Business News

Kiwi lifts against US dollar

The New Zealand dollar strengthened against the greenback on Thursday, despite Reserve Bank Governor Graeme Wheeler's attempt to talk it down after raising the Official Cash Rate again.

Chorus to drop $6m of its profit

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The Commerce Commission has moved to fix an anomoly in the pricing of Chorus' copper wires which will reduce Chorus' operating profit this year by up to $10 million.

Kiwi, NZX both up

The New Zealand dollar rose a third of a cent to US86.25 cents immediately after the announcement and remained at that rate on Thursday evening.

Health insurers set to pay $1 billion

Health insurers will pay out $1 billion this year.

For the first time ever the country's health insurers are set to pay $1 billion in claims this year.

New deals set to make Big Pharma bigger

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Multi-billion dollar pharmaceutical deals being struck are set to re-shape the entire industry.

NY investors underwrite CRP issue

Chris Castle

A mysterious group of New York-based investors has underwritten seabed miner Chatham Rock Phosphate's rights issue.

Analyst sees little upside for savers

One dollar coin

A fixed income specialist says deposit rates are unlikely to rise in the next six months.

Interest rate rise expected on Thursday

NZ dollars and coins.

Economists expect the Reserve Bank to raise interest rates again on Thursday, bringing the Official Cash Rate to 3 percent.

Rent rises lag behind house prices

House prices are outstripping rises in rents.

Rents are growing much more slowly than house prices and the yields available from rental properties are relatively low.

NZ buyers favour second-hand cars

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Most New Zealanders - among the 52 percent planning to buy a car in the next two years - want to buy used cars.

Rebels seek vote on Abano chair

Abano Healthcare's disaffected shareholders are calling for a special meeting to vote on removing Trevor Janes as chairman.

NZX kicks just nine matters upstairs

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The operator of the national stock exchange, NZX Ltd, referred only nine matters to the New Zealand Markets Disciplinary Tribunal in 2013.

Man-U shares lift after sacking

In happier times, Manchester United manager David Moyes (R) speaks to  midfielder Ryan Giggs .. the man who has temporarily replaced him.

Manchester United's shares surged after it sacked its manager.

Refiner says hydrocracker back online

Marsden Point refinery.

Refining New Zealand says its hydrocracker unit is now back in action and the prolonged shutdown should cost it less than previously expected.

Analyst warns AIA shares over-priced

An analyst believes shares in Auckland International Airport are overpriced and the airport is overly optimistic about its growth prospects.

More NZX listings due this year

stock exchange

The stock exchange operator expects at least another half a dozen companies to list before the end of this year.

Airline alliance clears hurdle

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The Singapore Competition Commission has cleared the proposed strategic alliance between Air New Zealand and Singapore Airlines.

MacDonald's profits from pies

McDonald's after tax profit was flat at $30 million.

The relaunch of Georgie Pie helped to boost McDonald's sales by nearly 6 percent last year.

Market closes higher

The share market rose on Wednesday with the Top 50 Index gaining 38 points to 5143.

Treasury accepts China trade reliance

The Treasury is relaxed about New Zealand's trade ties to China.

The Treasury says it is relaxed about New Zealand's growing reliance on trade with China.

Herbal arthritis product shows promise

A small Wellington company is hoping to go big in the United States after laboratory tests showed its herbal extract completely reduces inflammation commonly associated with arthritis.

Market in holiday mood

The sharemarket was in holiday mode on Tuesday with trading volumes low and the NZX 50 index eking out a one point gain to close at 5104.

Netflix streaming sales top $1 billion

Video streaming service Netflix added about 4 million new customers world-wide in the three months ended March and streaming sales topped $US1 billion.