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Latest Business Headlines

Air New Zealand Strike notice lifted after agreement

Wednesday, 12 December 2018, 10:22 pm | Air New Zealand

Air New Zealand is pleased that an agreement has been reached with the unions representing its aircraft maintenance and logistics workers including the lifting of strike notices that threatened to disrupt travel for 120,000 customers over the three busiest travel ... More >>

Auctions, permanent forests, added to ETS

Wednesday, 12 December 2018, 9:14 pm | BusinessDesk

Dec. 12 (BusinessDesk) - The government’s adoption of auctions for the emissions trading scheme will leave in place the $25 fixed-price option for next year. More >>

MARKET CLOSE: NZ shares gain as Trade Me hits record

Wednesday, 12 December 2018, 9:02 pm | BusinessDesk

Dec. 12 (BusinessDesk) - New Zealand shares joined an Asia-wide rally on signs that China-US trade relations may be thawing, while Trade Me hit a record on news the board will back a private equity takeover. More >>

NZ dollar higher against USD as jitters recede

Wednesday, 12 December 2018, 8:28 pm | BusinessDesk

Dec. 12 (BusinessDesk) - The New Zealand dollar rose against US dollar on improving sentiment after US President Donald Trump seemed optimistic he could strike a trade deal with China and Canada released Huawei's chief financial officer Meng Wanzhou ... More >>

Rakon boosts bank funding to meet increased telco demand

Wednesday, 12 December 2018, 7:35 pm | BusinessDesk

Dec. 12 (BusinessDesk) - Rakon has added $6 million to its cash working capital facility with ASB Bank, which it says will help meet the increased demands for telecommunications infrastructure. More >>

Underfunded Overseer tool needs thorough review

Wednesday, 12 December 2018, 7:34 pm | BusinessDesk

Dec. 12 (BusinessDesk) - Simon Upton, the Parliamentary Commissioner for the Environment, wants the government to undertake a strategic review of the Overseer farm management tool, which has been hampered by under-funding since day one. More >>

Motor vehicle lending helps UDC lift annual profit 6%

Wednesday, 12 December 2018, 7:33 pm | BusinessDesk

Dec. 12 (BusinessDesk) - The ANZ Bank-owned UDC Finance says an 18 percent increase in lending on motor vehicles helped it lift annual net profit 6 percent. More >>

Orr says RBNZ still under-resourced

Wednesday, 12 December 2018, 7:32 pm | BusinessDesk

Dec. 12 (BusinessDesk) - The Reserve Bank continues to be under-resourced, despite paying its third-biggest dividend this year, but the review of the Reserve Bank Act is currently looking at its funding model, governor Adrian Orr says. More >>

AA Driven NZ Car of the Year heralds new age in driving

Wednesday, 12 December 2018, 7:25 pm | Automobile Association

The inaugural AA Driven New Zealand Car of the Year Awards has tonight bestowed the country’s most prestigious award to the groundbreaking high-tech Mercedes-Benz A-Class. More >>

Annual result underscores Yellow’s transformation

Wednesday, 12 December 2018, 7:18 pm | Yellow

12 December 2018 – An encouraging financial result for Yellow shows its transformation to a digital marketing agency is continuing to reap benefits. More >>

Heritage Christchurch Secures Another Award

Wednesday, 12 December 2018, 5:21 pm | Heritage Hotels

Heritage Christchurch has secured an early Christmas present with a win for the third consecutive year in the World Luxury Hotel Awards 2018. More >>

Cruise tourism to contribute $695m to economy by 2019

Wednesday, 12 December 2018, 5:18 pm | NZ Cruise Association

The latest report on cruise tourism’s economic contribution was released today by New Zealand Cruise Association, showing that cruise is a valuable and fast-growing part of the New Zealand tourism industry, spreading wealth and supporting thousands ... More >>

Federated Farmers thanks the Justice Minister Andrew Little

Wednesday, 12 December 2018, 4:45 pm | Federated Farmers

Federated Farmers thanks the Justice Minister Andrew Little over his quick moves to protect farmers from livestock rustlers. More >>

KiwiSaver Providers Threatened with Violence and Suicide

Wednesday, 12 December 2018, 4:42 pm | MoneyHub

With approved KiwiSaver financial hardship applications at record highs in 2018 per published data , KiwiSaver providers are reporting being buried in avalanches of paperwork, bullied by emotional clients and stressed out by the emotional toll as ... More >>

Industrial heat a challenge for emissions reduction

Wednesday, 12 December 2018, 3:25 pm | BusinessDesk

Dec. 12 (BusinessDesk) - Reducing emissions from the country’s heavy industry without using natural gas or a coal-biomass blend appears prohibitively expensive, based on analysis by Vivid Economics. More >>

Feds back recommendations for Overseer improvements

Wednesday, 12 December 2018, 2:54 pm | Federated Farmers

Federated Farmers backs the call from the Parliamentary Commissioner for the Environment for more work to be done to improve the accuracy and transparency of Overseer. More >>

Hallenstein Glasson wary of margin squeeze in second half

Wednesday, 12 December 2018, 2:50 pm | BusinessDesk

Dec. 12 (BusinessDesk) - Hallenstein Glasson Holdings is wary of a margin squeeze in the second half of the year in what it describes as tough trading conditions in New Zealand and Australia. More >>

Sydney house price downturn could dampen Auckland prices

Wednesday, 12 December 2018, 2:34 pm | BusinessDesk

Dec. 12 (BusinessDesk) - The sharp fall in house prices in Sydney this year, down almost 10 percent from their peak in 2017, could have a dampening effect on Auckland's property market, although the shortage of local houses, lower mortgage rates and ... More >>

Winners of 2018 Hospitality NZ Scholarship announced

Wednesday, 12 December 2018, 1:58 pm | Hospitality New Zealand

The eight winners of the 2018 Hospitality NZ/ SKY Future Leaders Scholarship were announced on 11 December. The annual scholarship programme, which is now in its sixth year, identifies eight young people with management potential and who are currently ... More >>

RBNZ denies central bank exerted influence over CBLI

Wednesday, 12 December 2018, 1:57 pm | BusinessDesk

Reserve Bank governor Adrian Orr batted away accusations that the central bank had exerted influence over CBL Insurance’s creditors to support them in its bid for liquidation. More >>

UDC Finance delivers another record result with $65.3m net

Wednesday, 12 December 2018, 1:43 pm | UDC Finance

UDC Finance has posted a record net profit after-tax of $65.3 million for the Financial Year to 30 September 2018, a 6% increase on the prior financial year. More >>

Māori health advocates say ASA lacks cultural awareness

Wednesday, 12 December 2018, 1:14 pm | Hapai Te Hauora

The Advertising Standards Authority recently decided not to uphold a complaint from public health collective Healthy Auckland Together (HAT) about advertising junk food to children. The complaint was targeted at a YouTube advertisement for Kinder Surprise. More >>

Tarewa Road in Whangarei closed to right turns for SH1 work

Wednesday, 12 December 2018, 1:05 pm | New Zealand Transport Agency

The upgrade of the Tarewa Road intersection with SH1 in Whangarei is stepping up a gear from next week. On Monday, 17 December the right turn into Tarewa Road from SH1 and the right turn out of Tarewa Road onto SH1 will close to all vehicles. The ... More >>

Travel insurance and the AirNZ strike

Wednesday, 12 December 2018, 1:03 pm | Insurance Council

Consumers are enquiring about whether they will be covered under travel insurance policies for delays and cancellations caused by the proposed Air NZ engineering and logistics staff strike planned for 21, 22 and 23 December. More >>

Britain's Apax wins over Trade Me, matching rival offer

Wednesday, 12 December 2018, 12:33 pm | BusinessDesk

Dec. 12 (BusinessDesk) - British private equity firm Apax Partners has won over Trade Me's board, lifting its offer to match rival Hellman & Friedman's $2.56 billion. More >>

Katie Walton promoted to GM of Spark PR & Activate

Wednesday, 12 December 2018, 12:15 pm | Spark PR and Activate

Auckland | 13 December 2018 – Spark PR & Activate, a part of PHD Group, has today announced that Katie Walton has been promoted to General Manager. Walton, most recently the agency’s Client Service Director, has held senior roles at Spark PR & Activate ... More >>

Market Leaders Symantec and Fortinet Partner

Wednesday, 12 December 2018, 11:58 am | Symantec

AUCKLAND, New Zealand– 12 December 2018 – Symantec Corp. (NASDAQ: SYMC), the world’s leading cyber security company, and Fortinet (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced an expansive ... More >>

Hybrid options for the 2019 RAV4

Wednesday, 12 December 2018, 11:52 am | Toyota New Zealand

The all new RAV4, to be launched in 2019 locally, will be the first Toyota sport utility vehicle to be offered here with self-charging electric hybrid technology. More >>

NZ dollar holds near 15-month high vs pound

Wednesday, 12 December 2018, 11:41 am | BusinessDesk

NZ dollar holds near 15-month high vs pound as Brexit woes threaten May's leadership More >>

Brokerage firm LINK raises a further $3.4M in capital

Wednesday, 12 December 2018, 10:50 am | LINK Business NZ

The country’s leading, and world’s largest business brokerage firm, LINK, has completed its second successful capital raise, raising a further NZ$3.45m. The initial target - set at NZ$3.25m - was bolstered by enthusiasm from internal staff, executives, ... More >>

RBNZ Senior Leadership Team appointment

Wednesday, 12 December 2018, 10:35 am | Reserve Bank

The Reserve Bank has appointed Patrick Hoerler to its Senior Leadership Team – as Assistant Governor and General Manager of Business Operations. More >>

Port Nelson Commits to Supporting Regional Growth

Wednesday, 12 December 2018, 10:25 am | Port Nelson Ltd

Nelson City Council and Tasman District Council owned Port Nelson Ltd (Port Nelson) has announced a further significant capital expenditure commitment with around $29 million to be spent in the next 12-18 months on the redevelopment of the Main Wharf ... More >>

Ecostore Wins ‘Long-Term Innovation Excellence’ Award

Wednesday, 12 December 2018, 10:15 am | Ecostore

The award highlights ecostore’s commitment to making a difference and doing what is right – for people and the planet. More >>

Compulsory yoga – should wellbeing programmes be mandatory?

Wednesday, 12 December 2018, 9:42 am | Hays

Wellbeing programmes improve workforce productivity and retention, but with less than two in five employees participating, should such programmes be compulsory? More >>

Fonterra to help farmers get greater milk price certainty

Wednesday, 12 December 2018, 9:40 am | Fonterra

Fonterra has today announced that it will introduce a new financial tool to help farmers gain more certainty of what they will be paid for their milk for the season. The new Fixed Milk Price can help them with budgeting, planning, and managing on-farm ... More >>

Sunscreens test shows products not meeting claims

Wednesday, 12 December 2018, 9:34 am | Consumer NZ

Consumer NZ chief executive Sue Chetwin said six out of 10 products tested didn’t provide the sun protection claimed. More >>

Motorists warned about harmful products in fuel tanks

Wednesday, 12 December 2018, 9:29 am | IAG New Zealand

Vehicle owners are being warned about the dangers of Diesel Exhaust Fluid (DEF) being mistakenly added to their fuel. More >>

HiFX morning Update, December 12, 2018

Wednesday, 12 December 2018, 8:53 am | HiFX

The NZDUSD opens at 0.6875 (mid-rate) this morning. More >>

Mulcahy Engineering Installs Trumpf Tube Laser Cutter

Wednesday, 12 December 2018, 8:51 am | Mulcahy Engineering

The new TRUMPF TruLaser Tube 5000 recently installed by Auckland-based Mulcahy Engineering has opened up a whole new world of possibilities for designers and engineers. More >>

MARKET CLOSE: NZ shares gain as defensive stocks find favour

Tuesday, 11 December 2018, 8:57 pm | BusinessDesk

Dec. 11 (BusinessDesk) - New Zealand shares rose, led by Contact Energy and Meridian Energy as heightened uncertainty in global markets bolsters the attraction of defensive stocks offering stable dividends. More >>

NZ dollar firm against greenback as risk appetite ticks up

Tuesday, 11 December 2018, 8:25 pm | BusinessDesk

Dec. 11 (BusinessDesk) - The New Zealand dollar remained firm against the greenback after news that Chinese and US officials are still talking helped alleviate some fears of a global slowdown. More >>

UPDATED: Wrightson shareholder Agria settles US fraud

Tuesday, 11 December 2018, 8:24 pm | BusinessDesk

Dec. 11 (BusinessDesk) - PGG Wrightson's cornerstone shareholder Agria Corp and its executive chair Alan Lai have settled with US authorities over claims the agriculture investment firm hid losses from investors through fraudulent accounting and overstated ... More >>

UPDATE: Greater transparency sought in gas sector

Tuesday, 11 December 2018, 7:33 pm | BusinessDesk

Dec. 11 (BusinessDesk) - The government is reviewing information disclosure requirements in the gas industry following the extended shutdown of part of the Pohokura field. More >>

Cleantech start-up Mint Innovation raises $5.2M

Tuesday, 11 December 2018, 7:17 pm | BusinessDesk

Dec. 11 (BusinessDesk) - Cleantech start-up Mint Innovation has raised almost $5.2 million from mostly Kiwi investors as it starts preparing for commercial deployment. More >>

BurgerFuel starts full strategic review of business

Tuesday, 11 December 2018, 7:15 pm | BusinessDesk

Dec. 11 (BusinessDesk) - BurgerFuel Worldwide continues to face challenges after the loss of its international partner and has called on KPMG Corporate Finance to undertake a full strategic review of the business. More >>

NorthWest hires lobbyist to solicit Vital Healthcare votes

Tuesday, 11 December 2018, 7:14 pm | BusinessDesk

Dec. 11 (BusinessDesk) - NorthWest Healthcare Properties Management has hired a proxy solicitation firm to lobby investors in the listed Vital Healthcare Property Trust to give their proxies to the chair, Claire Higgins. More >>

Greater transparency sought in gas sector

Tuesday, 11 December 2018, 7:13 pm | BusinessDesk

Dec. 11 (BusinessDesk) - The government is reviewing information disclosure requirements in the gas industry following the extended shutdown of part of the Pohokura field. More >>

New Group of Sheep Breeders

Tuesday, 11 December 2018, 7:04 pm | WormFEC Gold

New Group of Sheep Breeders Save Farmers Time And Money with Parasite Resistant Stock For Immediate Release Tuesday 11 December 2018 A group of leading sheep breeders have formed WormFEC Gold to show farmers that breeding for parasite resistant genetics ... More >>

NZCU Baywide wins Canstar Awards third year in a row

Tuesday, 11 December 2018, 6:42 pm | NZCU Baywide Credit Union

NZCU Baywide, New Zealand’s largest credit union, is celebrating its third big win in the annual Canstar Awards in as many years after being rated once again as an “outstanding value” lender for both its secured and unsecured personal and ... More >>

Cap proposed for transmission pricing changes

Tuesday, 11 December 2018, 4:58 pm | BusinessDesk

The Electricity Authority plans to set a cap on any increases in customer costs resulting from proposed changes to the way almost $1 billion of annual transmission costs are shared around the country. More >>

Group of sheep breeders running parasite resistant stock

Tuesday, 11 December 2018, 4:11 pm | WormFEC Gold

A group of leading sheep breeders have formed WormFEC Gold to show farmers that breeding for parasite resistant genetics will strengthen flocks and save time and money on-farm. Growing concerns from farmers around increasing levels of drench resistance, rising ... More >>

Ryman Healthcare: service provider or property play?

Tuesday, 11 December 2018, 4:07 pm | BusinessDesk

Dec. 11 (BusinessDesk) - Ever since Ryman Healthcare listed on NZX in 1999, analysts have been divided on whether the company is a property play or the provider of an essential service delivered through property management and development. More >>

CORRECT: Peter Yealands fined for unprecedented offending

Tuesday, 11 December 2018, 4:01 pm | BusinessDesk

Dec. 11 (BusinessDesk) - Yealands Estate Wines has pleaded guilty to “unprecedented offending” under the Wine Act 2003 and has copped a $400,000 fine. More >>

More farmers feel under financial pressure

Tuesday, 11 December 2018, 3:08 pm | Federated Farmers

Farmer satisfaction with their banks is dropping, and more are feeling they are under financial pressure, the Federated Farmers November Banking Survey shows. More >>

Wrightson shareholder Agria settles US fraud claims

Tuesday, 11 December 2018, 3:02 pm | BusinessDesk

Dec. 11 (BusinessDesk) - PGG Wrightson's cornerstone shareholder Agria Corp and its executive chair Alan Lai have settled with US authorities over claims the agriculture investment firm hid losses from investors through fraudulent accounting and overstated ... More >>

Cheaper petrol keeps lid on credit spending in November

Tuesday, 11 December 2018, 3:00 pm | BusinessDesk

Dec. 11 (BusinessDesk) - Retail spending on electronic cards eased in November as cheaper prices at the petrol pump helped consumers spend less on fuel. More >>

Winner of the Next Women in Media Scholarship Announced

Tuesday, 11 December 2018, 2:09 pm | Bauer Media

NEXT Magazine and Bauer Media are pleased to announce that the winner of the NEXT Women in Media Scholarship for 2018 is Jane Stanley, Managing Director of Annalect, OMD. More >>

New Queenstown climbing information available

Tuesday, 11 December 2018, 2:00 pm | NZ Alpine Club

New climbing areas and updated access information is now available for the Queenstown area with the imminent release of the New Zealand Alpine Club’s latest offering, Queenstown Rock, Ice and Boulders. To be released on December 14th in Queenstown, ... More >>

Call for law society resignations after members veto sale

Tuesday, 11 December 2018, 1:36 pm | BusinessDesk

Disgruntled Auckland District Law Society members want heads to roll at the top of the organisation after they defeated a divisive plan to sell the society's heritage building. More >>

Genesis joins global EV100 initiative

Tuesday, 11 December 2018, 1:03 pm | Genesis

Genesis Energy has joined The Climate Group’s EV100 initiative which brings together companies from all over the world that are committed to switching their global fleets to electric vehicles to reduce carbon emissions. More >>