Business News

money in petrol cannister

Market, dollar down on oil price drop

The New Zealand dollar has been dragged down by its Australian counterpart today as Brent crude oil prices fell 6 percent to new four-year lows below $US72 a barrel.

Construction

Build consents increase 8.7% in Oct

The number of consents for new houses and apartments increased by 8.8 percent last month, following a fall in September.

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Business Briefs

A round-up from Radio New Zealand's business reporters: today, a higher six-month loss for VMob; a retirement for Mighty River Power; a milestone for GJ Gardner.

power lines

Electricity prices to fall from 1 April

Electricity distributors are generally happy with the new pricing which takes effect on 1 April, according to the Commerce Commission. (AUDIO)

dairy farming

Further falls in dairy exports forecast

An economist is forecasting dairy exports, particularly to China, will fall further before they begin to stabilise and would drag down the trade balance in the next few months.

dollars and coins

Highest October trade deficit in 6 years

New Zealand has recorded its largest October trade deficit of $908 million in six years due to a drop of nearly $500,000 in milk powder exports to China and a spike in imports.

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Gentrak beats guidance with $3.4m

Gentrak has made a full-year net profit of $3.383 million, which is better than it signalled in August but short of its prospectus forecast in May.

markets bull and bear

NZ market little changed, dollar mixed

The New Zealand sharemarket was little changed today, with the benchmark Top 50 Index down 2 points to 5455. The dollar was mixed as the US Thanksgiving long weekend begins.

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Business Briefs

A round-up from Radio New Zealand's business reporters - Canterbury University and Hawkins ink deal; Energy Mad reports loss; Mowbray expected to confirm loss.

A campervan crosses SH8 in Mount Cook (Aoraki) National Park.

Tourism Holdings lifts profit forecast

Tourism Holdings is confident it has turned the corner on poor performance as its strategy for growth begins to pay off, lifting its full year net profit forecast by $1 million. (AUDIO)

Orion Health chief executive and majority stakeholder, Ian McCrae, rings the bell as the software company launches on the NZX this morning, with Orion chair Andrew Ferrier (right), and surrounded by the executive team.

Orion Health begins trading on NZX

Shares in Orion Health began trading at $6.50 on the NZX today after its $125 million float.

dollar note plane

Dollar gains and NZ shares rise

The New Zealand dollar gained nearly half a cent against the Australian dollar today, but was little changed against other major trading partners. The sharemarket rose 15 points to 5457.

cinema interior

Vista sees further cinema prospects

Vista Group has finished installing its cinema management software in the world's largest cinema chain and says there is opportunity to sell additional services.

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Business Briefs

A round-up from Radio New Zealand's business reporters - Meridian's green light for Arc Innovations sale; Genesis plans major debt security sale; and Tag Oil drills deep.

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Methven first half profit rises 3.4%

Methven's first-half net profit rose 3.4 percent over the year earlier, which it says is satisfactory after earlier overstocking by key customers. (AUDIO)

bank note stretched

Inflation expectations fall

Expectations of where inflation will be in the next couple of years have fallen, with businesses predicting it will be 2.06 percent, according to the Reserve Bank's latest quarterly poll.

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Eroad posts first-half loss, but profit up

Eroad has posted a $1.9 million first-half loss and said it is on track to meet its prospectus forecast for an annual loss of $1 million, it said annualised recurring revenue reached $16 million, up 72 percent.

Tait Communications has won a contract to supply services to Pacific Gas and Electric Company.

Tait scores California service contract

Tait Communications has won a contract to supply services to a utility in California. The Christchurch company has secured a five-year deal with Pacific Gas and Electric Company.

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Business Briefs

A round-up from Radio New Zealand's business reporters featuring Abano Healthcare's sale of its orthotics business, Acurity Health's takeover is delayed and Shanghai Weiyi to purchase Good Health Products.

Precinct Properties has sold a building in Auckland's Queen Street to Robert Jones Holdings.

Queen St property sells for $97m

Precinct Properties has sold a building in Auckland's Queen Street to Robert Jones Holdings for $97 million - nearly $1.5 million more than its June book value. (AUDIO)

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Infrastructure confidence eases

The outlook for the infrastructure and building industry points to an easing of investor confidence as the challenges posed by skills and material shortages moderates enthusiasm. (AUDIO)