Tāiko Critical Minerals posts $8.7m full year loss ahead of planned 2028 mining start
Tāiko Critical Minerals reported a net loss of $8.7 million as it continues work on a planned West Coast mining project north of Greymouth.

The company, which was listed on the New Zealand Exchange (NZX) in March this year, released its preliminary unaudited results for March 31, 2026, on May 29. ⌘ Read more

Housing sector pleased with Budget initiatives to encourage growth
The residential property sector is welcoming announcements in the Budget to further boost housing growth.

The Government has allocated $400 million to a fund that will return development levies to councils, encouraging them to invest in the infrastructure needed for more housing. ⌘ Read more

Startups win, science funding static in Budget 2026
Startup entrepreneurs had some good news in Budget 2026, while scientists were largely treading water amid major sector reforms.

According to the NZ Association of Scientists (NZAS), funding for NZ’s science and innovation system was about $30 million higher in 2026 than last year and was tracking slightly below inflation. ⌘ Read more

DOJ Charges Google Employee With $1.2 Million Polymarket Bet On Search Term
An anonymous reader quotes a report from CNBC: Federal prosecutors charged a Google employee with fraud on Wednesday, alleging that he made $1.2 million off of bets using insider information on Polymarket. Prosecutors claim that Michele Spagnuolo, a staff information security engineer at Google, used confidential information to … ⌘ Read more

Budget 2026: Banks face $209m prudential levy over four years
The Government is introducing a new prudential levy on banks and other financial market players that will bring in $209 million over the next four years to help cover the cost of Reserve Bank of New Zealand red tape.

The levy would be on banks, non-bank deposit takers, insurers and some other financial institutions. ⌘ Read more

Budget 2026: Govt pumps extra $15m into IRD tax debt crackdown
The Inland Revenue Department’s tax crackdown is set to continue after a $15 million top-up for debt compliance, but experts are questioning the department’s “one-size-fits-all” approach to liquidating businesses.

The Government announced on Thursday that it is investing a further $15m per annum for Inland Revenue (IRD) debt compliance activities in its [Budget 2026](https://businessdesk.co.nz/arti … ⌘ Read more

Du Val statutory management costs $4.12m
The statutory management of failed property group Du Val has cost the Government $4.12 million to date, Budget documents show.

In August 2024, the Government placed 70 Du Val entities into the rarely used regime amid an ongoing investigation by the Financial Markets Authority (FMA). ⌘ Read more

‘Serious and unacceptable’: RBNZ moves against The Co-operative Bank
The Reserve Bank of New Zealand has filed civil proceedings in the High Court against The Co-operative Bank over core-requirement breaches of laws to stop money laundering and the financing of terrorism.

The parties jointly recommended a $1.425 million penalty for The Co-operative Bank to the court, the Reserve Bank (RBNZ) said in a statement. The court would decide the final penalty. ⌘ Read more

Stride Property Group lifts annual profit to $31.3m, confirms 8c dividend
Stride Property Group posted an improved full-year profit in a period it describes as one of strategic progress, during which it paid an 8-cent-per-share combined cash dividend.

Its full-year profit after tax was $31.3 million, up $9.6m from $21.7m in FY25. Net rental income was $58.9m, down from $69.1m. Management fee income was $22.9m, from $20.4m. ⌘ Read more

Google Security Engineer Arrested in Million-Dollar Polymarket Trading Scheme
According to federal prosecutors, Michele Spagnuolo made more than $1 million on the prediction market platform using confidential information about Google Search traffic. ⌘ Read more

Lobby firm Silvereye files lawsuit against Gillies Group over $3.49m demand
Wellington lobby firm Silvereye has filed a fresh lawsuit against property developer Gillies Group over a claimed $3.49 million success fee related to a Kāinga Ora deal.

Silvereye, headed by Jo Coughlan and Conor English, has continued to pursue the million-dollar fee after the High Court in Wellington [set aside a statutory demand](https://businessdesk.co.nz/article/po … ⌘ Read more

Straker updates on ongoing fraud investigation
Straker has provided an update on its ongoing investigation into transaction anomalies involving the bank accounts of its US subsidiary, Straker Translations.

The Auckland translation technology company, Straker, was suspended from trading on the Australian Securities Exchange after discovering suspected fraud at its United States subsidiary involving at least US$1.5 million (NZ$2.5m) and possibly more. ⌘ Read more

The $180m payday that ‘meme king’ didn’t share with most staff
He’s the face of the viral “co-founder Albo” campaign. He’s also the founder whose $180 million exit handed a payday to a tiny circle while other staff were kept in the dark. ⌘ Read more

Director of failed Teak Construction flogging off gear
A director of collapsed Teak Construction is selling cars and building equipment on Trade Me as the liquidation of the failed group continues.

Teak’s shareholders put the Auckland construction business into liquidation in March owing subcontractors at least $3.2 million. ⌘ Read more

Les millions de Laurent Wauquiez pour son «mini Puy du Fou» finissent au tribunal
Le tribunal administratif de Lyon vient de donner raison à la région Auvergne-Rhône-Alpes, qui a refusé de payer le reste d’une subvention accordée à Vianney d’Alançon pour développer son château de Haute-Loire. Le projet a déjà reçu 2 millions d’euros de la part de la collectivité. ⌘ Read more

Straker suspended after suspected US employee fraud
Auckland translation technology company Straker has been suspended from trading on the Australian Securities Exchange after discovering suspected fraud at its United States subsidiary involving at least US$1.5 million (NZ$2.5m) and possibly more.

Straker requested the voluntary suspension on Tuesday, saying it had identified transactions totalling approximately US$1.5m that it was confident had been misappropriated … ⌘ Read more

EB Games reports $11.4m loss for NZ business as it winds down
Gaming and pop-culture retailer EB Games has released its latest financial report detailing the New Zealand arm’s demise, with the business reporting an $11.4 million loss for its last financial year.

EB Games announced it would be shutting down its New Zealand business and closing all its stores in January. ⌘ Read more

NZ King Salmon scales up after positive half
NZ King Salmon Investments has told investors that the fish firm is recovering on all fronts and that US tariffs are not slowing sales.

The company said net profit after tax for the six months to March 31 was $13.8 million. This compares with a net loss of $20.8m in the prior corresponding period to July 31, 2025. The … ⌘ Read more

Ferrari-driving failed firm owner owes $4m, faces probe
An Auckland businessman who goes by multiple aliases is under investigation for director conduct, as customers report paying for goods they never received from a company that owes $4 million to creditors.

BusinessDesk can reveal the Ministry of Business, Innovation & Employment (MBIE) has two open investigations into Laurence Robert Pope, who also uses the alias, Max Bailey. ⌘ Read more

Eroad faces ‘distraction’ as largest shareholder tries to overhaul board
Eroad’s chair says a reset towards the New Zealand and Australian market is being distracted by a shareholder’s board takeover effort.

Alongside publishing full-year results on Monday that showed flat revenue and a $161.1 million loss, the fleet technology company said its largest single shareholder, Ampfield Management, was seeking to overhaul its board. ⌘ Read more

Disney’s ‘Star Wars: The Mandalorian and Grogu’ Opens to ‘Mixed’ Box Office Results
It’s “the first time in seven years that a new Star Wars film has launched on the big screen,” writes CNBC. And Variety notes it’s expected to earn $102 million through Monday:

[B]ox office analysts are mixed on the results. On one hand, it’s significant for any film to debut above $100 million in post- … ⌘ Read more

Zespri nears year-round kiwifruit supply goal within two to three years
Zespri is two or three years away from “bridging the gap” in supply between its New Zealand and Northern Hemisphere fruit.

In the north it is grown largely in Europe as well as Japan and South Korea, and the kiwifruit marketer sold 32.3 million trays of Northern Hemisphere fr … ⌘ Read more

‘Underminr’ CDN Vulnerability Hides Malicious Traffic Behind Trusted Domains
Slashdot reader wiredmikey writes: Threat actors are exploiting a vulnerability in shared content delivery network (CDN) infrastructure to hide connections to malicious domains. Researchers say the vulnerability could impact roughly 88 million domains and can bypass DNS filtering and protective DNS controls, potentially enab … ⌘ Read more

Microsoft Flight Simulator’s new collaboration with NSW Rural Fire Service
The NSW Rural Fire Service has teamed up with Microsoft for a new aerial firefighting mission in Flight Simulator. 9news.com.au spoke to the game’s director, Jörg Neumann, to learn all about it, and how they’ve used a million-dollar camera to capture real life locations for the game. ⌘ Read more

ICE Awards $25M Iris-Scanning Contract to Bi2 Technologies
Article URL: https://www.projectsaltbox.com/p/ice-awards-25-million-iris-scanning

Comments URL: https://news.ycombinator.com/item?id=48252720

Points: 17

# Comments: 1 ⌘ Read more

Samsung Chip Workers To Get $340,000 Average Bonus In AI Boom
Samsung is reportedly set to pay chip-division workers an average bonus of about $340,000 after reaching a tentative deal with its union, according to Bloomberg (paywalled). The deal ended a standoff that “could have cost the economy as much as 1 trillion won ($658 million) daily, with losses potentially multiplying to 100 trillion won ($68 billion) if in … ⌘ Read more

Oceania Healthcare posts record result but still no dividend
Oceania Healthcare says the year to March 31 marked a “step-change” in financial performance, although free cash flow remains negative and dividends are still off the table.

The retirement village and aged care service operator’s proforma underlying ebitda lifted 20% to $97.7 million, while proforma underlying net profit lifted 34% to $64.1m. ⌘ Read more

‘Creepy’ Listening Tool for Targeted Ads Didn’t Actually Work, FTC Says
Three firms will pay nearly $1 million for selling “Active Listening” technology that they claimed tapped people’s phones for advertising. The FTC alleges the “tech” was just pricey email lists. ⌘ Read more

Turners Automotive is betting on branches and Bunnings-style footprint to hit $100m target
How can Turners Automotive Group hit its $100 million profit target?

Look to the South Island for the blueprint. ⌘ Read more

Lume Music app raises $1.34m
A group of Kiwi tech entrepreneurs, including Substack’s Hamish McKenzie, The Spinoff’s Duncan Greive and Tim Harper of Glorious, are behind a new music app.

Lume Music – trading as Lume – has already raised $1.34 million in a friends and family round. ⌘ Read more

Government puts $2.5m towards billion-dollar underground asset striking problem
The Government is putting $2.5 million towards a possibly $1.45 billion problem: the accidental damage of underground cables and pipes.

Infrastructure Minister Chris Bishop announced on Thursday that work on a national underground asset … ⌘ Read more

SpaceX Listed Grok’s ‘Spicy’ Mode as a Risk in Its IPO Filing
The rocket company has set aside more than $500 million for potential litigation losses, in part to account for complaints alleging Grok created sexualized images. ⌘ Read more

Google Publishes Exploit Code Threatening Millions of Chromium Users
An anonymous reader quotes a report from Ars Technica: Google on Wednesday published exploit code for an unfixed vulnerability in its Chromium browser codebase that threatens millions of people using Chrome, Microsoft Edge, and virtually all other Chromium-based browsers. The proof-of-concept code exploits the Browser Fetch programming inte … ⌘ Read more

My Food Bag lifts profit and revenue as board weighs possible sale
Listed meal-kit company My Food Bag has reported revenue growth of 6.2% for the second half of the 2026 financial year.

In an NZX announcement on Thursday, My Food Bag (MFB) announced a net profit after tax of $6.7 million, up 5.3% year on year. ⌘ Read more

Anna’s Archive Hit With Global Domain Takedown Order
An anonymous reader quotes a report from TorrentFreak: A coalition of thirteen major publishers has won a massive $19.5 million default judgment against shadow library Anna’s Archive. A New York federal judge fully approved the publishers’ requests, issuing a broad permanent injunction that orders more than twenty specific global registries, hosts, and service providers t … ⌘ Read more

Software startup Factor bursts out of Taiawa tech hub into the big time
Wellington technology hub Taiawa is celebrating the first exit of one of its in-house startup companies in a $24 million deal announced this week.

The day before BusinessDesk visited Taiawa, NZ company Gentrack revealed it was acquiring Taiawa’s resident startup Factor for $ … ⌘ Read more

Webb Discovers One of the Universe’s First Galaxies
Astronomers using the James Webb Space Telescope have identified an ultra-faint galaxy seen just 800 million years after the Big Bang. The galaxy contains almost no heavy elements, shows signs of intense early stellar radiation, and could offer a rare glimpse into the first stages of galaxy formation. Phys.org reports: In a paper published in the journal Nature, a team o … ⌘ Read more

From dispute to deal: Mevo acquired by car-share rival Carbn
New Zealand car-share business Mevo has been acquired by the company it was in a dispute with, after being tipped into liquidation this month, owing $4.3 million.

Carbn Group acquired the business assets of Mevo and plans to relaunch a Wellington-only model initially, keeping the Mevo brand. ⌘ Read more

Serko outlook lifts as AI travel tools offset Middle East war war
Serko’s chief executive says the corporate travel company is weathering the travel disruptions caused by the US and Israeli war with Iran surprisingly well, recording a “very strong” final quarter despite the global volatility.

Serko on Wednesday reported a 34% increase in total income to $120.9 million in the 12 months ended March 31, 2026, compared with $90.5m a year earlier. ⌘ Read more

Three Ubco companies in liquidation owing over $35m
Tauranga-based electric motorcycle maker Ubco has been placed in liquidation, owing creditors over $35 million.

The company entered receivership with debts of $35.7m in January 2025 but was rescued by a group of New Zealand investors by July of the same year. ⌘ Read more

Ample Meats losses deepen as 2024 accounts finally filed
The Chinese-owned Taranaki meat processor that blamed its accountants for delayed financial statements deepened its loss in 2024 as revenue dropped, according to newly filed accounts.

Ample Group posted a loss of just over $1.9 million in the 12 months to the end of September 2024, compared with … ⌘ Read more

Google New Zealand increases profit, sends $1.2b offshore to Singapore
Google New Zealand’s 2025 financial results were again dominated by payments to related parties offshore.

The tech giant’s local subsidiary reported revenue of $92 million for the 12 months to December 31, 2025, a 6% increase over 2024’s $87.2m. ⌘ Read more

FBI Wants to Buy Nationwide Access to License Plate Readers
The FBI is seeking up to $36 million for nationwide access to automated license plate reader (ALPRs) data, which could let it query vehicle movements across the U.S. and its territories through a commercial database. 404 Media reports: “The FBI has a crucial need for accessible LPRs to provide a diverse and reliable range of collections across the United S … ⌘ Read more

Councils begin to tally cost of Iran war, rates impact unknown
Councils are beginning to understand the million-dollar cost of the fallout from the Iran conflict.

Auckland Council is anticipating cost increases possibly totalling $50 million in the coming financial year, depending on how long high fuel prices last. Greater Wellington says cost increases on its open contracts have been as high as 23%. ⌘ Read more

Gentrack earnings drop on project delays in Utilities business
Gentrack on Monday reported lower first-half earnings due to delays in revenue from new projects and announced the purchase of Prospero Energy, trading as Factor.

Earnings before interest, taxes, depreciation, and amortisation, excluding acquisition costs of $0.6 million, was $7.9m in the six months to March 31 compared to $13m in the prior period. ⌘ Read more

Why Is the US Job Market So Tough, Especially for Recent College Grads?
What’s going on with the U.S. job market? “The economy is growing. Unemployment is low,” notes the Washington Post. “And yet, for millions of workers, finding a job has become harder than at almost any other point in decades,” with the hiring rate “well below pre-pandemic levels for more than a year.”

Part of the problem? “Of the net … ⌘ Read more

OpenAI Now Wants ChatGPT To Access Your Bank Accounts
OpenAI is previewing a feature that lets ChatGPT Pro users connect bank and investment accounts through Plaid, allowing the chatbot to analyze spending, subscriptions, balances, portfolios, debt, and major financial decisions. “More than 200 million people are already going to ChatGPT every month with finance questions – from budgeting to tips on how to cut back on s … ⌘ Read more

AI start-up boss who faked millions in revenue faces jail time
The former chief executive has been told by his own lawyer that a jail sentence is unavoidable after pleading guilty to fraud. ⌘ Read more

Anthropic Forms $200 Million Partnership With the Gates Foundation
Anthropic announced today that it is partnering with the Gates Foundation to “commit $200 million in grant funding, Claude usage credits, and technical support for programs in global health, life sciences, education, and economic mobility over the next four years.”

“This commitment is central to Anthropic’s efforts to extend the benefits of A … ⌘ Read more

KDE Receives $1.4 Million Investment From Sovereign Tech Fund
The German Sovereign Tech Fund has invested 1.2 million euros ($1.4 million USD) in KDE Plasma technologies to help strengthen the structural reliability and security of the desktop environment’s core infrastructure, including Plasma, KDE Linux, and the frameworks underlying its communication services. Longtime Slashdot reader jrepin shares an excerpt fro … ⌘ Read more