Business News

Commodity prices down for 6th month

dairy farmer with cows

Global commodity prices for the country's exports have fallen for the sixth successive month. The commodity price index declined by 3.3% in August, from the previous month.

Lyttelton Port board backs offer

The Port of Lyttelton.

Lyttelton Port's board is unanimous in recommending shareholders accept a $3.95 per share takeover offer from the major shareholder, Christchurch City Council.

Insurance broker case goes to appeal

fire truck

The Supreme Court has granted the Fire Service an appeal over a long-running legal row with the Insurance Brokers Association, over levies payable to the service.

Transport firm installs Eroad system

An analysis of traffic flows for July signals ongoing strong economic growth for the rest of the year.

New Zealand's largest privately-owned transport company has begun installing Eroad's management system across its entire fleet of more than 1600 trucks.

Datacom profit rises after sale

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Datacom's annual net profit jumped 43 percent reflecting a profit from selling an Asian call centre. The IT business posted a $51.4m for the year ended March.

APN considering asset float

The New Zealand Herald

APN News & Media may float its New Zealand assets and list them on the local stock exchange. The company's assets include the New Zealand Herald, and Newstalk ZB and ZM.

S&P downgrades Fonterra credit rating

fonterra building

International ratings agency Standard & Poor's has cut Fonterra's credit rating from A+ to A in light of a planned joint venture with a Chinese baby food manufacturer.

KiwiRail lacked contingency fund

The Aratere's problems have cost KiwiRail dearly.

Railroad and ferry operator KiwiRail says the year ended June was challenging, partly because the Aratere was out of action. It set up a contingency fund only one year ago.

Kiwibank loses mortgage momentum

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Kiwibank's mortgage book grew by well over $1.26 billion in the year ended June but growth tapered off through the year, the government-owned bank says.

KiwiRail posts big loss in difficult year

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KiwiRail has reported an increased loss. The state-owned rail operator lost $248 million in the year to the end of June - $73 million more than the previous year. (AUDIO)

NZ Post profit down, Kiwibank up

New Zealand Post has reported 12 percent fall in profit.

New Zealand Post has reported a lower full year profit. The postal operator made a net profit of $107 million in the year to the end of June, a decrease of 12 percent.

NZ dollar and market down

New Zealand $100 dollar bills

The New Zealand dollar fell about half a cent today from its overnight high following stronger than expected economic news out of the United States.

Business confidence slipping - survey

The pace of economic growth is slowing but business confidence remains upbeat.

Business confidence has waned for the sixth successive month, though it remains upbeat.

Building consents edge up in July

Nearly 2300 building consents were issued last month, driven by activity in Canterbury and Auckland.

The trend in building consents is continuing to pick up driven by earthquake-damaged Christchurch and strong population growth in Auckland.

TVNZ posts 25% increase in profit

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TVNZ earned $18.1 million in the year to June, a 25 percent increase in its net profit after tax compared with the previous year. The company says this result met its target.

Decline in confidence linked to dollar

$100 paper plane

Nervousness about the high New Zealand dollar and difficulty in finding staff are contributing to a decline in business confidence.

Delegat reports $42 million profit

White wine

Delegat Group has reported an annual profit of $42 million as an increase in the volume of sales was largely offset by the negative impacts of the high New Zealand currency. (AUDIO)

Qantas promises return to profit

Australia's Qantas reported a record $A2.8 billion loss for the year ended June 2014.

Qantas is promising a return to underlying profit in the current six months after its record loss but says even this is subject to factors beyond its control. (AUDIO)