August 1, 2025 • 4 mins
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 is Friday, August 1, 2025, and here are five stories you should know about.
The United States has raised tariffs on New Zealand goods to 15%, up from 10%. US President Donald Trump announced the move as part of wider tariffs on more than 125 countries. The US is New Zealand's second-largest export market, buying $9 billion of goods last year. Major exporters like Fisher & Paykel Healthcare and the red meat sector are expected to be affected. Industry leaders say the higher tariff creates a competitive disadvantage for New Zealand farmers and exporters. Trade Minister Todd McClay says the increase is significant and will impact exporters' ability to pass on costs to US consumers.
In other news, Auckland Council has granted consent for a $100 million development on Karangahape Road. James Kirkpatrick Group will construct an 11-story timber building with retail and office space for over 800 people. Located near the Te Karanga-a-Hape Central Rail Link station, construction is planned to start in early 2027. The project, designed by Fearon Hay architects, targets a 6 Green Star sustainability rating. An independent report estimates $135 million economic impact and 1,000 jobs during construction, with $13.3 million annually added after completion. The building replaces a previous proposal rejected by commissioners over its scale.
Meanwhile, New Zealand's company reporting season begins August 12, with PGG Wrightson first to report annual results. The rural services firm is expected to show strong earnings due to agriculture sector performance. Companies in retail, construction, and hospitality face more challenging conditions, with previous profit warnings concentrated in those sectors. Mohandeep Singh from Craigs Investment Partners notes some improvement in economic activity but highlights disparities across regions and industries. Major firms like Fisher and Paykel Healthcare and Ebos, with significant international interests, are less exposed to domestic trends, while companies such as Fletcher Building and The Warehouse remain sensitive to local economic shifts.
Turning to the hospitality sector, Auckland cafe chain Little and Friday has entered liquidation, following Inland Revenue action over a reported $639,000 tax debt. The Official Assignee's report shows total creditor claims of $1.4 million, with ASB Bank among unsecured creditors. Owner Kim Evans closed the last outlet in May, after earlier store closures and business challenges. Attempts to contact Evans have been unsuccessful. The liquidator is investigating the company's affairs. The hospitality sector continues to struggle with high costs and slow sales, with industry data showing flat revenues and ongoing financial pressures reported by the Restaurant Association.
Finally, on the retail front, The Warehouse Group has named John Journee as its new board chair, succeeding Dame Joan Withers after the November annual meeting. Journee, currently interim CEO, will be replaced by Mark Stirton, the current chief financial officer. The appointment follows The Warehouse's recent earnings downgrade amid ongoing tough economic conditions. Journee says it is an honour to be appointed chair and thanked Withers for her leadership. Withers reflected on nine years as chair, noting both profitable growth and significant challenges. The leadership change comes as the company focuses on stabilising operations and delivering shareholder value.
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.
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 is Friday, August 1, 2025, and here are five stories you should know about.
The United States has raised tariffs on New Zealand goods to 15%, up from 10%. US President Donald Trump announced the move as part of wider tariffs on more than 125 countries. The US is New Zealand's second-largest export market, buying $9 billion of goods last year. Major exporters like Fisher & Paykel Healthcare and the red meat sector are expected to be affected. Industry leaders say the higher tariff creates a competitive disadvantage for New Zealand farmers and exporters. Trade Minister Todd McClay says the increase is significant and will impact exporters' ability to pass on costs to US consumers.
In other news, Auckland Council has granted consent for a $100 million development on Karangahape Road. James Kirkpatrick Group will construct an 11-story timber building with retail and office space for over 800 people. Located near the Te Karanga-a-Hape Central Rail Link station, construction is planned to start in early 2027. The project, designed by Fearon Hay architects, targets a 6 Green Star sustainability rating. An independent report estimates $135 million economic impact and 1,000 jobs during construction, with $13.3 million annually added after completion. The building replaces a previous proposal rejected by commissioners over its scale.
Meanwhile, New Zealand's company reporting season begins August 12, with PGG Wrightson first to report annual results. The rural services firm is expected to show strong earnings due to agriculture sector performance. Companies in retail, construction, and hospitality face more challenging conditions, with previous profit warnings concentrated in those sectors. Mohandeep Singh from Craigs Investment Partners notes some improvement in economic activity but highlights disparities across regions and industries. Major firms like Fisher and Paykel Healthcare and Ebos, with significant international interests, are less exposed to domestic trends, while companies such as Fletcher Building and The Warehouse remain sensitive to local economic shifts.
Turning to the hospitality sector, Auckland cafe chain Little and Friday has entered liquidation, following Inland Revenue action over a reported $639,000 tax debt. The Official Assignee's report shows total creditor claims of $1.4 million, with ASB Bank among unsecured creditors. Owner Kim Evans closed the last outlet in May, after earlier store closures and business challenges. Attempts to contact Evans have been unsuccessful. The liquidator is investigating the company's affairs. The hospitality sector continues to struggle with high costs and slow sales, with industry data showing flat revenues and ongoing financial pressures reported by the Restaurant Association.
Finally, on the retail front, The Warehouse Group has named John Journee as its new board chair, succeeding Dame Joan Withers after the November annual meeting. Journee, currently interim CEO, will be replaced by Mark Stirton, the current chief financial officer. The appointment follows The Warehouse's recent earnings downgrade amid ongoing tough economic conditions. Journee says it is an honour to be appointed chair and thanked Withers for her leadership. Withers reflected on nine years as chair, noting both profitable growth and significant challenges. The leadership change comes as the company focuses on stabilising operations and delivering shareholder value.
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.
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