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 is Monday, July 28, 2025, and here are five stories you should know about. The Government plans to ban most in-store card payment surcharges, aiming to save New Zealand shoppers up to $150 million annually. The move, announced by Commerce and Consumer Affairs Minister Scott Simpson, will apply to Eftpos, Visa, and Mastercard transactions but exclude online, foreign-issued, gift, and travel cards. Simpson says, "Surcharges are a hassle and an unwelcome surprise." The Commerce Commission will enforce the changes, with a new bill expected by year's end. Retailers may need to absorb costs or adjust pricing. Industry groups express mixed views, with some calling for equal transaction fees for businesses of all sizes. In other news, Air New Zealand says it will nearly double its Auckland Airport international lounge from 2000 to 3700 square meters, increasing capacity from 430 to 790 people. CEO Greg Foran says the project, set to begin next year, will finish by late 2027. The expanded lounge will include separate areas for Airpoints Elite, Business Premier, and other frequent flyers, along with new food and beverage options. The current lounge will remain open during renovations, operating at reduced capacity. Qantas and Emirates have also recently upgraded their Auckland lounges. Elsewhere, Auckland-based bagel maker New York Bagels has entered liquidation after nearly three decades in business. Liquidators Steven Khov and Kieran Jones report revenue decline led to cashflow issues and insolvency. The business owes $84,328 to Inland Revenue and over $648,000 to directors. Trade creditors are owed $129,806, while a shareholder's current account lists $225,701. New York Bagels, previously popular with US expats, had seven staff but recently downsized. Interest in acquiring the company's assets has been expressed, though the investigation continues. The liquidators' six-month report is expected in January next year. Meanwhile, new data from Stats NZ shows construction and manufacturing sectors lost over 18,000 filled jobs in the past year. Jobs for 15 to 19-year-olds dropped 10% year-on-year, while those aged 35 to 39 had a 2% increase. Westpac senior economist Michael Gordon says young people are often first to lose jobs in downturns and struggle to re-enter employment. Seek reports job ads in June fell 3% compared to May, though some regions saw growth. The University of Auckland's Sue-zin Saint John highlights limited support for unemployed people, especially those in relationships, during prolonged economic weakness. And finally, trust expert Henry Stokes from Perpetual Guardian says many New Zealand family trusts are now redundant. Stokes told The Prosperity Project podcast most trusts hold only a family home, a situation that could be managed with a will. He attributes their proliferation to social trends and professional advice, rather than necessity. Changes to trust management laws and tax rates have added complexity and cost. Stokes recommends reviewing the purpose of existing trusts, noting that winding up a trust can be more complicated than setting one up and always involves substantial paperwork and ongoing record-keeping responsibilities. 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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