Today in Business: August 29, 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, August 29, 2025, and here are five stories you should know about.
Ferry Holdings, the Crown company set up to procure two new Cook Strait ferries, expects to spend $13.4 million in its first 16 months. The budget allocates $4.5m for staff, $6.5m for consultants, and $467,000 for contractors, alongside a Wellington office lease. Consultants include PwC, KPMG, Beca, Knud E Hansen, OSK Design, and BRS Shipbrokers. Nearly two dozen staff have been hired, with CEO Sandip Ranchhod starting in September. The company was created after the Government cancelled the iRex project, which cost $671m. Six shipyards have been shortlisted, with contracts expected by year's end, for 2029 delivery.
In other news, retirement village operator Met Life Care posted a 25% profit increase to $66.4 million for the year to June, supported by $546.4m in occupation rights sales, up 17.6%. Net debt climbed to $1.52b while total assets reached $6.96b. The company completed 332 new units and care suites across 10 villages, lifting its portfolio to 36 villages serving 7200 residents. CEO Earl Gasparich says Met Life Care has grown into a high-performing organisation, now employing 2400 staff. The company also opened new facilities at Clevedon's Ōtau Ridge.
In technology, Christchurch-based Jade Software hosted its Jade Velocity 2025 event, featuring Prime Minister Christopher Luxon and tech leaders including Bo Win Pan and Brook Roberts. CEO Justin Mercer, who joined in 2023, says he aims to double the company's community and strengthen New Zealand's technology sector. Jade reported revenue of $45.3m in 2023, down 1%, but lifted pre-tax profit 10% to $2.9m. The company employs 250 staff, mostly in Christchurch, and is owned by Britain's Skipton Building Society. Clients include Fonterra, The Warehouse Group, MPI, BP, and StaffSync. Mercer emphasises infrastructure, AI, and talent pathways for technology growth.
Meanwhile, Port of Tauranga reported a 23% rise in underlying net profit to $126 million for the June year. Total trade rose 7% to 25.3 million tonnes, with container volumes up. Group net profit jumped 90.8% to $173.4m, boosted by a $49.2m gain from the Northport sale. Imports grew 13.9% to 8.9 million tonnes and exports lifted 3.6% to 16.4 million tonnes. Ship visits increased. The port declared a final dividend of 9.7 cents per share, bringing the annual total to 16.7 cents. Shares rose 2.2% after the result, trading at $7.06 by late morning.
Lastly, ASB has lowered its fixed-term mortgage rates, becoming the last of New Zealand's major banks to act after the Reserve Bank's Official Cash Rate cut. The one-year, 18-month, and two-year fixed rates are now set at 4.75%. The three-year rate has dropped to 4.99%, while four- and five-year terms fell to 5.29% and 5.49% respectively. The six-month term is 5.04%, with floating rates unchanged at 6.29%. Other major banks, including BNZ, Westpac, ANZ, and Kiwibank, had already reduced their lending rates last week, with most floating rates now in the 6.15% to 6.39% range.
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