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, October 10, 2025, and here are five stories you should know about.

Finance Minister Nicola Willis says selling the Government's investment in Chorus could raise funds for hospitals and schools. Speaking at the Bloomberg Address in Auckland, she explained the Government holds debt and equity securities, not ownership in Chorus, and aims to sell them for "as much as possible." Willis also discussed tariffs, immigration, and deregulation. She confirmed no plan for a capital gains tax, and said the Reserve Bank was not transparent enough about former Governor Adrian Orr's departure.

Meanwhile, the Reserve Bank's new Auckland offices at Britomart will cost more than triple its previous rent. The 10-year lease at 16 Takutai Square totals $32 million, with a $14.5 million fit-out. The lease began August 1, covering over 4800 square metres - double the space at its Queen Street site. The bank's annual report shows last year's lease cost $1 million. The move comes as restructuring continues, with more than 100 job cuts under review. Willis previously said she was dissatisfied with the bank's lease-related costs, but the governor and Reserve Bank board made the decisions about such spending.

In other developments, liquidators say Hawke's Bay cherry grower, Cherri Global, owes nearly $43 million to creditors after entering liquidation in March. Price water house Coopers' Janet Sprosen and Stephen White say most debts are to related parties, with the Ministry of Business, Innovation and Employment the largest external creditor. The companies ceased trading in November 2024 after selling major assets. Kānoa's Crown Regional Holdings is owed $1.35 million from a loan approved under the North Island Weather Events Primary Producer Finance Scheme. Liquidators continue investigations and expect to issue further updates within six months.

Across the United States, air travel disruptions are worsening as the government shutdown stretches into a second week. Transportation Secretary Sean Duffy says air traffic control staffing shortages have pushed delays from 5 to 53 percent. Many controllers are working without pay, prompting sick leave and flight disruptions at major airports. The Transportation Security Administration warns of longer security lines. The US Travel Association reports losses of 1 billion US dollars weekly. Congress is divided on funding, while US$41 million temporarily extends services to small rural airports.

Finally, in markets, New Zealand property shares outperformed globally after the Reserve Bank cut the Official Cash Rate to 2.5 percent. The S&P NZX All Real Estate Investment Trust Index rose 6 percent last month and 14.9 percent in the September quarter, compared with 1.1 and 4.4 percent globally. Harbour Asset Management attributes gains to lower borrowing costs and steady rental income. Office owner Precinct Property, Vital Healthcare Property, and Goodman Property led sector strength. Jar-din reports property shares now trade closer to asset values and notes continued investor interest amid low term-deposit returns, supporting dividend-focused real estate investment performance in New Zealand.

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.

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, October 10, 2025, and here are five stories you should know about. 
Finance Minister Nicola Willis says selling the Government's investment in Chorus could raise funds for hospitals and schools. Speaking at the Bloomberg Address in Auckland, she explained the Government holds debt and equity securities, not ownership in Chorus, and aims to sell them for "as much as possible." Willis also discussed tariffs, immigration, and deregulation. She confirmed no plan for a capital gains tax, and said the Reserve Bank was not transparent enough about former Governor Adrian Orr's departure. 
Meanwhile, the Reserve Bank's new Auckland offices at Britomart will cost more than triple its previous rent. The 10-year lease at 16 Takutai Square totals $32 million, with a $14.5 million fit-out. The lease began August 1, covering over 4800 square metres - double the space at its Queen Street site. The bank's annual report shows last year's lease cost $1 million. The move comes as restructuring continues, with more than 100 job cuts under review. Willis previously said she was dissatisfied with the bank's lease-related costs, but the governor and Reserve Bank board made the decisions about such spending. 
In other developments, liquidators say Hawke's Bay cherry grower, Cherri Global, owes nearly $43 million to creditors after entering liquidation in March. Price water house Coopers' Janet Sprosen and Stephen White say most debts are to related parties, with the Ministry of Business, Innovation and Employment the largest external creditor. The companies ceased trading in November 2024 after selling major assets. Kānoa's Crown Regional Holdings is owed $1.35 million from a loan approved under the North Island Weather Events Primary Producer Finance Scheme. Liquidators continue investigations and expect to issue further updates within six months. 
Across the United States, air travel disruptions are worsening as the government shutdown stretches into a second week. Transportation Secretary Sean Duffy says air traffic control staffing shortages have pushed delays from 5 to 53 percent. Many controllers are working without pay, prompting sick leave and flight disruptions at major airports. The Transportation Security Administration warns of longer security lines. The US Travel Association reports losses of 1 billion US dollars weekly. Congress is divided on funding, while US$41 million temporarily extends services to small rural airports. 
Finally, in markets, New Zealand property shares outperformed globally after the Reserve Bank cut the Official Cash Rate to 2.5 percent. The S&P NZX All Real Estate Investment Trust Index rose 6 percent last month and 14.9 percent in the September quarter, compared with 1.1 and 4.4 percent globally. Harbour Asset Management attributes gains to lower borrowing costs and steady rental income. Office owner Precinct Property, Vital Healthcare Property, and Goodman Property led sector strength. Jar-din reports property shares now trade closer to asset values and notes continued investor interest amid low term-deposit returns, supporting dividend-focused real estate investment performance in New Zealand. 
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.

Today in Business is an experimental AI podcast by the New Zealand Herald. Listen every day at 5pm for the top headlines from the NZ Herald business team. 

Powered by Spark for Business.

Today in Business is an experimental AI podcast by the New Zealand Herald.&nbsp;Listen every day at 5pm for the top headlines from the NZ Herald business team.&nbsp;
Powered by Spark for Business.

Today in Business

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...

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