/business/broadspectrum-road-fraud-case-final-subcontractor-sentenced-in-auckland/ The fifth and final defendant of the Broadspectrum road maintenance case was sentenced today at the Auckland District Court, concluding the Serious Fraud Office’s prosecution of the case. Coastal Roading Contractors’ Frederick Pou, one of three subcontractors who were part of the scheme, pleaded guilty in May 2024 to corruptly giving $582,000 worth of gifts to an agent in exchange for being awarded road maintenance work. Those gifts were given to former Broadspectrum roading contract manager Jason Koroheke, who was the architect of several schemes that involved subcontractors submitting both real and false invoices to Broadspectrum. He accepted gifts in exchange for awarding this work and submitted false invoices to obtain significant benefits for himself, with Koroheke receiving gifts in the form of cash, goods or services worth more than $1 million. Serious Fraud Office (SFO) director Karen Chang said Pou was one of several subcontractors who helped to enable Koroheke’s offending. “The case highlights the various roles involved in a corruption case, from the ‘corrupter’ who masterminds the criminal scheme, to the ‘enablers’ who facilitate the offending,” Chang said. “The case also highlights the potential consequence of placing too much trust in a senior employee without sufficient internal controls. These are critical counter fraud prevention measures that can reduce the possibility of organisations becoming a victim of fraud and corruption.” Pou was sentenced to 12 months’ home detention for his role in the scheme. Last of five Pou is the last of five total defendants in the case to be sentenced; all pleaded guilty to the charges they faced. Koroheke pleaded guilty in July 2024 to three charges of obtaining by deception and 14 charges of acceptance of gifts by agent between January 2015 and November 2018. He was sentenced to four years and five months’ imprisonment on December 4, 2024 in the Auckland District Court. Brian Ravening pleaded guilty in February 2024 to one charge of obtaining by deception of approximately $631,000 and two charges of corruptly giving gifts to an agent amounting to approximately $615,000. He was sentenced in June 2024 to 12 months’ home detention and made a reparation payment of $300,000. Richard Motilal, of Engineering & Aviation Supplies, pleaded guilty in February 2023 in the Auckland District Court to three charges of corruptly giving gifts to an agent. He was sentenced in August 2023 to nine months’ home detention and to pay $25,000 in reparations. Broadspectrum maintenance manager Aurelian Mihai Hossu pleaded guilty in April 2022 in the Auckland District Court to four charges of acceptance of gifts by an agent. He was sentenced to 11 months’ home detention in June 2022 and made a reparation payment of $90,000. Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Tue, 16 Dec 2025 02:19:08 Z /news/business/treasury-update-shows-there-is-still-no-surplus-in-sight-for-the-government-as-debt-pile-grows/ /news/business/treasury-update-shows-there-is-still-no-surplus-in-sight-for-the-government-as-debt-pile-grows/ There is still no surplus in sight, according to Treasury’s latest economic forecasts. Treasury sees the deficit deepening further, from $14.0 billion in the year to June 2025 to $16.9b in 2025/26, before narrowing to $60 million in 2029/30. While this is an improvement from when Treasury last published forecasts at the May Budget, it still undershoots National’s pre-election pledge to return the books to surplus by 2026/27. Treasury, in its Half-Year Fiscal and Economic Update (Hyefu) released this afternoon, said the economy had been “slow to recover from a deep cyclical downturn”. Indeed, the economy took a hit by the Reserve Bank engineering a recession with high interest rates to reduce inflation. While the Reserve Bank has now completely removed it handbrake from the economy, Treasury said, “Uncertainty around global trade policy has exacerbated the lasting impact of high interest rates and has dampened consumer spending, business profitability and investment activity.” Looking at the next four years, it saw the economy recovering a little more slowly than expected in May. However, it still saw annual Gross Domestic Product (GDP) growth rising from -0.6% in 2024/25 to 3.3% in 2025/26 and 3.0% in 2026/27. Net core Crown debt is expected to be marginally higher than forecast at the Budget. Treasury forecast it continuing its upward trajectory from 41.8% of GDP in 2024/25 to a peak of 46.9% of GDP in 2027/28 and 2028/29 before tracking down. Finance Minister Nicola Willis had committed to putting debt-to-GDP on a downward trajectory towards 40% and keeping it below this level in the longer term. In light of Treasury’s latest forecasts, she has watered down her latest goal to get the books back to surplus. In May, her goal was to get the new measure she created, which excludes the impact of ACC, back to surplus by 2027/28. She is now aiming to get that measure, known as “Obgealx”, to surplus a year later. Treasury sees it reaching surplus another year later by 2029/30. The measure mentioned at the start of the story is the traditional measure, known as Obegal, or the operating balance before gains and losses. Looking ahead, Treasury Secretary Iain Rennie expected a third of the Obegalx deficit to narrow due to the economy entering a more favourable part of the cycle. He expected the other two thirds to narrow due to the Government limiting expenditure growth, improvements in the performance in the likes of Kainga Ora and Health New Zealand, and rising tax revenue as a percentage of GDP. While the Government adjusted income tax brackets when it first came into power, wage inflation has continued to put people in higher tax brackets, enabling the Government to collect more tax revenue. Willis wouldn’t detail any large spending cuts she might unveil at Budget 2026. However, the Government is, in coming days, expected to announce changes to ACC that will likely save it money. Taking a step back, New Zealand Debt Management increased its forecast bond issuance programme slightly, broadly in line with what was expected. It plans to issue $135b of New Zealand Government Bonds in the four years to 2028/29. In May, it forecast issuing $132b over this time. The Government is issuing a lot more debt than it did pre-Covid, when it issued about $8b of bonds a year. It is currently renewing its Covid-era debt, which it is unable to pay off, all the while issuing new debt to pay for new initiatives and cover its interest bill, which is worth about $9b. Quantitative tightening, or the unwinding of the Reserve Bank’s money printing programme, is also requiring the issuance of more debt. Willis confirmed she would increase operational expenditure by $2.4b and capital expenditure by $3.5b in Budget 2026. This level of increase in operating costs is small. Much of the $2.4b has also already been committed. Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Tue, 16 Dec 2025 00:09:12 Z /news/business/seek-data-shows-job-ads-rise-and-competition-eases-as-wages-pick-up/ /news/business/seek-data-shows-job-ads-rise-and-competition-eases-as-wages-pick-up/ By RNZ The labour market is showing signs of improvement going into 2026, with the first fall in job applications and improved wage increases. The latest Seek NZ employment and salaries reports show job ads rose 1% in November on the month before, the fifth consecutive monthly gain in advertisements and 9% more than a year ago. Seek country manager Rob Clark said the gains were not spectacular, but they were indicators of a better labour market next year. “While the market remains challenging for many job seekers, the consistency of this growth suggests we’re now in a genuine recovery phase rather than simply stabilising.” Conversely, the number of applicants per job fell 1%, the first fall since January 2022, in nearly four years, suggesting an easing in demand and less competition for positions. Wages rose just under 1% in the three months ended November, the fastest quarterly growth in 18 months. “A relatively broad pick up in advertised salaries across the country points to a more positive outlook for the labour market as we head into 2026,” Clark said. “Annual average advertised salary growth has begun to accelerate, with a notable increase in the most recent quarter.” The annual wage growth was 2.5%, with the strongest rate in the South Island. The biggest annual rise of 9.7% was for Real Estate and Property positions, which Clark said might reflect firms hiring in anticipation of a pick-up in the housing market. Other sectors in demand were healthcare, legal staff, mining and resources, and media – all showing 4% or more rises in salaries. Stats NZ data showed wages grew 2.1% in the year ended September. The Seek surveys mirrored other economic indicators that showed the South Island leading activity and recovery. The strongest annual job advert growth rates were in the south – Southland up 27%, Otago up 17%, and Canterbury up 16%, with strong growth in construction, trades, manufacturing, and transport. Wellington and Waikato had double-figure growth but Auckland continued to languish with no monthly growth and 1% annual growth. Canterbury outpaced the country in annual salary growth at 3.2%, with the North Island outside of Auckland and Wellington at 3%. “For candidates, the message is one of cautious optimism – the market is clearly improving, but that improvement is uneven across regions and sectors,” Clark said. Mon, 15 Dec 2025 00:36:52 Z /news/business/asb-faces-673m-penalty-for-breaching-money-laundering-and-terrorism-laws/ /news/business/asb-faces-673m-penalty-for-breaching-money-laundering-and-terrorism-laws/ ASB could be hit with a $6.73 million penalty after admitting it breached money laundering and terrorism laws. The Reserve Bank of New Zealand (RBNZ) filed civil proceedings in the High Court against ASB for breaches of core requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009. ASB admitted liability for all seven causes of action. It is not alleged that ASB was involved in money laundering or the financing of terrorism. ASB chief executive Vittoria Shortt said the bank acknowledges and accepts responsibility for breaches of its obligations under the AML/CFT. “Banks play a very important role in helping to detect financial crime and safeguarding our financial system. Our transaction monitoring and customer due diligence systems and processes had shortcomings, and we did not act fast enough to resolve these. “We didn’t get this right and I apologise for that.” Both parties have recommended to the court that a penalty of $6.73m is appropriate, though the final determination is for the court to decide. Angus McGregor, RBNZ’s acting assistant governor of financial stability, said serious non-compliance with the AML/CFT Act was unacceptable. “The AML/CFT Act has been in place for well over a decade now and the Reserve Bank expects banks to have the systems and resources in place to be fully compliant with these requirements,” McGregor said. “Banks who do not comply increase risk for New Zealanders and our financial system. Non-compliance with account monitoring and reporting requirements denies New Zealand law enforcement and intelligence agencies access to crucial time-sensitive information that is needed to detect and deter criminal activity.” ASB’s non-compliance relates to its failures to: establish, implement, or maintain an AML/CFT programme that complied in all respects with the requirements of the AML/CFT Act; adequately conduct ongoing customer due diligence; report suspicious activities within the timeframe provided in the AML/CFT Act; conduct enhanced customer due diligence; terminate business relationships as required by the AML/CFT Act. Sun, 14 Dec 2025 22:59:37 Z /news/business/kiwibank-economic-outlook-brighter-days-ahead-with-2026-recovery-tipped/ /news/business/kiwibank-economic-outlook-brighter-days-ahead-with-2026-recovery-tipped/ New Zealand’s escape from the worst of President Trump’s tariffs has Kiwibank economists joining a chorus forecasting a robust 2026 economy, albeit one tempered by “prematurely” hiked interest rates.  By dodging trade war bullets with key US exemptions for Kiwi beef and greater global stability for milk exporters, the local economy is now picked to grow 2.4% next year, the bank said.  That’s also bringing confidence to the local economy with property investors, in particular, stepping back into a more buoyant housing market.  Kiwibank’s optimism follows ASB economists’ predictions of more than 2.5% growth next year.  However, while ASB was declaring the “bad news” chapter over and a smoother ride ahead, Kiwibank’s team said the economy was still fragile.  Bank economist Sabrina Delgado criticised the Reserve Bank for a “misstep”.  While it cut the Official Cash Rate in November, it simultaneously signalled further cuts were unlikely, a move that spooked markets and forced interest rates higher.  Despite that, Delgado said: “It is important to stress that interest rates today are significantly lower than they were this time last year.  “It’s having an impact. Household budgets are starting to feel the ease and we’re seeing growing confidence.”  It marks a prospective turning point for households and businesses that endured soaring living costs followed by recession in recent years and months.  Lower interest rates are helping put more money in the back pockets of Kiwi households. Photo / 九一星空无限  Kiwibank economists described the economy for much of 2025 as being “stuck in the mud”, effectively operating at two speeds where exporters powered ahead while the local engine stalled.  Shift already visible in housing market  Yet while farmers and tourism operators did the heavy lifting this year, economists tipped 2026 to be the year the domestic economy began to regain ground.  That was already visible in the housing market.  Kiwibank data showed a “return of the investor”, with lending to property investors jumping nearly 10% in the last six months.  It also noted data showing Kiwis making the largest retail spend since late 2021, suggesting there was “more fun, discretionary spending” taking place.  However, the recovery wasn’t without scars, Delgado said.  A “powerful” drain of talent had flowed across the Tasman that she dubbed the “Aussie pull”.  With Australia’s unemployment rate sitting at 4.3% compared with New Zealand’s nine-year high of 5.3%, more than 70,000 Kiwis have left for “economically greener pastures”, she said.  Delgado also argued the local economy would have regained strength faster if the Reserve Bank hadn’t tripped it up.  The Reserve Bank’s indication it could slow down the speed of rate cuts had not stabilised the market but rather sent a message that undid the positivity around the earlier October rate cuts.  Bad news over  Kiwibank’s cautious optimism followed a more cheerful message from ASB’s economic team earlier this week.  They declared the country had put the “chapter of bad news” behind it, with chief economist Nick Tuffley predicting growth of more than 2.5% next year.  That was driven by a simple reality: Kiwis were ready to spend again.  “Consumer spending has been lifting for a year, and in the September quarter consumers went nuts in electrical and electronics stores,” Tuffley said.  ASB believed the falling Official Cash Rate – down 3.25% from its peak – had done enough to encourage a “smoother ride” for households in 2026.  Sat, 13 Dec 2025 02:47:04 Z /news/business/apple-reveals-most-downloaded-apps-of-2025-in-new-zealand/ /news/business/apple-reveals-most-downloaded-apps-of-2025-in-new-zealand/ Apple has named the most downloaded apps and games of the year in New Zealand. The top free iPhone apps chart was headed by Open AI’s ChatGPT, but also included homegrown contenders from businesses 2degrees, New World and Z Energy. Another local contender, Bloons, made by Kumeu’s Ninja Kiwi, features in the top paid iPhones games, paid iPad games and arcade charts. The top paid iPhone apps include a clutch of driving test apps plus the Te Aka Māori Dictionary. The Listener’s Paul Little wrote, “To see how a contemporary dictionary can work, look no further than Te Aka Charged with maintaining an up-to-date lexicon of te reo Māori and easily accessible online, it is an adequately resourced, exemplary model of what a dictionary can be in the 21st century.” In addition to year-end charts, last week, the App Store Editorial team unveiled the winners of the 2025 App Store Awards. This included two apps developed out of New Zealand; Apple Vision Pro App of the Year: Explore POV, from James Hustler, and iPad Game of the Year: Dredge. from Black Salt Games. Top Free iPhone Apps ChatGPT 2degrees NZ Threads Temu Z Energy App WhatsApp Messenger Google TikTok New World NZ Instagram Top Paid iPhone Apps NZ Driving Theory Test NZ Topo50 South Island NZ Topo50 North Island Te Aka Māori Dictionary Shadowrocket Monash FODMAP Diet NZ Learners Driving Test The Great White App Squeezy Procreate Pocket Top Free iPhone Games Block Blasst Roblox Clash Royale Township Offline Games - No Wifi Games Color Block Jam Subway Surfers Kingshot Perfect Tidy Last War:Survival Top Paid iPhone Games Minecraft Balatro Plague Inc. Stardew Valley Heads Up! Geometry Dash Bloons TD 6 Papa’s Freezeria To Go! Purple Place After Inc. Top Free iPad Apps ChatGPT YouTube Netflix Amazon Prime Video Disney+ Google Chrome TikTok Simply Draw Canva Spotify Top Paid iPad Apps Procreate Procreate Dreams forScore ToonSquid Nomad Sculpt AnkiMobile Flashcards Feather: Draw in 3D Book Creator Shadowrocket NZ Driving Theory Test Top Free iPad Games Block Blast！ Roblox Magic Tiles 3: Piano Game Perfect Tidy Offline Games - No Wifi Games Mini Games: Calm & Chill Subway Surfers Goods Puzzle: Sort Challenge Paper.io 2 Among Us! Top Paid iPad Games Minecraft Stardew Valley Geometry Dash Balatro Bloons TD 6 Plague Inc. Purple Place - Classic Games Monopoly Papa’s Freezeria HD Animal Crossing: Pocket Camp C Top Apple Arcade Games NBA 2K25 Arcade Edition Balatro+ Hello Kitty Island Adventure Snake.io+ Sneaky Sasquatch Bloons TD 6+ Fruit Ninja Classic+ PGA TOUR Pro Golf Stardew Valley+ Solitaire by MobilityWare+ Thu, 11 Dec 2025 02:24:28 Z /news/business/zuru-wins-trademark-appeal-over-lego-brick-compatible-label/ /news/business/zuru-wins-trademark-appeal-over-lego-brick-compatible-label/ Kiwi toymaker Zuru has won a legal stoush against industry giant Lego after a years-long trademark battle. The dispute involving New Zealand’s richest siblings, Zuru owners Mat and Nick Mowbray, began after the company used the word “Lego” on its packaging. Zuru used the statement “Lego brick compatible” on products that are sold in New Zealand through The Warehouse. Today, the Court of Appeal overturned a 2023 ruling by the High Court, which said the Kiwi company’s use of the word “Lego” on the packaging for its Max Build More toy building bricks infringed on the Danish firm’s trademark. A "compatibility statement" used by NZ toy manufacturer Zuru on its building bricks led to a legal trademark battle with Lego. Dispute timeline It did not take long for Lego to react when it discovered the use of its name on Zuru’s packaging. US lawyers for Lego sent “cease and desist” letters to Zuru and The Warehouse in November and December 2018. The Warehouse took the Zuru bricks off the shelves and they were replaced with products that contained the general compatibility statement and did not mention Lego. Figures from Zuru's Max Build More 750-piece construction set. Screenshot / YouTube However, Zuru reintroduced the Lego reference on its branding in 2021, leading to another round of legal letters and warnings between the two toy companies and The Warehouse. Zuru sought a High Court ruling to declare its packaging did not infringe on Lego’s trademark. The Kiwi rich-listers lost and then appealed the ruling. In an Appeal Court judgment released today, it was found Zuru had been successful and its conduct did not infringe on Lego’s trademark. Justices Rebecca Ellis and Matthew Palmer said they disagreed with the High Court’s conclusion that Zuru used Lego as a trademark, because the New Zealand company used the mark to distinguish its own products from others in the field and not in a purely descriptive manner. “While it may be that the fact Zuru’s bricks are compatible with Lego bricks does (as a matter of fact) distinguish them from others, telling consumers this does not constitute use of the Lego mark in a manner that renders it likely to be taken as indicating the origin of Zuru’s bricks. The Court of Appeal today overturned a 2023 ruling by the High Court. Photo / Mike Tweed “In our view, when use of Lego is seen in its full context, the consumer would think that Zuru’s bricks were Max Build More bricks.“ Ellis and Palmer said “only an implausible chain of reasoning” would cause a shopper to be misled or confused by the compatibility statement. “Consumers in the 21st century are not easily fooled, are brand-aware and would not reasonably think Zuru’s products were made by or associated with Lego.” They said consumers would recognise toys displayed under the Max Build More bricks label were different products to those made by Lego. Lego has been manufacturing building bricks for nearly 90 years and sells them in 140 countries. Zuru has built up a multimillion-dollar global toy business over the past two decades. Most of its manufacturing and staff are in China and Hong Kong. Wed, 10 Dec 2025 07:41:00 Z /news/business/reserve-bank-governor-says-there-is-no-preset-course-for-monetary-policy-after-westpac-hikes-interest-rates/ /news/business/reserve-bank-governor-says-there-is-no-preset-course-for-monetary-policy-after-westpac-hikes-interest-rates/ The new Reserve Bank Governor, Dr Anna Breman, is monitoring the impact of tightening financial conditions following the central bank cutting the Official Cash Rate a fortnight ago. The tone the Reserve Bank struck in its commentary last month gave the market the impression it was closing the door to the possibility of the Official Cash Rate (OCR) being cut again in this cycle. This caused swap rates to spike, pushing Westpac to hike its longer-term mortgage and term deposit rates by 30 basis points. The concern among some observers is that retail banks might lift their interest rates prematurely, stymying the economic recovery. Speaking to media at a breakfast on Wednesday morning, Breman was asked to share her view on the situation. She declined the opportunity to explicitly talk the market up or down. Rather, she stressed a couple of times: “There is no preset course for monetary policy.” Breman said she would look at all the economic data due out before the Monetary Policy Committee next reviews the OCR on February 18. She said that if circumstances changed, the Reserve Bank would adjust its stance accordingly. This said, she noted she was yet to meet all the other Monetary Policy Committee members, who collectively set the monetary policy. Breman said the outlook for inflation was “favourable” and noted there were risks to both the upside and the downside. There was no major initial market reaction to Breman’s comments being published. Her predecessor Christian Hawkesby declinedto talk down the market when the Herald interviewed him on November 27. Asked what he made of swap rates rising, Hawkesby said: “I think we had an awareness of what the market reaction might be to our decision ... We always have our markets team brief us on the likely reactions to different decisions we make. So it sort of fell in the ballpark of what we expected.” Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.  Tue, 09 Dec 2025 21:20:26 Z /news/business/tower-insurance-fined-7-million-for-misleading-customers/ /news/business/tower-insurance-fined-7-million-for-misleading-customers/ Tower Insurance has been ordered to pay a $7 million fine by the High Court at Auckland for misleading representations that resulted in more than $11m in overcharges to its customers. The fine follows admissions in civil proceedings brought by the Financial Markets Authority Te Mana Tātai Hokohoko (FMA) in the High Court at Auckland after Tower self-reported the issue to the FMA in March 2021. The insurer admitted to breaching section 22 of the Financial Markets Conduct Act by misleading customers in its invoices about its multi-policy discount (MPD) offer since September 10, 2016, resulting in overcharges. The overcharging continued until February 2025, affecting about 61,000 customers or 90,200 policies – roughly 11% of Tower’s total customer base. Tower also admitted to making false or misleading representations in marketing material in relation to MPDs. According to the FMA, Tower has carried out remediation and repaid over $11.7m to customers. The fine comes eight years after a settlement agreement was reached between Tower and the Commerce Commission in which Tower agreed to fix its policy system that had caused a historical issue, resulting in miscalculations. Justice Laura O’Gorman said the FMA was “justifiably critical that the previous settlement was intended to ensure Tower sufficiently invested in and maintained adequate systems and processes to ensure any MPD is applied correctly”. The FMA’s head of enforcement Margot Gatland said Tower’s issues stemmed from deficiencies in its systems. “Tower used the advertised MPDs to attract and retain customers, without having systems that could reliably deliver on the promised discount,” Gatland said. “The FMA’s statutory objective is to promote and facilitate the development of fair, efficient and transparent financial markets, and to promote the confident and informed participation of businesses, investors and consumers in financial markets. “Confident participation in New Zealand’s financial markets can only exist if an intrinsic level of market integrity exists. This is why we continue to respond to fair-dealing breaches like this.” She acknowledged that Tower had self-reported the MPD issues, co-operated with the FMA’s investigation, made admissions and carried out a comprehensive remediation programme. Tower chairman Michael Stiassny said the company had acted in good faith and fully acknowledged that mistakes were made. “It was pleasing that the court accepted Tower’s explanation of how the MPD errors occurred, saying that Tower had acted responsibly to address the breaches and that it was not a situation of historic[al] system failures remaining unaddressed,” Stiassny said. “We accept and regret the impact this has had on our customers and apologise unreservedly to those who were charged inaccurately.” Tower said it had made significant investments in improving its systems and processes and is removing the multi-policy discount from its insurance offerings. Recent win The news comes just days after Tower Insurance won the Most Improved Performance category in the Deloitte Top 200 awards. Tower chief executive Paul Johnston said that over the last few years the business had focused on becoming a digital direct insurer in selected markets. He said Tower has taken a disciplined risk-based pricing approach around data and underwriting and offered the best price it can. Policy and customer volumes have continued to grow while average premiums have reduced because of a higher proportion of lower-risk new policies. “We want to make it as transparent as possible for customers. And in the last year or so, we’ve focused on marketing, branding, telling our story and why you can trust Tower,” Johnston said. The company came up with the slogan: “Got a minute, get a quote.” The major transformation replaced legacy technology systems with a single modern, cloud-based digital platform across New Zealand and its Pacific markets in Fiji, Samoa, American Samoa, Cook Islands and Tonga. As of March this year, 60% of sales, 47% of service tasks and 65% of claims lodgements were completed online and Tower is aiming for 80% digital completion by 2027. The digital shift enabled Tower to simplify the product range from 400 variations to 14. Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Tue, 09 Dec 2025 02:52:04 Z