Today in Business: September 4, 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, September 4, 2025, and here are five stories you should know about.
Ikea will open its first New Zealand store on December 4 in Auckland's Mount Wellington, three weeks before Christmas. The Sylvia Park store will stock about 7500 products, include click-and-collect facilities, and feature 28 motorbike parking bays and EV chargers. A 426-seat food court will serve food including meatballs, while solar panels, rainwater harvesting and LED lighting will support sustainability goals. The Swedish company says it received 25,000 applications for 500 roles. Prime Minister Christopher Luxon welcomed the investment, calling it a sign of foreign investment and job creation. The store, about the size of three rugby fields, will be Ikea's furthest from Sweden.
In other news, Wētā FX, Sir Peter Jackson's visual effects firm, posted a $59 million loss in its 2025 annual report, following an $82 million loss the previous year. The company, which employs hundreds of people in Wellington, also confirmed around 100 job cuts as part of a restructure. Revenue grew to $478 million, up from 430 million, with $411 million earned from New Zealand clients. The report shows $34 million from Canada, 25 million from Australia, and 7.3 million from the United States. Government tax incentives provided nearly $2 million this year, and Wētā FX has restarted research and development to capitalise on the scheme.
Meanwhile, WorkSafe New Zealand has fined Kylin Scaffolding $8500 after a nine metre high scaffold collapsed onto Peach Parade in Auckland in January 2024. The collapse narrowly missed cars and three workers nearby. WorkSafe's investigation found the scaffold was essentially free-standing, lacking required safety features such as rakers and ties. Regional manager Brad Duggan says it's "miraculous" no one was killed. Witnesses reported the structure curled "like a wave" before toppling. WorkSafe says the company failed to conduct a proper risk assessment despite its operations manager being qualified. It calls the structure "seriously deficient" and a blatant public safety risk.
In a separate development, Fletcher Building says it's investigating possible asbestos contamination in fire doors installed at Auckland's International Convention Centre. The doors, supplied by Pacific Door Systems, contain a board material sourced from overseas that has tested positive for asbestos. Fletcher says tests confirm no asbestos residue in public areas and says installed doors remain safe if undisturbed. Christchurch Council is also testing more than 100 fire doors at the Te Kaha stadium project. The Ministry of Business, Innovation and Employment confirms it's working with agencies and suppliers, while WorkSafe says it launched a "targeted health and safety response".
And the Government is proposing to replace joint liability in building defects with a system where each party is responsible only for its share. Currently, councils often face large payouts when builders cannot cover costs. Insurance director Duncan Colebrook opposes the change, saying the industry lacks appetite for blanket cover. Certified Builders chief Malcolm Fleming supports it, noting guarantees could be more widely used. He says about 42 percent of Certified Builders' projects already include such protection. Minister Chris Penk confirms homeowners will still have safeguards, though the specific mechanisms and providers have not yet been finalised.
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