Business News

ANZ optimistic after $1.7bn profit

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New Zealand's largest bank, ANZ, is expecting the economic environment to be favourable for it over the next year.

ANZ Bank profit soars to $1.7bn

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New Zealand's largest bank, ANZ, has lifted its annual net profit 25 percent, crediting an increased market share, productivity and credit quality.

NZ shares rose on Friday

The NZX building on Wellington's waterfront.

New Zealand shares rose again today, with the benchmark Top 50 Index hitting a fresh record of 5388 for the sixth trading day in a row.

EBOS pays $57.8m for pet business

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EBOS says it has bought BlackHawk Premium Pet Care for $57.8 million as part of its expansion into the premium pet food sector.

Housing consents fall 12.2% in Sept

Construction worker.

Consents to build new houses fell 12.2 percent in September and, for once, it could not be blamed on volatile numbers of consents to build apartments.

Further falls likely for fixed mortgages

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Fixed-rate mortgages are likely to fall further now that the Reserve Bank has become very vague on when it might raise official interest rates again.

Lines coys make good profit - ComCom

Vector arena sign

The corporate regulator says it is confident that electricity and gas lines companies can still make good profits from investing in their businesses.

NZ dollar falls against the greenback

New Zealand dollar

The New Zealand dollar dropped more than one-and-a-quarter US cents today, and fell against all the currencies of the country's major trading partners.

Householders to pay less for energy

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Households could see their power bills drop by about $25 a year under a Commerce Commission decree which cuts profit margins for electricity and gas distribution companies.

Tower brings back full fire cover

Tower insurance

Tower insurance has brought back full cover for homes destroyed by fire as the previous policy of sum insured home insurance was confusing policy holders.

BNZ profits rise in year to end of Sept

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The Bank of New Zealand's profits jumped more than 22 percent, in the year ended September.

Freightways profit 'best in 10 years'

Money

The courier and information management company Freightways says its first quarter sales and profit are the best in 10 years, with record earnings from each of its two divisions.

Business Briefs

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A round-up from Radio New Zealand's business reporters - Auckland Airport examines Commission decision, number of businesses up and FMA outlines future.

Bank leaves interest rate on hold

NZ coins and banknotes.

The Reserve Bank has held the Official Cash Rate at 3.5 percent and many economists are predicting it will stay at that rate until the second half of next year.

US Fed ends stimulus programme

Janet Yellen

The US Federal Reserve has announced it is ending its quantitative easing (QE) stimulus programme because it is confident the US economic recovery was on track.

Meridian sees more life in smelter

Meridian Energy chief executive Mark Binns.

Meridian Energy's Mark Binns says it is receiving expert advice that demand for aluminium is likely to outstrip supply over the next two years. (AUDIO)

TradeMe looks to wider online sales

Online sales

TradeMe's year-on-year revenue for the sale of general goods has dropped one percent, but the company hopes to benefit from increased demand for wider online retailing. (AUDIO)

NZ 'lacks fibre uptake incentives'

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Chorus says New Zealand lacks the right incentives to encourage consumers to sign up for ultra fast broadband, with fibre uptake in New Zealand significantly behind Australia. (AUDIO)

Business confidence up after declines

businessmen on dollar coins

Business confidence is on the increase after seven months of declines. The ANZ Bank monthly survey shows optimists outnumbering pessimists.

NZ market keeps rising

business bull and bear

New Zealand shares were up today, with the benchmark Top 50 Index hitting a fresh record during the day for the fourth consecutive trading day. It rose 18 points, or a third of a percent, to close at 5356.

Online spending bounce in September

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Online retail sales rebounded in September, breaking a downward trend which has persisted most of the past year total spending was up 13 percent.

NZOG expects Indonesia oil soon

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New Zealand Oil & Gas expects to start producing oil from wells in northern Indonesia next year after it finalises a deal with the government there.

Business Briefs

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A round-up from Radio New Zealand's business reporters - NZX revenue lifts; Heartland credit rating upgrade and New Zealand backs global tax evasion crack down.

No forecast in health company prospectus

stock exchange ticker tape

The prospectus for Orion Health's up to $166 million float does not contain any forecasts of its future profitability or sales, unlike most prospectuses.

Opus project to trim profit

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

Shares in Opus International Consulting sank nearly 10 percent yesterday after the company said a large project will clip $5.5 million off its annual trading profit.

What now for the TPP deal?

businessmen on nz

Radio New Zealand's Economics Correspondent Patrick O'Meara considers what's next for the Trans-Pacific Partnership deal - and thinks he's heard it all before. (AUDIO)

Genesis expecting to meet proft forecast

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Electricity retailer and generator Genesis Energy is expecting to meet or better its prospectus forecast of $95 million in net profit for the year ending June 2015.

FSCL says complaints up, but still low

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A finance disputes body says while the number of people complaining about financial service providers is growing, it is still worryingly low - complaints are up by more than a thousand.

NZ market continues to climb

New Zealand shares rose today, with the benchmark Top 50 Index hitting a fresh record for the third consecutive trading day, closing five points up on 5338. The dollar was little changed.

Sky tipped to outperform share market

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Sky Network Television's share price is expected to perform better than the share market over the next 12 months, as it moves to double its content capacity and launch new services.

Buy recommendation for Z Energy

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An analyst is recommending investors buy shares in Z Energy, even though he expects the company to miss its prospectus forecast for the six months ended September.

Business Briefs

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A round-up of briefs from Radio New Zealand's business reporters - Coats sales flat; Contact says gas prices to rise and caregivers win appeal.

Reserve Bank expected to hold rate

Reserve Bank governor Graeme Wheeler

Economists are expecting a dovish statement from the Reserve Bank on Thursday after inflation in the September quarter turned out to be less than half the central bank's forecast. (AUDIO)

Sky TV launching new services

tv satellite

Sky Network Television wants to double its content capacity and improve its profitability in the long run - but at a short-term cost.

Buyer 'put off' by equities slump

NZ's largest property trust says it failed to sell two properties worth millions last week because the Australian buyer scaled back its sharemarket float following a sell-off in equities.