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SpaceX IPO targeted at index funds, retail investors
Tim Hunter
Fri, 05 Jun 2026
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Fri 05 Jun 2026 04:16:16pm
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Pounamu exporters fined in landmark case
Boyuan Zhang and Xin Li have been fined a combined $5000 after the first successful Customs prosecution over the attempted export of pounamu, following the guilty verdict in April.
Zhang was fined $3000 and Li $2000 in the Manukau District Court after the pair were caught trying to take nearly 18kg of raw pounamu to China in 2024, well over the 5kg limit without consent.
Ngāti Waewae chair Francois Tumahai told NBR he was “over the moon” with the result and the amount fined was not as important as “the fact that they’ve been prosecuted”.
He said the case opened the way for talks with Customs Minister Casey Costello about changing the threshold so “you can’t export any raw pounamu. Full stop.”
Iwi and others have been calling for tighter rules, stronger compliance powers, and better public understanding of how pounamu can be sold, carried and exported.
Air Chathams ditches Kāpiti service
Air Chathams will suspend its Kāpiti service from July 31, due to rising operating costs.
The airline has provided the only direct flight from Kāpiti Coast Airport to Auckland for the past eight years.
Chief executive Duane Emeny said the decision to suspend was tough and a "personal disappointment", but the only responsible option for the family-owned airline to take without affecting the viability of its other routes, including its lifeline service to the Chatham Islands.
“The last five years have seen operating costs in every part of the business rise dramatically,” he said. “These include aircraft maintenance, labour, airport charges, air traffic control fees and compliance. The unprecedented recent rise in fuel costs comes on top of an already challenging situation."
Aircraft serving Kāpiti will be redeployed to Air Chathams' other routes.
Ngāi Tahu Investments sells Sanford shares for $64.1m
Ngāi Tahu Investments has sold down its stake in Sanford, but remains the NZX-listed fishing company's largest shareholder. Yesterday, the investment arm of the Ngāi Tahu Charitable Trust – which is governed by the council that represents the Ngāi Tahu iwi – put nearly half its stake in the company up for sale. Forsyth Barr was appointed to arrange, manage, and underwrite the sale of 8,969,621 shares through a fully underwritten block trade. Those shares represent a 9.6% stake in Sanford, and were sold at $7.15 a share, which equated to about $64.1 million.
Ngāi Tahu Holdings CEO Todd Moyle said the transaction supported the group's strategy to reshape its portfolio for future growth and enabled investment in new sectors. "We remain committed to Sanford and are supportive of its performance, strategy, and leadership."
Ngāi Tahu Investments remains Sanford's largest shareholder with a 10.3% stake.
The trading halt on the stock lifted on Friday morning.
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Fri 05 Jun 2026 04:09:34pm
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