Business News

Power price drop possible - Withers

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Mighty River Power is indicating its prices could come down on the back of a big profit rise - but it will not say by how much or when. It has reported a $212 million net profit. (AUDIO)

NZ dollar falls as shares strengthen

Dollar coins and bank notes on newspaper with New Zealand stock market news

The New Zealand dollar fell more than half a US cent today following last night's global dairy auction and the release of some key economic data from the United States.

Fletcher Building profit up 4 percent

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Fletcher Building reports its profit rose 4 percent for the year ended June, dragged down by the high NZ dollar. Sales dropped 1 percent to $8.4 billion, reflecting the high currency.

Price rises drive IAG's premium growth

The Insurance Australia Group (IAG) building in Sydney.

Most of Insurance Australia Group's near 4 percent growth in premiums in the year ended June in New Zealand came from price increases, rather than new sales.

EPA negative on miner's application

Chris Castle.

The EPA's initial view on Chatham Rock Phosphate's application for a marine consent to mine is negative, but the company's boss Chris Castle is confident the work can be done in a sustainable way.

Survey 'reduces rate hike' chance

Reserve Bank

An economist says the latest Reserve Bank survey of inflation expectations will lessen the need for further interest rate increases.

Dairy prices fall again - fractionally

LIC escapes regulations imposed when it controlled dairy herd testing.

Dairy prices have again dropped in Fonterra's international dairy price auction overnight, but by significantly less than in recent weeks. (AUDIO)

NZ shares up, dollar down against US

dollars and NZX form

New Zealand shares rose today. The benchmark Top 50 Index was up 43 points to 5014. The NZ dollar fell over half-a-US-cent in heavy trading, ahead of the global dairy auction.

EPA not backing Chatham consent

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The Environmental Protection Authority says its staff cannot recommend Chatham Rock Phosphate's application for a marine consent to mine phosphate from the Chatham Rise.

IAG profit up almost two-thirds

The Insurance Australia Group building in Sydney.

Strong investment returns helped the Sydney-based Insurance Australia Group (IAG) lift annual net profit by 59 percent to $A1.23 billion for the year ended June.

Producers, customers pay less

Milk separator equipment at a dairy factory.

The cost of buying the goods and services producers use to supply their customers fell 1.0 percent in the three months ended in June compared to the previous quarter.

Meridian may return capital to shareholders

Meridian Energy chief executive Mark Binns.

Meridian Energy is the second of the Government-controlled power companies planning to return capital to shareholders less than a year after they were floated.

Contact powers down gas-fired plants

140814. Photo Contact Energy. Te Mihi power station

Contact Energy has been switching off its gas-fired power stations, as the generator increases geothermal capacity and copes with unseasonably warm weather.

NZ shares fall, dollar below 85 US cents

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New Zealand shares fell with the benchmark Top 50 Index down 7 points to 5071. The NZ dollar stayed below 85 US cents as the market awaited the outcome of the global dairy auction.

Opus lifts first-half profit

Opus International Consultants lifted first-half net profit nearly 6 percent, although the engineering firm's results geographically were patchy.

Meridian and Contact Energy profit up

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Two of the country's biggest power companies, Meridian and Contact, have reported an increase in underlying profit for the year, both having benefited from hydro.

Investments boost Contact profit

power board and bill

Contact Energy says the payoff from its $2 billion investment programme helped it lift annual net profit nearly 18 percent. Its net profit for the year ended June rose to $234 million.

Record profit for courier company

parcel on doorstep

Courier company Freightways has reported another record profit, rising 3 percent in the year ended June, and is optimistic that the momentum will continue.

Precinct reduces insurance premiums by 26%

Precinct Properties owns buildings such as Number 1, The Terrace and the State Insurance Building in Wellington.

Office tower landlord Precinct Properties has reduced its insurance premiums by 26% without compromising its cover. Its insurance bill dropped to $3.7m from $5m last year.

Eroad NZX listing planned since 2007

truck

Eroad's chief executive says taking the company public is something he's been working towards since he first became involved with the transport technology firm back in 2007.

Steel and Tube investing for future

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Steel and Tube is confident about its future growth prospects despite overcapacity issues and increasing geopolitical uncertainty, the head of the company says.