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 Thursday, July 31, 2025, and here are five stories you should know about. Southern Cross Travel Insurance has been ordered to pay $1.1 million to the Crown after admitting it made misleading statements about premium discounts. The Financial Markets Authority found the company told customers that discounts for being Medical Care Society members, buying online, or using promo codes would apply to their entire premiums, when in fact they only applied to base premiums. The total difference in discounts amounted to $3.5 million. The breaches related to sections 21 and 22 of the Financial Markets Conduct Act. Southern Cross says it has refunded affected customers and strengthened internal processes. In other news, Auckland-based Mint Innovation is part of a consortium receiving nearly $18 million in UK government funding to launch a pilot plant recycling EV batteries for Jaguar Land Rover. Partnered with LiBatt Recycling and Warwick University, Mint will develop technology to extract lithium, nickel, and cobalt from used batteries in the West Midlands. CEO Will Barker says the plant aims for a closed-loop supply chain for critical metals. Mint, already commercially operating an e-waste plant in Sydney, has plans for further international expansion. Its Auckland research base employs 20 people, with support from New Zealand's Callaghan Innovation fund. Meanwhile, Resources Minister Shane Jones has unveiled a draft plan to double New Zealand's geothermal energy production by 2040. The strategy, launched in Taupō, aims to position New Zealand as a leader in sustainable geothermal development. Proposals include improving access to geothermal data, regulatory changes, and exploring "supercritical" geothermal technology, which could yield up to three times more energy. The Government has set aside $60 million for research, with $5 million allocated for exploratory drilling in the Taupō Volcanic Zone. Geothermal currently provides almost 20% of New Zealand's electricity generation. From our Wellington desk, more details have emerged about Adrian Orr's resignation as Reserve Bank governor. Minutes show Orr left a meeting early after expressing frustration over disagreements with Treasury about government funding for the bank. Reserve Bank chairman Neil Quigley says the board's funding view aligned more closely with Treasury. Released emails confirm Orr's frustration, but Quigley maintains Orr resigned due to these disagreements. Finance Minister Nicola Willis says she has confidence in Quigley despite calls for his resignation. The Reserve Bank and Treasury have released documents following inquiries, and the Ombudsman is reviewing complaints about the handling of information requests. Turning to markets, Meta has reported strong second-quarter results with revenue up 22% year-over-year to US$47.5 billion. The company's net profit reached US$18.3 billion, boosted by a 21% rise in advertising revenue. Daily active users across Meta's platforms, including Facebook and Instagram, hit 3.48 billion in June. CEO Mark Zuckerberg says Meta is investing heavily in artificial intelligence, with capital expenditures rising to US$17 billion for the quarter. Despite robust growth, Meta's Reality Labs division posted a loss of US$4.5 billion. Zuckerberg highlights AI advancement as a key company focus, with significant spending continuing into next year. 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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