PM Edition: Here are the top 10 business articles on LiveNews.co.nz for July 29, 2026 – Full Text
1. DFI Retail Group Holdings Limited 2026 Half-Year Results For The Six Months Ended 30 June 2026
July 29, 2026
Source: Media Outreach
The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
Highlights
- Underlying profit from continuing businesses1 grew 44% to US$117 million
- Reported profit was US$118 million, compared to a US$38 million loss in the prior year period
- Like-for-like (LFL) subsidiary sales growth from continuing businesses2 improved to 3%
- Health & Beauty sustained strong LFL sales; Convenience and Home Furnishings returned to growth
- E-commerce and DFIQ Media contributed to approximately 35% of sales growth
- Return on capital employed improved to 12%, up from 9% as of December 2025
- Interim dividend of US¢6.20 per share, up 77% year-on-year. Maintain full-year dividend payout of 70%
- Raised full-year organic revenue3 growth guidance to be between 3.0% and 4.0%, and underlying profit to be between US$285 million and US$305 million
- Announced 100% interest acquisition of Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong
Scott Price
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
OVERVIEW
The Group delivered strong performance in an evolving macroeconomic climate, underpinned by disciplined execution and a focus on driving higher returns. A portfolio built on everyday essentials, combined with a strong value proposition with convenience, continues to resonate with customers against the backdrop of oil price volatility. For the first half of 2026, subsidiary LFL sales growth from continuing businesses4 further improved to 3%. This was driven by sustained strong momentum in the Health & Beauty segment, as well as a return to growth in both the Convenience and Home Furnishings businesses. Price reinvestment, supported by a reset in sourcing strategy, drove Food volume growth with Wellcome’s basket price now trading at a discount relative to the Greater Bay Area5, compared to a premium in the prior year.
The Group’s commitment to retail excellence, a lean overhead structure and expanded omnichannel touchpoints enables us to serve our customers with better pricing and better experience. The DFI Omni Platform further strengthens this by seamlessly integrating our extensive store network with digital capabilities, delivering greater convenience and personalisation while unlocking new value pools through rich, cross-format data insights. Developing and scaling high-margin revenue streams, including retail media (DFIQ Media) and insights monetisation (DFIQ Insights), will diversify our profit base and support long-term value creation.
To enhance operational efficiency and improve productivity of team members, the Group introduced GenAI-powered tools in the first half of 2026, with plans to scale deployment across operating markets in the coming months. In parallel, AI capabilities are increasingly embedded across core retail functions, including assortment optimisation, promotion planning and demand forecasting, to drive better, more data-driven decisions.
The Group undertook a thorough review of the cost structure with the aim of driving sustainable savings and improving long-term cost efficiency. This has led to a reallocation of resources and costs toward format-level operations, driving greater agility and responsiveness to evolving market conditions, while continuing to reduce central selling, general and administrative (SG&A) costs through overhead optimisation. Combined with improving digital economics, underlying operating profit from continuing businesses6 grew 14% year-on-year in the first half of 2026. Improved operating performance and lower financing costs contributed to an 11% increase in underlying profit attributable to shareholders, or 44% from continuing businesses7 only.
The Group maintained a healthy balance sheet with a net debt position of US$22 million as of 30 June 2026. Return on capital employed further improved to 12%, up from 9% as of December 2025.
The Group declared an interim dividend of US¢6.20 per share, representing a significant increase of 77% compared to the same period last year. This enhanced interim dividend distribution underscored the Board’s confidence in the Group’s underlying business momentum and strong cash flow generation, while ensuring sufficient capital for future growth in line with our 70% payout policy.
OPERATING PERFORMANCE
Overall
For the first half of 2026, underlying subsidiary revenue from continuing businesses6 was US$4.1 billion, up 4% year-on-year and 3% on a LFL basis. The growth was driven by strong performance in the Health & Beauty division, as well as a return to growth in the Convenience and Home Furnishings segments. Total revenue, including Maxim’s, was US$5.6 billion. Excluding divestments7, total revenue increased by approximately 4%.
Overall underlying profit attributable to shareholders from continuing businesses7 grew 44% year-on-year to US$117 million, primarily driven by improved operating profit and lower financing costs.
Underlying subsidiary profit from continuing businesses6 was US$101 million, reflecting a 49% year-on-year increase, primarily driven by earnings recovery in the Home Furnishings and Food segment with lower SG&A expenses as a result of overhead reduction.
Underlying profit from associates was US$16 million, down from US$30 million in the prior comparable period, which included share of profits from Robinsons Retail ahead of its disposal. Excluding this, profit contribution from associates was up 22% year-on-year due to robust sales growth and effective cost optimisation at Maxim’s.
The Group reported operating cash flow after lease payments of US$178 million, 16% higher than the prior year period, driven by underlying operating profit growth. Free cash flow for the period was a net inflow of US$85 million, down 5% year-on-year, due to increased capex investment in priorities that will further strengthen the Group’s competitive position while driving long-term value for shareholders.
Digital
Capturing a significant share of daily essential customer missions in Hong Kong, the DFI Omni Platform – powered by yuu – enables deeper customer engagement across offline and online touchpoints, maximises data capture and unlocks incremental margin opportunities beyond core retail through DFIQ Media and DFIQ Insights. Overall digital turned profitable, with e-commerce and DFIQ Media contributing to approximately 35% of total revenue growth in the first half of 2026. This was supported by improved underlying e-commerce economics, a rising online sales penetration8 to 6.9% and 3 times in DFIQ Media revenue compared to first half of 2025. As of June 2026, more than 10,000 digital media-ready screens were available across DFI outlets.
Subsidiaries
Sales for the Health & Beauty division were US$1.4 billion, up 8% year-on-year from continuing businesses9, 7% in constant currency, or 6% on a LFL basis, with continued market share gains across key operating markets. Mannings and Guardian deepened their leadership as the trusted advisors for wellness through an enhanced, wellness-focused assortment and continued roll-out of skin and scalp assessment services across a wider store network. The recently announced exclusive distribution partnership with Holland & Barrett, a leading UK health and wellness retailer, will further expand customer access to trusted wellness solutions in Hong Kong and Singapore, followed by a broader rollout across selected Asia markets in the coming years. In Hong Kong and Macau, Mannings delivered 5% LFL sales growth, driven by increased basket size and robust tourist store sales amid higher visitor arrivals. In Southeast Asia, Guardian achieved strong LFL sales growth of 9%, supported by higher basket sizes and improved promotional efficiency, with Indonesia and Vietnam delivering close to 20% LFL growth. Excluding the impact of cost reallocation and closure of Mannings China offline stores, divisional profit increased moderately by 2% to US$109 million. Margin declined primarily due to increased strategic promotions to drive stronger sales and market share in Southeast Asia, particularly in Malaysia where health & beauty retailers did not benefit from the SARA Cash Aid Programme.
Total Convenience sales were US$1.2 billion, up 4% year-on-year or 2% on a LFL basis, as continued growth in higher-margin categories, including ready-to-eat (RTE) and exclusive collectibles, more than offset the decline in lower-margin cigarette volumes. Hong Kong LFL sales returned to growth in the second quarter following ten consecutive quarters of decline, supported by RTE and an expanded non-food assortment, including limited-edition collectibles and K-pop merchandise. Excluding cigarettes, LFL sales were up 3% for the period. In Singapore, effective promotional campaigns and collectible product launches drove strong LFL sales growth of 8%. In South China, continued store network expansion through a capex-light franchise model – including a net addition of 112 stores since June 2025 to nearly 1,980 locations – contributed to 12% sales growth year-on-year or 6% on constant currency basis. LFL sales were 1% higher compared to the prior year period, driven by the successful launch of Own Brand in key categories of frozen products and packaged drinks. The team remains focused on driving footfall and sales through further expansion of the RTE offering across both offline and online channels. This includes a broader rollout of the Food Bar to 453 stores as of June 2026, up from 325 at year-end 2025, and strong overall online sales growth of more than 35%. Excluding cost reallocation impact, profit for the division increased by 2% to reach US$37 million.
Reported sales for the Food division from continuing businesses10 were US$1.1 billion, up 1% year-on-year. LFL sales returned to positive growth of 0.5% in the second quarter of 2026. In Hong Kong, investment in reduced pricing on core basket items, a stronger fresh proposition, and Own Brand offering drove 2% increase in total volume and 0.5% LFL sales growth in the first half of 2026. As of June 2026, Wellcome’s “Everyday Value” range has expanded to nearly 500 items, offering savings of up to 40%, bringing its basket price down from a premium to a discount relative to the Greater Bay Area. The team also accelerated omnichannel growth with more than 35% growth in online order volume. In Cambodia, Lucky reported strong double-digit sales growth, with profit more than doubling year-on-year. The plan to open 50 new stores over the next few years remains on track. Macau Food sales remained challenging as a result of cross-border grocery shopping. Excluding the impact of cost reallocation and the divestment of Singapore Food, overall divisional profit increased by 27% year-on-year to US$17 million.
The Home Furnishings division delivered strong recovery in performance during the first half of 2026, with LFL sales growth of 4%, compared to a decline of 6% in the prior year period. Price reinvestment in core value SKUs, a stronger focus on locally relevant ranges and IKEA Food innovation drove increased footfall and items per baskets, resulting in a 3% LFL sales growth in Hong Kong and 5% in Taiwan. IKEA Food remains a critical traffic and revenue driver, accounting for 15% of total sales. In Indonesia, while offline sales momentum remained soft, LFL sales trend improved on a strengthening IKEA’s omnichannel proposition with online sales penetration reaching 24%. Sales recovery and effective cost optimisation measures contributed to 85% growth in overall divisional profit, excluding cost reallocation impact.
Associates
The Group’s share of Maxim’s underlying profits was US$16 million for the first half of 2026, up 15% year-on-year, underpinned by continued cost optimisation and operational efficiency measures. Sales for the period increased by 4%, driven by strong restaurant performance in Southeast Asia and a return to growth in the Chinese mainland, partially offset by weaker sales in Hong Kong.
RECENT BUSINESS DEVELOPMENTS
On 30 June 2026, the Group announced the acquisition of 100% interest in Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong, for a cash consideration of HK$30.2 million (approximately US$3.8 million) from ARN Media Network Limited (ASX: A1N), subject to customary adjustments.
The acquisition advances DFI’s strategy to build a full-funnel advertising solution in Hong Kong through DFIQ Media. By integrating Cody HK’s strategic assets – including multi-year exclusive advertising rights with Kowloon Motor Bus (KMB) and Hong Kong Tramways (HKT) – with DFI’s extensive store network, growing online user base, and closed-loop measurement capabilities, DFIQ Media strengthens its ability to deliver high-impact advertising solutions to a broader advertiser base across online, in-store, and outdoor channels.
Subject to satisfaction of third-party consents, the transaction is expected to complete in the second half of 2026.
PEOPLE
On 6 July 2026, the Group announced four senior leadership appointments effective from 1 August 2026. These moves reflect the Group’s continued focus on strengthening its leadership pipeline and driving the next phase of growth with experienced, proven leaders.
Andrew Wong will be appointed Chief Executive Officer, DFI IKEA. Formerly CEO of Health & Beauty, Andrew brings extensive experience in driving customer-led growth, operational discipline and in-store digitalisation across multiple markets. His earlier leadership of franchise operations at Jardine Restaurant Group positions him well to lead the IKEA business into its next phase of development.
Curtis Liu, having most recently served as Chief Executive Officer of Food, will be appointed Chief Executive Officer, Health & Beauty. His proven leadership in driving customer value repositioning in Hong Kong, combined with deep operational retail knowledge and digital experience at JD.com, positions him well to drive continued momentum and omnichannel growth in Health & Beauty.
Tom van der Lee will be appointed Chief Executive Officer, Food. Tom has played an instrumental role as Group Chief Financial Officer, driving financial discipline and supporting key strategic decisions across the Group. His prior experience at FrieslandCampina, a global food company, and his broad financial leadership across DFI banners in Southeast Asia supported his strong commercial grounding to lead the Food business.
Kaizhi Wu will succeed Tom as Group Chief Financial Officer. Kaizhi currently serves as Group Finance Director, Planning & Reporting, based in Hong Kong. Prior to joining DFI, he served as Executive Vice President and Chief Financial Officer of Yonghui Superstores Co., and earlier held senior roles at Jardine Matheson, Fosun Group and PwC in London. Kaizhi will join the Group’s Management Committee upon assuming his new role.
OUTLOOK
The Group remains confident in our ability to navigate the evolving trading environment, supported by sharpened business priorities, a strong balance sheet and low-cost operating model. Financial outlook outlined at the Investor Day in December 2025 remains intact as DFI continues to execute our multi-year strategic initiatives that are critical to driving sustainable revenue and earnings growth. These initiatives include strengthening our value proposition, strategically expanding store network, enhancing omnichannel capabilities and accelerating digital asset monetisation through data-driven insights. In particular, the growing DFI Omni Platform will deepen our customer engagement, further reinforce our core retail strength and enhance overall earnings resilience in the long term.
Despite an elevated oil price outlook for the remainder of the year, the Group expects to deliver stronger profitability supported by enhanced operational efficiency. As a result, the Group revises up its full-year organic revenue growth11 outlook to be between 3.0% and 4.0% (up from previously 2.0% to 3.0%), and underlying profit attributable to shareholders to be between US$285 million and US$305 million (up from previously US$270 million and US$300 million).
Scott Price
Group Chief Executive
—————–
1 Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail
2 Excluding impacts of divestment of Singapore Food business and closure of Mannings China
3 Excluding Singapore Food and Mannings China
4 Excluding impacts of divestment of Singapore Food business and closure of Mannings China
5 Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Shenzhen
6 Excluding impacts of divestment of Singapore Food business and closure of Mannings China
7 Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail
8 Excluding cigarettes under Convenience and IKEA Food
9 Excluding Mannings China
10 Excluding Singapore Food business
11 Excluding Singapore Food and Mannings China
Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu #Maxim’s
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
Back to index · Read original article
2. Nota Sign Integrates with Hong Kong’s iAM Smart, Enabling One-Stop Account Opening, Employee Onboarding and Contract Signing for Businesses and Residents
July 28, 2026
Source: Media Outreach
HONG KONG SAR – Media OutReach Newswire – 28 July 2026 – Nota Sign, the global e-signature platform of Fadada (Shenzhen Fadada Internet Technology Company Limited), has officially integrated with iAM Smart, Hong Kong’s official digital identity platform. The integration connects cross-border electronic signatures with Hong Kong’s digital identity ecosystem, providing government bodies, businesses and individuals across the Greater Bay Area with a secure, compliant and one-stop digital signing solution.
As Hong Kong continues to advance its digital government infrastructure, iAM Smart has become an important gateway connecting public services with digital commercial services. By the first quarter of 2026, the iAM Smart mobile application had recorded more than 10 million cumulative downloads and connected users to over 1,400 online services and electronic forms provided by government departments, public organisations and private institutions.
Through its integration with this digital identity ecosystem, Nota Sign has further strengthened its local digital signing capabilities in Hong Kong.
Designed to support electronic signature and data privacy requirements in more than 100 countries and regions, Nota Sign complies with major international regulatory frameworks, including the EU eIDAS Regulation, the US ESIGN Act, Hong Kong’s Electronic Transactions Ordinance and the GDPR.
The platform has completed ISO/IEC 27001 and ISO/IEC 27701 certifications, as well as SOC 2 Type I and Type II audits. It supports local digital identity systems in markets including Hong Kong and Singapore and operates data centres in key regions worldwide to meet data localisation requirements, fulfilling its commitment to “Sign with Global Trust.”
Through its deep integration with iAM Smart, Nota Sign enables both corporate and individual users to complete trusted identity verification and legally valid digital signatures using their iAM Smart accounts.
The integration connects Nota Sign directly with Hong Kong’s official digital identity infrastructure and further embeds the platform into the city’s digital government ecosystem. It provides government organisations, businesses and individuals in the Greater Bay Area, particularly those in Hong Kong, with a safer, more efficient and standardised one-stop digital signing solution.
01 Seamless Integration with Hong Kong’s Official Authentication Framework
Developed by the Government of the Hong Kong Special Administrative Region, iAM Smart is a one-stop digital identity authentication platform. Its compliant digital signing framework is established in accordance with Hong Kong’s Electronic Transactions Ordinance.
The platform serves as a key gateway through which Hong Kong residents and businesses access digital government and commercial services. It provides trusted identity verification, encrypted security and fully traceable records and is widely used across public service applications, commercial transactions and identity verification scenarios.
The integration brings together the core capabilities of iAM Smart and Nota Sign. Hong Kong users can authorise access to Nota Sign with one click using their iAM Smart accounts, eliminating repeated registration and data entry and significantly simplifying identity verification during cross-border signing processes.
Users can also verify their identities through iAM Smart and use Nota Sign to sign contracts, commercial documents and official records online. Data is encrypted throughout the process, all actions are recorded and signing activities remain fully traceable, helping ensure that the resulting signatures meet applicable legal and regulatory requirements.
02 Supporting Four High-Frequency Scenarios with Digital Signing at Users’ Fingertips
For users, the integration between Nota Sign and iAM Smart creates a more convenient and trusted digital signing experience for both businesses and individuals.
Whether handling local transactions in Hong Kong, collaborating across the Guangdong-Hong Kong-Macao Greater Bay Area or conducting cross-border commercial activities, users can reduce repeated identity checks, paper document circulation and in-person procedures, improving both operational efficiency and the overall digital service experience.
Nota Sign supports a wide range of high-frequency signing scenarios, including business operations, financial services, human resources, commercial collaboration and personal affairs. Typical applications include the following:
1. Commercial Collaboration
Nota Sign can be used for local Hong Kong business activities and cross-border collaboration across the Greater Bay Area, including supply chain coordination, procurement transactions and service partnerships.
Businesses can initiate cooperation agreements, procurement contracts, service agreements, supply chain reconciliation confirmations and other commercial documents through Nota Sign.
Signatories can then use iAM Smart to complete identity authentication and digital signing, improving business collaboration efficiency and delivering a smoother signing experience.
2. Talent and Human Resources Management
For cross-regional employment, businesses can initiate online signing processes for offer letters, employment contracts, confidentiality agreements, non-compete agreements and overseas or cross-border assignment documents.
Employees can authenticate their identities and sign digitally through iAM Smart, allowing onboarding documentation to be completed entirely online. This reduces the costs associated with manual identity verification and paper document circulation while improving the efficiency of human resources management.
3. Financial and Corporate Services
Nota Sign can support digital processes involving account opening, insurance applications, wealth management and corporate services.
Businesses can embed iAM Smart’s identity authentication capabilities into Nota Sign signing workflows. Once customers have completed identity verification, they can immediately sign account-opening agreements, authorisation documents, service agreements and other materials.
This reduces repeated authentication and duplicate data entry, providing customers with a smoother and more efficient online service experience.
4. Personal Affairs
Hong Kong residents can use iAM Smart to verify their identities and sign digitally when entering into tenancy agreements, granting personal authorisations or handling cross-border mandates.
Users no longer need to repeatedly enter their identity details or attend multiple in-person verification appointments. This improves the efficiency of a wide range of digital processes and makes signing more convenient and intuitive.
Huang Xiang, Founder and CEO of Fadada, said that the integration with iAM Smart represents an important strategic step in Nota Sign’s continued development in the Guangdong-Hong Kong-Macao Greater Bay Area. It also strengthens the platform’s local compliance service ecosystem and regional service capabilities.
Nota Sign previously established a partnership with Digi-Sign, the first commercial recognised certification authority under Hong Kong’s Tradelink.
Overseas users who do not have an iAM Smart account can use Tradelink iD-One, together with passport-based electronic Know Your Customer verification, to complete identity verification and apply for a digital certificate.
Following the integration with iAM Smart, Hong Kong residents can now complete identity authentication and digital signing directly through their iAM Smart accounts.
These two identity verification channels serve different user groups and further strengthen Nota Sign’s identity authentication network in Hong Kong.
Looking ahead, Nota Sign will continue to leverage its mature cross-border signing technology and compliance framework to provide reliable digital signing infrastructure for Chinese enterprises expanding overseas, Hong Kong and Macao businesses entering the Chinese mainland, and cross-border industrial collaboration across the Greater Bay Area.
Through these capabilities, Nota Sign aims to establish a leading cross-border electronic signing platform rooted in the Greater Bay Area and serving organisations worldwide.
About Nota Sign
Nota Sign is Fadada’s global electronic signature platform. It is designed to support electronic signature and data privacy requirements in more than 100 countries and regions and complies with regulatory frameworks including the EU eIDAS Regulation, the US ESIGN Act, Hong Kong’s Electronic Transactions Ordinance and the GDPR.
The platform integrates with dozens of recognised overseas certification authorities and provides electronic signature solutions at multiple assurance levels.
Nota Sign has completed ISO/IEC 27001 and ISO/IEC 27701 certifications, as well as a SOC 2 Type I audit. It operates data centres in key regions worldwide to meet data localisation requirements and supports localised signing services such as Singapore’s Singpass.
The platform has also introduced a GxP-compliant electronic signature solution designed to meet international regulatory requirements, including FDA 21 CFR Part 11 and EU Annex 11.
Powered by a legal-specific large language model, Nota Sign provides artificial intelligence capabilities such as intelligent contract review and multilingual document comparison.
It also supports integration with mainstream enterprise systems, including Salesforce and SAP, significantly shortening cross-border signing cycles and helping businesses “Sign with Global Trust.”
Contact Us
Fadada
www.notasign.com
zenglc@fadada.com
Hashtag: #FaDaDa #NotaSign
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
Back to index · Read original article
3. Better tools to fund and finance new infrastructure
July 28, 2026
Source: New Zealand Government
The Infrastructure Funding and Financing Amendment Bill passed by Parliament today will give developers and councils more innovative tools to fund and finance the infrastructure New Zealand needs to grow, Housing Minister Chris Bishop and Parliamentary Under-Secretary Simon Court say.
“Fixing the basics and building the future for New Zealand requires us to tackle the barriers which have prevented the delivery of the new homes and projects that will grow the economy, improve living standards and create jobs,” Mr Bishop says.
“The Government’s Going for Housing Growth programme delivers solutions through three pillars: Pillar One frees up land for development through Resource Management Act reforms and changes to national direction; Pillar Two improves infrastructure funding and financing; and Pillar Three gives councils stronger financial incentives to support housing development.
“Pillar Two addresses a key obstacle to housing growth: developers are often ready to build new homes, but councils lack the borrowing capacity to deliver the roads, water and other essential infrastructure needed to support them.
“Instead of relying on council borrowing, the Infrastructure Funding and Financing Act allows infrastructure to be financed by private investors and repaid over time through levies on the properties that directly benefit from the infrastructure.
“The Act was inspired by the successful Milldale development north of Auckland, where this model unlocked the infrastructure needed to support thousands of new homes for Kiwi families.
“However, the Act has fallen short of its potential and proven too difficult to use in practice. Unnecessary complexity, cost and bureaucratic hurdles have limited uptake, with only three levies authorised under the Act to date.
“The changes passed today will make the Act faster, simpler and more practical to use by removing unnecessary barriers, streamlining the levy approval process and broadening the range of infrastructure projects that can be funded using this model.
“This includes transport projects delivered by the New Zealand Transport Agency (NZTA) and KiwiRail, as well as water services infrastructure delivered through the new water organisations.”
Mr Court says the Bill also allows ongoing operational and maintenance costs to be funded through levy revenue.
“Allowing ongoing operational and maintenance costs to be recovered through levy revenue incentivises a whole-of-life design focus that will maximise value-for-money and make the model more attractive for future projects,” Mr Court says.
“The Bill also means councils and other infrastructure authorities will no longer be able to unnecessarily hold up proposals that meet the requirements of the Act. That will give developers greater certainty, reduce delays and help get more infrastructure projects underway.”
“With these improvements, the Infrastructure Funding and Financing Act is now a much more practical option for councils, developers and infrastructure providers looking to get infrastructure projects off the ground. We encourage the sector to make full use of it.” Mr Bishop says.
“By making it easier to deliver the roads, water infrastructure and transport links our growing communities need, these changes will enable more homes to be built, support the economy and ensure growth pays for growth.”
Notes to editors:
- National Infrastructure Funding and Financing (NIFF) can be contacted by potential proponents to assess whether the Infrastructure Funding and Financing Act may be suitable for their project in the first instance.
- The Planning Bill and Natural Environment Bill, which deliver Pillar One of the Going for Housing Growth programme, have been reported back to Parliament by the Environment Committee.
- Further information on Pillar Three of the Going for Housing Growth programme can be found on the Beehive Website.
Original source: https://nz.mil-osi.com/2026/07/28/better-tools-to-fund-and-finance-new-infrastructure/
Back to index · Read original article
4. Big Oil set to double profits as their emissions fuel deadly heatwaves – Oxfam
July 28, 2026
Source: Oxfam Aotearoa
- Top six fossil fuel corporations expect Q2 profits to nearly double Q1 levels. Annual profits for 2026 are set to exceed the previous 21 months combined.
- Emissions from five fossil fuel corporations were enough to cause about 1 in 4 heatwaves between 2000 and 2023, which would have been virtually impossible without climate change.
- A tax on the richest oil and gas corporations could raise up to $400 billion in its first year, enough to cover annual climate adaptation costs in low- and middle-income countries.
The world’s six biggest fossil fuel corporations are expected to nearly double their combined net income in the second quarter of 2026, jumping from $23 billion in the previous quarter to $45 billion, reveals new Oxfam analysis ahead of their earnings announcements. New data also finds that the emissions of these corporations have significantly magnified the frequency and severity of heatwaves this century.
The projected full-year profits of BP, Chevron, Eni, ExxonMobil, Shell and TotalEnergies amount to $147 billion, more than their combined profits over the previous 21 months (Q2 2024 to Q4 2025). Among the biggest winners, Chevron is expected to report that it has quadrupled its profits to $1,200 a second in the last three months, while ExxonMobil’s profits are expected to have tripled to $1,800 a second.
Oil and gas corporations share an outsized responsibility for the climate crisis. New Oxfam analysis of academic data published in Nature finds that the emissions from BP, Chevron, ExxonMobil, Shell and TotalEnergies were sufficient to cause around 1 in 4 heatwaves reported globally between 2000 and 2023 – heatwaves that would have been virtually impossible without human-made climate change. Using S&P Capital Trucost data, Oxfam estimates that Big Oil was responsible for $60 billion in environmental damage last year.
The findings come as record-breaking heatwaves scorch South Asia, Europe and North America, killing tens of thousands of people. Meanwhile, West African countries are struggling with devastating monsoons and floods that have upended thousands of lives and destroyed vital infrastructure across the region.
Yet rather than scaling back fossil fuel production and accelerating the transition to renewable energy, the six largest fossil fuel corporations plan to increase oil and gas production by 14 percent by 2030 compared to 2024 levels, equivalent to pumping an additional 2.5 million barrels of oil a day.
“Fossil fuel corporations are making a killing, literally and figuratively. As extreme heat, floods and storms devastate communities across the world, the industry is preparing another bonanza of profits. Families are paying the price three times over: through destroyed homes and harvests, through soaring energy prices, and through a cost-of-living crisis worsened by dependence on fossil fuels. Big Oil’s greed is incompatible with a livable planet and unless governments rein it in, they will make a mockery of international climate targets,” said Oxfam’s Climate Policy Lead Mariana Paoli.
Oxfam estimates that a tax on the profits of the largest fossil fuel corporations could raise up to $400 billion globally in its first year, enough to cover annual climate adaptation costs in the Global South. An additional excess profits tax on all corporations could generate up to $681 billion globally.
“While Big Oil fuels extreme weather events, rich countries are refusing to increase the public climate finance that poorer countries urgently need to cope with the climate crisis,” said Paoli. “Until governments make the richest polluters pay, fossil fuel corporations will keep driving us deeper into climate chaos. Taxing the richest polluters could help close the gap in funding for climate adaptation and speed the transition towards renewable energy. Fossil fuel corporations must feel the heat, not us.”
Political momentum for taxing the richest polluters is growing. Italy, Germany, Spain, Portugal and Austria have called for a new windfall tax on energy profits. In Australia, where Oxfam research found that one in three coal, oil and gas corporations are paying no corporate income tax, many members of Parliament are speaking out in support of a 25 percent export tax on gas, with strong public support.
Research in 60 countries found that 28 percent of them have implemented a temporary windfall tax on excess profits from fossil fuel companies in recent years, with a further 13 percent supportive. Just 12 percent are explicitly against the measure.
Oxfam Aotearoa’s Advocacy and Policy Lead, Nick Henry, said, “Fossil fuel companies have a global responsibility for climate change. The New Zealand Government should be holding these rich polluters to account and making them pay the cost of their climate damage.”
Oxfam’s research is based on S&P Capital IQ’s consensus estimates compiled from financial analysts’ forecasts. The six largest fossil fuel corporations are due to publish their second-quarter earnings over the coming week. The projected surge in profits reflects the sharp rise in oil prices following the unlawful US and Israel war against Iran.
Heatwave deaths and West African flooding
UNEP Adaptation Gap Report 2025
Oxfam’s rich polluter profit tax model
Back to index · Read original article
5. The MIHAS Awards 2026, Honouring Halal Excellence, Innovation and Sustainability!
July 28, 2026
Source: Media Outreach
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 28 July 2026 – The prestigious MIHAS Awards 2026 is back! Exhibitors compete for one of the halal industry’s most prestigious recognitions by showcasing their excellence, innovation and leadership in advancing the global halal economy, and MATRADE is calling for entries before the deadline closes.
Applications commenced in July 2026 and will remain open until 10 August 2026. The awards recognise outstanding MIHAS 2026 exhibitors that have demonstrated exceptional achievements in business growth, product and service excellence, innovation, sustainability, and digital transformation, while contributing to the continued advancement of the global halal industry.
This year, 15 awards will be presented across three flagship categories, reflecting MIHAS’s commitment to recognising excellence across the evolving halal business ecosystem:
- MIHAS Excellence Awards: Recognising outstanding achievements in Product Excellence, Service Excellence and Emerging Star categories.
- MIHAS Innovation, Sustainability & Digitalisation Awards: Honouring exhibitors that have successfully leveraged advanced technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), blockchain and other digital solutions to drive innovation, operational excellence, sustainability and long-term business growth.
- WiEX @ MIHAS (Anugerah Wira Ekonomi Wanita): Celebrating exceptional women-led businesses across Product, Service, and Innovation, Sustainability and Digitalisation categories.
Commenting on this, Dato’ Sri Reezal Merican Naina Merican, Chairman of MATRADE, said the awards continue to play an important role in elevating industry standards and recognising forward-thinking companies that are shaping the future of halal trade.
“The MIHAS Awards have become a hallmark of excellence within the global halal industry, recognising businesses that continuously raise the bar through innovation, resilience and sustainable growth. As the halal economy continues to expand beyond traditional sectors, companies must embrace innovation, sustainability and digitalisation to remain relevant and competitive.”
“This year’s awards place even greater emphasis on future-ready businesses that are embracing digital transformation, sustainability and emerging technologies to create lasting value. Through the MIHAS Awards, we aspire to inspire more companies to innovate, compete globally and contribute to the continued growth of the international halal economy,” he added.
The MIHAS Awards 2026 are open to all exhibitors of MIHAS 2026, including both Malaysian and international participants. For Malaysian participants, companies must also be registered as MATRADE members. Applicants must meet the prescribed financial eligibility criteria, with average annual sales exceeding RM500,000 for product categories and RM250,000 for service categories.
For the MIHAS Excellence Awards, companies must have participated in MIHAS on at least three occasions, while nominees for the Emerging Star category must have exhibited at least once previously. Applicants for the WiEX Awards must be exhibitors within the WiEX Pavilion.
Following the submission deadline on 10 August 2026, entries will undergo a comprehensive evaluation process, beginning with a pre-assessment stage at the end of August, followed by pitching sessions before an independent panel of judges in early September. Winners will be announced during the official MIHAS Awards 2026 Ceremony on 26 September 2026.
In addition to receiving industry recognition, winners will enjoy a comprehensive range of promotional and branding benefits designed to enhance their visibility in international markets. These include feature stories on the MATRADE Success Stories Portal, a complimentary one-year listing in the Malaysian Brand Directory and media interview engagements, a 15 per cent discount on future MIHAS exhibition booth rentals, as well as an exclusive MIHAS 22nd Edition corporate jacket.
As the world’s largest international halal trade exhibition, MIHAS continues to serve as a catalyst for business growth, innovation and cross-border partnerships, connecting businesses with opportunities across the global halal value chain. MATRADE encourages all eligible exhibitors to seize this opportunity to gain international recognition and showcase their achievements on one of the world’s most influential halal business platforms.
Interested exhibitors may submit their applications through the official MIHAS portal at www.mihas.com.my by 10 August 2026.
Hashtag: #MIHAS2026 #Awards #MATRADE
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
Back to index · Read original article
6. The Virtual Island Summit returns for its 8th edition with a new three-day format and first speakers confirmed
July 28, 2026
Source: Island Innovation
27 July, 2026: The Virtual Island Summit (VIS), the premier free online conference for island communities worldwide, will return on 15-17 September 2026.
Now in its eighth year, VIS marks a significant shift from previous editions. The three-day event will follow a narrative arc, with each day building on the last and programming spanning time zones from the Pacific to the Caribbean so audiences everywhere can join live at times that work for them.
- Day 1, Adapt to Change, looks at how island communities are responding to conditions that have already shifted, from decarbonising marine transport and adapting to coastal erosion, to the generational knowledge and ocean governance practices that have sustained island communities for decades.
- Day 2, Transform Systems, examines the models and mechanisms already reshaping island futures: rethinking tourism before pressures become irreversible, turning waste into a circular local economy, reviving indigenous languages, and building food sovereignty in the face of import dependence.
- Day 3, Mobilise Action, turns to what moves people, capital and political will: the funding structures, coalitions and leadership approaches that turn plans into results.
The event is free to attend and open to the public, continuing the Summit’s commitment to accessible, Zero-Carbon knowledge sharing between islanders and global partners alike.
“The Virtual Island Summit is our flagship online event and we are proud to deliver a high-level knowledge-sharing platform that puts islands at the heart of global discussions,” said James Ellsmoor, Chief Executive Officer of Island Innovation. “The Summit highlights islands not simply as places facing shared challenges, but as places developing practical solutions with relevance far beyond their own shores. This year we are evolving the format to reflect how island communities actually work through challenges: understanding the problem, finding what works, and mobilising the resources to scale it. We want attendees to leave VIS 2026 with a clearer sense of where islands stand and what comes next.”
The first confirmed speakers for VIS 2026 include heads of government and senior policy leaders such as:
- Lourdes Leon Guerrero, Governor of Guam;
- Feleti Penitala Teo, Prime Minister, Government of Tuvalu;
- Cora Richardson-Hodge, Premier of the Government of Anguilla;
- Albert Bryan, Governor of the US Virgin Islands
- Jache Adams, Minister of Public Works and the Environment, Government of Bermuda;
- Hannah Mary Goodlad, MSP for Shetland Islands & Minister for Public Finance, Scottish Government;
- Chris Lee, Senator, Hawaii State
- Kalani Kaʻanāʻanā, Chief Executive Officer, Hawai’i Green Growth
- Rachel Kyte, UK Special Representative for Climate;
- Chris Elmore, MP and Parliamentary Under-Secretary of State for Multilateral, Human Rights, Latin America and the Caribbean at the Foreign, Commonwealth and Development Office
- Marie-Antoinette Maupertuis, President of the Corsican Assembly & President of the Islands Commission of the Conference of Peripheral Maritime Regions (CPMR)
They are joined by researchers, educators and sector experts including:
- Dr Dai-Yeun Jeong, Director of the Asia Climate Change Education Center;
- Maria Ackrén, Director of the Stefansson Arctic Institute;
- Laurie Brinklow, Chair, Institute of Island Studies, University of Prince Edward Island, University of Prince Edward Island;
- Peter Van Aert, Researcher and Teacher at the Institute of Culture, Society and State, National University of Tierra del Fuego;
- Chalapan Kaluwin, Director of Momis Ocean and Climate Research institute & Dean of School of Sustainable Resources Management & Business Studies, PNG University of Natural Resources and Environment;
- Olly Newton, Executive Director of The Edge Foundation.
Additional speakers will be confirmed in the coming weeks.
Previous editions have brought together heads of state, ministers, and senior practitioners from over 500 island communities across the Caribbean, Pacific, Atlantic, Indian Ocean, Mediterranean, and beyond, drawing more than 10,000 attendees.
All sessions will be available free of charge. Registration is now open at islandinnovation.co/events/virtual-island-summit-2026.
Back to index · Read original article
7. HKT unveils self-developed AI platform HKT.AI One-stop hub for global AI resources, advancing “AI for All” in Hong Kong
July 28, 2026
Source: Media Outreach
HONG KONG SAR – Media OutReach Newswire – 28 July 2026 – HKT announces the launch of HKT.AI, a one-stop, integrated AI platform that enables businesses and individual customers to access a broad suite of prominent global AI resources through a single and intuitive interface. The platform aims to accelerate the mass adoption of AI in Hong Kong, especially in empowering SMEs in their digital transformation, and advance the vision of “AI for All.”
HKT.AI aggregates a wide range of Chinese Mainland-based and global AI resources, enabling businesses and individuals to seamlessly access and switch across specialised applications and tools on a single platform to meet diverse work and everyday needs. At initial launch, HKT.AI offers four key features, including Image Studio, Writing Studio, Social Content Studio, and an AI Arena that help users select the suitable model. The platform also provides secure dedicated storage that automatically preserves chat histories, eliminating the need for users to search across different apps and facilitating future reference and reuse. This is reinforced by enterprise-grade security that safeguards customers’ uploaded data.
HKT.AI initially comes with around 20 preconfigured AI agents to facilitate an easy start. Addressing the needs of SMEs, HKT.AI offers a collection of Hong Kong-focused business AI agents that take on routine tasks, such as company filing and documents generation for assisting tax-related matters, to drive greater efficiency and competitiveness among SMEs. Designed for supporting a variety of business scenarios, the AI agents are categorised by job function to help users locate the appropriate tools, including auto roster planner and complaint response assistant, at ease.
For consumers, the platform features engaging and educational AI agents such as a personal fitness trainer, a star‑chef cooking coach, and a creative naming tool. New features will be added on gradually, including PowerPoint and video generating tools.
HKT will offer businesses and individual users with a dedicated, round‑the‑clock hotline dedicated for AI support, along with a range of training sessions and workshops, ensuring users can master the applications and receive assistance in a timely manner. Designated specialists will also be provided to assist businesses with platform setup as needed.
Starting today, HKT will invite selected businesses and 1O1O customers to trial HKT.AI for free, with plans to gradually enrich the range of AI resources and agents and make it available to more customers.
Susanna Hui, HKT Group Managing Director, said, “HKT has been proactively capitalising the opportunities arising from the rapid advancement of AI, while accelerating its transformation from a traditional telecommunications service provider into an integrated data and intelligent technology enabler serving both enterprise and individual customers. We are committed to leveraging our network infrastructure, cross-industry ecosystem, diverse partner network, and extensive customer base to build an end-to-end innovation value chain spanning connectivity, data and intelligence, leading customers in embracing new technologies, empowering every step of their journey, as well as accelerating the broad adoption of AI. To advance this commitment, we are introducing HKT.AI, our self-developed, purpose-driven platform that transforms cutting-edge AI capabilities into intuitive, secure and reliable tools, all accessible through a single gateway designed to serve and empower businesses and consumers. Our goal is to support Hong Kong’s “AI for All” vision and proactively align with the nation’s “AI+” initiative, fostering the growth of the digital economy and a smart society.”
Recently, HKT has introduced other AI-driven services, including the AI CMO marketing solution, which can rapidly generate marketing videos incorporating local language and scenarios based on social listening insights together with data analytics from The Club ecosystem for merchants’ use on The Club and their platforms. Tap & Go has also launched Hong Kong’s first Single Use Card for consumers, enabling users to manage the risks associated with Agentic AI in transactional workflows and merchant data breaches.
Hashtag: #HKT
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
Back to index · Read original article
8. Swiss-Belhotel International Expands Bali Portfolio with the Soft Opening of The 5-Star Ashva Swiss-Belresort Ubud Bali
July 28, 2026
Source: Media Outreach
JAKARTA, INDONESIA – Media OutReach Newswire – 28 July 2026 – Swiss-Belhotel International continues to reinforce its strategic growth within Indonesia’s premium hospitality market with the soft opening of the 5-star Ashva Swiss-Belresort Ubud Bali. Nestled in one of Bali’s most celebrated cultural and nature-driven destinations, this upscale property marks a major milestone for the brand ahead of its official Grand Opening slated for September 2026.
Deluxe Room Nature View with Balcony, Ashva Swiss-Belresort Ubud, Bali
The launch reflects the group’s unwavering confidence in Bali’s resilient luxury tourism segment. Designed to meet the evolving preferences of modern travelers, Ashva Swiss-Belresort Ubud Bali brings sophisticated international hospitality standards to a sanctuary engineered for multi-generational family bonding, couples’ retreats, and immersive, experience-focused stays.
Sudharman Shetty, President Director of PT Ratna Forever Hospitality, stated:
“The development of Ashva Swiss-Belresort Ubud Bali represents a strategic step in expanding our hospitality business while supporting the growth of quality tourism in Ubud. We believe that Ubud’s natural beauty, cultural heritage, and unique attractions can be combined with international service standards to create a destination with strong value and long-term sustainability. Through the presence of the Swiss-Belresort brand, we hope Ashva will grow into a preferred resort choice for both domestic and international travellers, while also making a positive contribution to the local community and economy,” said Sudharman Shetty, Founder & Owner of Ratna Forever Hospitality.”
Gavin M. Faull, Chairman and President of Swiss-Belhotel International, added: “Indonesia continues to be a cornerstone of our global expansion vision. This development not only reflects the deep trust of our partners at PT Ratna Forever Hospitality in our balanced approach to guest comfort and operational excellence, but it also underscores our strong confidence in the market—particularly within the high-growth segment of travelers seeking spacious, lifestyle-oriented resort experiences.”
Developed with a contemporary yet culturally rooted resort concept, Ashva Swiss-Belresort Ubud Bali features 90 beautifully appointed guestrooms and suites, alongside 4 exclusive wooden pavilions. Accommodations range from a generous 40 to 106 square meters, perfectly catering to families and groups. Select premium room and suite tiers elevate the stay experience with private heated plunge pools and smart in-room technology.
The culinary landscape introduces diverse dining destinations, including Giwangkara All Day Dining and the renowned Udupi Multi-Cuisine Restaurant, which boasts a strictly separated, dedicated kitchen section for pure vegetarian preparation.
The resort’s striking architectural centerpiece is a terraced swimming pool concept, designed with cascading water elements and a Petanu Pool Bar overlooking Ubud’s layered natural landscape. To accommodate business and celebratory milestones, the property features a grand ballroom, versatile meeting spaces, and scenic outdoor areas beautifully tailored for weddings and social events.
Ilkin Ilyaszade, Senior Vice President – Operations and Development, Indonesia at Swiss-Belhotel International, commented: “As we actively strengthen our footprint across key hubs in Indonesia, Bali remains an essential, highly resilient destination with exceptional growth potential. The soft opening of Ashva Swiss-Belresort Ubud Bali directly supports this trajectory. Beyond creating vibrant leisure experiences, our comprehensive facilities and scenic setting are strategically positioned to capture the rising demand for premium corporate meetings, weddings, and high-profile social events.”
During the soft opening phase in July and August 2026, guests can take advantage of exclusive introductory rates before the resort transitions to its grand launch in September. To discover a new expression of refined living or to secure reservations, please visit ashvaswiss-belresort.com.
SBEC Loyalty Programme: Enjoy 10%–35% OFF on Rooms, Dining, and other services at 165+ hotels globally by becoming an SBEC loyalty member. Sign up for FREE and enjoy instant benefits through the Swiss-Belhotel International App—available in the App Store and Google Play Store.
https://www.swiss-belhotel.com/
https://www.linkedin.com/company/swiss-belhotel-international
https://www.facebook.com/swissbelhotel
https://www.instagram.com/swissbelhotel/
Hashtag: #SwissBelhotelInternational #UbudResort #5StarResort #IndiaMarket #WellnessResort
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
Back to index · Read original article
9. AI trade dangerously financing itself, China just found the exit: deVere CEO
July 28, 2026
Source: deVere Group
July 28 2026
Investors chasing the AI trade need to look past the trillion-dollar figures and ask a much harder question, warns the CEO of one of the world’s largest independent financial advisory organizations.
Nigel Green of deVere Group’s comments come as a global sell-off in semiconductor stocks deepened on Tuesday, with investors growing increasingly uneasy about whether the AI boom can sustain itself. South Korea’s Kospi index dropped as much as 8.1%, its lowest level since April 20, as memory giants Samsung Electronics and SK Hynix each slumped more than 9%. Japan’s chip-heavy Nikkei 225 fell 4%.
New mapping of the AI industry’s biggest players shows chipmakers, cloud giants, and AI labs increasingly investing in one another and buying from one another in the same closed loop, while Chinese rivals close the technology gap at a fraction of the cost.
“Today’s rout in Seoul and Tokyo is no random wobble. The market is finally pricing the circularity risk it has been ignoring for months,” notes the CEO of deVere.
“When Samsung and SK Hynix can lose close to a tenth of their value in a single session, that tells you how fragile the confidence underpinning this entire sector has become.”
He continues: “Nvidia funds OpenAI. OpenAI pays Oracle and Microsoft for cloud capacity. Oracle and Microsoft turn around and buy Nvidia chips with the proceeds.
“The same dollar gets counted as revenue three times on its way around the loop. This is not demand. It’s an accounting trick wearing a growth story as a costume.
“Nvidia is valued at $4.5 trillion and has committed up to $100 billion to a company, OpenAI, that is on track to lose roughly $14 billion this year,” says Nigel Green.
“Would any bank underwrite that loan on those terms? Of course not. But dress it up as an AI investment and Wall Street applauds.
“Oracle is sitting on a backlog north of $500 billion, built heavily on commitments from a customer that has already admitted, in public, it may not be able to pay for the computing power it has ordered,” says Nigel Green.
“This isn’t a rounding error. It’s the fault line running under the entire AI infrastructure trade.”
Nigel Green says the bigger danger for Western portfolios is not inside the loop, it is outside it.
“While Silicon Valley recycles the same capital between five companies, Chinese labs are shipping frontier open-source models trained on domestic chips, at a fraction of the cost, and developers are already voting with their traffic,” explains the deVere CEO.
“China is not playing catch-up anymore. In several places, it’s setting the price and the pace, and Silicon Valley is reacting to it.”
“China is going to win parts of this race. Say it plainly, because pretending otherwise does investors no favours,” says Nigel Green.
“Every major technology shift in history has produced winners, losers, and brutal new competitors. Electricity did it, the internet did it, and AI will be no different.”
Nigel Green stresses: “None of this means investors should run from AI.
“It means they should stop investing in the story and start investing in the balance sheet.
“The companies that win will be the ones with real customers paying real money, margins that don’t depend on their own supplier lending them the cash to buy the product, and tech that still works if the financing dries up.”
“Periods exactly like this one, loud, leveraged, circular, are what separate durable companies from fragile ones.
“History rewards the investors who spot the difference early and punishes the ones who mistake the noise for the signal,” says Nigel Green.
He concludes: “The test for any AI holding right now is simple: run three checks. Where does the revenue actually originate?
“Would the customer still be a customer if the supplier stopped funding them?
“And how much of that company’s edge survives a Chinese competitor delivering 80% of the performance at a fraction of the cost?
“The reward goes to the investors doing the work now, not to the ones still cheering the circularity as though it were growth.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.
Back to index · Read original article
10. Christopher Luxon wants to take a holiday: yours – PSA
July 28, 2026
Source: Public Service Association Te Pūkenga Here Tikanga Mahi (PSA)
Prime Minister Christopher Luxon is today supporting a bill that will cut annual leave entitlements for tens of thousands of working New Zealanders as it moves through the Committee of the Whole House in Parliament.
“Christopher Luxon wants to take a holiday: yours,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi. “It is disgraceful that he is advancing a law that will steal people’s time – their well-deserved holidays and the time they need to recover from sickness.
“It casts his parental leave announcement over the weekend in a very hypocritical light.”
Luxon, along with his National colleagues and ACT and NZ First coalition partners, is progressing the Employment Leave Bill, which will reduce annual and sick leave for anyone whose hours vary from week to week, who is off work because of an injury, or who works shorter shifts on public holidays.
The bill, which would replace the Holidays Act, would introduce a system where workers accrue annual and sick leave for “standard” hours they’re required to work under their employment agreement.
Overtime and extra hours would not accrue leave, so anyone regularly working those extra hours would get less leave than they do under the current law, which guarantees at least four weeks annual leave and ten days sick leave a year.
“Workers will be getting less leave for the same amount of work – passing this bill would be deeply unfair, especially in in a cost-of-living crisis,” said Fitzsimons.
Workers would also not accrue leave while getting compensation from ACC, and people working shorter shifts on public holidays will no longer receive a full day in lieu to compensate.
“This heartless law does not recognise the disruption caused to family life and personal time by working on public holidays,” said Fitzsimons.
The PSA represents many of the people who would be worse off, including those working in hospitals, those caring for mental health patients, corrections officers, and care and support workers looking after our most vulnerable.
Last week the PSA also revealed analysis that the bill would cut the pay of over 200,000 New Zealanders. The PSA also gave all MPs the opportunity to pledge to oppose any changes that will leave workers worse off – only Labour, Green, and Te Pāti Māori MPs signed.
“Working people deserve holidays, and they deserve to be paid properly for them. We will be fighting for the repeal of this bill and for a government that respects working people,” said Fitzsimons.
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
Back to index · Read original article
