Business
Kiwis Withdraw Over $470 Million from KiwiSaver Due to Hardship

In the past year, New Zealanders withdrew more than $470 million from their KiwiSaver accounts due to financial hardship. This significant figure reflects an increase of 56.6% compared to the previous year’s withdrawals of $300.5 million. According to data from Inland Revenue, the trend indicates that economic pressures are impacting many individuals across the country.
Rising Withdrawals Signal Economic Strain
In total, 53,380 KiwiSaver members accessed their retirement savings for hardship reasons from July 2024 to June 2025. This marks a rise of 64.3% from 32,480 individuals who made similar withdrawals in the previous financial year. The data underscores the growing financial challenges faced by many New Zealanders.
Shamubeel Eaqub, chief economist at Simplicity, commented on the situation, indicating that the increase in withdrawals is not surprising given the current economic climate in New Zealand. He noted that many families are struggling to make ends meet due to rising living costs and other financial pressures.
Impact on Retirement Savings
While KiwiSaver is intended to be a long-term savings plan for retirement, many members are finding themselves in urgent need of these funds. The withdrawals may provide immediate relief but could jeopardize future financial security for those who dip into their savings now.
The economic environment in New Zealand has been challenging, with inflation and cost of living pressures affecting households across the country. As more individuals turn to their KiwiSaver accounts, the trend raises concerns about the long-term implications for retirement savings overall.
As New Zealand continues to navigate these economic difficulties, the growing reliance on KiwiSaver for immediate financial needs may prompt discussions about how to better support individuals facing hardship, ensuring they can access the resources they need without compromising their future financial stability.
Business
InfoComm India 2025 Opens Registration with Strong Market Demand

Visitor registration for InfoComm India 2025 has commenced, reflecting a robust demand for audiovisual (AV) and immersive technology solutions. Scheduled to take place at the Jio World Convention Centre in Mumbai from September 9-11, 2025, the event follows a record-setting edition in 2024, which witnessed a remarkable 17% increase in visitor attendance. This year’s edition promises an expanded showcase and innovative learning experiences tailored to the rapidly evolving AV market in India.
The Indian AV market is on a growth trajectory, as highlighted in the 2024 Industry Outlook and Trends Analysis (IOTA) by AVIXA. India ranks as the third-largest professional AV market in the Asia-Pacific region and is the fastest-growing globally, with annual revenue anticipated to reach USD 11.8 billion by 2029. This growth is driven by increased demand across various sectors, including corporate, education, and government.
Expanding Showcase and New Features
InfoComm India 2025 will feature a diverse range of exhibitors, including established global brands such as Crestron, Harman, and AET, alongside newcomers like Smart Stage Technologies, InstaLED, and FutureComm Systems. These exhibitors will present innovative solutions encompassing digital signage, control systems, immersive lighting, and collaborative workplace technology.
A new highlight of this year’s event is the Smart Tech Stage, an interactive demo area where attendees can experience real-world applications of technology in smart workplaces, educational settings, and next-generation entertainment venues.
Complementing the exhibit floor is the InfoComm India Summit, which will offer fresh content streams and practical insights. Notable new sessions include a workshop on AI in AV, designed to equip attendees with actionable strategies for integrating AI into creative workflows. Additionally, sector-focused tours on smart workplaces and classrooms will guide attendees in identifying solutions tailored to their specific needs.
Strategic Partnerships and Networking Opportunities
In a bid to enhance industry engagement, InfoComm India is establishing strategic partnerships with key stakeholders. Collaborations include organizations like the Event Entertainment Management Association (EEMA), All India Institute Local Self Government (AIILSG), and the Computer Society of India (CSI). These partnerships aim to foster knowledge exchange and innovation within the AV industry.
The event is designed to facilitate meaningful networking opportunities, with initiatives such as the Regional AV Roundtable & Mixer and the Welcome Networking Event, co-organized with AVIXA. These platforms will connect AV professionals, system integrators, and technology decision-makers from various sectors.
With a particular focus on high-growth sectors, the Invited Guest Program aims to engage key buyers from industries driving AV adoption, including smart cities, digital education, and enterprise IT. The digital education sector alone is projected to grow at a compound annual growth rate (CAGR) of 25.2%, reaching USD 34.8 billion by 2033, driven by extensive smart classroom initiatives.
The Indian IT sector has also surpassed USD 250 billion in revenue, with hybrid collaboration spurring demand for advanced AV solutions. The government’s Smart Cities Mission, supported by over INR 6,000 crore in funding, further emphasizes the importance of investing in AV-intensive applications like integrated command centers.
As registration opens, interest in InfoComm India 2025 is already significant, with early registrations from major companies such as KPMG, Deloitte, Adani, Tata Motors, Cisco, and Reliance Industries. This reflects the industry’s confidence in the event’s relevance and potential for business opportunities.
The event is set to showcase a myriad of transformative Pro AV technologies. Attendees can expect to see products like the AI Suite for Digital Signage from KORBYT, which personalizes content to enhance engagement, and the AIRTAME Wireless Conferencing system from NTECK SYSTEMS that facilitates seamless AV sharing.
With the exhibition space expanded by 12% and a notable increase in exhibiting brands, InfoComm India 2025 is poised to be a pivotal platform for showcasing the latest in AV and experience technology. Companies looking to participate should secure their exhibition space promptly, as limited opportunities remain.
For more details about registration or exhibiting, visit www.infocomm-india.com.
Business
Turkiye’s Machinery Exports Reach $13.7 Billion in H1 2023

In the first half of 2023, Turkiye’s machinery exports generated $13.7 billion, representing a 0.3 percent increase from the same period in the previous year. This growth highlights the resilience of the machinery sector amid fluctuating global market conditions.
Leading Importers of Turkish Machinery
The Turkish Machinery Exporters’ Association released data showing that Germany was the largest importer of Turkish machinery, with imports valued at $1.5 billion. Following Germany, the United States imported $871 million worth of machinery, while Italy ranked third with imports totaling $593 million. These figures underscore the strong demand for Turkish-made machinery in key international markets.
Overall Export Performance
According to additional data from the Ministry of Trade and the Turkish Exporters Assembly, Turkiye’s total exports for the first half of 2023 reached $131.44 billion. This figure reflects a notable 4.1 percent increase compared to the first half of 2022. The growth in overall exports indicates a positive trend for Turkiye’s economy and its position in global trade.
The machinery sector’s performance is critical for Turkiye, as it plays a significant role in the nation’s economic landscape. As the country continues to enhance its manufacturing capabilities, the focus on maintaining strong relationships with major importing countries will be essential for sustaining growth in the coming quarters.
Business
Commerce Commission Rejects Federated Farmers’ Bank Collusion Claims

The Commerce Commission of New Zealand has dismissed a complaint lodged by Federated Farmers alleging that major banks colluded by joining a United Nations climate initiative. The farming lobby group accused ANZ, ASB, BNZ, Westpac, and Rabobank of coordinating their agricultural lending practices to align with the goals of the Net-Zero Banking Alliance.
Federated Farmers claimed that the banks’ commitments to reduce their exposure to high carbon-emitting sectors have led to increased costs and restricted access to credit for farmers. This assertion raised concerns within the agricultural community about the potential impact of these financial policies on the farming sector.
Following an investigation, the Commerce Commission found no evidence that the banks acted in concert or engaged in any anti-competitive or cartel-like behavior. The commission concluded that the banks independently made decisions regarding their lending practices in relation to the alliance’s environmental targets.
Investigation Details and Findings
The commission’s inquiry focused on whether the banks’ participation in the Net-Zero Banking Alliance could be classified as collusion. According to the commission, signatories to the alliance have the autonomy to set their own strategies and objectives, which are not necessarily influenced by the commitments of other financial institutions.
The Net-Zero Banking Alliance is a global initiative aimed at aligning banking operations with climate goals, particularly the reduction of carbon emissions. While the goals of the alliance are commendable, the commission’s findings emphasize that banks have the discretion to adopt these goals independently.
Federated Farmers expressed disappointment with the decision, arguing that the financial constraints imposed by banks could have severe implications for the agricultural sector. The group highlighted that farmers are already facing challenges due to rising operational costs and the need for significant investment in sustainable practices.
Responses from Stakeholders
In response to the commission’s ruling, representatives from the banks involved stated that their participation in the Net-Zero Banking Alliance is part of a broader commitment to sustainability and climate resilience. They emphasized that these efforts are intended to support the transition to a low-carbon economy, which ultimately benefits all sectors, including agriculture.
The Commerce Commission has reiterated its commitment to monitoring the market to ensure that competition remains robust and that no sector is unfairly disadvantaged. This investigation serves as a reminder of the delicate balance between environmental initiatives and the economic realities faced by industries reliant on traditional practices.
As the discussion surrounding climate initiatives and their implications for various sectors continues, the findings from this investigation may play a crucial role in shaping future dialogues between financial institutions and the agricultural community. The debate over sustainability and economic viability is expected to remain a focal point in the coming months, particularly as New Zealand navigates its path toward a greener future.
Business
Navigate Financial Recovery After Divorce with Expert Guidance

Divorce often leads to significant financial burdens, making recovery challenging for many individuals. Financial adviser Shelley Palman shared insights on managing the financial fallout of divorce during a recent episode of The Prosperity Project podcast, hosted by Nadine Higgins. Palman, who has personally navigated divorce and now assists clients in similar situations, emphasized the need for a strategic approach to financial planning during these tumultuous times.
Understanding the costs associated with divorce is crucial. According to Palman, the financial implications can extend beyond legal fees and asset division, often impacting mental health as well. She stated that the emotional strain can lead to impulsive financial decisions, which can exacerbate the situation. Palman advises individuals to maintain a clear head and focus on long-term financial stability.
Key Strategies for Financial Recovery
One of the primary steps Palman recommends is creating a detailed budget. This budget should reflect both current income and anticipated expenses, allowing individuals to gain a clearer picture of their financial situation post-divorce. She suggests that individuals should account for immediate costs, such as legal fees and housing changes, as well as ongoing expenses like child support or alimony.
Additionally, Palman emphasizes the importance of understanding one’s assets and liabilities. Individuals should conduct a thorough review of shared assets, debts, and retirement accounts. This comprehensive analysis enables better negotiation during the divorce process and ensures that both parties are making informed decisions.
Setting financial goals is also vital. Palman encourages her clients to outline short-term and long-term objectives. This could range from saving for a new home to planning for retirement. By establishing clear goals, individuals can create a roadmap for their financial future, helping to alleviate anxiety during the transitional period.
Seeking Professional Guidance
For those feeling overwhelmed, Palman advises seeking professional help. Engaging with a financial adviser can provide clarity and direction. Financial professionals can assist individuals in making informed decisions, particularly regarding asset division and post-divorce budgeting.
Moreover, Palman highlights the importance of emotional support. Divorce can take a toll on mental health, and individuals may benefit from consulting with a therapist or counselor to help navigate these challenges. Maintaining mental well-being is integral to making sound financial decisions.
Palman’s insights offer a roadmap for individuals facing the financial repercussions of divorce. By following strategic financial planning and seeking professional guidance, individuals can work toward recovery and regain control over their financial futures. The journey may be difficult, but with the right approach, it is possible to move forward positively.
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