Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Friday, October 20, 2025, and here are five stories you should know about. Annual inflation in New Zealand reached 3 percent for the year to September, the highest in 15 months and at the upper limit of the Reserve Bank's target range. ANZ's Miles Workman says higher tradeable inflation offset gradual domestic disinflation, while Westpac's Satish Ranchhod notes continued softness in rents and new home costs. Power prices rose 11.3 percent, food 4.6 percent, and local rates 8.8 percent. Kiwibank's Mary Jo Vergara says 36 percent of measured items fell in price, unchanged from the previous quarter, while core inflation eased to 2.5 percent, the lowest since March 2021. In other news, Ponsonby's award-winning restaurant Sidart entered liquidation, owing more than $1 million to creditors and Inland Revenue. Owner and chef Lesley Chandra closed the restaurant last week, citing cashflow difficulties. Liquidators Jared Booth and Tony Maginness report $967,906 owed to The Epicurian Consultancy, $177,920 to Inland Revenue, and $2,606 to employees. Unsecured creditors are owed over $94,000. Sidart, established in 2009 and sold to Chandra in 2021, was named Restaurant of the Year in 2019. The Restaurant Association reports total industry sales rose 1.4 percent to $15.99 billion in June 2025. Meanwhile, the Government will amend the Credit Contracts and Consumer Finance Act to ensure penalties for past disclosure errors are proportionate, but the change won't apply to ongoing court cases. This means a major class action against ANZ will continue. Commerce Minister Scott Simpson says retrospective change is justified to ensure fair outcomes. ASB recently settled a similar case for $135.6 million without admitting fault. ANZ's Antonia Watson says excluding her bank from relief sets a poor precedent. The case, involving 17,000 customers, is due to be heard in March. On the consumer front, Honey New Zealand's energy drink Mānuka Phuel has gained strong traction since its March launch across major retailers. Co-creator Alex McDonald says it took seven months from concept to can, blending mānuka honey with caffeine for a natural alternative. The range includes Big Buzz, Collagen Buzz, and Hydro Buzz, retailing at about $2.59 per can. A Honey NZ spokesperson says the drink meets demand for clean, functional beverages. At the March Synthony festival, about 21,000 of 35,000 attendees tried Mānuka Phuel. McDonald says the company's growth shows strong interest in honey-based energy products. In a separate development, Bastion Shine has recruited six senior leaders from VML Wellington in one of New Zealand's biggest advertising talent moves. The hires include managing director Fleur Head, creative director Damian Galvin, and four other department heads, collectively bringing nearly 50 years of VML experience. Bastion Shine chief executive Toby Sellers says Wellington is a strategic focus and the recruits strengthen its government sector capabilities. The team joins early in 2026. The shift comes amid consolidation within global holding companies, as agencies tighten costs and restructure to maintain competitiveness. Bastion Shine employs 80 staff. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

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