Category: Business

Source: Radio New Zealand

New Zealanders are warned to check they’re being paid the interest rate they think they are in their savings accounts.

Many banks offer “bonus” interest rates on savings accounts, if people meet certain criteria, such as making a deposit each month or not withdrawing money.

For example, ANZ offers 1.55 percent interest, if people make no withdrawals, and deposit $20 or more a month into their Serious Saver account. Otherwise, they earn 0.05 percent.

ASB offers 1.6 percent to people who do not make withdrawals from its Savings Plus or 0.05 percent if they do.

Kiwibank said there was a risk the accounts were not delivering the value their headline rates suggested.

“When life doesn’t run exactly to plan, those bonus rates can fall away surprisingly easily,” Kiwibank chief customer officer retail Mark Stephen said.

“A single unexpected expense can mean the bonus disappears for the month, leaving savers earning a very low base rate instead.”

He said this could significantly reduce the actual return households received, particularly when household budgets were already under pressure.

“The conflict in the Middle East is a clear example of how global events can quickly feed into costs here at home. When uncertainty increases, we value predictability.

“Savings accounts are meant to provide that, but the structure of some products can undermine it.”

He said the problem was the design of the products, not customer behaviour.

“Savers don’t miss out on bonus interest, because they’re careless. They miss out because real life doesn’t always align with rigid conditions set by your bank.

“When savings products rely on people behaving perfectly every month, value naturally shifts away from customers to the banks.

“If you stand back and think, why would you have an online call-type savings product? You want a fair return on your funds when you don’t require them, but you also require your funds to be absolutely accessible when you need them.

“We’ve just taken a very simple approach and a fair return, absolutely accessible, but the rate that’s quoted is the rate that you earn, regardless of whether you are accessing those savings constantly.”

He said there was a risk that the product design of bonus saver accounts benefited the bank rather than the customer.

“Our stance is very much to be simple by design, fair and transparent, so an easy-to-understand, easy-to-use product. How it’s described is exactly what it does and the rate of interest that we quote is the market rate, and that’s exactly what the customer gets.”

Squirrel chief executive David Cunningham, who was previously chief executive of The Co-operative Bank, said BNZ and Kiwibank were the only banks not offering bonus accounts.

“If you look at the base interest rate, if you don’t do the required task, it’s hopeless. It’s gaming the customer.”

He said the accounts were initially designed with the intention of encouraging saving.

“I was around when we launched those about 25 years ago. The reason they were launched was because research said, ‘Hey, reward me when I save and I do what I say’.

“At that time, interest rates were around 12-13 percent. It was structured as, ‘We’ll pay 11 percent and give people a 1.5 percent bonus, if they make a regular deposit’.

“Over time, it became, ‘Pay them bugger all, unless they do what they’re required and that makes the bank make more money’.”

He said his experience was that about half the customers in the accounts would get the bonus rate, but about 80 percent of the funds by value.

“People with more money in there are more conscious of making the deposit.”

ASB said its bonus saver account encouraged more disciplined saving by rewarding customers who made limited, fee-free withdrawals with higher interest.

“Interest rates are cyclical, and move up or down, depending on where we are in the cycle. In this environment, we actively encourage customers to review whether their savings are working as hard as they could be.

“For customers with larger balances in on-call and savings accounts, we pro-actively reach out to suggest alternatives, such as term deposits or other higher-interest options that may better suit their circumstances.

“In the past 12 months, we’ve contacted more than 190,000 customers to encourage them to consider higher interest-bearing alternatives and make their money work harder for them.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Olives New Zealand is confident growers and olive oil supply will not be significantly affected by the collapse of Wairarapa producer The Olive Press, despite concerns the closure marks the end of an era for the region.

The family-owned company confirmed this week it had gone into liquidation after 27 years in business.

Executive officer Emma Glover told RNZ the wider olive industry had enough capacity to absorb the work previously handled by The Olive Press.

“The Olive Press managed groves, and they harvested and pressed for different growers within the Wairarapa, but we are a national industry and there is capacity within the service providers of the industry to be able to pick up the work or the groves that have been left,” she said.

Glover said, although the liquidation was disappointing, the industry remained strong and collaborative ahead of the upcoming harvest season.

“We’ve got a pretty strong industry, and there’s a lot of support within the growers and the providers, and I think that much as it’s not ideal for anyone to go into liquidation, we are confident that even with a season only a week or so away from kicking off, that we can work through it and everyone’s coming together and working together well.”

She said New Zealand extra virgin olive oil continued to occupy a strong niche premium market.

South Wairarapa mayor Dame Fran Wilde said the closure was still a significant loss for the region.

“This is disappointing for Wairarapa,” Wilde told RNZ, adding she hoped local growers would still be able to have their olives processed locally through the region’s remaining operators.

The Olive Press announced its closure this week, saying difficult economic conditions and a lack of investor interest had forced the business to shut down after nearly three decades.

Director Rod Lingard said shareholders were devastated to leave the industry in such circumstances.

“The company’s shareholders are devastated to be leaving the industry in such a manner after 27 years, but can do no more,” he said. “We have to accept it’s time for our two families to move on.”

Lingard also criticised the state of the industry, claiming there had been insufficient strategic support and investment.

Lingard said The Olive Press had attempted to revitalise the industry, but failed to attract investors.

He also criticised industry governance and the withdrawal of government research funding, saying it had discouraged investment, despite New Zealand olive oil’s reputation internationally.

“Our former growers face a disheartening choice – they either sell their premium quality fruit to another commercial processor or distributor outside the region, or they simply leave the olives on the tree,” he said.

The company described itself as the country’s only registered wholesaler of certified premium olive oils and warned local food service customers could increasingly rely on imported products.

Liquidators from BDO chartered accountants are now seeking expressions of interest in the company’s assets.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The number of jobs in jeopardy from a major shake-up to public transport in Auckland has been revealed.

In six months, significant transport decision-making will be taken away from Auckland Transport’s (AT’s) board and given to Auckland Council’s governing body and local boards.

AT would become a smaller council-controlled organisation, focused on delivering public transport.

The changes to the city’s transport governance have been in the making since 2025, when the government agreed to change legislation to give the council more control.

In a statement to RNZ, Phil Wilson confirmed an overall decrease of 20 roles had been proposed.

“One hundred and eighty roles across Auckland Transport and Auckland Council are proposed to be disestablished. However, new and different roles are being created, so the proposed net reduction in roles, on paper, is about 20.”

Of the nearly 2000 staff at AT, the council said roughly a third (about 650) were expected to go to the new Public Transport CCO. The remaining roles would go to the council.

Phil Wilson said a prudent approach to filling vacancies at AT had been taken in recent months to avoid the cost of redundancy and negative impacts on people.

The council said no final decisions had been made, and a two-and-a-half-week consultation period was underway.

“The consultation process is critical, and it’s important people understand that decisions will not be made until after staff input has been fully considered.”

Auckland’s transport reform is set to be completed by the end of October 2026.

AT refused to comment on details of the transport reform proposal.

Another proposed change outlined in documents seen by RNZ is the creation of a new Transport and Infrastructure Directorate in the council.

A proposed new department under the directorate, Transport Performance and Optimisation, would monitor the city’s transport network and aim to make it more efficient and safer.

Greater Auckland director, Matt Lowrie, hoped elected members would implement what he said were long called for changes, like more bus lanes, particularly in high-congestion areas.

“Any bus stuck in traffic is going to be slower than a car. Bus lanes mean they [buses] can speed up and be more efficient, and potentially be not just faster for the people using them, but do more runs in a day and therefore cost ratepayers less.”

But Tramways and Public Transport Employees Union president, Gary Froggatt, was sceptical proposed governance changes would do anything to make buses safer.

“I don’t think it’ll make any difference to the safety. There’s really not much more I see that can be done. Certainly, having transport officers on buses more frequently would help.

“We welcome any new initiatives, but the unions haven’t been consulted, and the drivers haven’t been consulted, and we’re a major stakeholder in this industry.”

All AT roles related to cycling infrastructure were proposed to go under another new department, Roading Infrastructure, which was also under the new directorarte.

Bike Auckland co-chair Karen Hormann was optimistic increased council control would speed up the delivery of cycle infrastructure.

She hoped the Transport Emissions Reduction Pathway, a strategic framework for reducing Auckland’s transport emissions, which was adopted by the council in 2022, would motivate elected officials to prioritise sustainable transport modes.

“There’s a mixed representation of people [on council and local boards] who completely understand the benefits of riding a bike and making it accessible for a range of communities.

“Different communities have different barriers, so we’re hoping local boards will help make more progress in some areas.”

She said especially with fuel prices skyrocketing there was a growing interest from the public in cycling to make commutes more affordable.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

China dairy giant Yili’s West Coast-based New Zealand operations have delivered record revenue and profits, driven by a strategic shift into higher-value dairy products.

The group – which includes Westland Milk Products, Oceania Dairy and EasiYo – reported revenue of $1.58 billion in 2025, up 14 percent, while pre-tax profit jumped more than three-fold to $58.4 million.

Yili entered the New Zealand dairy sector in 2013 with its Oceania Dairy investment in South Canterbury, later expanding its footprint with the purchase of Westland Milk Products in 2019.

The companies, operating collectively as the Yili Oceania Group, undertook a major business transformation in 2025, increasing collaboration between Westland Milk Products and Oceania Dairy, which it said has accelerated earnings growth.

It says this helped accelerate earnings growth despite the farmgate milk price rising 30 percent to $10.16 per kilogram of milk solids.

Executive director of Yili Oceania, Zhiqiang Li, said the structural upgrade and capability enhancement programme has delivered solid, higher-quality growth, shifting the business from a volume-driven model to one focused on value.

“By accelerating the shift towards value-added products, we achieved record-high revenue and profit, while also making tangible progress in capacity expansion, operational efficiency and global channel development,” he said.

The company has also strengthened its leadership team over the past year, including the appointment of Alex Turnbull as chief executive in February.

Li thanked staff and said the company had worked to build strong partnerships with New Zealand dairy farmers and other partners.

“Over the past decade of investment in New Zealand, we have worked hard to build fair, transparent and sustainable relationships, ensuring that value is shared across the supply chain,” he said.

Chief executive Alex Turnbull said the group remains focused on its role as an economic cornerstone of the West Coast, adding the results would allow continued investment in the business and workforce.

He said strong pricing, a greater focus on higher-value products, and foreign exchange management supported the result.

“The business is now well-placed to build further on the value-over-volume strategy,” Turnbull said.

The group has expanded production capacity with a third butter line at Hokitika to boost output of Westgold butter, and commissioned a second lactoferrin plant at the site, making it one of the largest lactoferrin production facilities in the world.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Xero founder Sir Rod Drury has returned his 2026 New Zealander of the Year award following claims of misconduct against former staff.

The initial complaint alleged misconduct when former Xero staffer Ally Naylor was a junior Xero employee in 2017.

Since then, two more women have come forward to Stuff, with allegations of unwanted contact.

The New Zealander of the Year Awards Office confirmed on Friday, Drury had returned his award.

“The New Zealander of the Year Awards exist to celebrate those whose contributions strengthen Aotearoa New Zealand and reflect the values of leadership, service, integrity and respect for others,” it said.

“Any matter that undermines or calls into question those values is not consistent with the standards and expectations we hold for the awards programme.”

It said the award had been returned after discussions with Drury.

The 2026 award would not be re-awarded, the office said.

Drury previously released a response to Naylor’s complaints, labelling his relationship with Naylor as a “limited, consensual relationship”.

The accounting software company had launched a review into its handling of the allegations at the time.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The Commerce Commission has greenlit the merger of fuel companies Gull and NPD.

The competition regulator said it was satisfied the proposed merger was not likely to substantially lessen competition in the market.

Under the merger proposal, Gull and NPD’s combined 240 sites would maintain their brands.

The South Island-based Sheridan family would own half, with Barry Sheridan, current NPD chief executive, to lead the new company.

Australian-based private equity firm Allegro Funds, owner of Gull, would hold the other half.

The new parent company would be called Astra Energy Group.

“Our investigation included looking at the markets within which NPD and Gull currently operate and assessing whether there would still be adequate competitive alternatives post-merger to constrain the new company’s ability to raise prices and reduce the quality of its service,” commission chair John Small said.

“Following this work, we are satisfied that the proposed merger is not likely to substantially lessen competition in any market in New Zealand in which the parties compete, or are likely to compete in future,” Small said.

The commission said it also considered whether the merger could lead to the merged entity or its competitors working together to exercise their collective power.

However, it concluded it would not change conditions in a way that made coordination more likely.

Small said the merged entity would likely be constrained in the retail and wholesale supply of fuel by the presence of other competitors, such as major players Z, BP and Mobil.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

New Zealand-founded company Rocket Lab is well placed to benefit from the Trump administration’s planned “Golden Dome” space missile shield, according to its chief executive Sir Peter Beck.

It comes after it posted record revenue of US$200 million (NZ$336 million) in the first quarter, as demand for its launch vehicles surged.

The company, listed on the US-based Nasdaq, said it had signed 31 new launch contracts for its Electron and HASTE launch vehicles.

It said that it now had more than 70 contracted missions, with its backlog valued at US$2.2 billion (NZ$3.7 billion).

While revenue was up more than 63 percent on the same period a year earlier, the company still posted a net loss of about US$45m (NZ$75.6m).

During the quarter, the company said it had signed five new dedicated Neutron launch contracts with an undisclosed customer.

That comes after it signed a record US$190 million (NZ$319.2m) contract from the United States Department of War, formally the Department of Defence, for a series of hypersonic test flights using its HASTE launch vehicle.

Sir Peter told an investor briefing that HASTE’s growth had left it well positioned for future US defence spending.

“HASTE’s strength has helped us to position us in the centre of America’s defence architecture for the next big wave of spending,” he said.

The Trump administration was planning to spend around US$175 million on a new space missile defence shield known as “Golden Dome”.

“We are already ingrained with spacecraft components and full satellite builds and when you add HASTE hypersonic rockets to test missile tracking and defence, that’s almost the entire spectrum of capabilities covered by Golden Dome,” Sir Peter said.

The first launch of the Neutron launch vehicle was expected later this year from a site in the United States.

Rocket Lab’s New Zealand launch site based on the Mahia Peninsula was used for the smaller Electron launch vehicle.

The company also completed the acquisition of space robotics company Motiv Space Systems during the quarter. It said this would add Mars-proven robotics capability to Rocket Lab, for advanced planetary and national security missions.

Looking ahead the company said it expected revenue to be even higher in the second quarter, at between US$225m (NZ$378m) and US$240m (NZ$403.2m).

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Two years after a single huia feather sold at auction for a world record $46,521 an entire specimen of the extinct bird is going under the hammer.

Despite the record-breaking feather Leah Morris, head of decorative arts at Webb’s Auction House, said they had priced the full bird “conservatively” at between $20,000 and $40,000.

Morris said entire huia did not come to to auction regularly, and this particular example was from a private collection “the vendor has inherited through descent and now he feels it’s time to give it to a new kaitiaki to look after it”.

The huia had significance far beyond monetary value. For Māori, the birds were revered and only rangatira were allowed to wear the feathers.

They were also prized among pākeha, both in New Zealand and abroad, especially after the Duke of York – later King George V – was presented with a feather in 1901.

“That kind of created a bit of a craze and everyone wanted to collect these beautiful feathers with white tips, and so that’s kind of driven the extinction of the birds,” Morris said.

Loss of habitat also hastened the bird’s demise along with their value as a scientific specimen, due to being a dramatic example of sexual dimorphism in birds. The females have a long curving beak, while the male’s beak is shorter and sturdier.

Huia pairs would feed together. The male beaks were designed to break open decaying wood, and then the females would insert their long beaks into the wood and pull out larvae.

The huia was not the only piece of New Zealand history currently for sale at Webbs. A collection of photographs from the 1850s to 1920s assembled by the late Roger Ward will be sold off.

Ward was born in New Zealand but lived overseas for most of his life, assembling the collection over many decades. The collection contained more than 1500 original photos – the first 600 currently for sale in an online auction in individual lots.

Megan Shaw, Webb’s art manager, described the collection as phenomenal in scale. The subject matter ranged from landscapes to towns, and included extensive depictions and portraits of Māori.

Shaw said one of the highlights was a portrait of Ana Rupeni and her baby. The photo became the basis of a famous 1878 Gottfred Lindauer portrait, which is now in the Auckland Art Gallery.

Despite the historic nature of the photos, they still had deep connections to modern-day Aotearoa. Shaw said relatives of subjects in the images had contacted Webb’s, while others had helped identify people in the photographs.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The Auckland Travel Show is taking place for the second time this weekend, but it’s the first time the event will be held at the new New Zealand International Convention Centre (NZICC).

The show is taking place during a period of global uncertainty as airlines increase airfares to deal with the skyrocketing cost of fuel.

Rob Eliott, founder of Lemongrass Productions, the company behind the show says Kiwis reputation to travel has attracted exhibitors from around the world to showcase their destinations and services.

“I was talking to one of our suppliers, Wendy Wu, who said they just released a new China 10-day tour, and it has gone great-guns. And of course, by the time you get there your dollar goes a bit further in some of these places.”

He says post-Covid, Kiwis are prioritising travel, but they’re doing it differently.

“There’s strong demand for destinations across Asia including China, Malaysia and Sri Lanka, with people looking for deeper cultural experiences and more meaningful connections with the places they visit,” he told Morning Report.

“We’re also seeing a shift away from rushed, jam-packed itineraries toward slower, more immersive travel. Multi-generational travel continues to grow, alongside strong interest in cruising and small group tours, as people look for experiences that feel more personal, social and worthwhile.

“Travel doesn’t seem to have fallen off people’s radar. I put that largely down to a reprioritisation after Covid, when we couldn’t travel.

“People really felt they were missing out a lot.

“So truly, people, having spent quite a lot of time thinking about it, have taken the view that, well, you know, life is short, you have to get out there and experience it.”

He said the travel show aimed to get people face-to-face talking about their travel dreams, in a world dominated by digital inspiration.

The event will also feature destination panels, cultural showcases and a mix of international cuisines.

The travel industry suffered another setback this year, due to uncertainty in the Middle East and increasing fuel prices forcing airlines including Air New Zealand to cut flights and increase airfares.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The New Zealand-founded rocket company Rocket Lab has posted record revenue of US$200 million (NZ$336 million) in the first quarter, as demand for its launch vehicles surges.

The company, listed on the US-based Nasdaq, said it had signed 31 new launch contracts for its Electron and HASTE launch vehicles.

It said that it now had more than 70 contracted missions, with its backlog valued at US$2.2 billion (NZ$3.7 billion).

While revenue was up more than 63 percent on the same period a year earlier, the company still posted a net loss of about US$45m (NZ$75.6m).

During the quarter, the company said it had signed five new dedicated Neutron launch contracts with an undisclosed customer.

That comes after it signed a record US$190 million (NZ$319.2m) contract from the United States Department of War, formally the Department of Defence, for a series of hypersonic test flights using its HASTE launch vehicle.

The first launch of the Neutron launch vehicle is expected later this year from a site in the United States.

Rocket Lab’s New Zealand launch site based on the Mahia Peninsula, is used for the smaller Electron launch vehicle.

The company also completed the acquisition of space robotics company Motiv Space Systems during the quarter. It said this will add Mars-proven robotics capability to Rocket Lab, for advanced planetary and national security missions.

Looking ahead the company said it expected revenue to be even higher in the second quarter, at between US$225m (NZ$378m) and US$240m (NZ$403.2m).

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand