Today in Business: August 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 Thursday, August 7, 2025, and here are five stories you should know about.
Accountant Luke Daniel Rivers has been sentenced to five years and eleven months in prison for orchestrating New Zealand's largest known wage-subsidy fraud. Rivers, who moved from China and changed his name to further his career, used fake employees and multiple companies to illegally claim $1.6 million. He sent over $900,000 to Singapore bank accounts using false documentation. Rivers pleaded guilty to 29 charges, admitting to a prolonged scheme exploiting Covid-19 subsidies. Judge Kathryn Maxwell told Rivers "You did not take what you needed. There was a smorgasbord of dishonesty and considerable personal gain.". Rivers has repaid $1 million and received a 10% discount on his sentence for reparations made.
In other news, the Grocery Action Group says Kiwi shoppers have seen little improvement in supermarket food prices despite new regulations. The Commerce Commission's second Annual Grocery Report found the state of competition is still impacting consumers as New Zealand grocery prices remain higher than the OECD average. And Grocery Action Group chairwoman Sue Chetwin says competition remains weak outside major cities, as prices for milk, cheese and eggs remain high. Supermarket chains maintain significant market control, especially in rural areas. In response, Foodstuffs North Island CEO Chris Quin says the company is meeting new regulatory obligations and expanding to underserved communities.
Turning to technology, US President Donald Trump has announced Apple will invest an additional 100 billion US dollars in the United States, bringing its total pledged investment to US$600 billion over four years. Trump, joined by Apple CEO Tim Cook, says the spending includes a new glass production facility in Kentucky and aims to boost the domestic supply chain. Cook says 19 billion chips will be made in 24 factories across 12 states this year. Despite the investment, Cook says full iPhone assembly will remain overseas. Apple reported a US$23.4 billion quarterly profit, outperforming expectations amid ongoing tariff costs.
Meanwhile, the latest data from BCI shows New Zealand's busiest home builders experiencing varied fortunes depending on region. Christchurch-focused companies including Mike Greer Homes, Wolfbrook, and Oakridge have risen in the rankings, reflecting the city's ongoing growth. G.J. Gardner Homes remains New Zealand's largest, completing 837 homes valued at $462 million. In contrast, Auckland-based builders face flat or declining volumes despite interest rate cuts. Most top builders are still in Kiwi ownership, often family-run. The market remains subdued, with some group builders seeing volumes drop by up to 40 percent over the past four years.
In Auckland, the High Court has heard a secret recording between Zuru Group's Nick Mowbray and former Tall Blacks player Kirk Penney, linked to a legal dispute over the Treasures nappy brand. Until last year, Penney was one of three partners of JJK Group - alongside businessmen Jarrod Armitage and James Collie - who had acquired the ailing nappy brand in late 2020. Mowbray and his Zuru Group launched legal proceedings in 2021 over claims Grant Taylor, his former business partner in the nappy company, "Rascals", breached restraint terms and provided JJK with confidential information that allowed them to snap up the Treasures brand from under Rascals' nose. JJK Group denies the allegations and is defending the claims. The trial and Mowbray's testimony, which began early Tuesday, continues.
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