4 Mar 2015

Business briefs

1:41 pm on 4 March 2015

Air cargo growth on the rise

The International Air Transport Association says cargo growth has risen in January.

Measured by freight-tonne kilometres, cargoes rose 3.2 percent in the first month of the year, compared to January last year.

But the association says growth is slower than the average of 4.5 percent recorded last year.

It says cargoes to the Asia-Pacific, African and Middle East areas expanded, but declined in Europe, and North and Latin America.

Car regos on the up

New car registrations in February are 8 percent up on the same month last year, with 9,877 registered.

The Motor Industry Association's data shows Toyota was the overall market leader for the month, with 16 percent market share, followed by Ford and Holden.

The Toyota Hilux was the top selling model last month, followed by the Ford Ranger, with the Toyota Corolla in third spot.

Insurance Australia Group assesses storm damage

Insurance Australia Group says it expects damage caused by Tropical Cyclone Marcia, which hit Queensland last month, will cost it between $A60 and $A90 million.

The company says it has received about 3,500 claims and more than 90 percent relate to property damage caused by heavy rain and high winds.

The insurer says its natural peril allowance for the year ending June is $A700 million and it has separate reinsurance cover above that of $A150 million.

Natural perils costs in the six months ended December were $A421 million.

Spark sells Telecom Rentals

Spark is selling Telecom Rentals to Australia's FlexiGroup for $106 million.

Spark says Rentals, which provides equipment leasing to New Zealand businesses and government, is one of its non-core assets, and contributes about $5 million a year to its underlying operating profit.

Spark says the sale is part of its strategy to focus on digital services.

The sale needs the approval of New Zealand's Ministry of Education and is expected to be completed by the end of April.