Today in Business: November 12, 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 Wednesday, November 12, 2025, and here are five stories you should know about.
Shares in Mainfreight rose even as the transport and logistics company reported an 18.5 percent fall in net profit to $93.4 million for the six months to September. By mid-afternoon, the stock was up 7.29% at $63.30. The company declared an unchanged 85-cent dividend. The company's New Zealand's profit before tax fell 7.4 percent to 44.1 million, while Europe dropped 31.9 percent to €9.3 million. The Americas recorded a 128 percent slump to US2.3 million. Mainfreight says discontinued project activity and cost increases contributed to the result, but trading improved as the half progressed. Analysts say the outcome was softer than expected but steadied investor confidence.
Meanwhile, Allbirds shares fell sharply on the Nasdaq after reporting a third-quarter net loss of US$20.3 million on revenue down 23.3 percent. The company cut its full-year revenue forecast to between 161 million and 166 million. Chief executive Joe Vernachio says the restructure continues as teams focus on cost reduction and liquidity. Allbirds ended the quarter with 23.7 million in net cash, down from 66 million a year earlier. The brand's revenue decline reflects store closures and distributor changes. Allbirds now operates 23 stores, down from 60 in September 2023 near the start of its restructure.
In other news, the Reserve Bank confirms its Wellington headquarters has been closed since last Friday because of asbestos discovered during a routine survey. The building at 2 The Terrace may remain shut until November 24 while remediation occurs. The bank says the area is contained and services are unaffected, with staff working from home. The building, which includes major cash vaults needing refurbishment, has previously closed for asbestos issues. Plans for construction to upgrade the vaults begin next year, and separate work on the building is scheduled for 2028. Costs are excluded from the Reserve Bank's current funding agreement.
Elsewhere, Costco's confirmed plans for its second New Zealand store at Drury in South Auckland, after reaching a conditional land deal with Kiwi Property. The agreement covers 6.4 hectares within Kiwi's new development. Costco country manager Chris Tingman says the location suits customers from Waikato and southern Auckland. Kiwi Property chief executive Clive Mackenzie says Costco's been a success at Westgate since opening in September 2022. The Drury site is part of a 53-hectare project that began earthworks last year. The metropolitan centre recently received fast-track approval under the government's reform process.
Finally, in regulatory news, the Commerce Commission is preparing to file High Court proceedings against ASB for alleged breaches of the Credit Contracts and Consumer Finance Act. The Commission says the case involves overdrafts and debt collection overpayments. ASB faced earlier regulatory issues, repaying over $8 million to borrowers in 2021, and settling a class action for 135 million in October. The bank also faces High Court action from the Financial Markets Authority over insurance discounts. Insurer IAG, which partners with ASB, was fined nearly 20 million last month for overcharging customers. The Commission is separately investigating ASB's self-reported lending breaches.
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