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Latest Business Headlines

Banks Shoes chain latest retailer to call in receiver

Friday, 26 May 2017, 8:48 pm | BusinessDesk

May 26 (BusinessDesk) - Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More >>

MARKET CLOSE: NZ shares rise, led by F&P Healthcare

Friday, 26 May 2017, 8:47 pm | BusinessDesk

May 26 (BusinessDesk) - New Zealand shares rose, led by Fisher & Paykel Healthcare and Sky Network Television, while Ebos and Metro Performance Glass fell. More >>

NZ dollar falls with Aussie as China downgrade mulled

Friday, 26 May 2017, 8:32 pm | BusinessDesk

May 26 (BusinessDesk) - The New Zealand dollar fell along with the Australian dollar after officials at Moody's Investors Service officials said China could face another credit rating downgrade if it doesn't contain its debt mountain, while both currencies ... More >>

Govt edges towards review of low-user electricity tariff

Friday, 26 May 2017, 8:30 pm | BusinessDesk

May 26 (BusinessDesk) - Electricity retailers are pushing for a government review of the 13-year-old low user electricity tariff following comments this week by Energy Minister Judith Collins that she is willing to seek advice on an issue long-stalled ... More >>

Trilogy meets guidance with 19% gain in full-year earnings

Friday, 26 May 2017, 8:29 pm | BusinessDesk

May 26 (BusinessDesk) - Trilogy International posted a 19 percent gain in annual pretax earnings, meeting guidance, reflecting a full 12-month contribution from distributor CS & Co and stronger sales of its Trilogy beauty products, which offset the impact ... More >>

Zespri 2016/17 grower returns sag despite big jumps

Friday, 26 May 2017, 8:27 pm | BusinessDesk

May 26 (BusinessDesk) - New Zealand's statutory kiwifruit exporter, Zespri, achieved distributable profit for its grower shareholders of $34.8 million in the year to March 31 on a 19 percent increase in turnover of $2.26 billion. More >>

Banks Group Limited (In Receivership)

Friday, 26 May 2017, 5:34 pm | PricewaterhouseCoopers

Banks Group Limited (In Receivership) trading as Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes More >>

RBNZ approves Wolfstrike's purchase of lender FE investments

Friday, 26 May 2017, 5:33 pm | BusinessDesk

May 26 (BusinessDesk) - The Reserve Bank has given the seal of approval to ASX-listed Wolfstrike Rentals Group to buy local financier FE Investments, the last hurdle the firms needed to cross in settling the deal. More >>

NZ Pork welcomes Government focus on biosecurity

Friday, 26 May 2017, 4:53 pm | NZ Pork

The announcement of additional operating funding for biosecurity is a vital protection for the country’s primary industries, according to New Zealand Pork. More >>

Sales of Horowhenua pensioner housing "must be stopped"

Friday, 26 May 2017, 3:40 pm | Public Service Association

Pensioner housing in Horowhenua must not be sold without a proper process - and a proposed deal should be stopped, the PSA says. More >>

Mitre 10 chair Dippie's own stores still at odds with union

Friday, 26 May 2017, 3:37 pm | BusinessDesk

May 26 (BusinessDesk) - Mitre 10 (New Zealand) chairman Martin Dippie's Jacks Hardware and Timber is still wrangling with First Union over details of the hardware store operator's first collective agreement some 3 1/2 years after talks began. More >>

TechTalks – Sharing our innovation and technology stories

Friday, 26 May 2017, 3:28 pm | HBREDS

TechTalks, a new business event focusing on digital innovation, is a showcase of current and future technology where industry experts and local businesses share their technology stories. More >>

Māori tourism funding boost applauded

Friday, 26 May 2017, 2:52 pm | Conventions and Incentives NZ

Conventions and Incentives New Zealand (CINZ) is welcoming a $10m funding boost for development of the Māori tourism sector announced in the 2017 Budget. “For the business tourism sector, Māori culture is what sets New Zealand apart on the world ... More >>

Budget ‘fail’ on local climate change solutions

Friday, 26 May 2017, 2:33 pm | Forest Industry Contractors Association

The Forest Industry Contractors Association (FICA) is concerned at what wasn't in yesterday’s Budget. The stagnant level of funding for growing local forests is not good enough for dealing with climate change challenges. We have a land base and ... More >>

McIntosh must return 'profits', Supreme Court rules

Friday, 26 May 2017, 2:28 pm | BusinessDesk

May 26 (BusinessDesk) - Former Ross Asset Management investor Hamish McIntosh can keep the $500,000 he invested with the failed Ross Asset Management but must return the fictitious profits, the Supreme Court has ruled in a majority decision. More >>

Future Mobility Solutions lifts annual profit 24%

Friday, 26 May 2017, 2:07 pm | BusinessDesk

May 26 (BusinessDesk) - Future Mobility Solutions posted a 24 percent gain in annual profit and said plans to seek a listing on an overseas market are now well advanced. More >>

The budget offers nothing for NZ’s forgotten majority

Friday, 26 May 2017, 2:05 pm | Small Business Voice

Yesterday, Steven Joyce released his first budget. Commentators have dubbed it a convenient “lolly scramble” leading up to September’s election. Max Whitehead, Chief Operating Office for Small Business Voice, has an alternative view. More >>

Chief Executive NMIT resigns

Friday, 26 May 2017, 1:40 pm | Nelson Marlborough Institute of Technology

Nelson Marlborough Institute of Technology (NMIT) Chair, Daryl Wehner, has announced the resignation of their Chief Executive, Tony Gray. More >>

Business Awards Welcomes New Board Members

Friday, 26 May 2017, 1:22 pm | Business Kapiti Horowhenua Inc

Business Kapiti Horowhenua ('BKH'), the organisation responsible for organising and running the Electra Kapiti Horowhenua Business Awards, welcomed two new members to the Board at its recent AGM. More >>

Air New Zealand ‘Sheeran’ the fun

Friday, 26 May 2017, 1:21 pm | Air New Zealand

Air New Zealand has announced it will operate 52 extra one-way flights to help get Ed Sheeran fans to and from Auckland and Dunedin to see the Grammy Award winning British pop star perform during his New Zealand tour in March 2017. The airline will ... More >>

Mitre 10 chairman still embroiled in employment dispute

Friday, 26 May 2017, 1:19 pm | First Union

After more than three years of negotiations and court battles, union members at Jacks Hardware and Timber, trading as Mitre 10 Mega Dunedin and Mitre 10 Mosgiel, are still waiting to settle their first collective agreement as company owner and Mitre 10 ... More >>

NZME/Fairfax appeal merger rejection

Friday, 26 May 2017, 1:02 pm | BusinessDesk

May 26 (BusinessDesk) - NZME and Fairfax New Zealand have hired the Queens Counsel whose Court of Appeal arguments helped secure the Commerce Commission's authorisation of competition-killing merger in the wool-scouring sector which the commission then ... More >>

AWF Madison bounces back from 2016 dip

Friday, 26 May 2017, 12:26 pm | BusinessDesk

May 26 (BusinessDesk) - AWF Madison Group, the country's biggest contract labour firm, has recovered from last year's dip in earnings with a 13 percent increase in annual profit in an increasingly tight labour market. More >>

Foreign exchange market Global Code of Conduct supported

Friday, 26 May 2017, 12:23 pm | New Zealand Financial Markets Association

The New Zealand Financial Markets Association today announced its full support for the new Global Code of Conduct for the Foreign Exchange Market. More >>

Hamish Mcintosh v John Howard Ross Fisk, David John Bridgman

Friday, 26 May 2017, 12:09 pm | NZ Supreme Court

This summary is provided to assist in the understanding of the Court’s judgment. It does not comprise part of the reasons for that judgment. The full judgment with reasons is the only authoritative document. The full text of the judgment and reasons ... More >>

Employment agreements crucial this Gypsy Day

Friday, 26 May 2017, 11:47 am | Crowe Horwath

“In an industry renowned for seasonal averaging, it is important dairy farmers focus on ensuring all current and new employees have the correct employment agreements, especially with the introduction of new employment laws in April,” says Melissa ... More >>

NZ dollar slips as Opec production curbs disappoint

Friday, 26 May 2017, 11:45 am | BusinessDesk

May 26 (BusinessDesk) - The New Zealand dollar fell after the Organisation of Petroleum Exporting Countries agreed to extend production curbs that didn't go as far as the market had expected, driving down the price of crude oil and weighing on commodity-linked ... More >>

While you were sleeping: Retail therapy for Wall St

Friday, 26 May 2017, 11:03 am | BusinessDesk

May 26 (BusinessDesk) - Wall Street rallied, sending the S&P 500 and the Nasdaq to record highs, on better-than-anticipated earnings from retailers including Best Buy and Sears. More >>

Electricity retailers welcome low fixed-charge tariff review

Friday, 26 May 2017, 11:00 am | Electricity Retailers' Association of NZ

Electricity retailers welcome a review of the low fixed-charge tariff, as announced by Energy Minister Judith Collins this week. More >>

Product Safety Recall - 4 Burner Hooded Black BBQ

Friday, 26 May 2017, 10:52 am | Mitre 10

Amalgamated Hardware Merchants Ltd has voluntarily recalled a 4 Burner Hooded Black BBQ due to concerns it could be a fire risk if not assembled correctly. More >>

Changes benefit communities thanks to Award winners

Friday, 26 May 2017, 10:24 am | PRINZ

Two campaigns demonstrating the real impact public relations can have on social change share the Supreme Award in the 2017 Public Relations Institute of New Zealand (PRINZ) Awards. More >>

RBNZ and FMA welcome new Global Code of Conduct

Friday, 26 May 2017, 10:18 am | Reserve Bank

The Reserve Bank and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market. More >>

Consolidation Year for AWF Madison

Friday, 26 May 2017, 10:03 am | AWF Group

The Board of AWF Madison Group Limited (NZX:AWF) is pleased to advise a lift in profit of 13% to $5.9 million, following completion of a year of consolidation of new leadership; continued investment in new technology; and dealing with residual legacy matters ... More >>

$11.4m brings RNZ to 2012 funding levels

Friday, 26 May 2017, 8:54 am | Coalition for Better Broadcasting

The Coalition for Better Broadcasting (CBB) congratulates the Minister of Finance for recognising the value of public service broadcasting. More >>

HiFX Morning Update, May 26 2017

Friday, 26 May 2017, 8:52 am | HiFX

The Kiwi opens modestly lower against most currencies but is up against the AUD and CAD. For the week the Kiwi is up 1.3% against the USD and EUR, up 1.5% versus the AUD, up 1.8% versus the JPY, and is up 2.0% against the Pound. More >>

MARKET CLOSE: NZ shares edge up as budget, earnings dominate

Thursday, 25 May 2017, 8:46 pm | BusinessDesk

May 25 (BusinessDesk) - New Zealand shares edged higher on relatively small volumes as investors were preoccupied with the government's budget and a slew of earnings, including Metro Performance Glass, which reported a boost in sales on its Australian ... More >>

NZ dollar holds up as Joyce's budget meets expectations

Thursday, 25 May 2017, 8:11 pm | BusinessDesk

May 25 (BusinessDesk) - The New Zealand dollar held above 70 US cents as Finance Minister Steven Joyce's maiden budget met investors' expectations in affirming a strong economic outlook, allowing tax adjustments and a hike in infrastructure spending. More >>

Airways supports first Rocket Lab test launch

Thursday, 25 May 2017, 7:23 pm | Airways New Zealand

Rocket Lab today conducted the first test launch of its Electron rocket, supported by Airways New Zealand to ensure its safe passage through New Zealand’s airspace. More >>

Moody's views on the New Zealand budget 2017

Thursday, 25 May 2017, 7:07 pm | Moody's

New Zealand is rated Aaa with a stable outlook by Moody’s. · The government’s projections for increasing fiscal surpluses in the medium term highlights its ongoing commitment to preserving strong public finances. We expect growing fiscal surpluses ... More >>

BUDGET 2017: Crown land for house-build to cost $100M

Thursday, 25 May 2017, 5:24 pm | BusinessDesk

May 25 (BusinessDesk) - The government set aside $100 million to free up unused Crown land to help cater to its house-building programme announced before today’s budget. More >>

Hawke’s Bay hits the $600m Mark for Visitor Spend

Thursday, 25 May 2017, 5:23 pm | Hawke's Bay Tourism

The latest Monthly Regional Tourism Estimates released by the Ministry of Business, Innovations and Employment (MBIE) today show a phenomenal growth for tourism expenditure across New Zealand with Hawke’s Bay tourism expenditure growth rapidly rising above ... More >>

Mental health centre of govt’s social investment package

Thursday, 25 May 2017, 5:21 pm | BusinessDesk

May 25 (BusinessDesk) - The government has put mental health at the centre of its $321 million social investment programme, which it touts as spending large up front to reduce the long-term costs of problems ailing society. More >>

BUDGET 2017: Govt ups spending on science and innovation

Thursday, 25 May 2017, 5:20 pm | BusinessDesk

May 25 (BusinessDesk) - (BusinessDesk) – Finance Minister Steven Joyce announced a $373 million increase in spending for science and innovation in a bid to help diversify the economy support more jobs and higher wages. More >>

BUDGET 2017: Rail gets better part of $1 billion

Thursday, 25 May 2017, 5:19 pm | BusinessDesk

May 25 (BusinessDesk) - New Zealand’s rail infrastructure will get the better part of $1 billion from the government with money set aside to upgrade KiwiRail’s rolling stock and infrastructure, and Wellington and Auckland’s rail networks. More >>

Govt targets $100M/year from closing offshore tax loopholes

Thursday, 25 May 2017, 5:18 pm | BusinessDesk

May 25 (BusinessDesk) - The government expects to raise at least $250 million over the next three years from closing foreign tax loopholes exploited by both multi-national corporations and New Zealand companies with offshore activities. More >>

Tax and benefits package targets low/middle income families

Thursday, 25 May 2017, 5:17 pm | BusinessDesk

May 25 (BusinessDesk) - The Budget’s $2 billion a year package of tax and accommodation benefit changes is skewed deliberately towards the lowest income families and areas where rents are highest in an election year pitch by the government to be seen to ... More >>

Transport drives $32.5 billion infrastructure spend

Thursday, 25 May 2017, 5:16 pm | BusinessDesk

May 25 (BusinessDesk) - New roads and rail upgrades will suck up about a third of the government’s $32.5 billion infrastructure spending over the next four years, draining the coffers for the foreseeable future. More >>

NZDMO lifts debt issuance by $1 billion over forecast period

Thursday, 25 May 2017, 5:14 pm | BusinessDesk

(BusinessDesk) – The New Zealand Debt Management office lifted its issuance programme by $1 billion through June 2021 compared to prior forecasts in its half year economic and fiscal update and said it plans to launch a new April 20, 2029 bond before the ... More >>

BUDGET 2017: NZ economic growth seen peaking at 3.8% in 2019

Thursday, 25 May 2017, 5:11 pm | BusinessDesk

May 25 (BusinessDesk) - (BusinessDesk) – New Zealand’s economic growth is tipped to peak in 2019, boosted by ongoing population growth, investment, and a new family incomes package announced in Finance Minister Steven Joyce’s maiden budget. Growth, ... More >>

Govt forecast surpluses narrow on family package

Thursday, 25 May 2017, 5:07 pm | BusinessDesk

May 25 (BusinessDesk) - (BusinessDesk) – The government now expects a wider surplus in the year to June than it previously forecast but then tipped narrower surpluses over the forecast period in its latest budget as a new family incomes package and ... More >>

Budget spends down future surpluses

Thursday, 25 May 2017, 5:06 pm | BusinessDesk

May 25 (BusinessDesk) - Tax cuts for every working New Zealander, targeted to low and middle income earners, more generous assistance for families and renters, and a massive spend-up on public services infrastructure mark Finance Minister Steven ... More >>

LTA Looks at Carpooling Trials with Staff

Thursday, 25 May 2017, 4:57 pm | Land Transport Authority

The Land Transport Authority is actively encouraging its own staff and their family members to start carpooling. More >>

Solid Approach Taken for Business - Corrected Version

Thursday, 25 May 2017, 4:50 pm | Employers And Manufacturers Association

Solid Approach Taken for Business - Corrected Version Source: EMA -- Today’s Budget 2017 announcement revealed solid steps to support economic growth and maintain surpluses. In his first budget, Finance Minister, Steven Joyce, predicted continuing growth ... More >>

Improvements needed in how work is contracted

Thursday, 25 May 2017, 4:28 pm | Civil Contractors NZ

Civil Contractors New Zealand welcomes today’s Budget with its focus on investing in capital infrastructure and future resilience . More >>

Auckland to host NZCB Annual Conference

Thursday, 25 May 2017, 4:27 pm | Certified Builders Association

Auckland to host NZCB Annual Conference While there is more building and construction activity than ever before in Auckland and beyond, builders are temporarily unbuckling their tool belts for the NZCB Annual Conference at ANZ Viaduct Events Centre on 26-27 ... More >>

Solid Approach Taken for Business

Thursday, 25 May 2017, 4:26 pm | Employers And Manufacturers Association

Solid Approach Taken for Business Source: EMA -- Today’s Budget 2017 announcement revealed solid steps to support economic growth and maintain surpluses. More >>

Budget fails to plan for forest future

Thursday, 25 May 2017, 4:24 pm | NZ Forest Owners Association

Forest Owners Association President Peter Clark says the Budget is money for urban New Zealanders’ immediate concerns, and he says it fails to provide and prepare for the scale of afforestation necessary for New Zealand to meet its Paris Agreement ... More >>

Chamber acknowledges Chris Whelan

Thursday, 25 May 2017, 4:21 pm | Wellington Chamber Of Commerce

The resignation of WREDA Chief Executive Chris Whelan will be a disappointment to those who had pinned high hopes for the region on him and the new organisation, says Wellington Chamber of Commerce Chief Executive John Milford. More >>

Positive moves and missed opportunities in Budget 2017

Thursday, 25 May 2017, 4:09 pm | MYOB

The National-led Government’s ninth budget has a number of positive initiatives, which will be well received by local businesses, but it is disappointing that business tax cuts did not feature says accounting software provider MYOB. More >>

Budget could help NZ wood industry

Thursday, 25 May 2017, 3:51 pm | Wood Processors and Manufacturers Association

New Zealand is facing bigger trade barriers than ever before, particularly by manufacturers trying to add value to exports. The Government should “pull out all the stops” to grow the New Zealand manufacturing sector in a world where protectionism is increasing ... More >>