Amazon profits soar 35% as AI investments boost sales
The Seattle-based company posted net profit of US$18.2 billion ($30.9 billion) for the second quarter that ended June 30, compared with US$13.5b in the corresponding period last year.
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NZ Herald
3 hours ago
- NZ Herald
Game on: Lotto seeks Powerball rule change by 2027 - will Govt play ball?
'I will be presented with the proposed changes for approval later this year.' The current odds of winning Lotto Powerball are 1 in 38m. Should Lotto add one extra Powerball number, the odds would decrease to 1 in 42.2m. Every extra ball added would lower the odds. Lotto NZ wouldn't be drawn on how many extra balls it wants to add to the draw. Lotto NZ's new Statement of Performance Expectations for 2026 says game bosses aim to make the change at the start of the 2027 financial year - delayed from their original date of January 2026. Under the heading 'Performance Drivers' it said updating Powerball would be a key focus for the next year. 'Powerball has not changed since 2017, despite population growth, player behaviour changes and the erosion of prize value in real terms,' the document read. Lotto players are expected to play for more regular top-dollar Powerball jackpots should a matrix change come into force in 2027. Photo / Ben Fraser 'We are therefore reviewing how this game is structured to ensure it will continue to drive sales, engage customers and support our strategy of responsible and stable growth. 'A 'matrix change' would increase the number of Powerballs in the draw, increasing the likelihood of higher average jackpots.' Lotto NZ's proposed Powerball change needs sign off from its Government stakeholders. Photo / Michael Bradley Lotto NZ told the Herald ticket sales are the highest they've ever been - meaning Powerball is being struck more regularly. More regular wins means fewer of the more exciting mega-jackpots - like the $50m draws that attract 'exponential' ticket sales. What will the proposed change mean? To win Lotto Powerball, players currently have to get all six first division numbers - and the Powerball. There are 10 balls in the Powerball draw, numbered one to 10. The current odds of winning Lotto Powerball are 1 in 38m. Should one extra Powerball number be added, the odds would decrease to 1 in 42.2m. Adding two balls would see the odds drop to 1 in 46m, while increasing the size of the Powerball draw to 15 balls would see the odds dwindle to 1 in 57.5m. Current soaring sales are seeing Powerball being struck more regularly, which has reduced the frequency of high-stakes mega draws. The matrix change would decrease the number of wins, increasing the frequency of $50 million draws, lotto said. 'It's important that lottery games continue to evolve so that games remain compelling to players, prize value is not eroded through inflation, and the odds of winning move in line with population growth,' Lotto NZ chief innovation and product officer Ben Coney told the Herald. 'Our enduring interest is in having a Powerball game that is appealing to our customers, generates consistent profit for distribution to the community and allows for responsible growth over time.' Neil Reid is a Napier-based senior reporter who covers general news, features and sport. He joined the Herald in 2014 and has 33 years of newsroom experience. Sign up to The Daily H, a free newsletter curated by our editors and delivered straight to your inbox every weekday.
Otago Daily Times
4 hours ago
- Otago Daily Times
Synlait loss turnaround ‘will take time'
Canterbury-based milk processor Synlait Milk is anticipating a loss after tax of $27million to $40m after manufacturing challenges at its Dunsandel factory. The company announced to NZX the predicted result for the financial year ending July compared with a $182.1m loss the previous year. Synlait had to deal with manufacturing issues at its Dunsandel facility across a range of products, resulting in one-off costs. The company said the challenges had been resolved. The site is now in new-season production after winter maintenance. Earnings of $50m to $68m before interest, taxes, depreciation and amortisation (ebitda) are up on the previous $4.1m loss. A closing net debt balance of $300m was expected. Synlait expected its underlying net profit would break even for the full year. The company was expecting underlying ebitda of $100m to $110m compared with $45.2m previously. Synlait has yet to close its books for the financial year, and the preliminary update remained subject to the year-end wrap up, including an audit. It continues to comply with its banking covenants. Chief executive Richard Wyeth said in a statement that Synlait had strong foundations and its assets were well-located, with the capacity and capability to manufacture complex products in high demand around the world. "The company's recovery had been tracking in line with expectations and while turnaround will take time, I am confident of success," he said He joined Synlait 10 weeks ago.
Otago Daily Times
4 hours ago
- Otago Daily Times
Nod for plan to turn quarry into sections
A plan to turn a quarry into more than 500 new residential sections can go ahead, the Environment Court having given its qualified consent for plan change 21. Fulton Hogan sought the plan change to rezone 120ha of land at Parkburn Quarry, about 12km from Cromwell, to allow a range of urban zoning, as the quarry is nearing the end of its life. In February last year, the panel of two independent commissioners, Gary Rae and Rosalind Day-Cleavin, together with Central Otago district councillor Ian Cooney, heard Fulton Hogan wanted to convert its Parkburn Quarry, which borders Pisa Moorings to the west, into 543 lots for residential settlement. There would also be a retail area and industrial zone. In September Central Otago district councillors accepted the recommendation of the independent hearings panel to allow the plan change. However, a late appeal was received in November from Pisa Village Development Ltd, on the final day of the appeal period, centring on two pieces of land owned by the appellant which would be affected by the plan change decision. Central Otago Mayor Tamah Alley said the secret was out — Central Otago was the place to live and work, which was putting huge pressure on the region's housing stock. However, it was important there was a coherent plan for development. A big part of the council's work was to ensure land was available for development but not in a ''higgledy-piggledy mess''. As towns grew and expanded into what was rural, vineyard or orchard land it was important to make sure the expansion was in keeping with the reasons people came here in the first place, Mrs Alley said. The Environment Court decision ordered the district council to amend its district plan with conditions related to water and wastewater treatment and access to SH6. Most of the development in the low-density residential area will not go ahead until the Cromwell wastewater treatment plant has been upgraded, the Cromwell and Pisa Moorings water schemes combined and a regional council water-take consent issued. An alternate option would be to have relevant consents obtained to privately service the area with a communal supply designed to enable connection to a public network when available. There is also a restriction on the distance from SH6 construction will be allowed. In the low-density residential and medium-density residential zones there could be up to 559 sections once NZ Transport Agency Waka Kotahi approves changes to SH6 including a left-turn lane and priority-controlled intersection or single land roundabout. Further expansion of the subdivision would depend on greater changes being made to access from SH6, including a dual-lane roundabout. At the consent hearing in February HWR, an Invercargill-based company, which operates a quarry to the north of the Fulton Hogan site, supported the plan change. Bonisch Consultants planner Christine McMillan said HWR was also considering what to do at the end of its quarry's life and intended to repurpose it similarly.
