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Xero CEO sells all shares to pay personal tax dues
Will Mace
Mon, 13 Jul 2026
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Mon 13 Jul 2026 01:20:38pm
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Mon 13 Jul 2026 01:20:38pm
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Mon, 13 Jul 2026
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New guidance to make overseas investment in supermarkets easier
Land Information New Zealand has issued new guidance to overseas supermarket investors to make it easier for them to understand and navigate the Overseas Investment Act.
Associate Finance Minister David Seymour said the guidelines specified what provisions of the law applied to investors, what tests they had to meet, and how LINZ would apply those tests to their application.
“We want to make it as easy as possible for credible investors to establish or expand grocery retail operations in New Zealand. The more options there are for Kiwis, the more competition there is within the market. This will lead to lower prices for Kiwis at the checkout,” Seymour said.
He said New Zealand was now more open to all overseas investment, with a record 230 transactions granted consent in the past financial year.
Services sector moves back into growth zone
New Zealand’s services sector has shrugged off Middle East-related price volatility and bounced back into expansion territory.
The BNZ-BusinessNZ Performance of Services Index, out today, was up to 50.6 in June, compared with 48 in May. A reading over 50 indicates the sector is in expansion, rather than contraction, where it has lingered in recent months.
BusinessNZ chief executive Katherine Rich said the recovery was still tentative rather than strong. “The parts of the sector doing it hardest remain those most exposed to discretionary spending, like hospitality and personal services, where households are still holding onto their money for fuel, food, and other essentials.”
BNZ research head Stephen Toplis said today’s services data, combined with recent manufacturing data, points to economic growth of about 2%. “This is hardly a spectacular number but further confirmation that the trend in growth prior to the oil shock is resuming.”
NPD and Gull merger creates NPDGull
The merger of fuel retailers NPD and Gull has been formally completed, creating a new corporate entity NPDGull to manage and operate the brands.
The merger creates a business with an enterprise value of more than $1 billion, with 219 retail sites, a fuel terminal at Mt Maunganui, and about 130 staff.
Gull is owned by private equity firm Allegro, while NPD is owned by the Nelson-based Sheridan family.
Australian reports suggest that, with the deal complete, Allegro will now start looking for a buyer for the merged business as part of its exit strategy.
The Commerce Commission cleared the merger in May.
Fonterra cuts milk price forecast
Fonterra has cut its milk price forecast for the 2026/27 season after commodity prices fell in recent GlobalDairyTrade auctions.
In a statement to the NZX, the milk processing co-op said its new forecast range was $8-$10.50 a kg of milk solids, down from $8-$11 announced in May.
Chief executive Richard Allen said prices for reference products had fallen 11% since the May forecast and milk production from key forecast regions was up on last year.
“It’s very early days in terms of the proportion of our FY27 sales book that has been contracted, so we face significant exposure to changes in commodity prices,” he said.
“As the seasonal supply picks up, our plan will ensure we utilise our flexible operations footprint, strong customer relationships and robust supply chain to shift milk into the products and markets where we can get the best returns for our farmers’ milk.”
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Mon 13 Jul 2026 01:12:16pm
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