Business News

Tobacco pushes modest inflation rise

NZ dollars and coins.

The high New Zealand dollar is keeping inflation in check, with official figures from Statistics New Zealand showing a modest rise in inflation. The rise is mostly driven by higher tobacco prices.

Shares up but dollar down

The sharemarket has risen on the news of stronger United States markets, with the NZX Top 50 Index gaining 14 points to 5091.

Milk prices keep falling

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International milk prices have dropped for the fifth time in a row at Fonterra's fortnightly auction to a 14 month low.

Big price tag for large apple business

Royal Gala apples.

Turners & Growers says it could pay up to $51.2 million to buy a large integrated Hawkes Bay apple business.

Arowana to list education businesses

Australian-listed Arowana International plans to sell up to 85 percent of its private education businesses, as well as raising money to buy another education business in New Zealand.

Shares take lead from offshore

The New Zealand share market has taken its lead from offshore and risen, with the NZX Top 50 Index closing up 13 points at 5076.

Goodman signals more developments

Goodman Property Trust has a lot of other potential developments on the drawing board, as well as the three it has just announced, its chief executive says.

Tech share tumble sparks NZ sell-off

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Technology and biotech shares have tumbled sharply on Wall Street in the last week, prompting a similar sell-off in the New Zealand market too.

Biodiesel foray 'no share price mover'

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An analyst says Z Energy's foray into biodiesel will add little to its bottom line in the near term, though it could be part of a longer term plan to establish itself in the biofuel market.

Auckland rents rise four percent

Houses.

Auckland's rental market has had a steady year with a four percent price increase pushing the average rent for a three bedroom property to $464 a week.

Challenging outlook for Opus

New Zealand's economy is recovering but remains patchy, and that means the outlook for Opus International's business remains challenging, its consultants say.

Less water flowing into Meridian lakes

Lake Benmore is part of Meridan's Waitaki hydro scheme.

Meridian Energy says inflows into its hydro lakes in March were the second lowest on record for that month and the situation has not improved yet.

Abano makes offer to Hutson

Abano Healthcare has offered to buy disaffected major shareholder and former director Peter Hutson's half of its audiology business for $12.9 million.

Property fund cuts management costs

DNZ Property Fund says it will reduce its staff by five people, including two senior executives, to cut management costs by about a million dollars a year.

Rebrand planned for Noel Leeming

The Warehouse Group is undertaking a $100 million plus rebranding and refurbishment exercise in a bid to give its stores a fresh look and drive sales.

Mining company pulls in $7.4 million

Bathurst Resources says it has raised nearly $7.4 million from a placement to institutions and professional investors.

Shutdown a one-off - Refining NZ

Refining New Zealand is confident the prolonged shutdown of a key part of the refinery is just a one-off situation.

PSI strong in all sectors - economist

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Activity in the services sector has accelerated to its highest level in six-and-a-half years, with sales and new orders leading the charge.

Shares weaker, dollar flat

New Zealand shares are weaker, the benchmark NZX Top 50 Index falling 28 points to 5063 as a sell-off in technology and bio-technology stocks continues.

Underlying inflation forecast to rise

Cheaper fruit and vegetables helped bring down food prices.

A small fall in food prices in the March quarter and a higher-than-expected New Zealand dollar are having a dampening effect on inflation.