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 Thursday, October 23, 2025, and here are five stories you should know about. A defunct Auckland construction company has been fined $30,000 in New Zealand's first-ever criminal prosecution for cartel conduct. Justice Sally Fitzgerald says she would have imposed a $595,000 fine if payment were realistic. The company, its former director, and related parties have name suppression pending court decisions. Co-defendant MaxBuild Limited was fined 500,000 dollars last year, and its director, Munesh "Max" Kumar, received community detention. Court documents show Kumar colluded on two 2022 infrastructure projects, securing $161,775 profit before the scheme was exposed by an accidental email. A 2021 law change made cartel conduct a criminal offence. In other news, Sky Sport will launch 4K ultra high-definition streaming with the first Ashes test on November 23. The broadcaster confirms only Sky Sport 1 will be available in 4K, with pop-up UHD channels when multiple live events coincide. Customers using Sky boxes or pods and commercial venues will access 4K content at no extra cost. Sky Sport Now users will pay an additional $5 per month for the UHD Premium Pass, while annual pass holders receive it free. On-demand programs remain standard definition. Sky has not announced 4K plans for its entertainment platforms including Neon. Meanwhile, KiwiSaver assets grew by $5 billion in the September quarter to nearly $135 billion, according to Morningstar's latest report. All multi-sector funds delivered positive results, with default funds around five percent. Morningstar's Greg Bunkall says the milestone marks 18 years since KiwiSaver began. ASB funds ranked strongly, while ANZ led overall market share at almost $23 billion. The five largest providers - ANZ, ASB, Fisher, Milford, and Westpac - manage about two-thirds of total assets. Morningstar estimates $1.1 billion in annual management fees. Over ten years, aggressive funds averaged ten percent annual returns, with conservative funds at 3.4 percent. In retail, Torpedo7's parent company Tahua Group will close the brand's last six stores and move entirely online by February. Retail division chief executive Lesley Francis-Ziogas says the physical model is unsustainable amid economic pressure and shifting consumer behavior. Tahua acquired Torpedo7 from The Warehouse Group in February 2024 for one dollar. The remaining stores will be rebranded as The Outlet, while Torpedo7 itself will continue as an online-only retailer. Francis-Ziogas says the digital model will simplify operations, lower fixed costs, and improve service. Torpedo7 began as an online store in 2004 before expanding into physical retail. And a new $225 million student accommodation tower is nearing completion on Auckland's Lorne Street. Developed by Australasian investor Cedar Pacific, the 18-level UniLodge Auckland Central will provide 758 beds above a heritage building behind the city library. Architect Cliff Paul of Ashton Mitchell says the design encourages community interaction. Facilities include a gym, cinema, library, music rooms, study areas, and two outdoor terraces. Each room features a kitchenette and ensuite bathroom. Communal dining areas and lounges resemble hotel spaces, with a concierge and café on site. The complex will be among Auckland's largest purpose-built student housing developments. 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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