Today in Business: November 10, 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, November 10, 2025, and here are five stories you should know about.
ANZ New Zealand's reported a record annual net profit after tax of $2.53 billion for the year to September, up 21%. The bank attributes much of the lift to a 163 million gain from economic hedges, reversing a 196 million loss in 2024. Cash net profit rose 4% to 2.37 billion, with lending up 4% and deposits up 5%. Chief Executive Antonia Watson says the swing in hedge results reflects volatility, but not underlying performance. ANZ defends its mortgage rate adjustments and confirms continued participation in a class action over past disclosure breaches under the Credit Contracts and Consumer Finance Act.
In other news, two major New Zealand gold projects will proceed under mining permits tied to 1996 royalty rates, about half those applied since 2013. OceanaGold's Waihī North expansion and Endura Mining's Snowy River project will each pay 1% of net revenue or 5% of accounting profit. Critics, including Professor Glenn Banks, say taxpayers lose out. Resources Minister Shane Jones acknowledges concerns over fairness, but notes current permits remain valid. OceanaGold produced 178,800 ounces of gold last year, none under post-2013 rates. Its Waihī expansion estimates $131 million in Crown royalties at the grandfathered rate.
Also today, Vital Healthcare Property Trust plans to internalise its management, funding the move through a $220 million capital raise. The trust reached a conditional agreement with Northwest Healthcare Properties Management to end external management. Vital expects annual fee savings of 20.9 million and will pay Northwest two hundred and fourteen million plus GST to terminate the agreement. The NZX-listed trust owns a 3.2 billion portfolio across New Zealand and Australia. The raise includes a 190 million underwritten placement and a 30 million share purchase plan at $1.95 a share. Completion is targeted for late 2025 or early 2026, pending regulatory and lender approvals.
Comvita's cornerstone shareholder Li Wang has endorsed Florenz's takeover offer at 80 cents a share, valuing the mānuka honey exporter at $56 million. Wang says her family, long-term investors who built Comvita's Chinese market, supports Florenz's bid as the best option for shareholders. A rival proposal led by co-founder Alan Bougen lacks detail ahead of Friday's scheme-of-arrangement vote. Comvita's latest annual loss widened to 104.8 million. Wang warns a delay risks harming the brand, and jobs. The board unanimously backs Florenz's offer. Comvita was founded in 1974 by Claude Stratford, joined two years later by Bougen.
Finally, on the technology front, Rocket Lab-built satellite components from Auckland are heading to Mars under NASA's Escapade mission. However, launch plans were halted today due to high clouds over Florida. The flight carries twin Rocket Lab spacecraft, Blue and Gold, each about 550 kilograms, designed to study Mars' magnetic environment. The mission budget is under US$100 million. Rocket Lab contributed propulsion, control systems, radios, and other hardware made across New Zealand, the United States, and Canada. The orbiters will first circle at Lagrange Point 2 before continuing to Mars, with arrival expected in 2027.
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.