/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. Wed, 15 Oct 2025 18:02:18 Z en /news/business/windows-10-qa-how-can-i-get-security-updates-for-another-year-for-free/ /news/business/windows-10-qa-how-can-i-get-security-updates-for-another-year-for-free/ Microsoft is today officially pulling the plug on Windows 10 - its 10-year-old operating system that still runs hundreds of thousands of computers in New Zealand, and hundreds of millions around the world. The tech giant will no longer provide security updates for the software, meaning it will become more exposed to hackers over time. Microsoft says software first released in 2015 just can’t be endlessly tweaked around the edges to keep up with modern security threats, many of which simply didn’t exist 10 years ago. At some point, you have to upgrade to a fundamentally redesigned system. Is this really the end? Nope. There’s essentially been a stay of execution. On the heels of lobbying by groups like Consumer NZ, Microsoft created an Extended Security Updates program (known as ESU) that will keep updating Windows 10 PCs until October 13, 2026. And you can enrol in the extended upgrade programme for free - if you’re using Windows 10 for personal use. Go to Settings > Update & Security > Windows Update then click “Enrol now”. All you have to do is choose the option to back up your PC’s settings to a OneDrive account (Microsoft’s cloud or online storage). You’re not backing up your whole computer, just a few lines of settings, so a basic free OneDrive account is fine. You also have the option to redeem Microsoft rewards points - which you’ll likely have accumulated if you’re an Xbox player - but simply backing up should be fine for most people. Microsoft has instructions here. What if I’m using Windows 10 for business? Then you’ve got to pay $50.40 (per computer) to join the extended update program. Can I just fib and say my work PC is for home? No. Not if Microsoft detects it has Active Directory Services or Entra ID enabled, indicating it’s on a business network. But I still want to get off the creaky Windows 10 at some point, right? What will it cost to upgrade my computer to Windows 11? Nothing. Microsoft is offering free upgrades. What’s the catch? Your computer has to have enough horsepower to run Windows 11. There’s probably a better chance than you’d think, going by some coverage. Windows 11 - released four years ago - has relatively modest hardware requirements, such as 4GB of RAM. Microsoft has a free app that will tell you if your PC can handle Windows 11. Download it here. What if my PC’s not powerful enough to run Windows 11 - or it will, but it’s just too sluggish with my 4GB of RAM and other bare-minimum specs? You have to buy a new computer. Can’t I just install a free operating system like Linux to run my PC instead? My mate knows how. Not if you want to use all the apps you’re using today, in the same way. For most people, it’s not a viable option. 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, 14 Oct 2025 02:49:50 Z /news/business/aramex-and-gosweetspot-settle-cartel-conduct-proceedings-with-comcom/ /news/business/aramex-and-gosweetspot-settle-cartel-conduct-proceedings-with-comcom/ Two of New Zealand’s largest courier services have reached a settlement with the Commerce Commission for engaging in cartel conduct. Aramex New Zealand and Sweetspot Group Limited, which operates GoSweetSpot, agreed to resolve the separate proceedings with the commission following civil action in the High Court. The two companies now await a penalty hearing. The commission does not allege that Aramex and GoSweetSpot entered into an agreement with each other. Instead, Aramex has admitted to entering into and giving effect to a contractual arrangement that allocated customers and fixed prices between itself and another competitor in the courier services market. Separately, GoSweetSpot has admitted to entering into and giving effect to contractual arrangements that allocated customers between itself and another competitor in the courier services market. Both of the contracts were negotiated in the context of reseller/carrier arrangements, the commission said. Aramex provides courier transportation services to customers, while GoSweetSpot is a reseller, which “brokers” the provision of courier transportation services to customers. Both resellers and carriers can compete for the same customers. Cartel conduct is illegal under the Commerce Act 1986. A cartel is where two or more businesses agree not to compete with each other. Cartel conduct can include price fixing, sharing markets, rigging bids or restricting output of goods and services. Tue, 14 Oct 2025 00:57:46 Z /news/business/reserve-bank-to-ease-mortgage-lending-restrictions-from-december/ /news/business/reserve-bank-to-ease-mortgage-lending-restrictions-from-december/ The Reserve Bank is to relax restrictions on lending by banks making it easier for low deposit borrowers. From December, commercial banks will be allowed to do up to 25% of new lending to owner-occupiers with a deposit of less than 20%. That’s up from the current speed limit of 20%. At the same time, banks will be allowed to do up to 10% of lending to investors with deposits or equity of less than 30%, up from the 5% current limit. Reserve Bank acting assistant governor of financial stability Angus McGregor said that over the past year the bank had reviewed its approach to setting loan to value ratio (LVR) restrictions. “We concluded that the introduction of debt-to-income [DTI] restrictions last year means LVR settings can be less restrictive on average. This includes looser default settings that we expect will be in place most of the time, except for when risks are particularly elevated.” DTI restrictions help to underpin borrower resilience by acting as a guardrail for risky lending, helping contain the severity and consequences of housing market corrections. McGregor confirmed DTI settings would remain unchanged as they are set to limit high-risk lending in housing upswings and periods of low interest rates, without the need for adjustment. “Now is an appropriate time to move to the new default settings. House prices are within our range of sustainable estimates. Growth in mortgage lending remains moderate and the share of high-risk lending is low.” The Reserve Bank will consult with banks on changes to their Conditions of Registration over the next two weeks. Government welcomes change Finance Minister Nicola Willis welcomed the news, and said that home ownership is part of the Kiwi dream. “Relaxing the restrictions on the amounts banks can lend will make it easier for Kiwis to get a foot on the property ladder. “Presently, only 20% of the new loans banks are allowed to make to owner-occupiers can go to buyers who have deposits of less than 20% of the value of their properties. The Reserve Bank is proposing to increase that limit of new lending to 25%. That will make more funding available to first-home buyers.” Willis said she looked forward to hearing the outcome of the Reserve Bank’s consultation with the commercial banks. Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Tue, 14 Oct 2025 00:21:00 Z /news/business/air-new-zealand-and-air-chathams-team-up-with-new-interlining-deal-to-offer-single-ticketing-service/ /news/business/air-new-zealand-and-air-chathams-team-up-with-new-interlining-deal-to-offer-single-ticketing-service/ A new deal will soon allow Air New Zealand and Air Chathams customers to book a single ticket for flights on both airlines. Starting with journeys between Whakatāne and Auckland, the interlining arrangement will kick in this December. Air New Zealand said checked baggage would be transferred through to the customer’s final destination, making for a smoother travel experience. An Air New Zealand Q300 (de Havilland Canada Dash) and Air Chathams Saab 340A arrived at the airport this morning to celebrate the agreement. Guests included Whakatāne’s mayor-elect Nándor Tánczos, mana whenua and airline representatives. The flag carrier’s incoming chief executive Nikhil Ravishankar welcomed the partnership. “For example, someone travelling from Whakatāne to Kerikeri can now book a single journey, connecting on to an Air New Zealand service,” Ravishankar said today. “By working together, we’re making it easier for customers in more parts of the country to stay connected.” Air Chathams chief executive Duane Emeny said the partnership would deliver more choice and reach for regional customers and provide a platform to promote Whakatāne. “This partnership is an important first step and we see real potential to build on it with further regional connections in the future and continue to help unlock opportunities for growth, employment and mobility across the country,” Emeny said. “These connections are vital for local economies, by ensuring access to tourism, business, education and healthcare,” Associate Minister of Transport James Meager said. Air New Zealand's next chief executive Nikhil Ravishankar said someone travelling from Whakatāne to Kerikeri could now book a single journey. Some regional airlines have been under pressure lately. Earlier this year, Air Chathams indicated it might have to discontinue its Whakatāne route. Last month, Meager and Regional Development Minister Shane Jones announced concessionary loans of up to $30 million from the Regional Infrastructure Fund for small airlines. And under the new Aviation Action Plan, the Government has been urged to support vulnerable regional routes by using the regional infrastructure fund to enable interlining arrangements between regional airlines, Air New Zealand and others. Whakatāne District Council chief executive Steven Perdia said the council has long advocated for something similar to an interline arrangement. “The partnership is great news for Whakatāne and the wider eastern Bay of Plenty and it’s good to see Air New Zealand and Air Chathams work together in support of regional New Zealand,” Perdia said. Under the agreement, Air New Zealand will initially sell Air Chathams’ Whakatāne-Auckland services as part of connecting journeys. An example of that might be Whakatāne to Auckland to Queenstown, or Dunedin to Auckland to Whakatāne. Air New Zealand said more regional connections will be considered at a later stage. John Weekes is a business journalist covering aviation and courts. He has previously covered consumer affairs, crime, politics and courts. Tue, 14 Oct 2025 00:15:24 Z /news/business/migration-kiwis-still-leaving-new-zealand-in-record-numbers/ /news/business/migration-kiwis-still-leaving-new-zealand-in-record-numbers/ New Zealand’s annual net migration rate fell to 10,600 for the year to August 2025. There was a record net migration loss of 47,900 New Zealand citizens in August 2025. Overall migrant arrivals dropped 16% to 138,600, while departures increased 13% to 127,900. New Zealand’s annual net migration rate has fallen again, according to new figures from Stats NZ. At just 10,600 for the year to August 2025, the net number of additional migrants in the country appears to be a reversal from a return to growth in the year to July. The August 2025 year provisionally saw two annual records for New Zealand citizens, Stats NZ said today. There were 73,900 migrant departures, exceeding the previous record of 73,300 in July 2025 year. That led to a record net migration loss of 47,900 Kiwis, exceeding the previous record of 47,100 in the July 2025 year. For New Zealand citizens, the net migration loss of 47,900 in August 2025 is compared with a net migration loss of 44,900 in the August 2024 year. Compared to a year earlier, overall migrant arrivals continued to fall at 138,600, down 16%. Migrant departures were up 13% at 127,900. The past two years have seen a massive drop-off in net migration numbers as large numbers of New Zealand citizens have departed and fewer migrants have arrived. Annual migrant arrivals peaked at 234,800 in the year ended October 2023. Annual net migration also peaked in the year ended October 2023, with a gain of 135,500. The long-term average for August years (2002 to 2019) before Covid-19 is 119,900 migrant arrivals, 91,700 migrant departures, and a net migration gain of 28,200, Stats NZ said. On a monthly basis, migrant arrivals were down 4% in August at 10,500. Migrant departures were flat at 8900 (down less than 1%). Monthly net migration represented a gain of 1600 compared with a gain of 2000 in July. New Zealand’s weak labour market had driven migrant departures higher, said ASB senior economist Jane Turner. It was now at a level consistent with the relative outperformance by Australia’s labour market (as measured by relative unemployment rates), she said. “Meanwhile, we continue to see a fall in migrant arrivals as employment prospects in New Zealand remain weak relative to other migration destinations.” The sharp decline in net immigration over the past two years had been a strong headwind for retail spending and for the demand for new housing construction, Turner said. “We expect this trend will be slow to turn around and any lift in net immigration may be fairly limited by historical standards,” she said. Citizens of India, China, the Philippines, and Sri Lanka drove net migration gains in the August 2025 year. For migrant arrivals the largest groups were citizens from New Zealand at 26,000, followed by India (18,900), China (18,400), the Philippines (10,700) and Sri Lanka (6100). For migrant departures the largest groups were citizens of New Zealand at 73,900, China: (7600), India (5500) and the UK (5100). More citizens of the UK left the country than arrived in the year to 2025. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Mon, 13 Oct 2025 00:30:02 Z /news/business/fletcher-building-issues-gloomy-update-targets-further-100m-cost-cuts/ /news/business/fletcher-building-issues-gloomy-update-targets-further-100m-cost-cuts/ Further trading volume declines, continued market falls and historically low sales volumes have beset Fletcher Building, which has issued a gloomy trading update. CEO and managing director Andrew Reding issued a quarterly update on the NZX in which he said it was part of the company’s ongoing commitment to transparency and enhanced shareholder visibility. The company is now aiming for a further $100 million in cost cuts. “The quarterly volumes show that there were further declines in trading volumes and ongoing pressure on margins amid subdued market conditions during the first quarter,” Reding said. The Fletcher Building update is for the period from July to September this year. The principle drivers for the softer performance were continued weak demand across key markets and heightened competitive activity, particularly in the New Zealand market, he said. Andrew Reding issued a quarterly update today. Photo / Fletcher Building A divisional update showed volumes of light building products below the prior corresponding periods. The volumes within Australia’s Laminex and Iplex were well down, he said. Pronounced volume contractions had hit heavy building materials, and Reding cited Winstone Aggregates volumes down 4.1%. In the distribution division, PlaceMakers Frame & Truss volumes were flat to marginally higher but margins contracted because of competitive trading conditions. In the residential division, 88 housing and units were sold in the latest quarter compared to 90 in the previous quarter. Reding said further cuts were planned. “Given the continued deterioration in market conditions, we continue to carefully examine our cost base with a further cost-out programme targeting c.$100m in annualised savings,” Reding said. About $50m in benefits were expected to be realised in the second half of FY26, with full annualised savings to be achieved in FY27, he said. The company anticipated market conditions to remain challenging throughout the rest of the financial year through to June 30, 2026, with continued uncertainty on the timing of recovery in the residential sector. Recent interest rate cuts by the Reserve Bank should support greater liquidity in the New Zealand housing market and there were some signs of steadying or improving market conditions in Australia. “In the meantime, management remains focused on cash preservation, cost discipline, and maintaining a strong balance sheet to support the business through the downturn, and to position the group strongly for improved operating leverage when markets improve,” the business announced. The company wants to sell Fletcher Construction but nothing has been announced on any deals yet. Fletcher’s annual shareholder meeting is at 10.30am on October 22 at Eden Park. Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas. Sun, 12 Oct 2025 21:29:28 Z /news/business/positioned-for-growth-precinct-seeks-310m-to-expand-property-portfolio/ /news/business/positioned-for-growth-precinct-seeks-310m-to-expand-property-portfolio/ NZX-listed Precinct Properties has launched a $310 million equity raise to fund growth through a fully underwritten $285m placement and a non-underwritten share purchase plan targeting $25m. The company said proceeds would initially be used to repay bank debt and would allow Precinct to progress its $3.7 billion pipeline of growth opportunities, among them being a $201m student accommodation development at 256 Queen St, Auckland. The placement had been underwritten at $1.23 per new stapled share, being a 7.5% discount to the last closing price of $1.33 on Friday and a 7.7% discount to last week’s five-day volume-weighted average price of Precinct’s stapled shares. NZX trading in Precinct’s securities has been halted while the capital raise takes place. Chief executive Scott Pritchard said Precinct was positioning itself for sustained earnings growth. “Precinct’s premium office portfolio continues to outperform in terms of occupancy and rental growth,” he said. “We have a proven track record of developing world-class real estate, and we have positioned our business for growth through our development and capital partnering strategies,” he said. Precinct is targeting $4-5b of capital partnerships over the next three to five years. The equity raise was expected to increase flexibility to progress Precinct’s pipeline of development opportunities, including the facility at 256 Queen Street, planned development of Downtown Car Park, residential build-to-sell projects and other growth opportunities. Following the equity raise, the company’s pro forma gearing wold be 33.2%, down from 41.6% as at June 30, 2025. The dividend per share guidance provided at the full-year result of 6.75 cents per share for 2026 was consistent with 2025, reflecting a funds from operations payout ratio of 90-92%. Precinct said the $285m placement would be conducted today through a book build in which institutional and other select investors in New Zealand, Australia and certain other jurisdictions would be invited to participate. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Sun, 12 Oct 2025 21:10:22 Z /news/business/can-netflix-s-record-year-survive-the-trump-and-musk-turbulence/ /news/business/can-netflix-s-record-year-survive-the-trump-and-musk-turbulence/ Netflix Inc. shares romped through the first half of the year on strong earnings and ambitious growth plans. But that rally is now stalled as a pair of unusual risks has investors questioning the company’s elevated valuation. The streaming pioneer’s stock was the fourth-best performer in the Nasdaq 100 Index in the first six months of 2025, soaring 50%, and the second half of the year seemed to get off to a good start with the June 20 release of the animated musical KPop Demon Hunters. The movie has been a huge hit, becoming Netflix’s most-watched original film. However, the shares are down 9% since the end of June, while the Nasdaq 100 Index is up almost 11% over the same period. KPop Demon Hunters has become a breakout hit on Netflix, gaining a massive fanbase. Photo / Getty Images The first-half gains would be reason enough for investors to think twice about buying Netflix shares. Then President Donald Trump threatened to impose a 100% tariff “on any and all movies that are made outside of the United States,” and Elon Musk urged his social-media followers to cancel their subscriptions after taking issue with comments made by the creator of a now cancelled Netflix show. The developments brought a new level of uncertainty, with the stock falling for five straight days, before rebounding with a three-day rally. The stock was little changed on Thursday. “We can’t know what the ultimate outcome of tariffs is going to be, and it’s impossible to tell whether there’s been a big sudden drop-off in subscribers as a result of Musk,” said Cotton Swindell, who helps oversee about $2.8 billion as senior portfolio manager for the Adams Diversified Equity Fund, which holds the stock. “But these issues are out there, and any change in sentiment can have an impact.” Despite challenges, Netflix remains up 36% this year, with strong content driving engagement. Photo / 123RF A Netflix spokesperson didn’t respond to a Bloomberg 九一星空无限 request for comment. While the implications of both developments are hazy, it had made it more difficult for Netflix to find a direction. Still, they remain up 36% this year, more than three times the 6.9% gain in Musk’s Tesla Inc. and well above the Nasdaq 100’s 20% rise. The company’s valuation is high as well at about 37 times estimated earnings, compared with 27.6 for the tech-heavy index. “Netflix is a core subscription for most people, and there are few substitutes for the value consumers get,” said John Cervantes, senior investment adviser at Prime Capital Financial. “I’d be surprised if these issues represent much of a headwind.” That probably explains why Wall Street doesn’t seem too concerned. Seaport Global Securities upgraded the stock to buy earlier this week, touting ongoing market-share gains compared with linear television, “but also the continued professional, curated content that is driving engagement leadership”. Can Netflix’s record year survive the Trump and Musk turbulence?. Photo / 123rf Analyst David Joyce doesn’t cite politics as a reason for the recent stock weakness. Instead, he attributes it to Netflix digesting its year-to-date gains and expects revenue improvement from its advertising business in the coming months. Content remains a bright spot. In addition to KPop Demon Hunters, the company said it drew over 41 million viewers for a boxing match. Netflix also released the second season of its popular show Wednesday last month, and the final episodes of its hit Stranger Things will be released this holiday season. Download data from Sensor Tower last month showed a slight increase from the third quarter of 2024, putting “the streaming service in a strong position to deliver on 3Q revenue guidance of 17% growth,” according to Bloomberg Intelligence. Meanwhile, Trump’s tariff announcement echoed a similar one from May, when he called films produced overseas a national security threat. Netflix shares shrugged off the issue at the time, and nothing meaningful came of the threat. As for Musk’s boycott, it’s difficult to assess how widespread it is, unlike the controversy surrounding Cracker Barrel Old Country Stores Inc. or the recent push to cancel streaming services from Walt Disney Co., which contributed to the company reversing a decision to briefly remove late night talk show host Jimmy Kimmel from the air. The Tesla CEO’s issue with Netflix appears to stem from comments made by the creator of Dead End: Paranormal Park about the killing of political activist Charlie Kirk. Donald Trump’s 100% tariff threat has added fresh uncertainty for investors. Photo / Getty Images “We’ve seen that premature selling on initial tariff headlines isn’t a good strategy,” Prime Capital’s Cervantes said. “We’ve also seen so many of these culture-war trading issues that I suspect we’ll be moving onto something else soon.” Earnings estimates have basically held for Netflix’s third-quarter results, which will be released later this month, and the full year. The company no longer reports subscriber figures, but according to Bloomberg consensus estimates, analysts see more than 5.8 million subscriber additions in the quarter, bringing its global subscribers to over 315.5 million. Netflix co-Chief Executive Officer Greg Peters, speaking at the Bloomberg Screentime conference on Wednesday, said the company is making its video games available for play on TVs for the first time as part of its ongoing push to extend its reach beyond just films and TV shows. Netflix’s hold on audiences is clear beyond its major titles. Streaming viewership for its The Wrong Paris “dwarfed” the debut of Superman on HBO Max, even though the Netflix film didn’t play in theatres or have a meaningful marketing campaign, according to Richard Greenfield, an analyst at the technology, media and telecommunications research firm Lightshed Partners. All of which is why bulls have a strong long-term belief in the company. As for Netflix shares, the valuation is clearly giving investors pause, which opens the door for selling based on threats from Trump and Musk. “I’d characterise both as short-term issues and headline risks,” Adams Funds’ Swindell said. “But the valuation means there’s not as much room for missteps, and clearly the market is either seeing added risk or added concern about Netflix’s ability to execute.” Fri, 10 Oct 2025 01:57:28 Z /news/business/reserve-bank-slashes-official-cash-rate-by-50-basis-points-to-25/ /news/business/reserve-bank-slashes-official-cash-rate-by-50-basis-points-to-25/ The Reserve Bank has cut the Official Cash Rate by 50 basis points to 2.5%. The bank delivered its latest Monetary Policy Review at 2pm today. The Monetary Policy Committee reached a consensus to reduce the Official Cash Rate (OCR) by 50 basis points (bps). The committee said it remained open to further reductions in the OCR as required for inflation to settle sustainably near the 2% target mid-point in the medium term. “It’s taking a lot of work to get this economy turning around and today’s decision will hopefully be the shock treatment required to get everyone back into gear,” said Kelvin Davidson, economist for property sector analyst Cotality. ASB chief economist Nick Tuffley said the decision signalled that the likelihood of inflation pressures being weaker than previously anticipated carried more weight than waiting to see how quickly the economy rebounds and what ripple effects come from the current spike in inflation. “Our view is the downsides from the 50 basis point cut are small, given the RBNZ’s August forecasts showed a strong likelihood the OCR would get there by year end anyway,” he said. “We expect one further 25 basis point cut will help underwrite economic recovery sufficiently. “But if it doesn’t, the RBNZ could potentially cut even further,” ASB said. The sharemarket gained ground on the back of the rate cut to within striking distance of a record high. By late afternoon, the S&P/NZX50 Index was up 90 points or 0.67% at 13,621 - not far off its all time intraday high of 13,643.78, set on January 8, 2021. “Yes, it’s due to the RBNZ announcement,” Mark Lister, investment director at Craigs Investment Partners, said. “Most of the market is up and the types of sectors that are performing well are ones that either have high yields that provide a good income stream, or stocks that are leveraged to the housing market or other parts of the economy that might be stronger beneficiaries,” he said. In the interest rate markets, two year swap rates fell to 2.56% from 2.63% just before the release. Nick Tuffley, ASB chief economist. Photo / supplied. The Monetary Policy Committee warned that annual consumers price index inflation was currently around the top of the Monetary Policy Committee’s 1-3% target band. “However, with spare capacity in the economy, inflation is expected to return to around the 2% target mid-point over the first half of 2026,” it said. Annual inflation is currently at 2.7%, but food and power prices have been rising faster than that. There were “upside and downside risks” to the inflation outlook in New Zealand, the committee said. “Cautious behaviour by households and businesses could slow the economic recovery, reducing medium-term inflation pressure. “Alternatively, higher near-term inflation could prove to be more persistent,” it added. The committee revised its assessment of spare capacity in the economy following the worse than expected second-quarter GDP results, but only marginally. An unusually large seasonal balancing item had contributed to the weakness in the headline figure and was likely to be reversed out in the third quarter, it said. “More timely indicators suggest that economic activity recovered modestly in the September quarter, but there remains significant spare capacity in the New Zealand economy,” the committee said. Domestic inflationary pressures had continued to moderate as projected, giving the committee more confidence that inflationary pressures were contained. “Some members continue to put relatively more weight on the risk that excess precaution by households and businesses and, therefore, subdued economic activity and employment persists,” the committee said. “A larger reduction in the OCR could mitigate this risk by providing a clear signal that supports consumption and investment.” In response to the OCR cut, the New Zealand dollar dropped by about half a US cent to US57.50c from US58.00c just before the release. Finance Minister Nicola Willis said the cut would further ease pressure on households and businesses. “The reduction will be welcome news to mortgage-holders and businesses, as OCR drops flow through to interest rates. “Falling interest rates are good news for growth, jobs, and investment.” But Labour’s finance and economy spokesperson Barbara Edmonds said the Reserve Bank’s decision to cut interest rates was a direct response to the economic damage caused by Christopher Luxon’s mismanagement. “Today’s OCR cut is good news for mortgage holders - but it’s also the Reserve Bank fixing the damage Christopher Luxon has done. “New Zealand’s economy is in crisis – and it’s Christopher Luxon’s fault. Businesses are closing in record numbers, jobs are being lost, and more Kiwis are leaving to find work overseas because he has no plan for growth." ANZ market strategist David Croy saw the 50 basis point cut as a neutral move from the Reserve Bank. “I’d call this a pretty neutral 50 basis point cut,” he said. “They have said they are open to further easing but have not explicitly signalled further easing,” Croy said. Retail NZ chief executive Carolyn Young said the OCR cut would be welcomed by the retail sector. “Today’s cut to 2.5% will help put more cash into consumers’ pockets and we hope it will give them the confidence to enjoy some discretionary spending,” Young said. “We hope today’s OCR cut will continue to support a recovery in retail demand. This will help give retailers confidence to buy stock and retain staff in the run up to the end of the year.” Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Wed, 08 Oct 2025 00:10:28 Z /news/business/business-confidence-drops-in-key-survey-for-rbnz-ahead-of-rate-call/ /news/business/business-confidence-drops-in-key-survey-for-rbnz-ahead-of-rate-call/ The latest NZIER Quarterly Survey of Business Opinion (QSBO) has shown a drop in business confidence in the September quarter. A net 15% of firms expect an improvement in general economic conditions over the coming months on a seasonally adjusted basis. While the sentiment was positive, this was a decline from the net 26% expecting an improvement in the June quarter. The QSBO is seen by economists as the last key piece of data for the Reserve Bank before tomorrow’s Official Cash Rate call. With markets and economists split on whether we’ll get a 25 or 50 basis point cut, it has the potential to tip the balance. Firms’ own trading activity showed a net 14% of firms reported a decline in activity in their own business in the September quarter, but a net 9% of firms expect improved demand in the next quarter. A significant gap remained between firms’ experienced demand, which is still weak, and their expectations of improved demand ahead. For the past year, actual activity has fallen short of earlier expectations of a recovery. Firms’ hiring and investment intentions have also reduced. A net 23% of firms cut staff headcount in the September quarter. Regarding investment, a net 13% of firms intend to reduce investment in plant and machinery, while a net 20% intend to reduce investment in buildings over the coming year. The continued disappointing nature of the recovery in demand, combined with the volatile global backdrop, was driving heightened caution among firms, NZIER deputy chief executive Christina Leung said. Manufacturing is the least optimistic across the sectors surveyed; only a net 3% of the manufacturers surveyed expect general economic conditions to improve. The building sector remained cautiously optimistic, Leung said. Christina Leung is a principal economist with the New Zealand Institute of Economic Research. Photo / Mike Scott Construction demand remained weak, building sector firms reporting declines in new orders and output in the September quarter. The soft construction demand was also reflected in the measure of architects’ work in their own office, which pointed to a flat pipeline of housing construction work and a reduced pipeline of commercial and Government construction work over the coming year. While there was a drop in confidence, retailers remained the most optimistic sector surveyed in the September quarter, despite continued weakness in new orders and sales. “Cost pressures in the retail sector remain intense, but the proportion of retailers able to raise prices eased,” Leung said. “In responding to the intense cost pressures and weak demand, a substantial proportion of retailers also reduced staff numbers in the September quarter.” The services sector showed a stark contrast between expectations of an improved outlook and weak demand reported by services sector firms. “The optimism is likely to be supported by the widespread expectations of lower interest rates over the coming year,” Leung said. “With over 40 per cent of mortgages due for repricing over the coming six months, we expect the reduction in interest rates to date will continue to support a recovery in retail and services demand over the coming year.” The NZIER continues to forecast two further 25-basis-point OCR cuts from the RBNZ at the upcoming meetings in October and November. “We expect annual CPI inflation to rise just above 3% over the coming quarters,” Leung said. “However, continued excess capacity in the New Zealand economy should drive inflation back towards the RBNZ’s inflation target mid-point of 2% over the coming year.” Westpac senior economist Michael Gordon said the survey reflected an economy that remained “sluggish”. In terms of tomorrow’s OCR decision, the survey would likely further encourage those on the RBNZ Monetary Policy Committee who believed in August that a larger “circuit breaker” rate cut was appropriate. “We continue to expect a 50bp cut to 2.50% tomorrow,” he said. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Tue, 07 Oct 2025 02:45:01 Z /news/business/promoters-of-cancelled-juicy-festival-and-timeless-summer-tour-owe-creditors-more-than-14-million/ /news/business/promoters-of-cancelled-juicy-festival-and-timeless-summer-tour-owe-creditors-more-than-14-million/ Liquidators for the cancelled Juicy Festival and Timeless Summer Tour are battling to recoup money paid to music artists who did not perform as creditors face a $14 million shortfall. The two music festivals – scheduled for multiple cities across the country – were cancelled after promoters failed to get a liquor licence for the Auckland event. Juicy Festival Limited and Timeless Events New Zealand Limited were placed into liquidation after promoters were unable to repay ticket holders. Liquidators Garry Whimp and Benjamin Francis from Blacklock Rose said funds from ticket sales were used to pay artists and for costs involved in putting on a festival. However, the companies forfeited a large amount of money when the events were cancelled. The liquidators’ recently released six-monthly reports into the two companies show Juicy New Zealand owes more than $8.8m to unsecured creditors and $58,128 to secured creditors, but only has $101,762.23 in assets. Timeless Events New Zealand owes more than $5.2m to creditors, all unsecured, but only has $36,149.78 in assets. The liquidators have instructed solicitors to write to the artists requesting they return the funds received. “At this stage, all artists have either not responded or rejected the request to repay the funds. “We consider that transactions may be voidable under the insolvent transaction provisions of the Companies Act. We are in discussions with our solicitors regarding the most prudent way forward.” R&B stars Ludacris, Akon and Jay Sean were among those due to perform at Juicy Fest, while the Timeless Summer Tour was to feature 1980s icons Boy George and Bonnie Tyler. Meanwhile, the liquidators said an issue had arisen in the liquidation where some creditors have been repaid via a bank process known as chargebacks, resulting in funds being held in reserve to be depleted. “The result of this practice is that those creditors who obtain chargebacks are paid in full ... whilst others receive less than they would have received if these didn’t take place ... in our view, that would defy the fundamental principles of treating all creditors equally,” the liquidators said. “[We] objected to the chargebacks in order to ensure an equitable distribution, however, the process continued despite the objections.” The liquidators said they have applied to the court for directions as to the correct position in the situation. A date for a two-day hearing will be set down after April 17 next year. Companies Office records show Glenn Meikle is the director of both Juicy Festival and Timeless Events New Zealand. Meikle and Matthew Spratt are joint shareholders of the two companies. Meikle is also the director of Juicy Festivals Australia and Timeless Events Australia – both of which are in liquidation. Last week, another events company associated with Meikle and Spratt went into liquidation. Liquidators in Australia were appointed to Jammin Australia Festivals Limited. Tue, 07 Oct 2025 02:10:29 Z /news/business/scam-warning-over-pump-and-dump-scheme-fake-investment-advisers/ /news/business/scam-warning-over-pump-and-dump-scheme-fake-investment-advisers/ It could be a scam out of The Sopranos or The Wolf of Wall Street. But whereas the Webistics and penny stock scams involved cold-calling from boiler rooms, a current pump-and-dump plot is said to rely on WhatsApp chats. In a pump-and-dump, shares are hyped up, targets buy in, the share price surges and the scammers dump the stock, leaving others with big losses. The Financial Markets Authority (FMA) has even released the phone numbers and aliases of suspected scammers. “Scammers purchase large volumes of low-value shares in overseas companies,” the FMA said. “They then persuade investors to purchase low-priced shares in [the] overseas company, artificially inflating the share price.” Scammers promote investment club group chats through social media. The FMA said scammers often published ads impersonating business leaders or financial commentators to promote the group chats. “In some cases, the scammers send unsolicited invitations to the group chats through messaging platforms like WhatsApp.” The scammers might initially recommend purchasing shares of a big, well-known company such as Nvidia or Tesla. “This is a tactic to build trust before drawing potential victims into the pump-and-dump scheme.” The scammers then sell their holdings at a profit. Leonardo DiCaprio's Jordan Belfort ran a 1980s penny stock pump-and-dump scheme. Photo / Mary Cybulski Then the share price collapses, leaving investors not in on the scam with big losses. And sometimes the victims are exploited again. “After a victim suffers a loss, the scammers often claim, falsely, that the victim is entitled to compensation or reimbursement.” That tactic is known as a recovery room scam. “The scammers use these claims to harvest personal information and further payments from the victims,” the FMA said. “Stop engaging with the scammers,” it advised people. “Do not provide any further personal information or payments to them. Report the group chats to WhatsApp and block the scammers on all devices.” The FMA has released numerous phone numbers and WhatsApp group details it alleges are involved in the scams. The Herald tried calling some of the numbers but two appeared to be disconnected. Another went to a voicemail message saying: “The person you are calling cannot accept calls at this time.” Pump-and-dump WhatsApp group chats 276The Stock Investment Elite Wealth Group 1 Investment Navigation Group 1 Stock Market Tracking group Z1, +1 (314) 665-7424 Stock Market Trends 51, +1 (856) 500-8420 and +1 (504) 657-6110 Stockmarket navigation group302, +1 (504) 261-9422 and +1 (808) 216-7031 US Stocks Investment Group-672 Fictional investment advisers Amy Mills, +1 (681) 427-8556David Greene (imposter)Jane Share GuruLaura Marcuzzi (imposter), +44 7563 754111Nicole Vera (imposter), +44 7731 897748Scott Horsburgh (imposter), +1 (217) 862-4364 The FMA said people who lost money to the scams could phone Victim Support on 0800 842 846. John Weekes is a business journalist covering aviation and court. He has previously covered consumer affairs, crime, politics and courts. Mon, 06 Oct 2025 01:07:05 Z /news/business/iag-fined-195m-for-misleading-insurance-pricing-breaches/ /news/business/iag-fined-195m-for-misleading-insurance-pricing-breaches/ Insurance company IAG New Zealand has been fined $19.5 million in the Auckland High Court after admitting breaches of the Financial Markets Conduct Act (FMCA). IAG admitted making false and/or misleading representations in relation to its insurance products between September 2021 and December 2024. The company failed to correctly price premiums charged to customers, and failed to correctly apply important discounts to its insurance products sold via its business divisions and distribution partners. The breaches, of which 41 were self-reported by IAG to the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko, affected approximately 269,000 customers and resulted in overcharges of approximately $35m. Some of the issues date back more than 20 years, however, the FMA’s claim is limited to conduct from the introduction of the FMCA, which came into effect from April 2014. FMA executive director of response and enforcement Louise Unger said the nature and scale of IAG’s contraventions were greater than those present in any other fair dealing case the FMA has to date taken to court. “IAG is New Zealand’s largest insurer. It is a large and sophisticated market leader and accordingly plays a vital role in upholding market standards, yet its significant under investment led to widespread failures of its systems and processes, to the detriment of its customers. “It also failed to respond to and report many of the issues in an appropriate timeframe,” Unger said. IAG New Zealand chief executive Amanda Whiting said the company is doing everything it can to prevent the issues happening again. Justice Andrew found that the nature and extent of IAG’s contraventions to be “the most aggravating feature of its conduct”. Justice Andrew also noted: “IAG’s knowledge of the breaches and the delay in reporting them to the FMA, particularly following the culture and conduct review, is an aggravating factor”. The penalty reflects discounts for IAG’s self-reporting, its early offer of admissions, its co-operation with the FMA’s investigation, and the steps taken to remediate its customers. IAG responds IAG New Zealand chief executive Amanda Whiting said the company’s priority had been to “put things right for impacted customers, offering a sincere apology and issuing refunds”. “We are doing everything to prevent these issues happening again. The underlying issues have been fixed, and all affected customer’s repayments were completed earlier this year,” Whiting said. IAG New Zealand said it fully co-operated with the FMA’s investigations and proceedings, while recognising that historically it made mistakes. The company said it had invested heavily in new systems and processes as they became available, and that “significant changes have been made”, and “will continue to be made”. Tom Raynel is a multimedia business journalist for the NZ Herald, covering small business, retail and tourism. Mon, 06 Oct 2025 00:49:09 Z /news/business/departing-reserve-bank-governor-adrian-orr-to-receive-416k-restraint-of-trade-leaving-payment/ /news/business/departing-reserve-bank-governor-adrian-orr-to-receive-416k-restraint-of-trade-leaving-payment/ Former Reserve Bank Governor Adrian Orr will this month receive a $416,120 “restraint of trade” payment, according to the Reserve Bank’s 2025 Annual Report. The report, released today, shows that will take Orr’s annual pay packet to $1,182,300. Orr resigned as governor in March following a conflict with the board and the Finance Minister over RBNZ funding. Despite media focus and criticism around the handling of the resignation, which led to the resignation of chairman Neil Quigley on August 29, Orr has not yet spoken publicly about his decision. “As at 30 June 2025, the bank has provided for a restraint of trade payment to the Governor,” the report says. “The payment is due in October 2025, conditional on the terms being met. Under s 242 of the RBNZ Act, it is disclosed separately from the Governor’s remuneration.” The report also shows staffing expenses rose to $117 million in the year to June 30. That was up from $94m a year earlier and just $54m in the year to June 30, 2021. Last month, Swedish economist Dr Anna Breman was appointed as the new governor by Finance Minister Nicola Willis. Breman was the First Deputy Governor of Sweden’s central bank, and will lead the Reserve Bank of NZ for at least the next five years. She begins her new role on December 1. Acting Governor Christian Hawkesby’s term will be extended until November 30, and he will support a smooth transition. He will then depart from the RBNZ. Hawkesby wrote the “Governor’s statement” for this report. In it, he thanks Orr and Quigley for their service and welcomes the new governor. He also alludes to his upcoming departure: “I would like to take this opportunity to thank the Reserve Bank staff for their support and contributions during my nearly seven years across a range of leadership roles.” On Wednesday, the RBNZ will deliver its latest Monetary Policy Review and is widely expected to cut the Official Cash Rate by 25 basis points, or possibly 50 basis points. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Mon, 06 Oct 2025 00:24:54 Z /news/business/former-financial-adviser-who-stole-17m-from-elderly-clients-and-lived-high-life-jailed/ /news/business/former-financial-adviser-who-stole-17m-from-elderly-clients-and-lived-high-life-jailed/ Former financial adviser Murray McClune has been jailed for more than three years after pleading guilty to stealing $1.7 million from his elderly clients. McClune admitted two charges of theft by person in a special relationship in June following an investigation by the Financial Markets Authority (FMA). Between 2016 and 2018, while working as a registered financial adviser, McClune offered investment opportunities to two couples in retirement who had known him for over 40 years. However, McClune would go on to spend the investment funds he received on various personal and business expenses, including purchasing a home in his and his wife’s name, food and entertainment, travel and overseas expenses and cash withdrawals. While much of the funds were eventually returned to the investors, both investors were left with some money owing. FMA head of enforcement Margot Gatland said McClune’s conduct was “both deliberate and dishonest, and involved a gross breach of trust”. “The conduct arose in the course of his role as a financial adviser, a position he used to take advantage of his clients.” McClune was also permanently banned from holding directorships, management positions, and providing financial advice and client money and property services, which he did not oppose. “Banning McClune ensures protection of the public and deters others from committing breaches,” Gatland said. McClune has a previous conviction for a charge of obtaining by deception. His victim in that case was well-known to him as a good family friend, and McClune was a financial adviser to her and her late husband for over 40 years. After her husband died in 2007, McClune advised her that he could make an increased gain on her superannuation savings which would be ready for her when she turned 65 in 2015. Between 2009 and 2010, McClune made withdrawals from his victim’s investment funds, taking $203,500 over an eight-month period. Mon, 06 Oct 2025 00:17:43 Z /news/business/frightening-businesses-slate-cbd-as-lawless-unclean-hit-out-at-drug-use-begging-in-scathing-survey/ /news/business/frightening-businesses-slate-cbd-as-lawless-unclean-hit-out-at-drug-use-begging-in-scathing-survey/ The business association for Auckland’s city centre has “reluctantly” released a scathing survey that found store owners and offices believe homelessness, too few police, “neglect and disorder” and “frightening” anti-social behaviour are crippling their trade. Among the most dire findings was 91% of operators saying rough sleepers and begging were affecting their business, and 81% believing the city centre was not in a good state to attract significantly more people and investment. Heart of the City asked 102 business owners from in and around the Queen St valley area in late-September about the state of the city centre and what factors were hindering their financial success. It found 72% of businesses were either dissatisfied or very dissatisfied with the standard of Queen St’s cleanliness and 71% said Auckland Council and Auckland Transport’s cleaning and maintenance standards were not good enough. One business owner said homeless people “defecate in the street daily”. Another claimed “drug dealers and other degenerate behaviour” behaviour created an “awful and often frightening experience” that put the public off visiting the city centre. Reflecting on the city’s main shopping thoroughfare, Queen Street, one business owner said: “In my experience living around the world, very few cities recover once their central business district is taken over by homelessness, drug use and anti-social behaviour.” Another observed that: “The general condition of the central city has reached an unacceptable level. The prevalence of vagrancy, together with unmanaged rubbish and litter, creates an impression of neglect and disorder.” The rise in the visible homeless population of Queen St has led to unease among the public. Photo / Jason Oxenham Traders’ attitudes to the council and the Government’s decision-making, spending and overall care for their prospects was also largely negative in the survey, which was conducted from September 23 to 26. When planning projects and policies relating to the city centre, 77% of businesses believed the Auckland Council and the Government did not listen to their needs. Not enough was being done to ensure existing laws and bylaws were being enforced by police and Auckland Council, according to 72% of respondents. Heart of the City chief executive Viv Beck said the motivation for releasing the woeful survey results was to pressure the council and the Government to improve street conditions and the business ecosystem of the city before two much-anticipated infrastructure projects open. “We are reluctantly releasing these survey results to get the step-change needed in time for the opening of the New Zealand International Convention Centre and the City Rail Link [CRL] in 2026. “It is imperative that fast action is taken so businesses in all areas of the city centre can grow and thrive after a decade of major disruption. We are looking to central Government and the incoming council to work collaboratively with us to achieve excellence in our public spaces.” Auckland Mayor Wayne Brown told the Herald when presented with the survey results that there are “no simple solutions to complex problems” and insisted things have been improving under his governance. “Personally, I wish more councillors lived in the city and were involved in business like I am,” Brown said. “I sit on the city centre advisory group with friends who are retailers and building owners, [but] there’s no law against poverty. “We’ve got the police back in the city in Federal St [and] council staff funded from my office budget are on the street, but they’re not police. “The city is clean and the construction works are disappearing as the Convention Centre finishes and same for the CRL.” Perpetual Guardian chief executive Patrick Gamble (left) alongside Heart of the City chief executive Viv Beck. Gamble says multiple staff in their Queen Street offices have been assaulted and abused coming and going from work. Photo / Anna Heath Construction in Albert Street in Auckland’s CBD for the City Rail Link set to open in 2026. NZ Herald photo by Anna Heath While businesses were conscious of the possible lifeline the CRL would provide to draw foot traffic back into the central city, there was a concern from businesses that the city’s uninviting reputation will have become so entrenched by 2026 it would be almost impossible to change. “The CRL is not a golden solution. By the time it becomes something that everyone uses, the CBD will have been destroyed,” one respondent said. Another observed: “If we don’t end the tolerance of anti-social behaviour, especially the violence, the CRL will be a white elephant.” In particular, 77% of the Heart of the City members believed more police were needed in the city centre before the CRL opens. “One man smashed our window while under the influence, we still see him walking on Queen St on most days, but police wouldn’t investigate further or arrest him,” one shop owner said. Auckland City District Commander Superintendent Sunny Patel said the Auckland Central Police Base on Federal St was officially opened in July and provides a public-facing presence back in the heart of the city centre. Despite businesses feeling there are not enough officers on the beat, Patel said police have been working hard on increasing their presence in recent years and they have received encouraging feedback. “Increasing our beat presence has had positive feedback and what the community is telling us that people’s feelings of safety have improved in the city. “By no means is our work over. There are now a range of partner agencies working across the CBD for a range of wider social issues at play that don’t all sit with police.” United Coffee Nation owner Paul Ewing said business in his store on Victoria St West in central Auckland was down more than 60% from pre-Covid levels. Photo / Anna Heath Patel also said that police would explore all lines of investigation available to take enforcement action when crimes are reported. However, the Heart of the City survey cites numerous anecdotal accounts of crimes going unpunished. “Our message to retailers is to ensure they continue reporting to us. It’s essential to ensure we have the full picture and can prioritise prevention activities where there are trends emerging,” Patel said. The controversial project to extend Queen St’s footpath and reduce car lanes to one each way was also a subject for feedback. The pedestrianisation project was the subject of a High Court injunction in 2021 by a group of landlords and business figures along Queen St. Among respondents of last month’s survey, 66% said streetscape development had not had a positive impact on their business or property, and 71% believed it was not money well spent. Another grievance was Auckland Transport fining people $150 for driving in restricted access areas on Queen St, which 79% did not agree with. “The risk of inadvertently entering a bus lane and receiving a hefty $150 fine only adds to public frustration,” one survey respondent complained. An empty Victoria Street in Auckland’s CBD on a Friday afternoon on October 3, 2025. NZ Herald photo by Anna Heath When asked how to attract more people to the city, Auckland businesses consistently cited better parking, addressing anti-social behaviour, removing homeless encampments, more law enforcement and the completion of long-standing construction works. Auckland City Missioner Helen Robinson said she understands the concerns of city centre businesses. “We share the desire for a safe, welcoming city for everyone and agree with business leaders that Government leadership is essential,” Robinson said. “We’ve repeatedly urged ministers [Chris] Bishop and [Tama] Potaka to change the emergency housing criteria so those most in need can access support and while recent steps are welcome, much more is required to truly address homelessness in Auckland.” Robinson cited the Government’s call for greater discretion when officials assess emergency housing applications, as the number being declined rises, as a “step in the right direction”. “But in our view, it is not enough to solve the problem. Until there is enough permanent, appropriate housing – and fair access to emergency options – homelessness will remain a growing problem.” As the Herald revealed last month, the number of applications for emergency housing has plummeted nationally since the Government tightened restrictions in August last year. Sun, 05 Oct 2025 20:10:44 Z /news/business/food-rescue-app-too-good-to-go-expands-into-new-zealand-market/ /news/business/food-rescue-app-too-good-to-go-expands-into-new-zealand-market/ Danish social impact company Too Good To Go is expanding into New Zealand offering a marketplace for surplus food.  Born from the frustration of perfectly good food going to waste, the marketplace allows consumers to purchase surplus food from a variety of local stores, cafes and restaurants through “surprise bags”, offering foods at often a third of their usual price.  Too Good To Go describes the business model as a win-win-win: Kiwis get access to good food at a discounted rate; business partners make money from food that would otherwise go to waste; and together they help tackle climate change by reducing food waste.  Too Good To Go Aotearoa country director Joost Rietveld said the business was focused on reducing food waste across 19 countries with Aotearoa its 20th.  “With the country’s vibrant food culture and clear recognition of the value of food, Aotearoa was the obvious next step for Too Good To Go’s expansion across Asia Pacific,” Rietveld said.  “There is such a strong commitment to sustainability here, making it the perfect match for our mission to inspire and empower everyone to fight food waste together. We’re excited to invite Kiwis to join our global community and start saving their favourite foods from going to waste.”  The Too Good To Go app has more than 120 million registered users across Europe, North America and the Asia Pacific, with more than 500 million meals saved since 2016.  Joost Rietveld, country director of Too Good To Go Aotearoa, says Aotearoa was the obvious next step for the business's expansion across the Asia Pacific region.  Rietveld joined the business almost eight years ago, describing himself as someone who would often nag those around him about the need for a better food system.  “We’re not part of something else or a project or a side project of another company. Everyone in the company is working on one clear goal, and we have a very clear North Star, which is meals saved.  “When you have that clarity of the goal that you’re trying to work towards, it creates this driving force of coming to your workplace every day and contributing.”  Auckland is the business’s second location in the Asia Pacific region, following Melbourne in Australia. It will start in Auckland this year and roll out to other New Zealand cities in 2026.  Rietveld said the business had hired a local team and set up an Auckland office to better connect with local businesses.  It is in the process of confirming local partners, but in Australia the company was already working with the likes of Baker’s Delight, Muffin Break and Sushi Sushi.  Rietveld couldn’t confirm any partners ahead of time, but said there was a lot of excitement from initial discussions.  Rietveld said the marketplace had a subscription model based on a “no cure, no pay” principle, which takes a percentage of every surprise bag sale.  But he stressed that businesses won’t pay anything unless they sell food through the app, in other words, there’s no cost to a business for surplus food that doesn’t sell.  “We have deliberately chosen as a business to create a very low barrier for businesses to try it out. They always try it out for a minute and they can stop any time they want, no matter how long they’ve been working with us.  “That’s a very deliberate choice to make the decision to try this out and see if it adds value to your business. Our job is to actually bring that value forward through information and data.”  The Too Good To Go app has more than 120 million registered users in 20 countries across Europe, North America and Asia Pacific.  According to Love Food Hate Waste, New Zealand wastes an estimated $3 billion worth of food annually, equating to $1364 lost on food waste per household per year.  Beyond just the economic impact, the World Wide Fund estimates that around 40% of all the food produced around the world is wasted, accounting for 10% of all greenhouse gas emissions worldwide.  Love Food Hate Waste’s Juno Scott-Kelly said she welcomed any new initiatives that helped to reduce food waste in Aotearoa.  “Too Good To Go has the potential to make a real impact by connecting consumers directly with surplus food from retailers and hospitality businesses that might otherwise go to waste,” Scott-Kelly said.  She said food redistribution happened across a spectrum. Some surplus food is suitable for charities and food rescue organisations like Kiwi Harvest, while other food - for example, prepared meals or items close to expiry - can be harder to redistribute safely.  “There’s room, and need for multiple solutions. Food rescue charities play a vital role in feeding people in need, and technology platforms like Too Good To Go complement this by tackling a different part of the surplus food chain.”  As for those thinking about giving the marketplace a try, Rietveld said Kiwis should be open to the idea of changing their habits.  “There’s so many things to think about when you’re running your operations, and many of us have decided waste is just part of doing business.  “What we’re trying to say is, we want everyone to just be open and give us a shot to show you that it could be different, and there’s a lot of economic upsides to it.”  Too Good To Go will be available in Auckland from October.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Tue, 30 Sept 2025 22:04:56 Z /news/business/new-jobs-data-the-roles-with-the-highest-demand/ /news/business/new-jobs-data-the-roles-with-the-highest-demand/ One job stands out as in particularly high demand in the tough job market. Latest Stats NZ data shows the number of filled jobs increased 0.2 in August, with increases across the primary, manufacturing and service sectors, and across Auckland, Wellington and Canterbury. But total jobs are still down 0.7 percent on a year ago, with New Zealand losing more than 10,000 construction jobs, more than 5,000 professional service jobs and almost 5,000 healthcare and social assistance jobs during that period. New data from employment platform Seek shows some jobs are still in high demand, with sales account managers being by far the most advertised role. Sales business development managers, accountants, electricians, community support workers, nurses and administrative officers are also in high demand. Retail sales assistants, chefs and retail store managers also feature in the top ten. Seek Senior Economist Blair Chapman said there was a clear need for aged care and disability workers. “With an estimated 7.5% of Kiwis now over the age of 75, and around another 9% over the age of 65, support workers and nurses are likely to remain in-demand for some time as the demand for care from these older Kiwis grows.” Chapman said another key factor was the resurgence in tourism, particularly the rise in Australian visitors in recent months. “The growth in tourism is supporting demand for chefs and retail workers. Despite the overall weakness in the New Zealand economy, household consumption has continued to grow which is also supporting demand for chefs and retail workers.” Seek recently reported a four percent annual rise in job ads -- the first year-on-year increase in almost three years. However, applications per job have also reached a new record high, and advertised salaries have increased well below the rate of inflation over the past year. ASB economists have noted that the recent rise in filled jobs in the Stats NZ figures reflects a downward revision of job figures from previous months. “There is still significant spare capacity in the labour market, and it will take a concerted period of strong growth to push the unemployment rate down to the 4.0-4.5 percent goldilocks zone,” they note. Top 10 Most In-Demand Roles in New Zealand in 2025, based on job ad volume on Seek on 24 September 2025, and the number of job ads for each Sales Account Manager - 3,533 Sales Business Development Manager - 2,568 Accountant - 2,339 Electrician - 2,153 Community Services & Development Support Worker - 1,863 Nurse - 1,854 Administration Officer - 1,460 Retail Sales Assistant - 1,285 Chef - 1,157 Retail Store Manager - 1,016 Tue, 30 Sept 2025 16:00:38 Z /news/business/bnz-cuts-one-year-fixed-mortgage-rate-below-45-as-next-ocr-decision-looms/ /news/business/bnz-cuts-one-year-fixed-mortgage-rate-below-45-as-next-ocr-decision-looms/ BNZ has cut its one-year fixed home loan rate to a market-leading 4.49%.  The 26-basis-point (bps) cut, effective from today, is the lowest standard advertised rate among the major banks.  The lowest one-year rate currently offered by ASB, ANZ, Westpac and Kiwibank is 4.75%.  Karna Luke, BNZ’s executive customer products and services, said the bank was continuing to compete hard for new home loan customers by offering attractive rates.  “This 26bps cut provides meaningful savings for both new and existing customers.  “For someone moving from our current average one-year rate of 5.19% per annum, with a $500,000 mortgage over a 25-year term, this new rate could save over $2400 across the 12-month fixed period.  “At 4.49%, this is a nearly 40% drop from the February 2024 peak of 7.35% for the one-year fixed term – proving real relief for households.”  Luke said BNZ was seeing strong customer demand for its one-year fixed home loan rate.  “We know household budgets remain tight for many New Zealanders, and these changes will help reduce mortgage payments, whether you’re buying your first home, moving from another bank, or refixing an existing BNZ home loan.”  The Reserve Bank (RBNZ) will make its next Official Cash Rate (OCR) decision on October 8.  The OCR sits at 3%, having fallen by 250bps since August last year, when it was 5.25%.  The RBNZ shifted its outlook at its last meeting to recognise that the economic recovery has stalled. Two more rate cuts are now expected by March 2026.  BNZ head of research Stephen Toplis said “the RBNZ is back on the warpath”.  “We maintain our view that a further 25-point reduction will be delivered in October. We now add to that expectation a final 25-point cut at the November statement, taking the low in the cash rate track to 2.5%.”  Mon, 29 Sept 2025 22:14:43 Z /news/business/covid-response-rbnz-admits-more-aggressive-tightening-might-have-reduced-inflation-sooner/ /news/business/covid-response-rbnz-admits-more-aggressive-tightening-might-have-reduced-inflation-sooner/ The Reserve Bank has today published an update on its progress in responding to recommendations from its review of monetary policy over the 2017 to 2022 period. It has also released new work reviewing the MPC’s response to above-target inflation from 2021 to 2024. “In hindsight, an earlier or more aggressive tightening might have reduced inflation sooner,” Reserve Bank chief economist Paul Conway said. “But this would have been difficult given the data available at the time and could have conflicted with the MPC’s mandate back then, which included maintaining maximum sustainable employment.” Some economists and commentators have criticised the RBNZ for leaving the official cash rate at stimulatory levels for too long as inflation took hold in 2021. After cutting the OCR to a low of 0.25% to help businesses and households survive initial Covid lockdowns, the RBNZ started lifting the rate again from October 2021. “The [Monetary Policy Committee’s] strategy helped reduce inflation from its peak in 2022 and return it to within the 1 to 3% target band by September 2024,” Conway said. “This strategy kept longer-term inflation expectations near the target midpoint, which is key to medium-term price stability.” The 2022 Review and Assessment of the Formulation and Implementation of Monetary Policy proposed nine recommendations aimed at improving the Monetary Policy Committee’s (MPC’s) “ability to achieve its objectives in an environment of heightened uncertainty and more complex economic shocks”, the RBNZ said in a statement. “The MPC has gained valuable insights into how economic activity, price setting by businesses, and inflation expectations evolve during periods of high inflation and economic volatility,“ Conway said. “We now have a deeper understanding of supply shocks and structural drivers of inflation and have expanded our use of high-frequency data for more timely and granular monitoring.” The RBNZ had developed new tools to estimate neutral interest rates and run scenario analysis, he said. “These improvements ensure the MPC is well equipped to navigate future shocks while maintaining price stability.” The accuracy of the Reserve Bank’s economic forecasts had significantly improved, as economic disruptions from the pandemic had subsided, Conway said. “Communication of the MPC’s strategy was generally clear, though with room for improvement, particularly in how the forward OCR track is conveyed. “We are consistently assessing our performance in maintaining low and stable inflation, which is the best contribution we can make to improving New Zealand’s long-run economic performance.” The work released today provided a useful interim update before the next full review scheduled for 2027, Conway said. Liam Dann is business editor-at-large for the NZ Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Mon, 29 Sept 2025 01:07:01 Z /news/business/builder-fled-to-australia-over-ir-audit-gets-home-detention-for-260k-tax-evasion/ /news/business/builder-fled-to-australia-over-ir-audit-gets-home-detention-for-260k-tax-evasion/ A Christchurch builder has been sentenced to seven months home detention for failing to declare more than $260,000 in tax. Gary Terence Moss evaded Inland Revenue for more than a year, fleeing to Australia at one point after being notified of an audit investigation. Moss appeared in the Christchurch District Court last week where he was also ordered to pay $20,000 in reparations. Moss arrived in New Zealand from the United Kingdom in 2014 and started working as a builder before becoming self-employed in 2016. But Inland Revenue said Moss had not declared any salary or wage income since 2016. He also failed to file tax returns from 2019 until 2022 and in 2023 filed a false income tax return for that year. In May 2023, Inland Revenue notified Moss of an audit investigation after obtaining bank account statements for accounts linked to him showing he had been receiving undeclared income. On the same day, Moss contacted an international relocation company to obtain a quote for moving household goods to Australia. The court heard that after receiving a call from Inland Revenue where Moss said he would file the outstanding returns, the builder paid nearly $1700 to a travel agency and an airline, requested an early release from his fixed-term tenancy, and filed a false 2023 income tax return. Moss departed for Melbourne in July 2023 but failed to respond to numerous attempts by Inland Revenue to contact him. Between May and July 2024, Moss accessed his myIR several times from an IP address in Perth, but did not open any of the web messages send by Inland Revenue. Moss returned to New Zealand in September 2024 and accessed his myIR account from an IP address in Dunedin but again failed to read any web messages. Inland Revenue filed charges that same month. Moss’ income tax shortfall at the time was calculated to be $267,368.09. In February this year, Moss engaged a tax agent who filed amended income tax returns for the 2019 to 2023 years. However, these returns were not accepted by Inland Revenue as they failed to include received income into one of Moss’ other bank accounts. Moss was sentenced on one representative charge and one single charge of evading or attempting to evade the assessment or payment of income tax. Sun, 28 Sept 2025 23:17:23 Z /news/business/synlait-strikes-deal-to-sell-p%C5%8Dkeno-factory-for-307m/ /news/business/synlait-strikes-deal-to-sell-p%C5%8Dkeno-factory-for-307m/ Synlait Milk has struck a deal to sell its loss-making factory at Pōkeno, and related assets, to America’s Abbott for US$178 million ($307m), with the proceeds to be used to pay down debt. At the same time, the newly recapitalised Synlait reported that its net loss fell to $39.82m in the July 31 year, down from $182.11m a year earlier. Included in the sale are the company’s Auckland sites (assets held at the blending and canning facility on Richard Pearse Drive and the warehouse facility on Jerry Green St), and associated inventory and leasehold arrangements. Synlait chair George Adams said the sale to Abbott – already a major customer – was a “defining moment” for Synlait. “The sale will strengthen the company’s financial position, with the proceeds used to significantly reduce debt,” Adams said. “We are equally pleased Abbott will onboard the vast majority of our people who work in these assets at completion – that is a great outcome. “This is a turning point we have fought hard for and are ready to embrace.” Chief executive Richard Wyeth, who joined in May, said the sale was a much-needed step change for the dairy company. “In short, this sale will deliver a stronger, simpler and more secure Synlait,” he said. “It enables us to, in time, explore opportunities to diversify what we do and better enable Synlait to reach its full potential.” Synlait’s majority shareholder, China’s Bright Dairy, had stated that it would vote in favour of the transaction. Commenting on the result, Wyeth said numbers reflected the impact of previously advised “manufacturing challenges” at Dunsandel. “These issues, which are now largely behind us, were complex and impacted our ability to continually deliver product on time, in spec and at scale. “Were it not for these challenges, which resulted in costs, our result today would have reflected further progress in Synlait’s business recovery.” The “adjusted” bottom line was a net profit of $0.8m (unadjusted ($39.8m). There had been a 55% reduction in net debt from $551.6m to $250.7m. Improvements in the trading performance in the year were reflected in unadjusted earnings before interest, tax, depreciation and amortisation (ebitda) increasing by $54.8m on 2024. The ingredients business turned a $13.5m loss to a gross profit of $13.1m. There was a 29% increase in Synlait’s advanced nutrition business’ gross profit to $95m. Synlait’s milk price for the season just ended was $10.16/kg of milk solids – matching market leader Fonterra’s. A2 Milk, which owns just under 20% of Synlait, will soon be lessening its reliance on Synlait as its sole source of infant formula. The company recently completed the acquisition of an integrated nutritional manufacturing facility with two China label infant milk formula product registrations, also situated at Pōkeno. A2 Milk said the acquisition was a significant step forward in the execution of its supply chain transformation strategy. Synlait will continue making China-label formula production a2 Milk for some time to come, but a2’s increased manufacturing independence will be an issue. Synlait’s share price has been showing signs of life after speculation surfaced in August that it would soon sell its loss-making facility at Pōkeno. The plant – commissioned in 2019/20 – has been a millstone for the company as it has never functioned at full capacity and has always turned in a loss. Synlait went through a major recapitalisation last year – which resulted in China’s Bright Dairy’s ownership going from 39% to 65.25% – after suffering a string of big losses. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011. Sun, 28 Sept 2025 21:11:04 Z /news/business/kitchen-things-customers-told-to-pay-thousands-more-for-appliances-after-collapse/ /news/business/kitchen-things-customers-told-to-pay-thousands-more-for-appliances-after-collapse/ A Kitchen Things customer has been told they must pay almost $2000 extra to receive a stove they had already bought, while receivers demand top-up payments from frustrated buyers.  The kitchen and laundry appliance retailer, along with its related entities, is in voluntary administration and receivership, owing creditors more than $16.6 million.  The customer told the Herald that receivers at Grant Thornton had informed them they could only release a stove to them if they paid an additional $1899.50 on top of the original $3799 that they had already paid.  In a letter seen by the Herald, receivers explained to the customer that “due to the company not having allocated a specific item to your order before the commencement of the receivership, the transaction to purchase the item(s) had not been completed”.  The receivers said as a result, they were unable to trace a specific item to the sales order.  “Unfortunately, we cannot complete the original transaction as intended and amounts paid already cannot be refunded or credited,” the letter said.  The customer told the Herald that they felt there was so little that unsecured creditors could do.  “I know this can be standard practice in receiverships, but it feels like extortion,” they said.  “We know there is a floor model that is exactly what we had purchased but the receivers haven’t offered that to us.”  Another customer who was sent a similar letter was asked to pay a further $724.50 – or 50% again on the original price they paid for a Bosch washing machine.  “I happened to drive past the store to see they were having a sale all this week … I went in and a staff member located our machine via serial number but they phoned the [receiver] and we were told we could not take it until we received an email.  “I received [an] email asking us to pay 50% again on a newly generated invoice with the same serial number.”  Receivers for Kitchen Things wouldn’t answer questions from the Herald directly; however, pointed towards a FAQ for those affected.  The receivers say customers with legal rights to specific items “may be entitled to receive those items” where the item has been “legally sold before the receivership”.  However, it says “if a specific item of stock was not allocated to your order pre-receivership (with a specific serial number assigned), this means that the sale has not completed …  “The result of this is that you do not have a claim to a specific item of stock and any payments made towards that order become an unsecured claim against the company.”  The receivers say where items are available, affected customers would receive a letter of offer to buy those items at a price calculated by either: the remaining balance owed by the customer (for partially paid orders) or 50% of the sales price (for fully paid orders) per item.  Last week it was announced that Kitchen Things’ Napier and Nelson stores would permanently close.  However, receiver Stephen Keen from Grant Thornton said there was hope for other stores across the country.  “It’s unfortunate there has been a lack of interest in the Napier and Nelson stores, but we remain optimistic the other stores in Auckland, Tauranga, Wellington and Christchurch may be acquired by one of the interested parties we are working with.  “In the meantime, we are continuing to sell stock held at heavily discounted prices to achieve the best possible recovery.”  Cameron Smith is an Auckland-based business reporter. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.  Thu, 25 Sept 2025 00:05:46 Z /news/business/fonterra-posts-108b-profit-confirms-farmgate-milk-price-range/ /news/business/fonterra-posts-108b-profit-confirms-farmgate-milk-price-range/ Fonterra has reported a net profit of $1.079 billion for the July 2025 year, down 4.3% while maintaining its milk price forecasts.  The profit decline was largely due to a higher tax bill.  Fonterra said its Ingredients business was the standout performer.  Normalised earnings per share came to 71c, unchanged, and within Fonterra’s forecast range of 65c-75c.  Total revenue jumped by 15% to $26 billion.  The dairy co-op confirmed its farm gate milk price for the season just past at $10.16 per kg of milk solids, up one cent from its previous forecast in August.  For the current season, Fonterra’s latest forecast is for the milk price to be in a range of $9 to $11 per kg of milk solids, unchanged from its previous forecast.  Fonterra announced a full-year fully imputed dividend of 57c per share, up from 55c (unimputed).  The co-op has forecast earnings per share for the current year of 45c to 65c.  Chief executive Miles Hurrell said 2025 had been one of the co-op’s strongest years yet in terms of shareholder returns.  The co-op is in the process of selling its consumer business to Lactalis for $4.4b.  “We continue to see good demand from global customers for our high-quality products made from New Zealand farmers’ milk and this is driving returns through both the farmgate milk price and dividends,” he said.  Hurrell said Fonterra was positioning the co-op to deliver further value through its remaining Foodservice and Ingredients businesses.  “We have a pipeline of potential growth investments we’re assessing, with plans to invest up to $1b over the next three to four years in projects to generate further value and drive operational cost efficiencies,” he said.  The slight decline in net profit reflected Fonterra’s higher tax expense in 2025 after the co-op elected not to deduct distributions to farmer shareholders from taxable income and instead attach imputation credits to dividends.  Fonterra said it expects earnings to be back at the current level, post the asset sale to Lactalis, within three years.  Looking ahead, Fonterra’s projects include:  Growing the value of its existing protein portfolio, in addition to the recently announced investment at Studholme, to support our Ingredients business.  Adding value to milkfat through new butter and cream cheese investments to support both its Foodservice and Ingredients businesses.  Investments in site operations including its Enterprise Resource Planning system replacement, data, AI and automation.  “Our balance sheet strength gives us the confidence to return capital, invest in the future of the business and maintain our dividend policy,” Hurrell said.  The co-op delivered a return on capital of 10.9%, in line with the target range of 10-12%.  “The result was driven by higher operating profit in the Ingredients business, due to demand for our protein portfolio and our use of margin hedging tools and indexed-based pricing” Hurrell said.  Foodservice sales volumes continued to grow off the back of continued demand in Greater China for high-value products including UHT cream, butter and mozzarella.  The business proposed to be divested - Mainland Group - benefited from sales volume growth in the Consumer business and the Australia business having a stable milk price against higher global commodity prices, Hurrell said.  CEO pay rises  Hurrell was paid a total of $6.11 million for the 2025 financial year. That included a base salary of $2.49m, short-term incentive of $1.95m and a long term incentive of $1.50m.  His total remuneration was up on the previous year’s $5.92m.  Hurrell’s long-term incentive is subject to performance hurdles being met, and his 2025 payment represented a deferred component of the now disestablished 2021 executive incentive plan.  Fonterra introduced a new incentive plan in the 2023 financial year aimed at “aligning the financial interests of Fonterra’s enterprise leaders with those of the Co-operative’s farmer shareholders”.  The first grant of “alignment rights”, consisting of co-op units and farm units, was issued in October 2022, with a second tranche issued in October 2023. There was a transition from the previous EIP plan, which resulted in shorter performance periods for the first two years.  That means the first payment date under the new plan will take place next September.  Hurrell was awarded a third grant in October 2024. The structure means he can continue to receive incentive payments through to September 2030.  Wed, 24 Sept 2025 22:08:42 Z /news/business/new-reserve-bank-governor-announced-dr-anna-breman-gets-top-job/ /news/business/new-reserve-bank-governor-announced-dr-anna-breman-gets-top-job/ Swedish economist Dr Anna Breman has been appointed as the new Governor of the Reserve Bank of New Zealand, Finance Minister Nicola Willis announced today.  Breman was the First Deputy Governor of Sweden’s central bank, and will lead the Reserve Bank of NZ for at least the next five years.  Breman was widely tipped as a top pick after Bloomberg 九一星空无限 yesterday reported an unnamed source close to the process sources.  Breman begins her new role on December 1.  Acting Governor Christian Hawkesby’s term will be extended until November 30, and he will support a smooth transition. He will then depart from RBNZ.  Breman was nominated for the role by the Reserve Bank board following a worldwide search in which 300 potential candidates were identified.  Finance Minister Nicola Willis said she looked forward to working with Breman.  “Dr Breman comes to New Zealand with an impressive blend of technical skills and organisational leadership experience. She has been a Deputy Governor of Sweden’s Riksbank since 2019,” Willis said.  Dr Anna Breman will lead the Reserve Bank from December 1. Photo / Mark Mitchell  ANZ chief economist Sharon Zollner said she didn’t think the appointment would have any significant implications for monetary policy.  “We would have said that about almost any appointee,” she said.  “The RBNZ’s remit, charter and MPC [Monetary Policy Committee] code of conduct prescribe the framework, and ultimately, the data will decide where the OCR goes.”  The committee structure also meant the Governor was only one vote at the table, she said.  The Governor only votes when the Committee cannot reach a consensus; although in the event of a tie, the Governor has a casting vote.  “Past transitions from one Governor to the next have been relatively seamless from a monetary policy implementation perspective, and we would expect this one to be no different,” Zollner said.  Financial markets were unmoved by the announcement.  The RBNZ board welcomed the appointment of a new Governor following a robust and extensive recruitment process.  “The board was pleased with the quality [of] candidates who were attracted to the role, indicating the RBNZ’s strong reputation domestically and internationally,” RBNZ board deputy chairman Rodger Finlay said.  “The board is grateful for Christian’s ongoing leadership and commitment to RBNZ. We are very fortunate to have had him step into the role of governor during a transformative time for RBNZ.  “We respect his decision to resign from RBNZ when the new Governor is in post and thank him for his continued commitment to RBNZ’s people and its important work.”  Breman is married and has two children. She previously lived in central Stockholm.  She will earn a substantial remuneration package as Reserve Bank Governor.  Adrian Orr was paid $804,802 for the 2024 financial year.  The naming of the new Governor follows a tumultuous period for the RBNZ.  Orr resigned abruptly in March following a dispute with the minister and the board over funding.  The subsequent fallout from Orr’s departure resulted in the resignation of the chairman, Neil Quigley, last month.  His replacement is also due to be named in the coming weeks.  Since March, stability in the bank’s management team has been provided by Christian Hawkesby, who had been the Deputy Governor stepping into the acting role.  Hawkesby’s continuation in the role in the meantime will include the upcoming Official Cash Rate call on October 8.  He has indicated that he did apply for the Governor role.  Other local contenders were believed to include former Treasury chief economist Dominick Stevens and former RBNZ chief economist John McDermott, who now heads up think tank Motu.  Monetary Policy Committee member Prasanna Gai had also been tipped as a possible candidate.  Others who had been mentioned as possible contenders included David Ramsden from the Bank of England and Guy Debelle, an Australian economist who is the former Deputy Governor of the Reserve Bank of Australia.  An early frontrunner, Canadian Toni Gravelle, Deputy Governor at the Bank of Canada, had said he was “no longer in the running”.  Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Wed, 24 Sept 2025 01:06:09 Z /news/business/economic-crunch-claims-another-wellington-cafe-as-caffeinated-dragon-games-announces-closure/ /news/business/economic-crunch-claims-another-wellington-cafe-as-caffeinated-dragon-games-announces-closure/ Another popular cafe has struck hard times, with Wellington games store and cafe Caffeinated Dragon Games closing its doors next month. The cafe’s final day will be October 12. Caffeinated Dragon Games announced its closure on Facebook at the weekend. “Our cup is empty,” the post read. “Like so many other businesses, we’ve faced increasing financial challenges and falling sales and have continued to the point, probably past the point, where we could remain viable.” Caffeinated Dragon Games said it was having a 50% off sale, starting today, excluding snacks, drinks dice, events and the games library. “Our goals right now is to see to it that everyone has some fun in these last few weeks, and that the memories we’ve built are not only honoured but capable of being built upon in the future, even if we are not there. “Thank you all, it has been our pleasure.” The cafe said there would be “more news soon”. Last month, popular Wellington brewery and pub Fortune Favours announced it was closing down 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. Recent Centrix data showed hospitality is the second-largest industry contributing to company liquidations, with 297 recorded in the 12 months to July, up 49% on the prior year. Mon, 22 Sept 2025 03:22:38 Z /news/business/retirement-commissioner-jane-wrightson-to-step-down-in-2026/ /news/business/retirement-commissioner-jane-wrightson-to-step-down-in-2026/ Retirement Commissioner Jane Wrightson will step down from her role next year following the conclusion of her second term. Wrightson has advised Minister of Commerce and Consumer Affairs Scott Simpson that she will not seek reappointment after nearly six years leading the Retirement Commission. During her time as commissioner, Wrightson prompted the first substantive review of the Retirement Villages Act 2003, with a decision expected on legislative changes by the end of 2025. She also recommended employer and employee KiwiSaver contributions increase to 4% and for 16- and 17-year-olds to be included – something that was confirmed in Budget 2025. Wrightson said she was proud of what’s been achieved during her time in the role. “I can’t do anything without a great team, and while we might be small, over the years have achieved some big wins. “Our high-quality research and analysis provide evidence for considered policy change. We ensure it’s public so that people can rely on it to inform themselves and their ideas. “It’s been a privilege to hold this position, and I’d like to thank my team, the ministers I’ve worked with, and our sector partners and stakeholders that help us to improve the financial futures of New Zealanders so a better retirement can be enjoyed by all.” Simpson said recruitment for the next Retirement Commissioner would begin shortly. “I would like to thank Jane Wrightson for her leadership and for the way she’s advocated for better financial capability and retirement outcomes for New Zealanders. I wish her all the very best for the future.” Wrightson also championed the compulsory inclusion of financial education in schools, which was announced in April 2025. “Years of championing for a stronger focus on financial education in schools has been heard, and it will be a game-changer for the next generation’s financial wellbeing,” she said. Wrightson was reappointed for her second term in 2022. Mon, 22 Sept 2025 01:19:18 Z /news/business/nz-investor-confidence-drops-to-covid-lows-as-asb-economist-cites-pessimistic-tone-in-overall/ /news/business/nz-investor-confidence-drops-to-covid-lows-as-asb-economist-cites-pessimistic-tone-in-overall/ The ASB Investor Confidence Survey fell to its lowest level in the June quarter since the Covid pandemic. Net investor confidence – the difference between those who think investment returns will improve versus worsen in the coming year – dropped from 9% in the March quarter to 1% in the June quarter. Aucklanders were the most positive, with a net 10% expecting returns to improve in the coming year. ASB senior economist Chris Tennent-Brown said the survey reflects a range of global and domestic pressures. “It’s been a challenging six months, with markets affected by uncertainty around tariffs and global issues, alongside concerns at home, such as the housing market, which hasn’t bounced back the way people expected it to. “This has led to a more pessimistic tone in overall investor confidence, which seems to be suffering from the same weak sentiment we’re seeing in consumer confidence.” The survey shows general confidence is highest among those under 39 years old, with those over 60 the least optimistic. More than half (51%) said they were very concerned about the impact of global political instability or uncertainty on investments, while 47% felt this way about international geopolitical tension and conflict and 43% about international trade policies, including tariffs. Half of those who had concerns had made, or considered making, changes to their investments as a result. “These global issues were really impacting many investments around April in a negative way, but subsequently markets have improved a lot and are now knocking around record highs in the case of the US sharemarket,” Tennent-Brown said. “Understandably, global issues are still weighing on Kiwi investors’ minds and there is still a lot of uncertainty both here and abroad.” Tennent-Brown said the second quarter highlighted the importance of sticking with long-term strategies and savings goals, rather than chopping and changing to try and time markets. Mon, 22 Sept 2025 00:56:41 Z /news/business/trump-s-h-1b-visa-order-clarified-as-one-time-us-100k-fee-for-new-petitions/ /news/business/trump-s-h-1b-visa-order-clarified-as-one-time-us-100k-fee-for-new-petitions/ The White House has issued a major clarification to its new H-1B visa policy that had rattled the tech industry a day earlier, saying a US$100,000 ($170,716) fee will be a “one-time” payment imposed only on new applicants. US Commerce Secretary Howard Lutnick had repeatedly said on Friday (local time) that the fee would be applied annually, but a White House official said on Saturday it is “a one-time fee that applies only to the petition”. “It ONLY applies to new visas, not renewals or current visa holders,” the official said on condition of anonymity, after the text of the executive order left many current visa-holders confused about whether it applied to them. The executive order, which is likely to face legal challenges, comes into force on Sunday at 12.01am, or 9.01pm on Saturday on the Pacific Coast. Prior to the White House’s clarification, US companies were scrambling to figure out the implications for their foreign workers, with several reportedly warning their employees not to leave the country. Some people who were already on planes preparing to leave the country on Friday de-boarded over fears they may not be allowed to re-enter the country, the San Francisco Chronicle reported. H-1B visas allow companies to sponsor foreign workers with specialised skills – such as scientists, engineers, and computer programmers – to work in the United States, initially for three years but extendable to six. Such visas are widely used by the tech industry. Indian nationals account for nearly three-quarters of the permits allotted via lottery system each year. The United States approved approximately 400,000 H-1B visas in 2024, two-thirds of which were renewals. India, US business concerns US President Donald Trump announced the change in Washington on Friday, arguing it would support American workers. The H-1B programme “has been deliberately exploited to replace, rather than supplement, American workers with lower-paid, lower-skilled labour”, the executive order said. Trump also introduced a US$1 million “gold card” residency programme he had previewed months earlier. “The main thing is, we’re going to have great people coming in, and they’re going to be paying,” Trump told reporters as he signed the orders in the Oval Office. Lutnick, who joined Trump in the Oval Office, said multiple times that the fee would be applied annually. “The company needs to decide... is the person valuable enough to have $100,000 a year payment to the government? Or they should head home and they should go hire an American,” he told reporters. Though he claimed that “all the big companies are on board”, many businesses were left confused about the details of the H-1B order. US bank JPMorgan confirmed that a memo had been sent to its employees with H-1B visas advising them to remain in the United States and avoid international travel until further guidance was issued. Tech entrepreneurs – including Trump’s former ally Elon Musk – have warned against targeting H-1B visas, saying that the United States does not have enough homegrown talent to fill important tech sector job vacancies. India’s top IT industry body Nasscom said the new measure would hit “business continuity” and was also concerned by the short timeline. “A one-day deadline creates considerable uncertainty for businesses, professionals, and students across the world,” Nasscom said in a statement. India’s Foreign Ministry said the mobility of skilled talent had contributed to “technology development, innovation, economic growth, competitiveness and wealth creation” in both countries and that it would assess the changes. It said in a statement the new measure would likely have “humanitarian consequences by way of the disruption caused for families”, which it hoped would be addressed by US authorities. - Agence France-Presse Sat, 20 Sept 2025 21:08:29 Z /news/business/airports-in-ireland-also-impacted-by-cyber-attack/ /news/business/airports-in-ireland-also-impacted-by-cyber-attack/ Major European airports including Brussels, Berlin and London’s Heathrow were on Saturday hit by a cyber attack on check-in systems that caused cancellations and long delays for thousands of passengers. Dublin and Cork airports in Ireland were also affected, Dublin Airport said on X, adding that it was experiencing “minor impacts” from “a Europe-wide software issue”. According to aviation watchdog Eurocontrol, the airports were “reporting disruptions in IT systems related to passenger handling”. At least 10 flights were cancelled out of Brussels Airport and another 17 delayed by over an hour after the system was hit by a “cyber attack” late on Friday (local time), the airport said. “We have become aware of a cyber-related disruption to our MUSE software in select airports,” airport service provider Collins Aerospace told AFP. “The impact is limited to electronic customer check-in and baggage drop,” added Collins Aerospace, which says it has a presence in 170 airports globally. Brussels airport said the attack was still having a “large impact” on flight schedules on Saturday. “In terms of information, it’s really not good at all, people are waiting, people don’t know,” Nancy Steiner, 53, told AFP while surveying the long queues of passengers at Brussels airport. Airlines had been asked to cancel half their flights to and from Brussels between 4am GMT on Saturday and 2am GMT on Monday because of the attack, Eurocontrol said. AFPTV reporters filmed large queues at Brussels as passengers anxiously monitored announcement boards showing many flight delays. London’s Heathrow Airport – the busiest in Europe – said its check-in and boarding systems, also provided by Collins Aerospace, were hit by a “technical issue” that “may cause delays for departing passengers”. ‘Queues not moving’ “They didn’t tell us anything. It’s always crowded here, but today is like extra,” said a 41-year-old architect waiting in Heathrow, who gave her first name as Rowan. “If the system is down they should delay the flight. That’s what I’m hoping,” she added, waiting in the packed check-in area at Heathrow’s Terminal 4 for a Saudia Airlines flight to Jeddah. Another woman waiting for an Air Algerie flight to Algeria said she had been queueing for more than an hour to check in. “They said they’re doing everything manually. That’s all they’ve told us,” said the 30-year-old, asking not to give her name. Pranit Nevrekar, 32, dropping his parents off for the Jeddah flight, said: “We’ve been told there’s a disruption across Europe. So the check-in system isn’t working, they’re doing everything manually.” The Berlin Airport website read that “due to a technical issue at a system provider operating across Europe, there are longer waiting times at check-in”. Collins Aerospace said it was “actively working to resolve the issue and restore full functionality to our customers as quickly as possible”. The aviation tech company, which specialises in digital and data processing services, is a subsidiary of the American aerospace and defence group RTX, formerly known as Raytheon. Cyber attacks and tech outages have disrupted airports around the world in recent years, from Japan to Germany, as air travel increasingly relies on online, interconnected systems. Aviation expert Anita Mendiratta, who is also a special adviser to the secretary general of UN tourism, told AFP it was difficult to know who was behind the attack. But she stressed it was “a disruption caused to a software not a specific airport” and it was important to try to “contain the contagion”. The aviation sector saw a 600% increase in cyberattacks from 2024 to 2025, according to a report by French aerospace company Thales released in June. “From airlines and airports to navigation systems and suppliers, every link in the chain is vulnerable to attack,” the report warned, pointing out that the strategically and economically important sector had become a “prime target” for cyberattacks. - Agence France-Presse Sat, 20 Sept 2025 20:36:42 Z