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 Monday, August 4, 2025, and here are five stories you should know about. Precinct Properties is rebranding its Auckland flexible office leasing business, previously known as Generator, to Precinct Flex. The change takes effect from August 4. Precinct Flex leases desks, rather than by the square metre, to major clients including Meta, Amazon, IBM, and HP, in places including Britomart, Wynyard Quarter, and Wellington. CEO Scott Pritchard says the new name reflects bringing the business under the Precinct umbrella. The Pipiri Lane building, formerly the Flowers Building, now includes the Halsey Traders event space and will be available from September. Precinct Flex serves around 250 businesses, including start-ups and multinational corporations. In the energy sector, Genesis Energy, Meridian, Mercury, and Contact have signed agreements to create a strategic energy reserve centred on Genesis' Huntly Power Station. The 10-year agreements, subject to Commerce Commission review, cover 150 megawatts of Huntly Firming Options and a solid fuel reserve of up to 600,000 tonnes. Genesis CEO Malcolm Johns says the deal is essential to maintaining energy security and keeping Huntly's Rankine units operational. The agreements respond to recent power supply concerns and last winter's price spikes. The Major Electricity Users' Group welcomes the move, but questions whether it is sufficient. Moving to transport, Auckland Transport is expanding its diesel ferry fleet, while private equity-owned Fullers is investing in electric boats. Fullers has added a second hydrofoiling electric vessel from start-up Vessev and continues to back electrification for operational savings. CEO Mike Horne says electric ferries are "materially cheaper to run" over time. But progress on electric ferry megachargers at Queens Wharf has been delayed. The first electric ferry is undergoing tests, and a two-level charging station now has resource consent. Fullers' financial recovery continues, with a reduced net loss and increased revenue, as Auckland's ferry electrification strategy remains mixed. In other news, ANZ group chief economist Richard Yetsenga says New Zealand's economy can absorb the impact of new 15% tariffs imposed on exports to the United States. Yetsenga says tariffs are a significant burden for affected exporters but the value of US-bound exports represents about 2% of New Zealand's GDP, making the overall macroeconomic impact manageable. Major affected sectors include red meat, dairy, medical devices, and wine, with the US accounting for around 11% of total exports. Yetsenga describes tariffs as a byproduct of global competition but says New Zealand's economic recovery is underway, supported by lower interest rates and improved growth in 2025. And Jahangir Alam has been jailed for four years in Auckland for his involvement in a two-decade immigration and identity fraud scheme, while his wife, Taj Parvin Shilpi, received 12 months' home detention due to health reasons. The couple were convicted of 40 charges after a three-week jury trial. Alam used his brother's identity to secure New Zealand residency, citizenship, and passports, and assisted with additional visa applications for family members. Immigration New Zealand general manager Steve Watson says the case demonstrates the seriousness of immigration fraud and he thanked international authorities for their assistance in the lengthy investigation. 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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