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FMA chair Craig Stobo resigns following investigation
Hamish McNicol
Mon, 04 May 2026
Mon 04 May 2026 07:46:53am
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Mon 04 May 2026 07:46:53am
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New Zealand and Singapore sign essential supplies agreement
New Zealand and Singapore have signed the Agreement on Trade in Essential Supplies (AOTES) in Singapore today.
It was witnessed by Prime Minister Christopher Luxon and Singapore’s Prime Minister Lawrence Wong and guarantees neither country will impose export restrictions on the other, as well as formalising cooperation on supply chain resilience.
Luxon said the agreement was a demonstration of New Zealand and Singapore working together as trusted partners. “With a third of New Zealand’s fuel refined in Singapore, this agreement turns trust into action and right now, that’s keeping fuel flowing to New Zealand when it matters most,” Luxon said.
Trade Minister Todd McClay, who signed the agreement, said it built on the cooperation forged during the Covid-19 pandemic and recognised that access to essential goods was critical during times of crisis.
Profits soar at Craigs
Financial advisory firm Craigs has reported profits up 121%, aided by a gain on the sale of its 50% stake in Australian sharebroker Wilsons.
In financial statements filed to the Companies Office, Craigs parent company CIP Holdings reported net profit of $49.2 million for the year to December, up from $22.1m the previous year.
Revenue grew 17% to $311.5m, comprising $230.1m in fees, $63m in brokerage, and $18.4m in commissions.
The company paid dividends to its shareholders of $72.5m, up from $18.1m in 2024.
CIP Holdings is ultimately 50% owned by private equity firm TA Associates and 50% by its employees.
Last July, Craigs sold its 50% stake in Wilsons for A$22m ($26m), generating a gain on sale of $13.7m.
Wilsons was wholly acquired the following month by Canadian multinational Cannacord Genuity.
In June last year, a month before completing the transaction, Craigs described reports it was considering selling its Wilsons stake as “purely speculation”.
UP Education triples profit
Private training provider UP Education, said to be in the midst of a sale process, has reported a 200% increase in profit for the year to December.
Accounts filed to the Companies Office show 2025 net profit of $29.3 million, up from $9.6m the previous year.
Revenue grew 26% to $475.4m.
Up Education, controlled by Pacific Equity Partners, runs a group of vocational training providers in New Zealand and Australia, including NZMA, NZ School of Tourism, and Yoobee.
During 2025, it made several acquisitions, including Auckland Institute of Studies for $15.9m, Australian online accountancy trainer Monarch for A$12.4m, and New Zealand farming trainer Land-Based Training for $12m.
At balance date, the group’s net equity was $353.7m, including intangible assets of $905.9m and debt of $492m.
In March, ‘The Australian’ reported private equity firms Kohlberg Kravis Roberts and Bain Capital were potential buyers after PEP hired Morgan Stanley and Stanton Road Partners to advise on a sale.
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Mon 04 May 2026 07:45:37am
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