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NZ sharemarket drops 0.1% amid rising tensions
New Zealand followed the trend of falling sharemarkets offshore – with South Island iwi Ngāi Tahu selling a chunk of Sanford shares for more than $60 million.

As further air strikes rained on parts of the Middle East, the S&P/NZX 50 Index was down 13.47 points or 0.1% to 13,101.61, helped by a late rise in the brokers’ matching session. ⌘ Read more

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Propel Funeral Partners expands NZ funeral network
ASX-listed Propel Funeral Partners is buying another three New Zealand funeral services providers and related assets, infrastructure and real estate.

The three include Evans Funeral Services, which includes Gisborne Tairawhiti Cremation Services; Leishman Funeral Services in Balclutha; and Collingwood Funeral Home, a funeral services provider operating in Rotorua. ⌘ Read more

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[$] LWN.net Weekly Edition for June 4, 2026
Inside this week’s LWN.net Weekly Edition:

  • Front: MeshCore; x32 ABI; Open-source security; Package-manager metadata; More LSFMM+BPF coverage; Loadable crypto module.

  • Briefs: Lightwell; jqwik protestware; RedHat package compromise; DistroWatch; Fedora election; Rust 1.96.0; rsync; Vim Classic 8.3; Quotes; …

  • Announcements: Newsletters, conferences, security updates, patch … ⌘ Read more

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New Zealand updates anti-money laundering code
A refreshed anti-money laundering (AML) Identity Verification Code of Practice was announced by Internal Affairs Minister Brooke van Velden and Associate Justice Minister Nicole McKee.

The updated code, which is set to come into force on July 1, 2026, aims to reduce unnecessary barriers for New Zealanders in proving their identity. ⌘ Read more

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Reserve Bank loosens usage of word ‘bank’
All licensed deposit-takers will be able to refer to use the “bank” in their name from late 2028, with industry reaction being positive overall towards the Reserve Bank of New Zealand’s decision.

The move comes after consultation last year and loosens up the hitherto tight restrictions surrounding usage of the words “bank”, “banker” and “banking”. The Reserve Bank of New Zealand (RBNZ) received 12 submissions on the matter. ⌘ Read more

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Remarkables skifield owner seeks fast-track approval for $150m expansion
The owners of Queenstown ski resort The Remarkables have applied under the fast-track approval process to expand into the Doolans Basin.

The project, highly anticipated by the industry, would increase the resort’s size from 449ha to 711ha, with a 262ha expansion of skiable terrain into a valley next to Rastus Burn. ⌘ Read more

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QuiznessDesk, Thursday, June 04
What is the chemical symbol for the element oxygen?
What is the full title of the Shakespeare play commonly referred to as Hamlet?
JWST, the largest and most powerful space telescope ever built, stands for what?
The Bermuda Triangle is a loosely defined region in the North Atlantic Ocean, roughly bounded by Florida, Bermuda, and which other country?
Given their births in the New Zealand cities of Whangarei and Wellington, country singer Keith and Star Trek actor … ⌘ Read more

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Commerce Commission moves to cap Visa, Mastercard business card fees
The Commerce Commission is proposing new interchange fee caps on Mastercard and Visa commercial credit cards that will lower costs for businesses by some $40 million a year.

The draft decision said New Zealand businesses paid about $125m a year in interchange fees to accept Mastercard and Visa commercial credit cards. ⌘ Read more

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Stop-starting infrastructure investment estimated to cost $11.8b over 25 years
The stop-starting of infrastructure investment in recent decades could have cost New Zealand more than $11.8 billion, a new report estimates.

Amid concern that high fuel costs may prompt the deferring or cancelling of projects, sector groups Civil Contractors NZ, Infrastructure NZ, and Water NZ have commissioned an economic analysis of the “true cost” of stopping … ⌘ Read more

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New science priorities will give more bang for buck: PM science adviser
New Zealand needs to get more impact out of its science research system ahead of any major funding increases, says Government science leader John Roche.

Roche is the Prime Minister’s chief science adviser and is deputy chair of the PM’s science, innovation and technology advisory council. The council has driven a programme to [reprioritise](https://businessdesk.co.nz/article/opinion/b … ⌘ Read more

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Sri Lanka eyes direct air links as NZ seeks South Asian gateway during visit by Foreign Minister Vijitha Herath
Sri Lanka’s Foreign Minister says the country wants direct air links with New Zealand, support for deeper trade ties and sees a continuing role for Fonterra in the country even after the co-operative [sold](https://businessdesk.co.nz/article/primary-sector/bonjour-lactalis-howdy-abbott-new-mainland-and-synl … ⌘ Read more

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Watson’s ‘right-hand man’ fails in counterclaims bid in looming US$101m fraud trial
Entrepreneur Owen Glenn’s successful case against fallen tycoon Eric Watson, marred by a still unpaid $50 million award following a London fraud trial in 2018, is about to get another airing.

Watson again has star billing in a trial, this time in a US$101m (NZ$170m) fraud case alongside 14 defendants, including Watson’s son Sam, who is chief executive of A … ⌘ Read more

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Oil shock a drag, not derailment for NZ economy: EY
New Zealand is likely to face a moderate economic drag rather than a derailment from the global oil shock, even if crude prices rise as high as US$125 (NZ$211.43) a barrel, EY modelling suggests – though the firm warns the shock is landing on an economy with limited room to absorb it.

Ernst & Young New Zealand’s modelling of three oil price scenarios found that the overall GDP impact would remain below that of several of th … ⌘ Read more

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[$] Open-source security is not a solo activity
Over time, many open-source maintainers face the same problem: they
lack the time to do all of the work that their project needs, and no
one else is stepping up to provide adequate help. Maintainers, though,
are often reluctant to throw in the towel. The result is suboptimal
all around; the maintainer is stressed out, project quality suffers,
and users face security risks that they may not be fully aware of. At
the 2026 [Open\
Source Summit North America](https://events.linuxfoundation. … ⌘ Read more

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[$] BPF in the agentic era
Alexei Starovoitov gave “less of a presentation, more of a scream of
realization” at the BPF track of the 2026
Linux Storage, Filesystem,\
Memory-Management, and BPF Summit. He shared a set of ideas for how BPF could
change to avoid being swept away by the sea-change in programming represented by modern
large language models (LLMs) and the coding agents based on them.
In a follow-up session, the discussion covered
more problems with how coding agents use tools … ⌘ Read more

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Tridgell: rsync and outrage
Andrew Tridgell has written a blog\
post responding to complaints that he has begun using LLM tools in
his work maintaining rsync:

Like many developers of open source packages I’ve been hit by a
flood of security reports lately in my role as the rsync
maintainer. Many of those reports are AI generated (not all though,
there are some notable ones with very careful and high quality manual
analysis).

As t … ⌘ Read more

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Security updates for Wednesday
Security updates have been issued by Debian (php-twig), Fedora (hplip, python-wsgidav, roundcubemail, and xorg-x11-server), Oracle (compat-openssl10, httpd:2.4, and kernel), Red Hat (osbuild-composer), SUSE (busybox, cloudflared, cockpit, cups, ffmpeg-4, gnutls, google-osconfig-agent, helm, hplip, kernel, kubelogin, libjxl, libsoup, libunbound8, LibVNCServer-devel, mapserver, nvidia-open-driver-G06-signed, nvidia-open-driver-G07-signed, openssh, python-idna, qemu, rqlite, shadowsocks … ⌘ Read more

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NZ sharemarket flat while US stocks skyrocket
It was all quiet on the New Zealand sharemarket, and investors were captivated by one of the fastest rises from the United States S&P 500 Index in its long history, fuelled by AI-linked stocks.

The S&P/NZX 50 Index slid gradually throughout the day in a choppy session, closing at 13,115.08, down 55.63 points, or 0.42%. ⌘ Read more

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SBS Bank’s profit slips as tech-overhaul expenses weigh
SBS Bank’s after-tax profit slipped lower in the March year as its modernisation expenses acted as bottom-line ballast amid a performance the deposit taker called resilient.

“This has been a year of steady progress for SBS,” group chief executive Mark McLean said, while noting the overall challenging economic environment. ⌘ Read more

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Rio Tinto’s NZ aluminium arm posts $176m profit
Rio Tinto’s New Zealand aluminium business remained strongly profitable in 2025, with parent company Pacific Aluminium posting a $176 million profit as sales revenue rose to $1.49 billion and production increased at Tiwai Pt.

Pacific Aluminium (New Zealand), which owns 100% of New Zealand Aluminium Smelters (NZAS), reported pre-tax profit of $246m for the year ended Dec 31, 2025. ⌘ Read more

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