Gap on Thursday announced a new CEO for its Old Navy banner, effective Nov. 2, as the retailer tries to reinvigorate sluggish sales performance at the brand.

Michael Francis, who was appointed the chief customer officer at Old Navy in May, will take over the reins from current CEO Haio Barbeito, who will become an advisor to the company. Barbeito has held the position since 2022.

Gap CEO Richard Dickson told CNBC the move was “a planned and thoughtful transition” to better equip Old Navy for its next chapter.

“We’ve been working — from fixing fundamentals to building momentum and ultimately looking to accelerate growth, and so there’s not a change in strategy,” Dickson said in an interview. “We’re just going to continue to execute better, continuously improve our core business, while we drive some accelerators that we’re really excited about.”

Shares of Gap jumped 12% in extended trading Thursday.

In the company’s fiscal second-quarter earnings report, Old Navy posted net sales of $2.1 billion — down 4% year over year. Comparable sales were also down 4%, versus comparable sales growth of 2% during the same period last year. Wall Street analysts were expecting a decline of 2.4% for the most recent period, according to StreetAccount.

It marked Old Navy’s first negative same-store sales figure since the second quarter of 2023 and was due in part to “unanticipated slowdown in traffic,” the company said. The brand contributes nearly 60% to Gap’s overall revenue.

Dickson told CNBC that Old Navy specifically saw disappointing results from its summer marketing, which he said “lacked a direct product message.” But he added that the brand has already begun to see “significant improvement” in its traffic and sales this past month.

Incoming CEO Francis said in a statement the brand would “continue to sharpen our customer focus, strengthen the brand’s cultural relevance, enhance the customer experience across every touchpoint and build on the momentum already underway.”

Overall, Gap reported mixed results for its fiscal second quarter, beating analysts’ estimates for earnings per share but underperforming revenue expectations. Gap Inc. comparable sales were down 1% for the period, including a 3% year-over-year decline in in-store sales.

“Ultimately, our slight miss on total company was really due to Old Navy’s seasonal product assortment,” Dickson said. “We know we didn’t execute well on our seasonal product, but if there’s good news in this, seasonal is behind us.”

For the full fiscal year, Gap narrowed its net sales growth outlook from a range of between 1% and 2% to a range of between 1% to 1.5% due to the lag at Old Navy. Still, the company hiked its expectations for adjusted earnings per share from a range of $2.30 to $2.40 for the full year to a range of $2.35 to $2.45.

Here’s how the company performed in the quarter ended Aug. 1 compared with what Wall Street was expecting, according to a survey of analysts by LSEG:

• Earnings per share: 52 cents adjusted vs. 48 cents expected
• Revenue: $3.65 billion vs. $3.69 billion expected

Gap reported net income of $501 million, or $1.38 per share, compared with $216 million, or 57 cents per share, the prior year. Sales sank slightly to $3.65 billion from $3.73 billion in the year-ago period.

Adjusting for one-time items — in particular the impact of tariff refunds of approximately $512 million — Gap reported earnings per share of 52 cents.

“On balance, we’re running a very disciplined organization with a playbook that is working,” Dickson said. “These things take time. I think, pointing to Gap as the lead success story of our playbook, you can see the ability for us to actually deliver relevance and revenue, and we’re well on our way.”

At the namesake Gap banner, comparable sales soared 10% for the quarter — outpacing Wall Street expectations of 8.6% growth — and net sales jumped 9% to $844 million. The company attributed those gains to “culturally relevant storytelling” in categories across denim, fleece and kids and baby.

As for Gap’s other brands, Banana Republic saw its comparable sales up 3% for the quarter, with net sales reaching $478 million. Analysts were expecting comparable sales up 2%, according to consensus metrics from StreetAccount. The company said the brand “continued to make progress” in its assortment during the quarter.

And, Athleta’s comparable sales sank 12% for the quarter, hitting net sales of just $264 million. Gap said that Athleta “remains focused on disciplined execution to rebuild the brand profitably.”

The company also said a significant increase in gross margin during the fiscal second quarter was the result of a 11.4-percentage-point benefit from “expected recovery of tariffs.” Absent that tariff impact, Gap’s gross margin improved by 0.2% year over year.

Gap said it received $95 million of tariff refunds during the quarter and used the funds to lower the costs of some of its products. The remainder of its tariff refund is expected in the third quarter, the company said.

Dickson added that the company continues to see a “resilient but discerning” consumer with sales growth across all income cohorts.

In home systems, wireless security cameras remove the video cable, but wireless does not always mean cable-free. Some models need mains power; others use batteries or solar charging. That distinction prevents a common installation mistake before drilling.

A solar cctv camera replenishes its battery during daylight. It can reduce charging visits at gardens, garages, gates, and holiday properties. Performance still depends on panel exposure, activity, network coverage, recording mode, and night lighting.

This guide separates power from data, explains the main camera types, and turns coverage goals into a plan. The focus is a reliable system, not the highest device count or longest specification list.

Define What Cable-Free Means

In product descriptions, wireless security cameras transmit video without a dedicated video cable. A WiFi model uses the router, while a 4G model uses a mobile network. Power may come from a plug, battery, or panel, so connection and power need separate checks.

A solar cctv camera is normally both battery-powered and wire-free after installation, although a short lead may connect a detachable panel. Integrated panels reduce parts and mounting steps. Detachable panels offer more freedom to face the best daylight while the lens faces the area being monitored.

Understand the Four System Layers

Reliable CCTV depends on more than the camera body. Power, connectivity, detection, and storage work as one chain. If the battery is empty, the network is weak, or the recording window is too short, a high-resolution sensor cannot produce useful evidence.

Power Source

Battery models offer flexible placement but need periodic charging. A solar cctv camera uses daylight to extend the interval between manual charges. The ieGeek solar range includes integrated and detachable panels, plus 2K and 5MP options. Shade and event frequency still affect reserve.

Data Connection

WiFi suits properties with dependable broadband near the mounting point. 4G suits sites with mobile coverage but no fixed connection. The category of wireless security cameras can use either route, so confirm the network specification. A wireless model may still support only 2.4GHz WiFi.

Detection and Coverage

Fixed-view cameras concentrate pixels on one area. Pan-and-tilt models cover a wider space but may not face every direction at once. Person and vehicle detection may reduce irrelevant notifications. Position the lens around the identification task rather than relying on a headline field-of-view number.

Storage and Retrieval

Local microSD storage can retain footage without a mandatory cloud plan on compatible models. Cloud services may add off-site access, depending on the product and subscription. Decide how long recordings are useful, who may view them, and how quickly a relevant clip can be found.

Plan Coverage Before Buying

Map the property into zones and assign one job to each camera. The table gives a starting configuration, not a universal prescription. Building materials, foliage, mobile coverage, broadband placement, winter shade, and privacy boundaries may require a different power or connection path.

Entrances and Driveways

Mount the camera where approaching faces remain large enough to identify. A wide view that includes the street may waste pixels and create repeated alerts. Use detection zones to concentrate on the door, path, or parked vehicle, and check night exposure with exterior lights operating normally.

Gardens and Detached Buildings

These locations often favour solar power because cable routes are awkward. Keep the lens clear of close branches and direct the panel towards useful daylight. If the camera sits beyond dependable router range, improve the network or select a 4G model rather than accepting intermittent alerts.

Install in the Right Order

Do not begin with permanent brackets. First test the proposed angle, live stream, night image, detection zone, and charging position. A temporary mount or handheld test reveals reflections, blind spots, and signal loss while changes remain simple.

1. Mark the coverage target and privacy boundary before choosing the mounting height.
2. Test power reserve, WiFi or 4G signal, and live viewing at the exact location.
3. Fix the bracket, update firmware, then tune recording and notification settings.

Confirm the Wireless Path

The ieGeek range of wireless security cameras includes WiFi, solar, battery, and 4G options. Check whether the chosen model needs 2.4GHz, supports dual-band WiFi, or uses a SIM. Test upload stability, because remote video sends data away from the camera.

Avoid the Mistakes That Cause Gaps

Most failures come from assumptions made before installation. Buyers may treat solar as unlimited power, wireless as battery-powered, or a high megapixel count as proof of identification. Each assumption ignores one of the system layers that determines whether footage is available when needed.

Confusing Wireless With Wire-Free

A plug-in WiFi camera is wireless for data but wired for power. That can be ideal near an exterior socket and for longer recording periods. It is unsuitable where no safe cable route exists. Read both the connectivity and power specifications before choosing the bracket location.

Placing the Panel for the Lens

For a solar cctv camera, the best lens angle may face north while the panel needs useful southern light. A detachable panel can solve that conflict. Integrated designs require a position serving both capture and charging. Review seasonal shade from roofs, trees, and fences.

Ignoring Network Security

The National Cyber Security Centre recommends changing default passwords, installing updates, and disabling internet viewing when it is unnecessary. Apply those controls to the camera and router. Remove old shared accounts and review app permissions, especially when a property changes tenant or owner.

Recording Beyond the Boundary

The ICO advises domestic CCTV users to minimise capture of neighbouring property, communal areas, and public space where possible. Use privacy masks, a narrower angle, and appropriate signage when required. Audio can be more intrusive than video, so enable it only for a clear purpose.

Build for Reliable Evidence

Start with the event that must be captured, then select the view, power source, connection, and storage that support it. A smaller system with stable energy and clear framing will usually outperform a larger system built around convenient mounting points.

After installation, review night footage, battery history, signal strength, and alert volume for a full week. Adjust the setup while patterns are visible. Cable-free CCTV works best when the site is tested as a system under changing seasonal conditions rather than treated as a collection of cameras.

OpenAI released a letter Thursday warning that within months, artifical intelligence (AI) models could become powerful enough to allow bad actors to launch increasingly sophisticated cyberattacks on hospitals, water treatment plants and other critical infrastructure.

More than 100 other companies across banking, tech and cybersecurity signed the letter, including Accenture, Anthropic, Capital One, Google, Microsoft and Visa.

Hugging Face, an open-source AI model repository whose systems were hacked into by an OpenAI agent in July, also signed the letter.

“Today’s AI advances are already giving defenders new ways to fix weaknesses that have accumulated for years. If we act decisively, we can use the defenders’ window to make our digital world much more secure,” according to an excerpt of the letter.

DEM SENATOR PRESSES OPENAI, ANTHROPIC FOR ANSWERS IN AI HACKING PROBE

OpenAI released a letter Thursday warning about AI-enabled cyberattacks. (iStock)

To fix the problem, OpenAI called on all organizations to make cybercrime defense “an immediate leadership priority.”

Cybersecurity organizations need to “lead the response to defend against sustained AI-enabled attacks, including testing defenses continuously against frontier cyber capabilities, strengthening existing tools with AI, and working with technology partners to close gaps now,” according to the letter.

Governments around the world were also given a call to action, with OpenAI saying that they should strengthen cyber defenses at the local, national and international levels.

“Give hospitals, water utilities, and local governments access to capable defensive AI, authorized testing, and hands-on support through trusted security providers and partners. Impose costs on attackers,” OpenAI told governmental bodies in the letter.

OPENAI LAUNCHES NEW CHATGPT EXPERIENCE WITH PARENTAL CONTROLS FOR TEENS

OpenAI said it should give critical-infrastructure operators access to powerful models, funding, training and technical help. (Omar Marques/SOPA Images/LightRocket via Getty Images, File)

In a portion of the letter addressed to “frontier AI companies,” OpenAI said it should give critical-infrastructure operators access to powerful models, funding, training and technical help. 

Operators should also build tools to track how AI agents are being used, test systems for vulnerabilities, fix problems responsibly, and share useful security information with governments and other defenders, OpenAI said.

There have already been a number of AI-enabled cyberattacks, perhaps most notably when Anthropic accused a Chinese state-sponsored group last September of manipulating its Claude Code tool in an attempt to hack into 30 global targets, allegedly breaching several.

“This marks the first documented case of agentic AI successfully obtaining access to confirmed high-value targets for intelligence collection,” according to an incident report from Anthropic.

Anthropic said one of its frontier models, Claude Mythos, has reached “a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities.” (Imen Ben Youssef/Hans Lucas/AFP via Getty Images, File)

Anthropic did not identify the victims of the cyberattack, but said major tech companies, financial institutions, chemical manufacturing companies and governments were among those targeted. 

Anthropic has also been an industry leader in warning about how rapidly-advancing AI must be contained to avoid disastrous attacks on civilian infrastructure.

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In April, the company announced Project Glasswing, an initiative to secure the world’s most critical software.

In the announcement, Anthropic said that one of its frontier models, Claude Mythos, had reached “a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities.”

OpenAI and Anthropic did not immediately respond to FOX Business’ request for comment.

The Department of Justice is planning to reactivate maritime prize courts in an effort to make it easier to claim Iranian oil tankers as war prizes to help offset the cost of the war, according to a new report.

Utilizing prize courts would give the government a clearer path to legally claiming ships seized by the U.S. Navy in the course of its enforcement of a naval blockade of Iran as the government’s property. 

That process would allow the government to sell oil or other cargo from the ships that violated the blockade, and the proceeds would be provided to the Treasury Department.

The plan was first reported by Bloomberg Law, citing three people familiar with the matter.

MILLIONS OF BARRELS OF IRANIAN OIL SIT BEYOND TRUMP BLOCKADE AS HE VOWS ‘ZERO LEAKAGE’

“Our national security interests may require the United States military to seize vessels or cargo supporting the enemy during military conflict,” U.S. Attorney for the Southern District of Texas Aaron Reitz said in a statement provided to FOX Business by the DOJ.

“If that happens, our federal courts must be ready to adjudicate the disposition of these captured vessels and cargo.

The U.S. may use prize courts to formally seize captured Iranian vessels, with their oil or other sold cargo helping to offset the cost of the war. (Reuters/Hamad I Mohammed)

“Prize law is an ancient body of maritime law — already codified in statute but which we are now reviving — that sets the rules for how seized maritime property is condemned, returned or disposed of,” Reitz continued.

If the plan is put into effect, it will likely draw legal challenges from shipping companies that own vessels seized in the blockade, and the Bloomberg report noted that victims of Iranian terrorism may also pursue claims against seized assets.

The U.S. government has used prize courts to determine the legal status of ships and cargo that were captured since the nation’s founding, starting with the Revolutionary War, though the practice hasn’t been actively used since the Spanish-American War in the late 1800s.

Under the early frameworks, ships and cargo that were legally captured were sold with the proceeds going to the crew of the ship that seized the condemned vessel. However, that practice ended in 1899 as the U.S. military looked to reduce privateering and modernize legal frameworks for war.

TREASURY’S ‘ECONOMIC D-DAY’ AGAINST IRAN COULD FORCE REGIME INTO SITUATION IT ‘FEARS THE MOST,’ EXPERTS SAY

The U.S. Navy would have to seize a vessel with its cargo for it to go through the prize court process. (Zachary Pearson/U.S. Navy / Getty Images)

Prize courts declined amid the evolution of naval warfare. The emergence of submarines in World War I, as well as the proliferation of their use in World War II, when air power emerged as another major threat to naval vessels, made it more difficult in practice for naval crews to stop and board a given vessel, inspect its cargo, then return it to a port for trial.

A 2022 report by the Congressional Research Service notes that Congress has given the exclusive jurisdiction over prize cases to federal district courts that are “sitting in admiralty,” a legal term for when the judge is handling a specialized maritime case rather than a typical civil or criminal case.

That process ordinarily requires the vessel to be physically brought into a given district court’s jurisdiction. During World War II, a 1942 law gave federal courts authority over prize cases involving ships in allied ports, such as those in Australia or Great Britain, without having to return to the U.S.

Despite that change, an analysis by the U.S. Naval Institute published in 2024 notes that no prize cases were adjudicated in U.S. courts in either World War I or World War II or in the decades since. 

However, it notes that Congress enacted revised laws on the subject in the 1950s which have been updated as recently as 2021 to include the Space Force and that prize courts are acknowledged in recent editions of legal handbooks for naval commanders.

COULD IRAN’S REGIME COLLAPSE? EXPERTS ASSESS BESSENT’S BID TO SEVER FINANCIAL LIFELINES

The U.S. Navy is enforcing a blockade of the Strait of Hormuz, which is a vital choke point for oil tankers in the Persian Gulf. (Giuseppe Cacace/AFP via Getty Images)

If the Trump administration attempts to use prize courts in the ongoing war with Iran, Reitz signaled that his district will be prepared to address those legal issues.

“The Southern District of Texas is home to the best ports in the nation along the Gulf of America and is the strategic nexus of maritime power, energy infrastructure, international commerce and federal law enforcement capacity,” Reitz said.

“My office is ready to represent the interests of the United States in adjudicating prizes brought to the Southern District of Texas through our federal courts in the interests of national security and justice.”

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The White House deferred comment to the Justice Department.

Shared rental properties are often managed as though cleaning is a purely domestic matter.

In practice, it can become an operational issue.

Several tenants use the same hallway, kitchen and living space at different times. Standards vary. Responsibilities are informal. Nobody quite knows who last cleaned the floor, who should empty the vacuum or whether a spill was dealt with properly.

The result is predictable:

small messes become bigger ones.

And by the time a tenancy changes hands, what looked like an everyday housekeeping problem can turn into:

• additional cleaning;
• disputed property condition;
• avoidable maintenance;
• deposit friction;
• delayed turnover.

For landlords and property managers, the lesson is simple:

the easier a shared cleaning routine is to repeat, the more likely the property is to remain consistently well maintained.

That matters even more in England now that the private rental sector is operating under the Renters’ Rights Act reforms introduced on 1 May 2026. The Act has reshaped tenancy management and placed even more emphasis on professional, documented property operations.

Shared homes create more cleaning variability

A single-person household is relatively predictable.

A shared rental is not.

Several residents can mean:

• more shoes through the hallway;
• more cooking;
• more spills;
• more guests;
• more pet hair;
• more disagreement about standards.

The problem is not necessarily that tenants are careless.

It is that nobody owns the process.

A conventional hard-floor routine normally involves:

vacuum → put vacuum away → prepare mop → mop → clean mop

That is easy enough for one person.

It becomes less reliable when four people are sharing responsibility.

One person vacuums.

Someone else plans to mop later.

Nobody does.

The floor is technically “being cleaned” but the process is inconsistent.

For landlords, this is relevant because condition at the end of the tenancy is what ultimately matters.

BM Magazine has previously highlighted that cleaning and property condition can affect tenant satisfaction, turnover speed and the likelihood of deposit disputes.

The business case for simpler cleaning routines

This is where a cordless wet and dry vacuum cleaner becomes interesting.

On compatible hard floors, it combines suitable debris pickup and washing in one session.

The business value is not simply:

“it cleans faster.”

It is:

the routine has fewer stages to forget, postpone or perform inconsistently.

That distinction matters.

A good operational system usually works because it removes ambiguity.

Businesses already understand this.

A process with seven manual steps is more likely to fail than one with three.

Shared-property maintenance is no different.

Standardisation matters more than premium features

Property owners can easily fall into the trap of buying the most advanced equipment available.

That is not necessarily the right approach.

Before looking at suction, steam or sensors, ask:

• What floor types are in the property?
• Which communal spaces get dirty most often?
• Is the property pet-friendly?
• Is storage limited?
• Who will maintain the machine?
• Will it replace an existing tool or add another one?

Those questions determine whether the equipment actually improves the operating model.

Where the S7 Stretch Ultra fits

The  Tineco FLOOR ONE S7 Stretch Ultra Cordless Wet Dry Vacuum Cleaner is a useful example because its most practical feature is not especially glamorous.

It is the 180° lay-flat design.

Tineco UK currently lists the model with:

• 180° lay-flat cleaning;
• DualBlock Anti-Tangle;
• FlashDry;
• up to 50 minutes of runtime.

In a rental property, that can matter because shared spaces are often compact.

Low sofas.

Beds.

Storage units.

Furniture pushed close to walls.

Dirt that remains beneath those areas becomes visible during:

• inspections;
• end-of-tenancy cleaning;
• furniture movement.

A cleaner that reaches those spaces without repeatedly moving furniture can help make the routine more consistent.

That is an operational improvement, not simply a lifestyle feature.

Pet-friendly rentals change the calculation

The Renters’ Rights Act introduced stronger rights around requests to keep pets in privately rented homes in England. Tenants can ask to keep a pet, and landlords must consider the request and provide a valid reason if they refuse.

That makes pet-related property maintenance increasingly relevant.

Pet-friendly shared homes can introduce:

• hair;
• paw prints;
• food around bowls;
• litter;
• wet marks;
• odour risk.

For hard floors, features such as anti-tangle systems and easy roller maintenance become more relevant.

But landlords should avoid assuming that one wet-dry machine solves the whole property.

Pet hair on:

• carpet;
• stairs;
• upholstery;
• bedding;

still requires a conventional dry vacuum.

So the correct question remains:

Does this tool simplify the cleaning system overall?

End-of-tenancy cleaning is where inconsistency becomes expensive

Cleaning is one of the areas most likely to create friction at move-out.

Government-backed deposit protection exists to ensure tenants receive their deposits back where tenancy conditions are met and property damage has not occurred.

For landlords, that makes documentation and property condition important.

For tenants, it means a cleaner property at checkout can reduce unnecessary disagreement.

The strongest approach is not to wait until moving day.

It is to maintain the shared areas consistently throughout the tenancy.

That is where a simplified floor-care routine has more value than a one-off “deep clean” strategy.

Steam is not a shortcut to deposit protection

The Tineco FLOOR ONE S9 Boost Steam Wet Dry Vacuum Cleaner is one of Tineco’s more advanced UK wet-dry models.

The current UK listing includes:

• 25kPa suction;
• HyperStretch;
• FlashDry / SilentDry;
• AI SmoothDrive.

Its steam function can help loosen stubborn dried residue on compatible floors.

That may be useful for:

• kitchen residue;
• dried spills;
• entrance grime.

But steam should not be treated as:

• guaranteed sanitisation;
• a substitute for proper end-of-tenancy cleaning;
• automatically safe for every rental floor.

Laminate, LVT, engineered wood and older timber can all have different moisture and heat tolerances.

The flooring manufacturer’s care instructions remain the priority.

The overlooked cost is maintenance ownership

Buying equipment is easy.

Making sure someone maintains it is harder.

A shared cleaner still requires somebody to:

• empty the dirty-water tank;
• inspect the roller;
• check the filter;
• remove trapped hair;
• replace consumables;
• charge the machine.

This is where many shared systems fail.

No named owner means:

everyone is responsible

which often becomes:

nobody is responsible.

For landlords supplying shared equipment, the answer may be to document basic care instructions.

For tenants buying a machine together, the agreement can be even simpler:

the person who uses it empties and resets it.

That single rule may protect the equipment better than another smart feature.

Reviews should be treated as operational evidence

Customer reviews can be useful, but landlords and property managers should not focus only on star ratings.

The more useful review themes are:

• maintenance burden;
• durability;
• manoeuvrability;
• storage footprint;
• noise;
• roller care;
• replacement-part availability.

These questions reveal whether a machine remains practical after repeated use.

That matters because BM Magazine has previously made a broader SME point that buying equipment only creates value when the organisation has the people and process to use it consistently.

The same principle applies here.

A £600 appliance nobody maintains is not an efficiency investment.

It is another operational liability.

The wider market: compare operating models, not logos

Tineco is not the only option.

Dreame has pushed strongly into heated cleaning and automated maintenance.

Shark HydroVac offers a relatively straightforward combined vacuum-and-wash proposition.

Bissell CrossWave is one of the established names in the category.

Vax provides alternatives at different price points.

The useful comparison for a shared rental is not:

“Which brand wins?”

It is:

Which product creates the simplest reliable routine at an acceptable total cost?

That includes:

• purchase price;
• replacement rollers;
• cleaning solution;
• storage;
• maintenance;
• lifespan;
• who actually uses it.

A landlord or tenant decision framework

Before buying, ask six questions.

1. Is most of the communal area hard flooring?

If no, a conventional vacuum may remain more useful.

2. Is the property high-traffic?

More occupants increase the value of a simpler repeated routine.

3. Are pets allowed?

If yes, anti-tangle and easy maintenance become more relevant.

4. Is storage limited?

A large dock can solve one problem while creating another.

5. Who owns the equipment?

This matters especially when tenants split the cost.

6. Who maintains it?

If this is unclear, the system is incomplete.

Frequently Asked Questions

Is a wet and dry vacuum useful in a shared rental property?

It can be particularly useful where communal areas contain substantial compatible hard flooring and are cleaned frequently.

Can Tineco vacuum and mop at the same time?

Compatible FLOOR ONE models are designed to collect suitable debris and wash hard floors during the same cleaning session.

Which Tineco is better for smaller shared properties?

The S7 Stretch Ultra may be practical where low furniture and compact layouts make 180° lay-flat access valuable.

Is the S9 Boost Steam useful before an end-of-tenancy inspection?

It may help with stubborn dried residue on compatible flooring, but steam does not guarantee a deposit return and should only be used where the flooring allows it.

Can a landlord deduct cleaning costs from a deposit?

Deposit deductions depend on the tenancy terms, evidence and property condition. Deposits in England must be handled through the relevant protection framework, and disputes can be assessed through those schemes.

Has the Renters’ Rights Act changed shared renting?

In England, the Act introduced major reforms from 1 May 2026, including assured periodic tenancies and new rules around pet requests and landlord obligations.

Is Tineco safe for laminate or LVT?

Only where the flooring manufacturer approves the relevant damp-cleaning method.

Does self-cleaning mean the machine requires no maintenance?

No. Tanks, filters, rollers and debris channels still require regular attention.

Is a wet-dry cleaner better than separate vacuuming and mopping?

It can simplify routine cleaning on compatible hard flooring by combining stages. It may be less useful in carpet-heavy properties.

Tineco or Dreame for a shared property?

Both offer advanced wet-dry models. The better choice depends on price, storage, maintenance, floor compatibility and the level of automation required.

The real investment is in a repeatable process

Shared rental properties are small operating systems.

People come and go.

Standards differ.

Pets may enter the mix.

Furniture changes.

Tenancies turn over.

The mistake is assuming that good property condition depends only on people trying harder.

Often, it depends on making the routine easier to follow.

That is where floor-care technology can genuinely help.

Not because an advanced machine guarantees a clean property.

Not because steam or sensors automatically justify a premium.

But because the right equipment can remove unnecessary stages from one of the most repetitive tasks in a shared home.

BM Magazine has recently argued that England’s new rental environment is making amateur landlording increasingly difficult and pushing property owners toward more professional operating models.

Cleaning may look like a minor part of that transition.

It is not.

A property that is easier to maintain is easier to inspect, easier to hand over and less likely to generate unnecessary friction between landlord and tenant.

In that sense, the smarter investment is not necessarily the most advanced cleaner.

It is a cleaning system that people can actually use consistently.

New Zealand has no shortage of ideas. It has founders building software for global markets, exporters with trusted products, scientists working close to commercial opportunity, and a retirement savings system in the KiwiSaver system that has become a significant pool of domestic capital.

The harder question is whether enough of that capital is reaching the places where it can lift productivity, help companies scale and create durable economic value for founders, investors and the country itself.

For Scott Weenink, the issue is not simply whether more money exists in the system. It is whether New Zealand is directing enough long-term capital towards productive businesses, technology adoption and companies capable of growing beyond, what is very small on a global level, the domestic market. In a small economy, that distinction matters. Capital that merely chases familiar and/ or safe assets may preserve wealth for some owners, but capital that helps businesses invest, hire, innovate and expand with global ambition is what changes the national trajectory.

The productivity problem is also a capital problem

New Zealand’s productivity challenge is well documented. The Treasury’s 2025 analysis on innovation and capital argued that New Zealand has not experienced the same productivity growth as comparable countries, and that the country remains, despite the KiwiSaver system, relatively capital shallow. The OECD has made a similar point, noting that deeper and more competitive capital markets, along with foreign investment, are central to lifting productivity.

Those observations can sound technical, but the practical meaning is simple. Workers become more productive when they have better tools, better systems, better infrastructure and better technology around them. A business that cannot invest in those things is unlikely to create higher-wage, higher-skill jobs at scale. A country that underinvests in productive capacity should not be surprised when growth feels harder than it ought to.

The debate is often framed as a policy question, and policy clearly matters. Tax settings, regulation, immigration, infrastructure, energy costs, competition and foreign investment rules all shape the environment in which firms make decisions. But there is also a cultural and institutional question: does New Zealand reward the patient allocation of capital to productive enterprise with significant growth potential, or does it default too quickly to assets that feel safer because they are familiar?

Why patient capital matters

Patient capital is not passive capital. It is money that is prepared to stay with a good business through the stages of growth that rarely fit neatly into a short reporting cycle. It allows a company to invest before the payoff is obvious, to hire ahead of demand, to build technology, to enter new markets and to make decisions that are right over years rather than weeks.

That distinction matters in the view of Scott Weenink because many of the businesses New Zealand most needs will not be built on short horizons. Technology companies, financial services challengers, export platforms and specialist manufacturers often require years of reinvestment before their value is fully visible. If the capital behind them is impatient, the company can be forced into smaller ambitions than it or the country actually needs.

Punakaiki Fund, who I recently joined as Chair, is an example of “patient capital” with it being an evergreen venture capital fund that focusses on investing in early-stage technology companies in New Zealand. It has an outstanding track record of supporting New Zealand technology companies to reach their potential through patient investment and support- Quantifi Photonics, Timely and Vend being obvious examples. New Zealand needs more investors and investment vehicles like this.

The point is not that every company should be funded forever, or that investors should ignore risk. Quite the opposite. Patient capital works only when it is disciplined. It still asks hard questions about governance, margins, management, market size and execution. It still expects accountability. But it understands that building enduring value is different from extracting a quick return.

From savings to ownership

One reason this question is becoming more important is the growth of KiwiSaver. The Financial Markets Authority reported that total KiwiSaver funds under management reached $123 billion in the year to March 2025, after contributions of $12.2 billion and net investment returns of $6.4 billion. That is a material pool of long-term savings in a country that has historically leaned heavily towards property as the default wealth-building vehicle.

The existence of a larger savings pool does not automatically solve the productive capital challenge. A retirement savings system like KiwiSaver can help households build security, but it also raises a wider question about ownership. If more New Zealanders are indirect owners of productive assets through diversified funds, they have a stake in the businesses, markets and governance systems that shape long-term prosperity.

That does not mean turning savers into speculators. It means treating ownership of productive enterprise as a normal part of national wealth-building. It means understanding that a share in a well-run company is not a casino ticket but a claim on future earnings, employment, innovation and service. It also means being honest that capital markets need trust. People will not commit long-term savings to systems they do not understand or institutions they do not believe are acting fairly.

Governance is where capital earns confidence

Scott Weenink’s background sits across law, private investment, financial services, governance and sport. He is a former corporate finance lawyer, a New Zealand based investor and company director, Chair of Xceda Capital Group and Punakaiki Fund, and a founding shareholder and former Chair of Generate KiwiSaver. That mix of roles gives him a practical view of how capital, governance and trust interact.

Good governance matters because patient capital cannot simply rely on optimism. Investors need to know that boards understand risk, management is being challenged constructively, incentives make sense and long-term value is being protected. For a small market like New Zealand, this is particularly important. When capital is scarce, misallocation hurts more. When trust is damaged, it is harder to rebuild.

This is where the conversation about productivity connects to the conversation about boards. Capital is not productive because it has been raised. It becomes productive when it is allocated well, governed well and used to build something with a future. A business with patient investors but weak governance can still destroy value. A business with strong governance but insufficient growth capital can remain smaller than it should. The best outcomes require both.

The small-country advantage

New Zealand’s size is often treated as a constraint, but it can also be an advantage. Smaller markets can build trust quickly. Networks are tighter, reputations travel faster and capable people often operate across several sectors in a way that creates useful cross-pollination. A director who has be involved in a broad range of sectors, and a broad range of markets, may bring a broader lens than a career spent inside one narrow lane.

The risk is that small markets also become too comfortable. Familiarity can make capital conservative in the wrong way. It can lead investors towards the same assets, the same people and the same assumptions. It can make new sectors look riskier simply because they are less well understood. For Weenink, one of the tests for New Zealand is whether it can combine the prudence of a small country with the ambition of a country that knows it must, and can, compete globally.

That will require better bridges between savings, private capital, public markets and growing companies. It will also require more respect for the difficult middle stage of business building, after a company has proved an idea but before it has become obvious that it will be successful. That is often where good companies either become serious or quietly stall. It is also where patient capital can have the greatest effect.

A broader definition of national wealth

The national conversation about wealth still tilts heavily towards what people own personally: houses, deposits, retirement balances, investment portfolios. Those things matter. But a country also needs to ask what it is building collectively. Are there more export-capable companies? Are younger workers seeing careers with a future in New Zealand? Are domestic firms adopting technology quickly enough? Are boards taking the right risks for long-term value rather than simply defending what already exists?

These questions are not separate. A country with deeper productive investment tends to create more capable firms. More capable firms create better jobs, stronger tax bases, larger pools of expertise and more examples of success for the next generation to copy. The benefit of patient capital is therefore not only financial. It is institutional and cultural as well.

For Scott Weenink, New Zealand’s challenge is to become more deliberate about where ambition meets capital. The country does not need reckless risk-taking, and it does not need growth stories built on slogans. It needs disciplined investors, competent boards and leaders willing to build beyond the limits of the local market. If more capital moves towards productive enterprise, and if that capital is matched by governance capable of stewarding it well, New Zealand will give itself a better chance of turning its ideas into companies, jobs and long-term national wealth.

Author bio

Scott Weenink is a New Zealand based investor, company director and former corporate finance lawyer. He is Chair of Xceda Capital Group and Punakaiki Fund, and a founding shareholder and former Chair of Generate KiwiSaver, with experience across finance, governance, technology, sport and international business.