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 Tuesday, July 29, 2025, and here are five stories you should know about. Sir Michael Hill, founder of Michael Hill Jeweller, died this morning at age 86. Hill stepped down from the Michael Hill International board in April to undergo cancer treatment. The company says Hill was a celebrated jeweller, entrepreneur, and philanthropist, having grown the brand from a single store in 1979 to 291 stores across New Zealand, Australia, and Canada. Chairman Rob Fyfe says Hill brought creativity and purpose to all his pursuits, and prime minister Christopher Luxon says his aspiration, grit, and determination to succeed not only built a globally recognised brand but also inspired generations of Kiwi entrepreneurs to dream big. A private service will be held in Arrowtown to celebrate his life. In other news, Auckland's Smith & Caughey's board is seeking proposals from major real estate agencies for the sale of its Queen Street flagship store after closing its doors on June 15 following 145 years of trade. The historic building, with a capital value of $39 million, is now surplus to requirements. Board member Peter Alexander says there's significant agent interest but no decisions yet. According to real estate agents, a sale by tender is considered the most likely method, with written bids open for three to four weeks. The Queen Street and Newmarket properties together have a combined valuation of $53.5 million. Meanwhile, Singapore Airlines reports a sharp drop in profit, with first quarter net profit down nearly 60% year-on-year to 186 million Singaporean dollars, citing lower interest income and losses at associated companies, mainly Air India. Singapore Airlines owns 25.1% of Air India, which posted an annual loss of Rs108.59 billion, according to the Tata Group's recent report. Despite this, Singapore Airlines Group's total revenue rose by 1.5%, with record passenger numbers in the quarter. The group transported 10.3 million passengers, up 6.9% from last year. Also today, a new complaints and disputes resolution scheme has been proposed for New Zealand's retirement village sector, aiming to simplify the process for about 63,000 residents. Retirement Commissioner Jane Wrightson says the Dispute Resolution Centre has been asked to propose the scheme. Recommendations include shorter timeframes for resolving complaints, reduced legal representation, and greater transparency through public hearings. The scheme would be funded by operator levies rather than owner operators. The Ministry of Housing and Urban Development has accepted the need for sector reform, following more than 11,000 submissions to its 2023 discussion paper on retirement villages. Finally, turning to markets, Forsyth Barr has announced that Australia's Mercury Capital plans to take a strategic stake in the New Zealand investment firm. Mercury Capital is offering to acquire a 25-30% shareholding in Forsyth Barr, with completion pending shareholder approval. Forsyth Barr chairman David Kirk says Mercury Capital's investment reflects confidence in the firm's strategy and market position. Forsyth Barr, founded in Dunedin 90 years ago, is owned by over 300 staff and manages or advises on more than $32 billion of client investments. The announcement follows recent sector moves, including Shaw and Partners' acquisition of ISG. 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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