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Stories published in the last 4 days
- Casino in Queenstown bought by Sky City
- Sky City has bought the Wharf casino in Queenstown. The purchase is subject to regulatory approval by the Commerce Commission and the Gambling Commission.
- Spanish imports slump
- Spain has reported its first monthly trade surplus for more than 40 years as domestic demand for imports slumps by 15%.
- New car sales in Europe rise
- New car sales across Europe rose in April for the first time in 18 months, helped by strong demand in Britain and by the early Easter break.
- Smaller lenders at risk of being downgraded
- Rising house prices and persistent current account deficits have put the credit worthiness of eight of New Zealand's smaller lenders under threat.
- Govt borrowing to reduce
- The Government plans to borrow $3 billion less over the next four years than it expected to when the Half-Year Economic and Fiscal Update was issued in December.
- Heartland Bank shares down
- Shares in Heartland Bank fell as much as 3.8% on Friday after Standard & Poor's warned it is among eight of New Zealand's smaller lenders facing a credit rating downgrade in the next couple of years.
- Q1 manufacturing costs up for producers
- Rising electricity costs pushed up producers' manufacturing costs in the first quarter, as well as the price they got for their goods at the factory and farm gate.
- Loss reversed by property company
- Property company Augusta Capital turned in an annual net profit of $5.4 million compared with a loss of $650,000 last year.
- ACC levy reduction biggest Budget break for business
- The biggest break for business in this year's Budget is a $300 million reduction in ACC levies in 2014/15, rising to about $1 billion in the following year.
- Funding for IRD to ensure property investors pay tax
- The Budget is permanently raising Inland Revenue's funding by nearly $7 million per year so it can ensure property investors pay the tax they owe.
- Budget promises tax relief on some business expenditure
- The Budget promises tax relief for black hole business expenditure.
- Quadrant eyes Australia listing
- Quadrant Private Equity has further cut its stake in the retirement home operator, Summerset, selling 30 million shares.
- Consumer confidence rises
- Consumer confidence rose to a three-year high in May.
- Nuplex shares down
- Shares in Nuplex Industries have plunged more than 7%, after the resins maker downgraded its earnings forecast by millions of dollars.
- Rise in unemployment foreseen
- Unemployment is at risk of rising again, according to the latest job advertisements data from ANZ.
- New trading name for Bathurst
- Bathurst Resources is proposing to trade under a new name on the New Zealand stock exchange. It intends to be known as Bathurst NZ.
- Briscoes cautiously optimistic about year ahead
- Briscoes Group managing director Rod Duke says he's cautiously optimistic about the year ahead and is confident the retailer can continue delivering record profits.
- Excessive profits still seen at Wellington airport
- Airlines say the latest financial statements released by Wellington International Airport Ltd back the Commerce Commission's finding that the airport is making excessive profits.
- Dorchester Pacific back in the black
- Dorchester Pacific is back in the black, posting a full year after tax profit of $1.7 million.
- Miners are not ATMs - Rinehart
- West Australia mining magnate Gina Rinehart says the resources sector is being used like an ATM machine and the "lucky country" is heading the way of many European economies unless it takes action.
- US stocks end lower
- Stocks in the United States ended lower on Thursday after a Federal Reserve official said the bank could begin easing its monetary stimulus this summer.
- BP in jeopardy over fictitious compensation claims
- BP fears it may be irreparably harmed by fictitious and inflated claims for compensation arising from the oil spill in the Gulf of Mexico in 2010. The company feels its financial recovery is in jeopardy.
- Vatican bank to publish annual report
- The Vatican bank is to publish its annual report for the first time. It will also hire an external accountancy firm to ensure it meets international standards against money laundering.
- Amazon's UK tax bill
- Amazon paid £2.4 million in corporate taxes last year in Britain, despite reporting sales of £4.3 billion.
- Telecom's restructuring costs up
- Telecom's restructuring costs have ballooned, with the company saying its shake-up could now cost as much as $130 million. That's up from $80 million estimated in March.
- Ryman profit up
- Investors in Ryman Healthcare are in line for a bigger payout, after the rest home operator increased its full year profit by 13%.
- Manufacturing index rising
- Activity in the manufacturing sector has expanded for the seventh consecutive month.
- Airport profit up 81%
- Wellington International Airport Ltd has boosted its annual net profit by 81%, but says its returns are well below the Commerce Commission's benchmark.
- Property trust says it has good development capacity
- The manager of Goodman Property Trust says it has significant development capacity.
- Warning of labour market shortages
- AWF Group's profit has more than doubled to $6.9 million in the year to the end of March, but it is warning that the next year will be more challenging as the labour market tightens.
- New broadband service to spark interest in UFB
- Chorus is rolling out a new very fast broadband service to the mass market on its copper network in an effort to spark more interest in ultra fast broadband on the fibre network.
- Ryman Healthcare forecast to announce 17% rise in profit
- Forsyth Barr analyst Jeremy Simpson is forecasting Ryman Healthcare will announce a 17% rise in underlying annual profit on Thursday, slightly ahead of the company's guidance.
- Qantas and Emirates trans-Tasman deal approved
- The Government has approved a deal between Qantas and Emirates to share services on the trans-Tasman routes.
- NZ Superannuation Fund makes appointment
- The New Zealand Superannuation Fund has appointed Michael Gleissner as general manager of corporate strategy, responsible for strategic development, legal, communications and records management.
- Synlait Milk appoints non-executive director
- Synlait Milk has appointed Bill Roest as a non-executive director.
- IMF warns of house price risk
- The International Monetary Fund says a modest recovery in New Zealand is underway, but warns that could be jeopardised by rising house prices.
- Improving Australia should boost NZ exporters - economist
- An economist says Australia's bigger-than-expected budget deficit should not hinder New Zealand's exporters.
- Goodman Property Trust profit rises
- The manager of Goodman Property Trust says annual net profit rose more than 92% with a strengthening investment market and improved valuations contributing to the strong result.
- Chorus to offer VDSL from June
- Chorus is launching mass market very fast broadband on its existing copper network at the same price as the current regular broadband service.
- AWF Group's profit more than doubles to $6.9m
- Casual labour provider, AWF Group's annual profit more than doubled to $6.9 million, from $2.6 million last year, with sales rising by a quarter to $130 million.
- Snakk opens Auckland sales office
- Snakk Media is launching its product into the New Zealand market.
- Coats reports flat sales
- Guinness Peat Group subsidiary Coats reported flat sales for the March quarter.
- MYOB buys online banking business BankLink
- Accounting software firm MYOB is paying $136 million for a New Zealand-based online banking business to make it more competitive in the cloud-based market.
- NZX to provide access through cloud community
- NZX and global telephone company BT Group have signed an agreement to provide NZX's trading and market data services to members of the BT Radianz Cloud community.
- Synlait considers stock exhange listing
- Dairy processing company Synlait Milk is considering an initial public offering of shares and listing on the New Zealand stock exchange.
- Skellerup to buy land for dairy building operation
- Skellerup has entered into an agreement with Ngai Tahu Property to purchase three hectares of land for $6.6 million to house its dairy manufacturing operations.
- Air NZ appoints new chair
- Air New Zealand has appointed Tony Carter as chairman to replace retiring chairman John Palmer after he steps down following the annual shareholders' meeting in September.
- PGW downgrades earnings forecast
- PGG Wrightson issued an earnings warning following bad weather in New Zealand and Australia and a fall in the value of livestock.
- Business welcomes Auckland convention centre
- Business leaders are welcoming the announcement of a new national convention centre, saying it will boost jobs and tourism and drive economic growth.
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