16 Mar 2015

Business Briefs

3:15 pm on 16 March 2015

Refining New Zealand processes 7.1 million barrels of oil

Refining New Zealand has made $59.6 million in the two months to the end of February after processing 7 point 1 million barrels of oil.

The country's sole refinery said that included a record intake of 127 thousand barrels a day last month.

But its processing fee would be reduced by 5.2 million due to the margin cap.

Refining New Zealand said the margin remained healthy, with the average gross refinery margin at $5.40 US a barrel at an average exchange rate of 75 US cents.

The company said the strong margins had continued into March.

It had also decided to delay the refinery's planned shutdown by a week to the beginning of May, which would increase its income in the first half of the year.

Demands HSBC's Swiss private bank faces criminal trial

The French financial prosecutor's office has demanded that HSBC's Swiss private bank face a criminal trial for tax evasion.

The request followed an investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers.

HSBC's Swiss private bank has one month to respond, after which French magistrates would decide whether or not to hold a trial.

HSBC also faced a separate, ongoing French investigation.