Rugby-New Zealand Rugby posts $11.6 million loss despite record income
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.
($1 = 1.6810 New Zealand dollars)
(Reporting Nick Mulvenney; Editing by Jacqueline Wong)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
21 minutes ago
- New Straits Times
Oil rises on Japan trade deal and stronger demand indicated by US inventories
BEIJING: Oil prices steadied in early trading on Wednesday after falling for three consecutive sessions as a US trade deal with Japan signaled progress on tariffs and a poll showed US crude stockpiles fell last week, indicating stronger demand. Brent crude futures rose 33 cents, or 0.48 per cent, to US$68.92 a barrel by 0023 GMT. US West Texas Intermediate crude futures rose 33 cents, or 0.51 per cent, to US$65.64 per barrel. President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that includes a 15 per cent tariff on US imports from Japan. He also said Japan had agreed on US$550 billion in investments in the US Oil had fallen in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of the August 1 deadline. And US crude oil stockpiles were expected to have fallen last week, along with distillate and gasoline inventories, an extended Reuters poll showed on Tuesday. Nine analysts polled by Reuters ahead of weekly inventory data estimated on average that crude inventories fell by about 1.6 million barrels in the week to July 18. US crude and gasoline stocks fell last week while distillate inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday. In another bullish sign for the market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. But analysts said a lack of US participation would hinder the effectiveness of the package.
Daily Express
36 minutes ago
- Daily Express
Ringgit strengthens against US dollar amid tariff deadline concerns
Published on: Wednesday, July 23, 2025 Published on: Wed, Jul 23, 2025 By: Bernama Text Size: At 8.03 am, the local currency strengthened to 4.2195/2375 against the greenback, up from Tuesday's close of 4.2300/2370. Kuala Lumpur: The ringgit opened firmer against the US dollar on Wednesday, supported by cautious optimism ahead of the looming Aug 1 tariff deadline. At 8.03 am, the local currency strengthened to 4.2195/2375 against the greenback, up from Tuesday's close of 4.2300/2370. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to trade between RM4.22 and RM4.24 today as markets remain wary of potential tariff impacts. 'Investors are adopting a guarded stance, waiting for clearer signals on trade policies,' he noted. SPI Asset Management managing partner Stephen Innes attributed the ringgit's early gains to shifting macroeconomic conditions. 'The US dollar is under pressure from falling Treasury yields and domestic political concerns, which is benefiting emerging market currencies like the ringgit,' he said. Innes added that the ringgit's rebound reflects more than just a temporary bounce. 'A softer dollar, renewed trade talks, and hopes for tariff relief are creating a favourable environment for the ringgit,' he told Bernama. He also highlighted ongoing negotiations between Malaysia and the US, where Malaysian officials are reportedly seeking a reduced tariff rate of 15–20 per cent, compared to the proposed 25 per cent. Against other major currencies, the ringgit showed mixed performance. It weakened against the Japanese yen to 2.8767/8891 from 2.8690/8739 and dipped versus the euro to 4.9528/9740 from 4.9512/9594. However, it edged higher against the British pound, rising to 5.7052/7295 from 5.7088/7183. Regionally, the ringgit strengthened against the Singapore dollar to 3.3001/3144 from 3.3011/3071 and appreciated against the Indonesian rupiah to 258.5/259.7 from 259.1/259.7. It also gained slightly against the Philippine peso to 7.39/7.43 from 7.41/7.43. However, it slipped against the Thai baht to 13.1138/1767 from 13.0899/1172. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
an hour ago
- The Star
Soccer-Brazil ease past Paraguay 4-1 to reach Women's Copa America semis
(Reuters) -Yasmim scored twice in the first half as defending champions Brazil reached the Women's Copa America semi-finals with a 4-1 victory over Group B rivals Paraguay in Quito on Tuesday. Yasmim opened the scoring in the 27th minute with a curling free kick that nestled inside the far post and she doubled Brazil's lead 12 minutes later with an almost identical effort, catching the Paraguayan keeper off guard once again. Brazil goalkeeper Lorena produced a superb save to deny a long-range strike from Claudia Martinez before Paraguay's Camila Arrieta was sent off after receiving a second yellow card for a foul on captain Marta. Brazil made their numerical advantage count with Amanda Gutierres making it 3–0 on the hour mark but a lapse in defence allowed Paraguay to pull one back in the 65th minute through the tournament's leading scorer Martinez, who notched her fifth goal of the competition. However, any hopes of a comeback were short-lived as Duda Sampaio restored Brazil's three-goal lead with a composed finish in the 75th minute. "I'm very happy for the goals but above all for the result and for the victory," Yasmim said at the Estadio Gonzalo Pozo Ripalda. "We are very happy for the qualification to the semis. We have many aspects that we know we can improve. We have to keep working and giving our all for this shirt." Brazil remain unbeaten in Group B and will face Colombia in their final group-stage fixture on Friday - a rematch of the previous edition's final. "Colombia are a very strong team, we know it will be difficult," Yasmim added. "This match is like a derby, we have to prepare ourselves in the best way to face them." (Reporting by Janina Nuno Rios in Mexico City; Editing by Peter Rutherford)
