New Zealand Rugby posts $11.6 million loss despite record income
New Zealand Rugby posted a NZ$19.5 million ($11.60 million) net deficit for the 2024 financial year despite record income of NZ$285 million as the result of a 10% rise in expenditure.
It is a third successive loss for the governing body of the nation's most popular sport following a NZ$8.9 million deficit in 2023 and a NZ$47 million loss in 2022.
NZR blamed the loss on foreign currency hedging on sponsorship revenue and increased commercial investments but said its NZ$174.5 million reserves reflected a strong cash position.
"Achieving a new high watermark of $285m income, healthy commercial revenue streams in what is a difficult international operating environment, and reinvesting into the game at all levels, are grounds for optimism," NZR chairman David Kirk said in a statement.
"NZR retains an incredibly strong balance sheet which is vital for rugby in New Zealand and its ability to weather any major shocks."
The settlement the body reached with INEOS last month after the British-owned multinational conglomerate pulled out halfway through its six-year sponsorship deal had no impact on 2024 revenues, NZR said. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Empty shops, boarded windows: Has Holland Village lost its mojo?
Holland Village is known for its bohemian vibes, trendy cafes, restaurants and a mix of old and new local businesses. ST PHOTO: TARYN NG SINGAPORE – In October 2024, a party celebrating the 10th anniversary of Bynd Artisan – a home-grown brand known for handmade leather and paper gifts – was in full swing at its flagship store in Jalan Merah Saga. The energy was unmistakable as guests mingled, admired the anniversary collection and lined up to personalise keepsakes with the craftsmen. Beneath the conviviality, however, was a quiet sense of finality. After all, this was not just an anniversary bash – it was also a farewell. Four months later, in February, Bynd Artisan joined a list of businesses that had left Holland Village. Well-known names such as Thambi Magazine Store, ice cream parlour Sunday Folks and party paraphernalia shop Khiam Teck shuttered in 2024. 'It was bittersweet,' says Bynd Artisan's co-founder Winnie Chan, 53. She and her husband James Quan set up shop in Chip Bee Gardens in 2015 during Singapore's 50th year of independence. Bynd Artisan's 10th anniversary party in October 2024 was not only a celebration but also a farewell to its flagship store in Jalan Merah Saga. The home-grown brand currently has two outlets – in Ion Orchard and Raffles City Shopping Centre. ST PHOTO: ARIFFIN JAMAR The store was a tribute to Ms Chan's grandfather, one of Singapore's pioneering hand bookbinders. His legacy lived on through the personal touches in the space – most notably, the towering Heidelberg letterpress. For years, the iconic machine stood proudly outside the shop, drawing the curiosity of passers-by who thronged the streets of Holland Village. But foot traffic has dwindled over the years to a point where staying on no longer makes business sense. On a typical weekday afternoon, fewer than 10 people walk past the storefront and only one might step inside. Even on weekends, the numbers barely improve. What led to this decline in foot traffic and whether Holland Village can ever return to its former vibrancy are questions that business owners grapple with. From kampung to trendy hangout Holland Village – spanning Lorong Mambong, Lorong Liput, Holland Avenue and Chip Bee Gardens – is known for its bohemian vibes, trendy cafes, restaurants and a mix of old and new local businesses. It began as a kampung, later giving way to terraced houses and walk-up apartments in Chip Bee Gardens – built as married quarters for the British military – and shophouses that became the defining features of the area. Contrary to popular belief, Holland Village is not named after the Netherlands. It is believed to have been named in the early 1900s after Hugh Holland, an architect and amateur actor who reportedly lived there. An aerial view of the intersection between Lorong Mambong and Lorong Liput. ST PHOTO: TARYN NG Among locals, it was once affectionately called Hue Hng Au, meaning 'behind the garden' in Hokkien, a reference to its proximity to the Botanic Gardens. A turning point came in the 1990s, when nearby Orchard and Tanglin became prime residential zones and there was an influx of Western expatriates. Retail brands moved into Holland Village, transforming the tranquil neighbourhood into a lifestyle destination. Ms Chan fondly remembers Holland Village in its heyday – buzzing with energy and creativity. In 2014, the arrival of lifestyle and magazine brand Monocle in Jalan Kelabu Asap further sealed the neighbourhood's reputation as one of Singapore's hippest enclaves. That spirit peaked in 2018, when Singapore Design Week transformed Holland Village into a mega block party venue celebrating the fusion of arts and community. 'It was very happening,' Ms Chan recalls, saying Holland Village was often featured in guidebooks, attracting mini-tours and crowds of both locals and tourists. The expatriate families also organised their own funfairs, where children ran barefoot on the lawns and in the shaded lanes. The Heidelberg letterpress outside Bynd Artisan's flagship store in Holland Village. The brand's co-founders made the difficult decision of letting the machine go as the business moved out. ST PHOTO: ARIFFIN JAMAR Uniqueness versus survival That lively charm and authenticity has faded in recent years, according to Bynd Artisan's founders. This reflects the challenge of preserving the neighbourhood's unique identity amid current pressures – from rising rents and dwindling foot traffic to inflation and competition from trendier districts. It is a tricky dance – one that Holland Village must master if it hopes to revive the spirit and vitality that once defined the area. 'For those who make the effort to visit Holland Village, there is not enough to convince them it's worth the trip,' says Mr Quan, 57. He draws a comparison with Tokyo's Cat Street and Omotesando neighbourhood, where tourists often head to a particular vintage shop mentioned in guidebooks – only to discover dozens more in the same area, along with hidden restaurants. 'Over here, if a guidebook says Bynd Artisan is in Chip Bee Gardens, and someone makes the trip only to realise it's just that – one shop and nothing else – they may not come back. They'd rather go to a shopping mall where they can get everything in one place,' he says. Bynd Artisan co-founders James Quan and Winnie Chan outside the flagship store in October 2024. The store closed in February 2025. ST PHOTO: ARIFFIN JAMAR Mr Chua Tiang Hee, 74, owner of Fosters Steakhouse, believes the new developments – One Holland Village , which opened in December 2023, and Holland Piazza, launched in 2018 on the site of a former mall that featured an iconic windmill at the top – have diluted the area's uniqueness, making it more like other neighbourhoods with malls housing familiar retail chains. In the past, 'Holland Village had this indescribable charm', Mr Chua recalls. Fosters Steakhouse, located in Holland Avenue, had outdoor seating surrounded by greenery. 'It fits my concept of building an English greenhouse restaurant perfectly. I would sit outside, watching the trees and feeling as though I am not in Singapore.' The British-themed restaurant moved out in October 2022 and reopened three months later, as a modest cafe tucked inside YewTee Point. But in just two years, Mr Chua closed the business for good. Mr Chua Tiang Hee, owner of Fosters Steakhouse, which moved out of Holland Village in 2022. He reopened the business as a modest cafe in YewTee Point, but closed it two years later. ST PHOTO: LIM YAOHUI He misses the old Holland Village that lives in his memory. 'Right now, if you walk around the area, you don't know which shops or restaurants are exactly there because they are constantly moving in and out,' he says. 'Yes, there are new hypes, but they definitely changed the area's appeal, which is now gone.' During a quick walk around Holland Village on June 5, The Straits Times spotted nine vacant shop units along Lorong Mambong and Holland Avenue. High rental costs appear to be driving business turnover. When Fosters moved out of Holland Avenue in 2022, Mr Chua was offered a unit along Lorong Mambong for over $20,000 a month. 'I was flabbergasted when I found out another F&B establishment there was paying $50,000 a month for two floors,' he says. 'I often wonder how these shops can afford the rent. For some of them, I don't even see a lot of customers inside. Maybe they go online, but still, it's challenging.' Fosters Steakhouse was famous for its English scones with clotted cream and jam. ST PHOTO: LIM YAOHUI As at June 5, rental listings on property websites show that shophouse rents range from $13,700 for a 797 sq ft unit to $62,000 for a two-storey corner space measuring 3,468 sq ft. On average, monthly rents hover around $17 to $18 per sq ft – comparable with those in the heart of Orchard Road. 'We want to be here' Some old-time businesses have chosen to stay, holding fast to the spots where they were founded years ago. 'Holland Village has always been in a state of change,' says Mr Michael Hadley, owner of Mediterranean vegetarian restaurant Original Sin. When he opened the restaurant in Chip Bee Gardens in 1997, the surroundings were far from polished. There were no steps or paved roads outside. It was the Euro-chic appeal and relaxed sophistication that drew him and his wife Lorraine to the area. Both passionate food lovers, they dreamt of bringing quality Western cuisine and fine wines to locals – without sky-high prices. Mrs Hadley says they used to host group dinners and wrap wine bottles in foil to let diners guess their value – often surprising the guests that good wines did not always have to come from France and could be affordable. As Original Sin gained popularity, the couple, both in their 50s, would give back to the community by hosting special needs children for free annually. Still, like many other businesses, it has felt the impact of a changing landscape and the area's waning appeal. Mr Michael Hadley opened Mediterranean vegetarian restaurant Original Sin in 1997 to introduce locals to quality wine and meatless cuisine. ST PHOTO: GIN TAY When Holland Village MRT station opened in 2011, there were high hopes that it would draw larger crowds to the area. 'The MRT is great,' says Mrs Hadley. 'But what it really did was take people out of the neighbourhood. There was no boom. Many people left to explore other areas.' The situation worsened in 2019 when two carparks were closed to make way for the One Holland Village development. Parking has long been a nightmare in Holland Village, Mr Hadley notes. Even before the closures, it was common for drivers to circle the area for a spot, often ending up in Chip Bee Gardens and crossing the road to get to the main stretch. This, in turn, deprived visitors to Chip Bee Gardens of parking spaces. Then came the pandemic. 'Covid-19 changed the dynamics of Chip Bee Gardens,' says Mrs Hadley, noting that many expatriate residents left. Although business picked up slightly in the aftermath, the momentum has subsided, according to the couple. The greatest challenge now is whether Original Sin can continue operating in Chip Bee Gardens. Bosco Misto, a popular menu item at Original Sin, features spinach, feta and tofu patties coated in almonds and sesame, served with asparagus and a mushroom plum sauce. PHOTO: COURTESY OF ORIGINAL SIN The terraced houses and walk-up apartments in the precinct are managed by the Singapore Land Authority (SLA). They are let out on a two-year lease via open tenders. This approach aims to promote transparency and ensure that anyone who is interested in renting has an equal opportunity. While the Hadleys emphasise that they are not asking for preferential treatment and agree that the area needs diversity, they hope the authority can offer small businesses – especially those that have long been part of the community – a chance to stay. 'We want to be here,' Mrs Hadley says. 'But we don't know what rental prices they will throw at us... We are not sure how important it is for someone else who wants to rent a space here, but for us, it is important because we have always been here.' A spokesperson for the SLA says it proactively seeks innovative ways to further unlock the potential of state-managed properties. On top of rental prices, tender proposals are also evaluated based on their creativity, contribution to the precinct's vibrancy and incorporation of green and sustainable initiatives. The goal is to enhance community engagement and ensure Chip Bee Gardens remains interesting and relevant to the evolving lifestyles of both locals and internationa l visitors. Terraced houses and walk-up apartments in Chip Bee Gardens are state properties managed by the Singapore Land Authority and are let out on a two-year lease via open tenders. ST PHOTO: ARIFFIN JAMAR Another business that has adapted to the changes is Joo Ann Foh. Nestled within Holland Road Shopping Centre, it has evolved significantly since it was established as a Chinese medicinal hall in 1906. In the 1960s when the British military forces moved into the area, the medicinal hall expanded its offerings to include daily goods and provisions for the new community. This continued until the 1990s, when the second generation took over, turning it into a photography and printing service shop. 'The only constant in Holland Village is change,' says Mr Kenneth Ng, 48, a third-generation owner. 'It's not something we love, but something we have learnt to accommodate.' His younger brother Adam, 46, weighs in: 'We are doing our best to keep the business going because our customers already see us as part of Holland Village... they trust us, and they recommend us to their friends.' Holland Village used to have a laid-back feel, he reminisces. There were shops selling rattan goods, antiques and party supplies – quirky, niche places that made the area special. 'These unique offerings drew people in,' he says. Brothers Adam Ng (left) and Kenneth Ng are the third-generation owners of Joo Ann Foh. ST PHOTO: TARYN NG 'Now, whatever you find here... you can find elsewhere. There is nothing exclusive here to generate foot traffic.' While they understand why landlords lease spaces to big-name chains with deep pockets, they believe this is neither sustainable nor beneficial for the neighbourhood. 'We need to take a broader view,' says Mr Kenneth Ng. 'Imagine: Thambi now reopens at the front of One Holland Village. It is just a modest magazine stand, but it is also a beloved local landmark. So why not consider lowering the rent to bring in more businesses like this to make this place special?' The Ng brothers anticipate further shifts in the area's dynamics following the completion of the mixed-use development. 'It is too early to say exactly how things will change, but we will see a new wave of residents moving in, and the office tower will be filled as well,' says Mr Kenneth Ng. A family photo taken at Joo Ann Foh's original shop in Holland Avenue in the 1980s. A section of the shop carried photography-related products, while another section offered daily provisions. Seen here are business founder Ng Chin Wah (with glasses), second-generation owner Paul Ng and his wife Irene Mah, and the couple's young sons Kenneth Ng (left) and Adam Ng. PHOTO: COURTESY OF JOO ANN FOH Ms Clara Ong, who has a pet corgi with her boyfriend, were regulars at One Holland Village when it first opened as they were attracted by its pet-friendly appeal, but their visits have since tapered off. 'Most stores still require pets to be in carriers or strollers and many restaurants allow them only in the outdoor seating areas,' the 29-year-old marketing executive explains. 'We usually end up going elsewhere like East Coast Park or places with more open space and a more relaxed vibe for pets.' Ms Ong remembers Holland Village as a place once known for its hidden gems. 'Now, it feels too commercial.' Giving the space a chance If uncertainty breeds opportunity, it might explain why Mr Lee Joon Peng, 45, took a leap of faith three years ago in setting up That Wine Place – a restaurant-bar and wine academy – at 261 Holland Avenue. The very same address once housed Palm's Wine Bar, one of the first restaurant-bars in Holland Village, which helped shape its vibrant drinking and dining culture in the 1980s. A 1988 photo of Palm's Wine Bar (right), one of the first restaurant-bars in Holland Village. It helped shape the enclave's vibrant drinking and dining culture. The site is now home to That Wine Place. PHOTO: ST FILE Opening That Wine Place was a blend of two passions – his wife's nostalgic fondness for Holland Village and his love affair with wine bars. 'Holland Village used to be very chill,' Mr Lee recounts, sharing that his wife often lunched here during her PhD days at NUS. Meanwhile, his regular business trips to Taiwan exposed him to the island's buzzing wine bar culture, which inspired him with its warmth and charm. However, what began as a promising venture has become increasingly difficult to sustain. 'Seriously, I also want to know why people are not coming to Holland Village,' Mr Lee says. The busiest times are typically the first and last weeks of each month. 'Midweek is usually quiet, we don't see many people, not even on the road,' he adds. Mr Lee believes the slowdown is part of a broader shift across Singapore's food and beverage (F&B) industry. 'We see the closure of many dining places. For wine, in particular, people are no longer buying them in Singapore, they would prefer to do it overseas.' At the same time, diners are spoilt for choice and rising inflation has made them more price-conscious. It is little wonder, he adds, that some businesses are pulling out of Holland Village altogether or choosing to open second outlets closer to the city centre. Mr Lee Joon Peng says opening That Wine Place was a blend of two passions – his wife's nostalgic fondness for Holland Village and his own love affair with wine bars. ST PHOTO: JASON QUAH 'Most of our customers here are families or couples. At most, they will open one bottle, maybe two,' Mr Lee explains. 'If I have an outlet in town, I could cater to business meetings and company events where we would sell more. Holland Village could do so much better if we manage to attract the office crowds from the nearby Star Vista area.' Like other business owners, Mr Lee feels that the newer developments do not blend well with the character of the original Holland Village, and more importantly, that they lack a strong pull factor. One Holland Village may attract pet owners as a casual hangout, with a few go-to spots like Surrey Hills Grocer or Fireplace by Bedrock, he says. But beyond that, people come and go, and the crowds do not spill over. 'I don't see it's a place that will bring more people in here... because there is nothing new and exciting to make them think, 'Oh, I need to come back again.'' That's why he calls his business venture a bit of a gamble. 'It is a 'hit or miss',' he admits. 'This place is not making a profit, but we are fortunate to have a reasonable landlord. I also believe F&B is the kind of business where you nurture and invest for the long run.' One visitor who finds Holland Village worth discovering is Mr Maro, an Italian business consultant who has been visiting Singapore frequently since 2017. While the area does not draw the kind of crowds he sees at Orchard Road, he believes that has not affected the quality of what is on offer. 'I still remember my first visit here – it was to 2am: dessertbar . The level of creativity and finesse in the desserts was something I had not seen elsewhere,' says the 57-year-old, who did not give his full name. Lorong Mambong, home to a cluster of bars and restaurants. While Holland Village may not buzz with the same energy as Orchard Road, it has not affected the quality of what is on offer, says a regular visitor. ST PHOTO: TARYN NG More recently, he dined at Le Bon Funk and was equally impressed by its curated wine list. 'I cannot speak about what Holland Village used to be, but there are some seriously high-calibre restaurants here – if you know, you know.' Can Holland Village be revived? Mr Lee believes Holland Village still holds a lot of untapped potential. One idea is to spruce up Holland Village Park just outside That Wine Place. Outdoor seating, for example, could make the space more inviting without obstructing foot traffic. 'I once spent an evening under those trees with my friends,' Mr Lee recalls. 'The breeze, the vibe, everything just felt perfect – like the old Holland Village coming back all over.' He adds: 'If we have more places like that, where people could sit, relax and unwind in the space... it could create a brand-new reason for people to stay longer and keep coming back.' Mr Lee hopes outdoor seating can be added to the communal space in front of his restaurant-bar. ST PHOTO: JASON QUAH Some other tenants in Chip Bee Gardens told ST that they have been asking for a sheltered walkway linking the MRT station to the shops for a few years. Instead, they were offered a piecemeal solution: the option of installing standardised clear shelters in front of each store. But the tenants worry these static structures will create new problems – collecting leaves, heating up under the sun and making outdoor seating uncomfortable. Summing up the general frustration, Mr Hadley says: 'If Holland Village is a brand, then right now, no one is managing it.' Mr Lee adds that the lack of serious discussion about the area's commercial direction is hurting businesses and customers alike. As for Mr Quan, he believes the area needs better curation. 'Many of the stores here are service-based. If you were a tourist or a local from another neighbourhood, would you come all the way to visit a dentist, a pet shop, a pilates studio or a kitchen supply store? Probably not.' But he acknowledges the other side of the coin. 'They have been here for 10, 20 years and their loyal customers keep them going. The question then becomes: Should Holland Village be a hub for services or a place for unique small local businesses?' For the Ng brothers, the answer lies in embracing Singapore's retail heritage. Business owners believe there is a lack of serious discussion about the area's commercial direction, and that if Holland Village is a brand, no one is managing it at the moment. ST PHOTO: TAYRN NG 'Some people don't even realise we have been around for so long,' says Mr Kenneth Ng. 'Others come in and tell us they are third-generation customers. That says a lot.' He is committed to business growth, but says there is only so much he and his brother can do. He notes that even some popular home-grown names, like Charles & Keith and TWG, had to reinvent themselves to survive. 'They have gone international and polished up their image, but they don't feel local any more,' he observes. 'They are selling a lifestyle, an idea, rather than holding on to their original identity. 'It seems like this is the reality for local brands – you either pivot, sell the business or franchise, or you risk getting left behind.' Ms Chan says the perception of local brands has changed over the past decade. More Singaporeans now embrace them for their thoughtful design and small-batch craftsmanship. Ironically, this has led to fewer home-grown brands eyeing Holland Village. 'In the past, when there was little awareness of supporting local brands, it was hard for them to enter major shopping malls, so they turned to niche areas like Holland Village. Now, many malls open their doors to local brands, promising them better foot traffic and visibility,' she says. 'So, where do the local brands prefer to be – there or here?' Still, some believe there is room for revival – and it may lie in collaboration. Mr Hadley suggests establishing a merchant association to give business owners a platform to voice concerns, propose improvements and initiate partnerships with others in the neighbourhood. Past efforts fell through due to disagreements between small businesses and franchise operators, which he believes could be resolved by a neutral body – likely a government body – with a clear mandate to represent all parties. Mr Lee has already teamed up with nearby Wala Wala Cafe Bar to run cross-promotions: buy a specific wine at one venue, get perks at the other. 'These are the kinds of ideas that bring energy back to the village,' he says. 'Business owners should be brainstorming together: What do people want and how can we offer it? These innovations will only make Holland Village more lively and exciting.' At Bynd Artisan's 10th anniversary party, Ms Chan had a poignant exchange with her mother, who asked why she was celebrating the closure of the Chip Bee Gardens outlet. Her reply? 'Because there is beauty in difficult moments.' Ms Chan believes such times are exactly when resilient entrepreneurs shine – finding creativity in chaos and growth in challenge. 'Running a business involves more than sentiments. We may not always know how things will turn out, so this chaos – unexpected and demanding as it is – is something we have learnt to relish.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
an hour ago
- Business Times
UK house prices slid in May following stamp duty tax hike
[LONDON] British house prices fell by more than expected in May following an increase in property transaction taxes the prior month, leaving values broadly flat for the year so far, figures from mortgage lender Halifax showed on Friday (Jun 6). Halifax said house prices fell by 0.4 per cent in May after a 0.3 per cent increase in April. A Reuters poll of economists had pointed to a fall of 0.1 per cent for May. House prices were 2.5 per cent higher on the year – less than the 3.0 per cent annual rise forecast in the poll. Halifax said the housing market looked 'broadly stable', with the average level of house prices hovering around £297,000 (S$517,455) since December. 'The market appears to have absorbed the temporary surge in activity over spring, which was driven by the changes to stamp duty,' Amanda Bryden, Halifax's head of mortgages, said. Separate data published last week from the tax office showed residential property transactions rocketed by 62 per cent in March and then collapsed by a record 63 per cent in April, as buyers raced to close deals in March ahead of the stamp duty tax increase. 'The outlook will depend on the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends,' Bryden said. Financial markets on Thursday pointed to between one and two quarter-point interest rate cuts between now and the end of the year. A Reuters poll of economists published last month pointed to two such rate cuts. REUTERS
Straits Times
2 hours ago
- Straits Times
Polish foreign minister takes aim at Musk after Trump clash
Polish Foreign Minister Radoslaw Sikorski speaks during a press conference with German Foreign Minister Johann Wadephul (not pictured) as they meet in Berlin, Germany, June 4, 2025. REUTERS/Nadja Wohlleben/File Photo WARSAW - Poland's foreign minister poked fun at Elon Musk late on Thursday, returning to a social media spat from March after the Tesla and SpaceX boss spectacularly fell out with U.S. President Donald Trump. Warsaw's top diplomat Radoslaw Sikorski found himself embroiled in an extraordinarily public clash with Musk and U.S. Secretary of State Marco Rubio in March after he said Ukraine may need an alternative to the Starlink satellite service. Amid a flurry of posts on his social media platform X, Musk had told Sikorski to "Be quiet, small man". On Thursday simmering tensions between Musk and Trump exploded into a public feud, as the president threatened to cut off government contracts to companies run by the world's richest man. Musk suggested Trump should be impeached. Sikorski took aim at Musk in a post on X, saying "See, big man, politics is harder than you thought." There was no immediate response to the post from Musk. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
