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Latest Business Headlines

MARKET CLOSE: NZ shares up, led by Fisher & Paykel

Friday, 20 July 2018, 8:36 pm | BusinessDesk

July 20 (BusinessDesk) - New Zealand shares gained, turning around from recent weakness, with Fisher & Paykel Healthcare Corp and Ryman Healthcare leading stocks higher. More >>

NZ dollar heads for 0.1% weekly fall with jittery markets

Friday, 20 July 2018, 8:27 pm | BusinessDesk

July 20 (BusinessDesk) - The New Zealand dollar is heading for a 0.1 percent weekly fall against the greenback as China allowed the yuan to fall further, adding to jitters that the US-China trade skirmish could weigh on Chinese growth. More >>

Xero quits developing in-house US payroll product

Friday, 20 July 2018, 7:35 pm | BusinessDesk

Xero quits developing in-house US payroll product, signs up with Gusto By Paul McBeth More >>

Border levy must benefit visitors, tourism industry says

Friday, 20 July 2018, 3:14 pm | Tourism Industry Aotearoa

The tourism industry is prepared to accept a new charge to be paid by international visitors but is insisting that it is used in a carefully targeted way to enhance their experience of New Zealand. More >>

New Zealand Partner Launches New Global Learning Network

Friday, 20 July 2018, 3:06 pm | Boma NZ

New Zealand Partner Launches New Global Learning Network International entrepreneurs recently announced the launch of Boma, a new global learning and impact network for local decision and change makers. Boma’s transformational learning experiences ... More >>

Horticultural groups seek flexibility in zero emissions plan

Friday, 20 July 2018, 2:58 pm | BusinessDesk

July 20 (BusinessDesk) - Both rural lobby group Federated Farmers and Horticulture New Zealand, which represents commercial vegetable, fruit and berry fruit growers, have asked the government for flexibility in the Zero Carbon Bill, the government’s ... More >>

Hawaiki Submarine Cable begins commercial operations

Friday, 20 July 2018, 2:21 pm | BusinessDesk

July 20 (BusinessDesk) - Hawaiki Submarine Cable has begun commercial operations for its 15,000 km fibre optic deep-sea cable linking Australia, New Zealand, the Pacific and the United States. More >>

Net migration falls in June, remains historically high

Friday, 20 July 2018, 2:07 pm | BusinessDesk

July 20 (BusinessDesk) - New Zealand's annual net migration dropped in June as fewer foreigners arrived and more Kiwis left, but remains high. More >>

Visitor Levy could see visitors paying multiple times

Friday, 20 July 2018, 1:40 pm | Tourism Export Council

Tourism operators are welcoming a proposed tourism levy but say they’re concerned visitors could end up paying multiple times to go on the Department of Conservation (DOC) land. More >>

Commerce Commission files proceedings against Wilson Parking

Friday, 20 July 2018, 1:37 pm | BusinessDesk

July 20 (BusinessDesk) - The Commerce Commission has filed proceedings against Wilson Parking, alleging New Zealand’s biggest parking company substantially lessened competition for the supply of car parking in the Boulcott Street area in central ... More >>

SeaDragon's funding transaction unfair

Friday, 20 July 2018, 1:05 pm | BusinessDesk

July 20 (BusinessDesk) - SeaDragon's proposed funding transaction is not fair to non-associated shareholders but the positives outweigh the negatives given the position in the company is in, according to independent advisers Campbell MacPherson. More >>

WorkSafe accepts enforceable undertakings

Friday, 20 July 2018, 12:47 pm | WorkSafe NZ

WorkSafe New Zealand has accepted enforceable undertakings from Plunket Electrical Oamaru Limited and McConnell Dowell Constructors Limited. More >>

Morningstar cuts earnings forecast for Z Energy

Friday, 20 July 2018, 12:34 pm | BusinessDesk

July 20 (BusinessDesk) - Morningstar Research lowered its fiscal 2019 earnings per share forecast but kept its hold rating on Z Energy after the country’s biggest fuel retailer downgraded its profit outlook amid a longer-than-anticipated shutdown ... More >>

NZ dollar falls amid fears about slowing Chinese growth

Friday, 20 July 2018, 11:39 am | BusinessDesk

July 20 (BusinessDesk) - The New Zealand dollar fell as growing fears of a slowing Chinese economy pushed down metal prices and weighed on currencies of nations producing raw materials. More >>

Radiata, right tree, at this time

Friday, 20 July 2018, 11:15 am | ForestX

Radiata Pine will grow at about five times faster than native species. It grows almost anywhere, it’s easy to establish and manage and the underpinning science has a 70-year record. It is now about 95% of the commercial plantation estate that returns ... More >>

Lack of investment biggest threat to global economy

Friday, 20 July 2018, 10:54 am | Grant Thornton

According to Grant Thornton International’s latest International Business Report (IBR) survey, New Zealand business leaders are becoming less confident about the economic outlook with optimism falling from 76% in Q1 2018 to 60% last quarter. This ... More >>

Visitor numbers retreat in June

Friday, 20 July 2018, 10:51 am | Statistics New Zealand

The number of visitors to New Zealand in June 2018 was 212,200, down 17,800 from June 2017, Stats NZ said today. More >>

Fears of cyber threats delaying digital transformation

Friday, 20 July 2018, 10:44 am | Microsoft New Zealand

AUCKLAND, 19 JULY 2018 – A Frost & Sullivan study commissioned by Microsoft reveals that New Zealand organisations are currently ill-equipped to meet the challenge of rising cyber threats, and greater investment in cloud, AI and other cybersecurity ... More >>

Carbon road map must consider economic, social impacts

Friday, 20 July 2018, 10:40 am | Federated Farmers

Federated Farmers supports moves to significantly reduce emissions and meet our Paris Agreement commitments but says this should not be at the expense of New Zealanders’ economic and social wellbeing. More >>

Top Flooring Apprentices Celebrated at Awards

Friday, 20 July 2018, 10:35 am | BCITO

20 July 2018 Top Flooring Apprentices Celebrated at Awards New Zealand’s best flooring industry apprentices were recognised at the annual Flooring Apprentice of the Year Awards in Auckland last night. The event, held by the Building and Construction Industry ... More >>

NZME Announce Changes to Parental Leave Policy

Friday, 20 July 2018, 10:21 am | NZME.

20 July 2018 – NZME has announced a change in its parental leave policy to better reflect the needs of parents when they welcome a new arrival into the family. More >>

Proceedings filed against Wilson Parking

Friday, 20 July 2018, 10:19 am | Commerce Commission

The Commerce Commission has filed proceedings in the High Court at Wellington alleging Wilson Parking substantially lessened competition for the supply of car parking in the Boulcott Street area in central Wellington when it acquired the rights to operate ... More >>

Home developers – here’s your chance

Friday, 20 July 2018, 10:13 am | Otakaro Limited

Developers who want to make their mark with a residential development in central Christchurch are being asked to register their interest in the 8149m2 Madras Square site. More >>

Small firms’ confidence sinks in June quarter

Friday, 20 July 2018, 9:15 am | ANZ quarterly Business Micro Scope Survey

Business confidence among small firms fell to a nine-year low in the June quarter, according to ANZ’s quarterly Business Micro Scope survey. More >>

Youth Search and Rescue to get free satellite tech

Friday, 20 July 2018, 9:05 am | Wireless Nation

Youth Search and Rescue (YSAR), the training organisation for future Search and Rescue volunteers, is getting a free helping hand from New Zealand internet service provider Wireless Nation. More >>

Aquafortus wins global award

Friday, 20 July 2018, 9:03 am | Aquafortus

Auckland, 20 July - New Zealand’s Aquafortus Technologies has won the TechXchange Rising Star award for best new technology at Singapore’sInternational Water Week , this closes out a successful six weeks for the start up, which included an oversubscribed ... More >>

Horticulture cautious on Zero Carbon Bill

Friday, 20 July 2018, 8:58 am | Horticulture NZ

The horticulture industry says it supports the concept of a Zero Carbon Bill with a 2050 target, provided there are viable alternative production systems and technology developed within that timeframe. More >>

HiFX Morning Update July 20, 2018

Friday, 20 July 2018, 8:45 am | HiFX

The Kiwi opens down at 0.6744. We have had a slew of consistently strong US data recently, with last night being no exception. Manufacturing data beat expectations, but the highlight was the Unemployment Claims figure. Although only being a weekly ... More >>

MARKET CLOSE: NZ shares down, led lower by A2 and Z

Thursday, 19 July 2018, 8:46 pm | BusinessDesk

July 19 (BusinessDesk) - New Zealand shares dropped, led lower by A2 Milk Co and Z Energy, while Trustpower and Summerset gained. More >>

NZ dollar falls against Aussie on strong jobs data

Thursday, 19 July 2018, 8:26 pm | BusinessDesk

July 19 (BusinessDesk) - The New Zealand dollar fell against its Australian counterpart after stronger-than-expected jobs data across the Tasman indicated growing momentum in the labour market. More >>

Bus driver assaults just the tip of the iceberg

Thursday, 19 July 2018, 8:19 pm | First Union

Bus driver assaults just the tip of the iceberg… A bus driver has come forward to tell her harrowing assault story. The driver, who wishes to remain anonymous, was dropping off passengers on her night route in Mangere on July 4th when she was ... More >>

Pāmu updates full year EBITDAR forecast

Thursday, 19 July 2018, 5:16 pm | Pamu Farms

Landcorp Faming Limited (Pāmu) has released an updated EBITDAR (Earnings before Interest, Taxes, Depreciation, Amortization and Revaluations) forecast for the 2017/18 financial year. More >>

CORRECT: LIC's FY net profit tumbles on one-offs

Thursday, 19 July 2018, 4:08 pm | BusinessDesk

July 19 (BusinessDesk) - Livestock Improvement Corp, the dairy herd genetics cooperative, reported a 55 percent drop in full-year net profit on higher restructuring costs but was upbeat about the current year as those costs will no longer be incurred. More >>

Foreign investment rules could have unintended consequences

Thursday, 19 July 2018, 3:13 pm | Crowe Horwath

Proposed restrictions to foreign investment could have unintended negative consequences. While the new proposed Government restrictions and legislative changes on foreign investment are aimed at reducing the amount of foreign investment for New Zealand’s ... More >>

Rise in accommodation supplements cause modest rent rise

Thursday, 19 July 2018, 3:08 pm | MOTU

The accommodation supplement benefit is the government’s largest direct investment in private sector housing subsidies. It provides assistance with housing costs for 11 percent of the population, with about two-thirds of recipients being renters. ... More >>

Potential to NZ fintech exports huge

Thursday, 19 July 2018, 3:07 pm | Make Lemonade

The potential for New Zealand tech exports will be huge when direct free trade post-Brexit opens with the United Kingdom, a leading fintech expert says. More >>

Taxing the blockchain

Thursday, 19 July 2018, 2:28 pm | Bell Gully

Bitcoin and other cryptocurrencies have seen considerable growth over the last 12 months, meaning the general public are more aware than ever of these digital assets. More >>

LIC's FY net profit tumbles on one-offs

Thursday, 19 July 2018, 1:54 pm | BusinessDesk

July 19 (BusinessDesk) - Livestock Improvement Corp, the dairy herd genetics cooperative, reported a 55 percent drop in full-year net profit on higher restructuring costs but was upbeat about the current year as those costs will no longer be incurred. More >>

Fitch Ratings tips downgrade for Co-op Insurance NZ

Thursday, 19 July 2018, 1:10 pm | BusinessDesk

July 19 (BusinessDesk) - Fitch Ratings flagged a downgrade for New Zealand-based Credit Union Insurance Ltd, trading as Co-op Insurance NZ, citing uncertainty about the proposed sale of the company's entire business book to Provident Insurance Corporation. More >>

Farm sales and prices ease on year June

Thursday, 19 July 2018, 12:58 pm | BusinessDesk

July 19 (BusinessDesk) - Farm sales fell 7 percent on the year in the three months to June and the median price per hectare was down 16.3 percent although horticulture farm prices continued to push higher, according to the Real Estate Institute. More >>

ComCom concerned about Christchurch Airport planned profits

Thursday, 19 July 2018, 12:56 pm | BusinessDesk

July 19 (BusinessDesk) - The Commerce Commission says Christchurch International Airport may be planning to make excessive profits from security, freight storage, and some terminal lounges, though it's "broadly satisfied" with its planned earnings ... More >>

Investor Confidence Rating results for 3 agencies released

Thursday, 19 July 2018, 12:33 pm | The Treasury

The Treasury has today released the latest round of Investor Confidence Rating (ICR) results for three public sector agencies. The ICR assesses how well investment-intensive government agencies are managing their investments and assets and highlights areas ... More >>

Provincial growth to outshine the cities in 2019

Thursday, 19 July 2018, 11:50 am | BusinessDesk

July 19 (BusinessDesk) - Infometrics says strong growth in major exporting regions will help underpin the country’s economic growth during 2019. More >>

NZ dollar recovers as Fed's remains upbeat

Thursday, 19 July 2018, 11:49 am | BusinessDesk

July 19 (BusinessDesk) - The New Zealand dollar gained as Federal Reserve Jerome Powell continued to deliver an upbeat assessment of the world's biggest economy in his second day of testimony, while US trade relations were also in view. More >>

Air New Zealand top of class at Skytrax World Airline Awards

Thursday, 19 July 2018, 11:23 am | Air New Zealand

Air New Zealand has been awarded Best Premium Economy Class and Best Premium Economy Seat at the Skytrax World Airline Awards. More >>

Winter market remains resilient, says REINZ

Thursday, 19 July 2018, 11:11 am | REINZ

Data released today by the Real Estate Institute of NZ (REINZ) shows there were 32 fewer farm sales (-7.0%) for the three months ended June 2018 than for the three months ended June 2017. Overall, there were 427 farm sales in the three months ended ... More >>

Inconsistent early winter market, says REINZ

Thursday, 19 July 2018, 11:09 am | REINZ

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 136 less lifestyle property sales (-6.4%) for the three months ended June 2018 than for the three months ended May 2018. Overall, there were 1,995 lifestyle property ... More >>

New SUVs achieve top safety ratings

Thursday, 19 July 2018, 10:43 am | Automobile Association

Volvo and Mazda's new SUVs have hit the New Zealand market with 5 star safety ratings from the Australasia New Car Assessment Programme (ANCAP) - in spite of increased testing standards. More >>

Car dealership tried to avoid CGA responsibilities

Thursday, 19 July 2018, 10:42 am | Commerce Commission

An Auckland motor vehicle trader has been fined $75,000 over misrepresenting consumers’ rights when selling used vehicles online, and for failing to display essential vehicle information. More >>

Record revenue underpins LIC annual result

Thursday, 19 July 2018, 10:38 am | Livestock Improvement Corporation

Livestock Improvement Corporation (NZX: LIC) announces its financial results for the year ending 31 May 2018. More >>

Virgin Australia to fly directly from Auckland to Newcastle

Thursday, 19 July 2018, 10:36 am | Virgin Australia

Virgin Australia today announced a new direct service between Auckland and Newcastle, Australia, further expanding the airline’s presence on the Trans-Tasman market. For the first time in 16 years, travellers will be able to fly directly between the ... More >>

Latest Release of Unisys ClearPath® OS 2200

Thursday, 19 July 2018, 9:53 am | UNISYS

WELLINGTON, 19 July 2018 – Unisys Corporation (NYSE: UIS) today announced Release 18.0 of its ClearPath® OS 2200 operating environment for the company’s ClearPath Forward®Dorado systems. More >>

Geo40 partner with Maori on world-leading energy project

Thursday, 19 July 2018, 9:50 am | Geo40

(19 July 2018) - Geo40, in cooperation with Contact Energy and the Ngati Tahu Tribal Lands Trust, is this month set to start commercially extracting silica from geothermal fluid as part of a world-leading sustainable energy partnership. More >>

The hunt is on for Queenstown’s business of the year

Thursday, 19 July 2018, 9:18 am | Queenstown Chamber Of Commerce

Booming business fuels this year's Awards, which were launched at Queenstown Chamber of Commerce’s popular Business After 5 function last night (Wednesday July 18) at new restaurant and microbrewery, Canyon Food & Brew Co. More >>

Winter chill bites property market

Thursday, 19 July 2018, 9:08 am | Trademe

Winter has cooled property prices across many parts of the country with the national average asking price falling 0.6 per cent on May to $642,050, according to the latest Trade Me Property Price Index. More >>

Commission broadly satisfied Airport profits not excessive

Thursday, 19 July 2018, 9:00 am | Commerce Commission

The Commerce Commission is broadly satisfied Christchurch International Airport is not targeting excessive profits in the five years from 1 July 2017 and is seeking feedback before finalising its report. More >>

HiFX Morning Update July 19, 2018

Thursday, 19 July 2018, 8:34 am | HiFX

The NZDUSD opens at 0.6798 (mid-rate) this morning. More >>

Businesses Boycotting TV2 Porn “Naked Attraction”

Wednesday, 18 July 2018, 8:37 pm | Family First

Family First NZ says that advertisers are lining up to withdraw their advertising from and association with Naked Attraction which is currently being screened on TV2, a programme saturated with full front nudity and adult sexually-charged discussions ... More >>

MARKET CLOSE: NZ shares drop on Z downgrade

Wednesday, 18 July 2018, 8:35 pm | BusinessDesk

July 18 (BusinessDesk) - New Zealand shares fell, led by Z Energy following an earnings downgrade, with Ryman Healthcare and NZX also declining. More >>

NZ Refining granted consents to dredge Whangarei Harbour

Wednesday, 18 July 2018, 8:33 pm | BusinessDesk

July 18 (BusinessDesk) - New Zealand Refining has been granted resource consent to dredge Whangarei Harbour by the Northland Regional Council, something it says will let larger crude cargoes of around 1 million barrels to be shipped to Marsden Point. More >>