PM Edition: Top 10 Business Articles on LiveNews.co.nz for March 29, 2026 – Full Text

Source: New Zealand Government

Check against delivery

Kia ora, and thank you so much for inviting me here today. It is great to be with you all.

Can I start by thanking Fran O’Sullivan for her hard work in organising and supporting this annual event, and also NZME and the NZ Herald for sponsoring the event as always.

I would also like to acknowledge our Deputy Mayor Desley Simpson, Councillor Richard Hills, and Councillor Andy Baker.

I also wish to acknowledge the opposition spokesperson for Auckland and Shanan Halbert. Lovely to see you here today.

And I want to acknowledge everyone in this room for the role you play in leading our great city. We are proud to be Aucklanders. We are proud of all this city has to offer, and we are all committed to making it a better place. That shared commitment mirrors our Government’s focus on fixing the basics and building the future of Auckland.

Conflict in Iran

Before I speak about the Government’s priorities, I want to acknowledge the global context we are all operating in. Everything has changed in the past four weeks with the conflict in Iran.

The Strait of Hormuz, the narrow stretch of water between Iran and Oman, carries around 20 percent of the world’s daily oil supply, and the conflict in Iran is leading to significant disruption in global oil markets. Kiwis are feeling that right now at the pump.

Our Government is responding quickly and decisively with two key priorities. First, ensuring New Zealand has continued access to fuel supplies. Second, providing targeted support to those who need it most.

As Finance Minister Nicola Willis has confirmed, we continue to have a stable fuel supply, with combined jet, petrol and diesel stocks equating to around 48.6 days of cover nationwide, meaning there is no need for immediate concern. But we are taking every action we can to shore up our position.

We have aligned our fuel standards with Australia to ensure we have access to more markets to purchase fuel products from. We are working with Australia and other nations to secure the supplies we need. And the Minister of Finance has today announced our Fuel Response Plan, which sets out clearly how we will act if we begin to face disruption in our supply chains.

There are four phases to this plan, of which we have already announced phases one and two in detail. For phases three and four, we will consult closely with industry and sector groups, as these phases would require additional restrictions. As the Minister of Finance has made clear, though, success means not having to move to phases three or four. Our focus remains on our priority: ensuring a secure fuel supply for New Zealanders.

Alongside this, we have announced targeted support for working families. We cannot control global oil markets or international conflicts, but we can soften the impact on working families who cannot easily avoid higher fuel costs. From 7 April, around 143,000 working families with children will receive an extra fifty dollars a week through a boost to the in-work tax credit. That targeted increase will be temporary, lasting for one year or until the price of 91 octane petrol drops below three dollars a litre for four consecutive weeks.

That is what responsible, temporary and targeted relief looks like.

Improvements in Auckland under National

Turning now to Auckland. While what is happening internationally will continue to occupy our attention, today is also an opportunity to take stock of the real progress this city has made over the past two years.

When National came into office, Auckland had been through an extraordinarily difficult stretch. The COVID-19 lockdowns had closed this city repeatedly, as the Royal Commission found, and we now know they went longer than the public health advice supported. The economic toll of those decisions fell hardest here. Businesses that had fought to survive were then hit by inflation peaking at over seven percent, mortgage repayments that had doubled for some families, and a cost-of-living squeeze felt right across the city. And if that was not enough, there were the ram raids. Retailers were boarding up their shopfronts, and a city that had, for a time, lost its footing.

That was the Auckland we inherited. And it is why the work of the past two years has been so focused on getting back to basics: restoring economic stability, restoring law and order, and restoring confidence in our public services.

And we have delivered:

We abolished the 11.5 cents per litre Auckland Regional Fuel Tax, putting money back in the pockets of Auckland households and businesses.
Our water reforms are saving Aucklanders hundreds of dollars on their water bills.
We have made meaningful Auckland governance changes to restore democratic decision-making.
We are progressing time-of-use schemes to improve flow across our motorways.
We’re negotiating a regional deal that gives Auckland a genuine partnership with central government.

The results speak for themselves. The NZIER Business Confidence survey shows the strongest equal result since 1994. The Consumer Sentiment Index has risen to 107, reflecting more optimism than pessimism for the first time in several years. Building activity is up, with a 13 percent increase in new dwellings consented in the year to January. Interest rates have come down meaningfully, which is real relief for homeowners and businesses alike. And the International Convention Centre is now open, already hosting 120 events over the year and generating international visitor spend that flows through the whole Auckland economy.

These are not small things. They are the product of a clear plan focused on fixing the basics and building the future.

Opportunities We Must Seize

With that foundation in place, the question now is: what do we do with it? Because Auckland’s best days are not behind us, they are ahead of us, and there are real opportunities in front of us that we must seize together.

The City Rail Link will open this year. It is the largest infrastructure project in New Zealand’s history, started under a National Government and delivered by a National Government. When it opens, it will transform how people move around Auckland, cut travel times, and unlock development opportunities along the rail corridor. But we need to make sure we capture the full benefit. That means using the planning tools available to us to ensure housing growth happens around the stations, with density in the right places and of the right kind. A rail network only delivers its full potential when the city grows intelligently around it, and we are working to make sure our planning settings support exactly that.

On transport more broadly, the CRL is just the beginning. We are progressing the next generation of projects that will define Auckland’s connectivity for decades to come: Mill Road, Northwestern Rapid Transit, and completing the Eastern Busway. 

On safety, the progress in our city centre has been real and measurable. Through our Housing First initiative, 188 people have been placed into housing by March, up from just 33 when the plan was announced in November. Crime victimisations have fallen from 1,010 in January 2024 to 638 in December 2025. A new Police Station in the CBD and officers increasingly on the beat are making a tangible difference. New move-on powers for Police will give them an important additional tool to address the antisocial behaviour that drives people away from our city centre. Our approach balances support with accountability: helping those who need housing and mental health services, while taking firm action against behaviour that makes people feel unsafe.

On health, waiting times skyrocketed following Labour’s decisions to remove the previous National Government’s health targets, and Health New Zealand was left managing $28 billion on a single Excel spreadsheet following the decisions to restructure our healthcare system in the middle of a pandemic. National has brought back the health targets, and we are seeing encouraging improvements across the board, with Kiwis spending less time in emergency departments, more children being fully immunised by the age of 24 months, and waitlists for elective surgeries and first specialist assessments coming down. 

There is still more work to do, however, our focus on fixing the basics is delivering results.

As part of this continued focus, today I am pleased to announce that Health New Zealand is issuing a Request for Proposal to identified landowners for land in Drury, to support the development of a future South Auckland hospital. This is the next concrete step towards a major new hospital health precinct for one of the fastest-growing parts of this country, and it is a step that has been a long time coming. South Auckland carries some of the highest health burdens in New Zealand, with elevated rates of infectious disease, diabetes, cardiovascular and chronic respiratory conditions, and a population projected to grow by hundreds of thousands by 2050. Drury is the right location. It sits alongside our Roads of Regional Significance and planned public transport infrastructure, meaning patients, staff and visitors can actually get there. Securing the right site now means Health New Zealand can plan with confidence, and future investment goes to the right place, at the right scale.

Conclusion

When I look at the full picture, Auckland has real momentum behind it. Inflation is down. Interest rates are down. Business confidence is up. Crime is down. We are delivering in health and in education. The Convention Centre is open and the City Rail Link is coming. These are the results of a clear plan that is working, and we need to stick to it.

We also need to work in genuine partnership with Auckland Council to deliver on these objectives. We have devolved decision-making to the Council in a number of areas, and that makes sense. But this is not an Auckland versus Wellington thing. The majority of Cabinet Ministers come from Auckland. We live here, we shop here, we sit in the same traffic as everyone else in this room. Ministers are constantly engaging with the Mayor and the Council. We are not here to serve Auckland Council. We are here to deliver for Aucklanders.

Yes, we are living in challenging times. The conflict in Iran is a reminder that we cannot always control what arrives on our doorstep. But what we can control is how prepared we are, how resilient we are, and how well we have set Auckland up to seize the opportunities ahead of it.

Auckland’s best days lie ahead of us. The plan is working. Let’s continue to fix the basics and build the future.

Thank you very much.

MIL OSI

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 28 March 2026 – In 2025, Meitu, Inc. (Meitu) adhered to its “Productivity and Globalisation” strategy, with total revenues from continuing operations surging 28.8% YoY to RMB 3.86 billion. The company’s core business – Photo, Video and Design Products – generated RMB 2.95 billion in revenue, a robust 41.6% YoY increase, accounting for 76.6% of total revenues. Non-IFRS Adjusted Net Profit – a key indicator of core operational performance – soared 64.7% YoY to RMB 965 million. The revenue and profit growth were primarily driven by the rapid adoption of AI Agents integrated into its product portfolio, leading to a significant surge in global paying subscribers.

As of December 31, 2025, total paying subscribers reached an all-time high of 16.91 million, a substantial 34.1% YoY increase, with a subscription rate of 6.1%, up 1.4 percentage points from 2024.

AI Agent-Integrated Products Gain Explosive Popularity, Driving Strong Penetration and Monetization Growth

Following the July launch of RoboNeo (Meitu’s flagship AI visual design agent), Meitu integrated AI Agent capabilities across most of its product portfolio to enhance workflow automation and user experience.

As such, Meitu’s productivity tools segment achieved an all-time high 9% subscription rate, up 3.1 percentage points YoY. Paying subscribers of this segment grew to 2.16 million, representing a significant 67.4% YoY growth, with international paying subscribers more than doubling.

The segment comprises three core tools: DesignKit specializing in AI workflows for e-commerce design,Kaipai and Vmake specializing in AI workflows for video production.

Backed by AI Agent empowerment, in 2025, DesignKit established strategic partnerships with leading global e-commerce platforms including Alibaba, JD.com, and Amazon. Kaipai focuses on verticals including healthcare, education, beauty, insurance, and real estate, empowering industry users to create professional talking videos. In 2025, Kaipai’s MAU nearly doubled, and paying subscribers tripled. Vmake targets fitness and wellness markets, achieving rapid MAU growth in the U.S., with Annual Recurring Revenue (ARR) reaching approximately USD 3 million.

Meitu’s leisure product segment including the Meitu app, BeautyCam and Wink maintained robust user engagement. The paying subscribers for the leisure segment grew 30.3% YoY to 14.75 million, driving the segment’s subscription rate to a solid 5.9%.

Globalisation Milestones: Expanding Footprint in High-ARPU Regions

Meitu’s Globalisation strategy achieved significant progress, with MAU in markets outside Mainland China surpassing the 100 million milestone, a 6.3% YoY increase. International paying subscriber growth accelerated in the second half of 2025, with the majority of new additions coming from high-ARPU regions including Europe, the Americas and East Asia, enhancing the sustainability of international monetization.

AI Technology Advancement & Industry Recognition

Following the training of its self-developed large vision model’s foundational capabilities in 2024, the company has since shifted its R&D priorities towards vertical-specific model training and application-level optimization to better address targeted user needs, consistent with its model-agnostic strategy. In 2025, the company’s total R&D expenses grew moderately by 3.8% YoY.

Meanwhile, on Andreessen Horowitz (a16z)’s “Global Top 50 Gen AI Mobile Apps” list, Meitu ranked first in the photo, video and design category by the number of featured products, with four apps selected. This external recognition reinforces Meitu’s position as a leading global AI application company in imaging, video and design.

Fueled by sustained R&D investment, Meitu is systematically deploying AI Agents into scalable productivity workflows. Going forward,Meitu will continue expanding diverse imaging skills to empower global developers and users with professional-grade AI creation experiences.

Hashtag: #Meitu

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Source: GlobeNewswire (MIL-NZ-AU)

IBG Acquires 51% stake in BlockFuel Energy as business combination nears completion

Once complete, the combined entity will become a rising oil producer and power generation company with near-term production and scalable growth strategy

SYDNEY, March 25, 2026 (GLOBE NEWSWIRE) — Innovation Beverage Group Ltd (“IBG” or the “Company”) (Nasdaq: IBG), an innovative developer, manufacturer, and marketer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands, today announced that it has acquired a controlling interest in BlockFuel Energy Inc. (“BFE”), a Texas-based energy corporation. This transaction represents a significant milestone towards the proposed merger between both companies, which they anticipate closing in the coming weeks.

On March 16, 2026, IBG entered into a Share Exchange Agreement with certain shareholders of BFE pursuant to which IBG acquired 127,628 shares of BFE common stock, representing approximately 51% of BFE’s outstanding equity. As consideration for those shares, IBG issued warrants to purchase an aggregate of 3,815,766 ordinary shares of IBG at an exercise price of $0.0001 per share, which are not exercisable until shareholder approval and approval by The Nasdaq Stock Market LLC are obtained. The warrant shares represent 45.9% of the issued and outstanding shares of IBG and will represent 51% of the Merger Consideration payable at the time of the closing of the merger. Upon the consummation of the proposed merger between IBG and BFE, the warrants will be automatically adjusted to an aggregate of 20,643,297 ordinary shares of IBG and will be deemed exercised.

As part of the transaction, IBG also provided BFE with a $2.5 million unsecured loan, which facilitated the repurchase and cancellation of certain outstanding BFE shares. Following the closing of the previously announced merger, this loan will convert into an intercompany balance within the combined organization, further consolidating IBG’s ownership position.

Concurrently, IBG, BFE, and IBG’s wholly owned subsidiary, InnoBev Merger Corp., entered into an Amended and Restated Agreement and Plan of Merger. Upon completion of the proposed merger, BFE will become a wholly owned subsidiary of IBG and BFE equity holders are expected to own approximately 90% of the combined company, with IBG’s existing shareholders owning approximately 10%, subject to customary adjustments and dilution.

Strategic Transformation Nearing Completion

The transaction represents a strategic expansion of IBG into the energy and high-powered computing sectors. BFE focuses on the acquisition and development of oil and gas assets and the conversion of underutilized natural gas into electricity to power high-performance computing operations. BFE operates primarily in the United States, including Oklahoma, and is developing a vertically integrated platform combining energy production, power generation, and data centers.

Upon completion of the merger, the combined company is expected to operate under the BlockFuel Energy name, with IBG’s existing beverage business transitioning into an Australian-based subsidiary led by IBG’s CEO Sahil Beri as President. The new parent company will focus on scaling its U.S. onshore oil and gas operations.

“Completing the acquisition of a controlling interest in BlockFuel Energy advances our strategic transition and brings the merger closer to completion,” said Sahil Beri, Chief Executive Officer of Innovation Beverage Group. “We are positioning IBG for long-term growth by focusing on energy assets with strong fundamentals and near-term production potential, while maintaining our beverage business as a distinct subsidiary.”

“This transaction marks a significant step in building a scalable, U.S.-focused energy platform,” said Daniel Lanskey, Chief Executive Officer of BlockFuel Energy. “With a strengthened capital structure and aligned ownership, we are focused on advancing production and expanding our asset base as we begin operations.”

Building a Scalable U.S. Energy Platform

BlockFuel Energy is focused on the acquisition, development, and operation of oil and gas assets, with current operations primarily located in the United States, including acreage positions in Oklahoma.

The transaction provides IBG with immediate exposure to producing and development-stage energy assets, positioning the Company to pursue near-term revenue generation and long-term asset growth.

Based on preliminary engineering and comparable field deployments, BFE management believes onsite gas-to-power costs could be meaningfully below grid-based power pricing, while avoiding transportation, processing, and third-party power costs.

The acquisition was completed in connection with an amended and restated merger agreement between IBG and BFE. The closing of the full merger remains subject to customary conditions, including regulatory approvals and approval by The Nasdaq Stock Market LLC.

About Innovation Beverage Group Ltd

Innovation Beverage Group is a developer, manufacturer, marketer, exporter, and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands for which it owns exclusive manufacturing rights. Focused on premium and super premium brands and market categories where it can disrupt age old brands, IBG’s brands include Australian Bitters, BITTERTALES, Drummerboy Spirits, Twisted Shaker, and more. IBG’s most successful brand to date is Australian Bitters, which is a well-established and favored bitters brand in Australia. Established in 2018, IBG’s headquarters, manufacturing and flavor innovation center are located in Sydney, Australia with a U.S. sales office located in California. For more information visit: https://www.innovationbev.com/.

About BlockFuel Energy

BlockFuel Energy is involved in the acquisition, exploration and development of proven oil fields onshore in North America. BlockFuel Energy combines state-of-the-art power generation with oil and gas exploration to power high-performance data centers. Our vertically integrated concept allows us to use co-location and modular power generation techniques to optimize efficiency and investment returns. Our cutting-edge solutions for energy optimization and extraction will enable us to transform underdeveloped resources into high-margin, scalable, and sustainable revenue streams. For more information visit: https://blockfuelenergy.com/.

Forward Looking Statement

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the proposed merger between IBG and BlockFuel Energy, anticipated operational milestones, expected production levels, anticipated oil and gas sales, planned financing activities, expected economic benefits of such activities, and the proposed acquisition of additional oil field assets.

Forward-looking statements are typically identified by words such as “expects,” “anticipates,” “plans,” “projects,” “intends,” “believes,” “may,” “will,” “could,” “should,” or similar expressions. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, among others, the ability of the parties to execute definitive transaction documents, satisfy closing conditions, obtain regulatory and stockholder approvals, commodity price volatility, operational risks, financing risks, , and other risks described in IBG’s filings with the U.S. Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements. Neither IBG nor BFE undertakes any obligation to update such statements except as required by law.

Contact:

Innovation Beverage Group Limited
Sahil Beri
CEO
sahil@innovationbev.com
www.innovationbev.com

BlockFuel Energy Inc.
Daniel Lanskey
President and CEO
dan.lanskey@blockfuelenergy.com
www.blockfuelenergy.com

Investor Relations:

KCSA Strategic Communications
Phil Carlson, Managing Director
BlockFuel@KCSA.com

– Published by The MIL Network

Source: New Zealand Government

A Stats NZ programme to move more business surveys online is helping reduce the burden on businesses, Statistics Minister Dr Shane Reti and Small Business and Manufacturing Minister Chris Penk say.

Stats NZ will begin moving more than 60 business survey forms to an online tool from August, following a successful shift of the Quarterly Building Activity Survey. 

“This is a milestone in improving and modernising the technology used to collect vital information from and about New Zealand businesses. Many of these surveys use older, less efficient digital tools or are paper-based,” Dr Reti says. 

“Businesses have asked the Government to reduce the burden on them and we’re delivering. They can expect a smoother, faster way to provide their data and a more standardised experience with the new tool. Other benefits include the ability to save progress and resume filling out survey forms later.

“In reducing the burden on businesses and making it easier for them to complete surveys, the Government is fixing the basics and building the future, allowing businesses to focus more on what matters most to them.”

Small Business and Manufacturing Minister Chris Penk says digitising government surveys is particularly beneficial for firms with fewer than 20 employees, which make up 97 percent of all New Zealand enterprises.

“Small businesses often have fewer dedicated admin staff, and sometimes none at all, so every hour spent on paperwork is an hour away from serving customers and focusing on the work needed to grow the business.

“Moving surveys online makes it faster and more straightforward to share their valuable experiences and perspectives quickly and conveniently, without adding to their workload or disrupting their day-to-day operations. 

“It’s a simple change that reduces friction, improves response rates, and ensures policy is shaped by timely, real-world insights from the small business community,” Mr Penk says.

The programme will begin with forms for priority economic surveys, including the Labour Cost Index and Business Price Index, which are scheduled to move online in August 2026. 

MIL OSI

Source: Radio New Zealand

The minister responsible for fuel security says he has received proposals from import terminals to open up more diesel capacity, but any recommission of tanks would be a while off.

Associate Energy Minister Shane Jones said almost half of Marsden Point’s available storage was being used, and there had been a proposal to refurbish unused and empty tanks to boost diesel storage.

The tanks had been empty since the closure of the refinery in 2022, with Marsden Point now operating solely as an import and storage terminal for refined oil.

Jones said he had spoken to Rob Buchanan, the chief executive of Channel Infrastructure, which owned and operated Marsden Point.

“He said that there could be two tanks that could be repurposed, and he has sent through a proposal to us. However, because of the degradation since the closure of the refinery, it will take time,” Jones said.

“They have put forward a proposal to work, as I understand, with the Crown, to refurbish some storage tanks. Then the officials are working through, ‘do they think it’s a sensible thing to do and what it’s likely to cost the Crown and Channel if we were to work together?’”

He expected to receive that advice from officials “sooner, rather than later”.

Jones had also spoken to the chief executive of the Port of Taranaki, who had told him there could be up to three days of storage there.

“But two thirds of the potential storage is owned by Methanex, so I’m in no hurry to chase Methanex out of New Zealand,” Jones said, adding Taranaki would also need some new infrastructure.

“I think Marsden Point are confident, if they can get some regulatory relief. Taranaki said they have to build a new bund, because the regulations have changed. So look, I think that if we’re going to do this, we need to strip away the regulations without creating a public nuisance, and also arrive at a point where we can, if not share the costs, work out how soon it can be done.”

Combined, Jones estimated it would add “several days” to diesel storage capacity, with costs going towards the refurbishment and then purchasing the diesel.

Those costs, Jones expected, would be shared between the Crown and Channel.

A spokesperson for Channel Infrastructure said Channel was aware of Jones’ comments, but it did not comment on discussions with any of its customers.

“Channel has identified some very preliminary options for significantly increasing diesel storage capacity at Marsden Point,” the spokesperson said.

The spokesperson said Channel had almost 300 million litres of fuel storage in service at Marsden Point, and an additional 350 million litres of tanks that “could be converted” to provide additional fuel storage if required.

“The government’s Fuel Security Study concluded that the best way to improve New Zealand’s resilience was to increase the in-country storage of fuels that are critical to keeping our economy moving, and Channel stands ready to put all efforts into safely assisting with additional fuel resiliency measures, should we be asked to provide them.”

Fuel importers were required by law to hold 28 days’ worth of petrol, 24 days of jet fuel, and 21 days of diesel.

From 2028, the minimum requirement for diesel would increase to 28 days, if the fuel importer had more than 10 percent of the market share.

In 2024, the government stopped work on procuring 70 million litres of reserve diesel stock, saying it carried significant capital cost and Cabinet would need a robust understanding of options and their impacts before making decisions.

The fuel would have been funded through the Petroleum or Engine Fuels Monitoring Levy.

Instead, the government decided to explore other options to increase the diesel reserves from 21 days to 28 by 2028, and commissioned the Ministry of Business, Innovation, and Employment to study New Zealand’s fuel security requirements.

Under questioning from Labour’s energy spokesperson Megan Woods in the House on Tuesday, Jones said there was “no budget, no proposal that I could credibly take forward to my colleagues” on the reserve diesel stock.

New Zealand First has continued to blame Labour for the closure of the refinery in 2022, and has been attempting to tie the “degradation” of the storage capacity to the closure.

New Zealand First leader Winston Peters went as far as to suggest the refinery was “deliberately shut down, with the government’s connivance”.

In 2021, Labour had the option of providing a loan or subsidy to keep the refinery open, but then-minister Woods said there was not a strong case.

“There does not appear to be a clear case for maintaining refinery operations for fuel resilience reasons, except to address an exceptional ‘no fuel imports’ scenario,” she wrote in a 2021 Cabinet paper.

“This is an unlikely scenario, but not entirely implausible, therefore I believe the option of maintaining refinery capacity warrants an active decision by government.”

In the House, Jones accused Woods of making an “active decision” to close the refinery.

“If you close down 700 million litres of storage, 70 million is a mere drop,” he said.

Labour has repeatedly said the closure was a business decision made by its private owners, not a government decision.

“At most, you’d be talking about five days of unprocessed crude oil, in addition to whatever we have in terms of processed fuel onshore. Five days in the grand scheme of what we’re dealing with at the moment isn’t very much,” said Labour leader Chris Hipkins.

“There are certainly other things the government could have done over the last two years to increase our resilience. Marsden Point would be right at the bottom of that list.”

During Question Time, Peters asked the prime minister if all the “anxiety” around supplementary reserves would be relevant if “they hadn’t shut down Marsden Point?”

“It was a critical piece of national infrastructure and that was a decision of a previous government,” Christopher Luxon responded.

Luxon was then made to withdraw the comment, after Hipkins raised a point of order to argue the previous government had made no such decision.

On Tuesday, Woods told RNZ she was supportive of proposals for more storage space.

“Absolutely, and I would hope the government’s looking at that right now,” she said.

But she accused the government of being “short sighted” for scrapping the 70 million litre strategic reserve plans, which were to be a “worst case scenario” to ensure critical services like fire engines, ambulances, and food distribution could keep running.

That would have been in place this year, Woods said, whereas the government’s increased requirement for 28 days of diesel holdings would not come into place until 2028.

“One of the reasons the government scrapped that strategic reserve and got rid of the request for proposals that was out there, they said it was cost. It’s several million dollars to build that facility, in terms of being able to hold it, but there was up to $100 million of built-up levy sitting in the Petrol Levy fund, essentially that had built up over Covid that we were proposing to use for that,” she said.

“Instead, the government has gone for an option where the fuel companies themselves will hold this additional diesel, which will cost motorists more for diesel at the pump, and it will be two years’ delay.”

ACT leader David Seymour has previously disagreed with Jones on the economics of keeping the Marsden Point refinery open.

But he saw the merits on using more of its storage capacity.

“The reality is it would probably be a levy on the fuels themselves. But if that was to be proposed, I think we would look at it very carefully on the costs and benefits. I think the world just changed, and we can see that having some more independence is probably not a bad bit of room to have.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The Commerce Commission has performed a U-turn on banks’ bid to collectively negotiate cash-in-transit services with Armourguard.

The Commission initially declined an interim bid by the Banking Association to negotiate on behalf of banks and some retailers, saying it was not satisfied the benefits would outweigh the negatives.

But in a draft determination announced on Thursday, the regulator proposed to authorise the application.

“We consider small benefits would likely arise from the proposed collective bargaining, such as operational efficiencies and more efficient contract terms,” Commission chair Dr John Small said.

He said the Commission’s view has “developed” since declining the bid for interim authorisation.

“While we do not currently consider these to be substantial benefits, we believe they are positive on balance.”

Small said at the time there were concerns around an approval leading to uncertainty and Armourguard pushing back investment plans.

“However, with further assessment and evidence we now consider these detriments to be unlikely.”

The Commission is seeking submissions from interested parties by 10 April.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The local government minister has called Wellington’s mayor for an explanation of the huge water bills that residents are facing – and are forecast to hit almost $7000 a year by the end of the decade.

Wellington’s new water entity Tiaki Wai is a council-controlled organisation taking over Wellington, Lower Hutt, Upper Hutt and Porirua City Councils water assets from July.

It announced this morning that residents will face an average nearly 15 percent hike in water charges this coming financial year – from $2100 to $2400.

Those bills may rise by nearly a quarter the following year – and keep increasing – to reach an estimated $6800 per year for water services by 2036 as the water entity tries to fix old, failing infrastructure.

Local government minister Simon Watts said those costs were higher than he was expecting.

“I’m concerned for Wellington ratepayers again, you know we’ve got a long string of issues in this area.”

Watts said the plan that Tiaki Wai presented to the Department of Internal Affairs (DIA) and the water regulator last year did not forecast such high costs.

He said he phoned Wellington’s Mayor Andrew Little about this today.

“I outlined to him that we received a plan from you which outlined a profile of cost increases, and as a result the entity has now published a price which is not in the plan, which is much higher, I need to understand, and have an explanation around that.”

A Tiaki Wai spokesperson said the Water Services Delivery plan it presented in August last year was based on the best available information at the time, and the organisation will continue to review its costs as investment plans develop.

Little said Tiaki Wai was responsible for what it sent to DIA last year, and he did not control or veto the organisation’s decisions under the new system.

He said he shared the minister’s concerns about bills, but the government campaigned on this model under its Local Water Done Well policy.

He said he will be scrutinising Tiaki Wai’s performance and pricing closely.

“If the increases follow the path that Tiaki Wai are saying, then people are going to expect high quality, that leaks are repaired quickly, also that they can contact their water company, at any time of the day.”

He wanted the Commerce Commission to be granted the power to intervene if water entity’s bills became unreasonable.

Watts did not confirm if the Commerce Commission would have the power to step in over sky-rocketing bills, but said he had called in the commission in this instance to work with Tiaki Wai and the councils over the projected prices.

Porirua Mayor Anita Baker said bills reaching nearly $7000 a year in a decade were horrendous, and could drive people away from the region.

“At those sort of prices, who’s going to be living here? I can’t pay $6000 in water, and $6000 in rates… we have to do something.”

She said while she supported the establishment of the water entity, and understood the scale of the work at hand, water charges still needed to be affordable.

Wellingtonians divided over jump in bills

Some Wellingtonians RNZ spoke to were worried about the charges due to cost of living pressures, while others said the region’s assets had to be fixed.

Dale said she did not look forward to the future knowing those charges lay ahead.

“That sounds pretty crap. I’m 28, so the way it will be, by the time I am 38, that doesn’t sound like I’ll be living a great life.”

But another resident Daniel Freese said the city had ignored failing assets for too long.

“I think it has to happen, I think we’re paying for under-investment over many years, and although it’s not good news, we just need to suck it up and pay for it.

“If we don’t pay now, we’re going have to pay later, and it’s going to be more.”

Resident Tom Arkell said he was keen to see water meters brought in for the city.

“I’d like to think we could bring in some pay-per-use water monitors, that we can actually incentivise people to use less water, and to track, and therefore they could pay within what they’re comfortable, rather than getting a fixed bill no matter how much water you use.”

Tiaki Wai is considering water meters, and the organisation expects they will take up to seven years to roll out across Wellington, and cost $590 million in total.

Peet yesterday told reporters the dire state of the region’s infrastructure could no longer be ignored after decades of under-investment.

“We know we’ve got a lot of leaks, we know we’ve got compliance issues with wastewater, and we all know that stormwater continues to be a significant challenge for many cities – but Wellington in particular.”

Peet said fixing the failed Moa Point plant – which has been spewing raw sewage into the sea for nearly six weeks – will be a top priority.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

MIL OSI

MIL OSI

Source: Radio New Zealand

Accounting software company Xero and artificial intelligence firm Anthropic have announced a multi-year deal to add AI tools to the accounting softward giant’s tools.

Under the deal, Xero will integrate Anthropic’s Claude AI system directly into its platform – and allow Xero customers to use their financial data inside Claude’s interface.

The companies say the aim is to give small businesses and their accountants real-time financial insights they can act on immediately.

Xero chief product and technology officer Diya Jolly said small business owners routinely grappled with questions about tight cashflow and overdue invoices, and the integration with Anthropic was designed to help answer those in seconds.

“To run their business efficiently, small business owners and their accountants and bookkeepers need to be able to answer these questions and act on them in real time, whether using Xero or Claude,” she said.

Xero said the AI tools would reduce the time businesses spend chasing invoices, manually compiling reports, or trying to forecast cashflow, with Claude proactively surfacing insights and recommended actions.

The company also emphasised that the partnership fits within its responsible data-use commitments – with financial information shared between platforms used only for a customer’s session and not used to train Claude’s AI models.

Jolly said integrating Claude moves Xero further into “agentic workflows”, with its AI assistant JAX (Just Ask Xero) helping predict cashflow gaps and carry out more complex financial tasks on behalf of users.

Anthropic managing director for international Chris Ciauri said the tools would give small businesses access to the kind of financial intelligence that previously would have required a dedicated analyst or chief financial officer.

“Instead of spending hours making sense of their financials on top of everything else it takes to run a business, customers get clear answers and recommended actions in real time,” he said.

Xero and Anthropic expect to roll out the new Claude features in the coming months.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand