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Today in Business

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Today in Business is an experimental AI podcast by the New Zealand Herald. Listen every day at 5pm for the top headlines from the NZ Herald business team.

Powered by Spark for Business.

 Economía Política y Gobierno
Episodios
  • Today in Business: October 7, 2025

    Today in Business: October 7, 2025
    Oct 7 2025
    Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
    Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
    It's Tuesday, October 7, 2025, and here are five stories you should know about.
    ASB has agreed to pay $135.6 million to settle a class action, alleging breaches of disclosure obligations under the Credit Contracts and Consumer Finance Act. The settlement ends four years of legal action, with ASB admitting no liability. Chief executive Vittoria Shortt says the deal provides certainty for customers. Lawyer Scott Russell, representing plaintiffs, calls it a positive outcome, avoiding lengthy litigation. ANZ remains the sole defendant and confirms it will continue defending its case. The class action, filed in 2021, followed issues when ANZ sent incorrect loan variation disclosures to more than 100,000 customers.
    In other news, liquidators for the cancelled Juicy Festival and Timeless Summer Tour are seeking repayment from artists after the companies' collapse left a $14 million shortfall. Reports show Juicy New Zealand owes $8.8 million to unsecured creditors, while Timeless Events owes 5.2 million. Assets total less than $140,000 across both. Liquidators Garry Whimp and Benjamin Francis have asked artists including Ludacris, Akon, and Boy George to return funds paid. They say the transactions may be voidable under company law and have applied to the court for guidance, with a two-day hearing planned after April 17 next year.
    Meanwhile, the latest NZIER Quarterly Survey of Business Opinion shows confidence declining in the September quarter. A net 15% of firms expect better economic conditions, down from 26% in June. Fourteen percent reported lower trading activity, while nine percent expect improvement next quarter. Hiring and investment intentions have fallen, with 23% cutting staff and 13% planning reduced equipment investment. Manufacturing remains least optimistic, with only 3% expecting improvement. NZIE Arr's Christina Lee-yoong says weak demand and global uncertainty are driving caution. The survey is the final major data release before tomorrow's Official Cash Rate decision.
    In a separate development, Māori Kiwifruit Growers Limited has launched a new export initiative in the United Arab Emirates with partners Mr Apple and Zespri. The Māori Queen led a delegation in Dubai for the launch. Chairman Geoff Rolleston says the partnership places Māori growers "on the world stage" and aims to reinvest proceeds into training and capability-building. The group represents more than 70 orchards supplying 8% of New Zealand's kiwifruit.
    And BNZ has reduced several home loan rates ahead of the Reserve Bank's official cash rate announcement. The six-month fixed rate drops 10 basis points to 4.89%, while the 18-month term falls 26 basis points to 4.49%. Two- and three-year rates decrease to 4.65 and 4.85, aligning with rival banks ASB, ANZ, and Westpac. Kiwibank continues to offer the lowest six-month rate at 4.85%. The rate adjustments follow widespread reductions across major lenders last week. At the last meeting in August, the central bank published a new rate track, indicating continued easing through early next year.
    That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

    See omnystudio.com/listener for privacy information.
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    4 m
  • Today in Business: October 6, 2025

    Today in Business: October 6, 2025
    Oct 6 2025
    Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
    Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
    It's Monday, October 6, 2025, and here are five stories you should know about.
    Former Reserve Bank Governor Adrian Orr will receive a $416,120 restraint of trade payment this month, taking his pay to $1.18 million for the nine months until his March resignation, the Reserve Bank's 2025 Annual Report shows. Chairman Neil Quigley resigned on August 29 following scrutiny over Orr's departure. Staffing expenses rose to $117 million for the year to June 30, up from $94 million. Six executive leaders received $1.6 million in redundancy payments. Acting Governor Christian Hawkesby thanked staff and welcomed incoming Governor Dr Anna Breman, who begins on December 1. The bank delivered a $542 million dividend to Government.
    In other news, IAG New Zealand's been fined $19.5 million by the Auckland High Court after admitting breaches of the Financial Markets Conduct Act. The insurer made false or misleading representations about pricing and discounts between 2021 and 2024, affecting around 269,000 customers and overcharging $35 million. Justice Peter Andrew says the scale of contraventions was the most serious feature of the case. The penalty reflects IAG's cooperation and remediation. Chief executive Amanda Whiting says the company apologised and refunded customers, adding that systems had been fixed. The Financial Markets Authority confirmed the breaches were self-reported.
    And the authority's also issued an alert about pump-and-dump scams operating through WhatsApp group chats. The FMA says scammers buy low-value overseas shares, hype them to investors, and sell at inflated prices, leaving victims with losses. It's released phone numbers and aliases linked to the scheme. Scammers impersonate business figures to invite people into groups, initially promoting well-known stocks to build trust. Victims may later face "recovery room" scams seeking more money. The FMA urges investors to stop engaging and block scammers.
    Elsewhere, the Commerce Commission's warned several Blenheim brick layers over suspected cartel conduct. G J Marfell Ltd, Mike Vis Bricklaying Ltd, and tradesmen Benjamin Robertson and Andrew Dwyer discussed project quotes via text, raising concerns about cover pricing. Commission chairman John Small says such behaviour risks bid rigging and market allocation. The investigation found messages from 2020 and 2021 showing pricing discussions that may have deceived customers seeking competitive quotes. Despite limited financial harm, Small says the warnings highlight the need for tradespeople to understand competition law obligations and ensure lawful dealings with competitors in future projects.
    And the Commission's ruled out a new inquiry into airport regulation for Auckland, Wellington, and Christchurch airports. Air New Zealand had called for a deeper review, but the watchdog says it will instead consult on information disclosure for major projects. The New Zealand Airports Association welcomed the decision, saying it ensures transparency and stability. Auckland Airport chief executive Carrie Hurihanganui says the report provides investor certainty. But the Aviation Industry Association said the move doesn't provide the confidence that big investment decisions like the Auckland airport terminal expansion can really deliver value for New Zealanders.
    That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

    See omnystudio.com/listener for privacy information.
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    5 m
  • Today in Business: October 3, 2025

    Today in Business: October 3, 2025
    Oct 3 2025
    Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
    Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
    It's Friday, October 3, 2025, and here are five stories you should know about.
    Two more banks have joined a wave of mortgage rate cuts ahead of next week's Reserve Bank decision on the Official Cash Rate. Westpac and ASB both dropped their one-year fixed home loan rates to 4.49%, matching ANZ and BNZ. Westpac also cut its six-month rate to 4.99% and two-year rate to 4.65%, while ASB lowered its six-month to 4.95% and two-year to 4.65%. Westpac's Sarah Hearn says the reductions reflect intense competition, while ASB's Adam Boyd says the move supports households refinancing. The OCR currently sits at 3%, down from 5.25% in August last year.
    In other news, the Government's unveiled a new Defence Industry Strategy aimed at boosting local involvement in military equipment production. Associate Defence Minister Chris Penk says the plan requires multinationals to outline partnerships with New Zealand companies. Defence Minister Judith Collins points to drone-maker Syos Aerospace as an example, with the firm employing 100 engineers and producing 40 uncrewed surface vehicles per month. Founder Sam Vye says the approach strengthens collaboration with the Defence Force. The Ministry of Defence earlier noted growing global tensions and stressed the need for resilience, innovation, and value for money in defence projects.
    Meanwhile, New Zealand's largest liquor retailer has reported weaker revenue and flat profits. Tasman Liquor, which owns around 370 outlets under brands such as Liquor Centre and Bottle-O, posted revenue of $269 million for the year to April 2025, down 4% from $280.3 million. Gross profit slipped to 20.7 million, while net profit held steady at 4.76 million. The company paid a dividend of $7.77 million to its Australian parent, Metcash. Tasman's stores were affected by Auckland's alcohol policy changes, while nationwide trends show declining alcohol consumption and rising demand for low and no alcohol options.
    In a separate development, influencers Topher Richwhite and Bridget Thackwray have secured Environment Court consent to develop a glowworm cave attraction near Queenstown. Their company Far away Entertainment won approval after amending its original proposal, which had been turned down by the council. The revised plan requires leasehold, not freehold, and includes native planting and restrictions on fencing and design. The couple already have a separate glowworm venture under construction in Rotorua. The Queenstown site's expected to handle up to 1200 visitors daily. Detailed plans include a ticketing hut, carpark, wetland features, and eco-friendly designs using locally sourced plants and materials.
    Turning to international markets, Tesla has reported higher third-quarter global vehicle deliveries. The company handed over 497,099 cars, up 7% from a year earlier and reversing three straight quarters of declines. The increase came as buyers rushed to take advantage of a US tax credit that expired on September 30. Other carmakers, including General Motors, Ford, Stellantis, Toyota, Honda and Kia, also reported stronger US sales. The annualised auto sales rate reached 16.4 million in September. Tesla's results follow recent declines linked to competition in China, weaker demand for its Cybertruck, and controversy involving chief executive Elon Musk.
    That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

    See omnystudio.com/listener for privacy information.
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    5 m
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