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, August 22, 2025, and here are five stories you should know about. Fon terra has agreed to sell its global consumer and associated businesses, including major New Zealand brands Anchor, Mainland and Fresh'n Fruity, to French food group Lactalis for $3.845 billion. The move comes as butter and cheese prices have surged, with a 500-gram block of butter rising from $4.49 last April, to $8.60 last month. Fon terra chief executive Miles Hurrell says the sale will not affect retail prices, noting competition remains unchanged. Infometrics chief executive Brad Olsen says local prices mirror global markets, meaning the transaction will not alter consumer costs. At Parliament, the Finance and Expenditure Committee has completed its year-long banking inquiry without identifying new or sweeping solutions. Recommendations include requiring banks to standardise product information to help customers compare loans, and for the Financial Markets Authority to ensure banks disclose profits from everyday accounts. The Government is already moving on open banking and capital requirements. Finance Minister Nicola Willis says Kiwibank will raise up to $500 million from local investors. Opposition parties opposed recommendations that reduce regulatory oversight, while Labour members urged Crown ownership of Kiwibank be maintained to ensure services for underserved communities. Overseas, Apple executive Jay Blahnik, known for creating the Apple Watches fitness rings, faces allegations of abusive behaviour from current and former employees. They say his conduct contributed to more than 10 medical and mental health absences within Apple's fitness technologies division. A lawsuit filed by an employee accuses Blahnik of bullying. Apple says it investigated and found no evidence of wrongdoing, and denies harassment or discrimination. The company settled a separate complaint alleging harassment. Blahnik continues to lead Apple Fitness+, a subscription workout service launched in 2020. Apple spokesperson Lance Lin says all concerns are taken seriously. Back home, Auckland Council is reviewing an application from iwi collective Marutūāhu for a 70-home development at 348 Saint Johns Road. The plan covers 32 detached houses, a 38-unit apartment block, new roading, services, and preservation of a significant ecological area. The 2.3-hectare site is currently used by Meadowbank Pony Club for horse grazing. Deputy Mayor Desley Simpson says there is community concern about traffic and parking impacts. The application is on hold while more information is sought. Marutūāhu, which represents five iwi, is also completing a large apartment project in Mount Albert with Ockham Residential. And financial journalist Mary Holm has warned readers about a Facebook scam using her name. The fake account, first created in November 2023, gained over 1,200 followers and recently changed its name to "Mary Holm." It posted investment pitches promising returns of up to 45 percent. Holm says, "It's absolutely not me," stressing she never promotes investments. Meta confirms it removed the account for policy violations and is assisting Holm. The Financial Markets Authority warns of a surge in impersonation scams using figures such as Holm and Gareth Morgan. The regulator urges New Zealanders to be cautious about online investment offers. 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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