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Latest Business Headlines

MARKET CLOSE: NZ shares mixed, Trustpower and Infratil jump

Thursday, 22 March 2018, 8:39 pm | BusinessDesk

March 22 (BusinessDesk) - New Zealand shares were mixed, with Trustpower and Infratil both rising after retaining a market advantage in Tauranga while Heartland Bank and Freightways dropped. More >>

NZ dollar gains vs Aussie after weak Australian jobs data

Thursday, 22 March 2018, 8:38 pm | BusinessDesk

March 22 (BusinessDesk) - The New Zealand dollar gained against its Australian counterpart after jobs data across the Tasman was weaker than expected, adding to the view the RBA - like the New Zealand central bank today - won't be lifting rates anytime soon. More >>

Big tobacco firms clash in NZ

Thursday, 22 March 2018, 6:43 pm | BusinessDesk

Big tobacco firms clash in NZ as Philip Morris sues BAT for anti-competitive behaviour More >>

Cryptojacking Skyrockets to the Top of the Attacker Toolkit

Thursday, 22 March 2018, 6:28 pm | Symantec

Cryptojacking Skyrockets to the Top of the Attacker Toolkit, Signalling Massive Threat to Cyber and Personal Security Annual Threat Report from Symantec Reveals One in Ten Targeted Attack Groups Use Malware Designed to Disrupt Auckland, 22 March ... More >>

Cryptojacking Skyrockets to the Top of the Attacker Toolkit

Thursday, 22 March 2018, 5:43 pm | Symantec

Cryptojacking Skyrockets to the Top of the Attacker Toolkit, Signalling Massive Threat to Cyber and Personal Security Annual Threat Report from Symantec Reveals One in Ten Targeted Attack Groups Use Malware Designed to Disrupt Auckland, 22 March ... More >>

Orr may break central banker mould

Thursday, 22 March 2018, 5:00 pm | BusinessDesk

March 22 (BusinessDesk) - Adrian Orr will have a new operating mandate when he starts as Reserve Bank governor next week and analysts say he may break the mould of a staid central banker, even if it isn't clear if he's a hawk or a dove. More >>

Commerce Commission appoints new Chief Executive

Thursday, 22 March 2018, 4:08 pm | Commerce Commission

Commerce Commission Chairman Dr Mark Berry today announced the appointment of Adrienne Meikle as Chief Executive of the Commerce Commission. Adrienne is currently Deputy Chief Executive, Corporate, Governance and Information group at the Ministry of Business, ... More >>

Beef + Lamb New Zealand’s Annual Meeting

Thursday, 22 March 2018, 4:07 pm | Beef And Lamb NZ

The sheep and beef sector is well-placed to turn the challenges into opportunities and reap the rewards, farmers were told at Beef + Lamb New Zealand’s Annual Meeting in Gisborne today. More >>

Fonterra fails - again - to cash in on dairy value-added

Thursday, 22 March 2018, 3:59 pm | BusinessDesk

March 22 (BusinessDesk) - The contrast between Synlait Milk's record first-half profit and Fonterra Cooperative Group's interim loss suggest the world's largest dairy exporter hasn't just got trouble with Beingmate Baby & Child Food, but a long-running inability ... More >>

Transpower invests in future of electricity industry

Thursday, 22 March 2018, 3:27 pm | Transpower

Transpower will hold a whakapainga and formal opening of its Grid Skills Bunnythorpe facility, on Thursday 29 March. This event will mark completion of works to upgrade three key electricity industry training facilities and will be attended by local ... More >>

FMA concerned financial advisers are pushing life insurance

Thursday, 22 March 2018, 3:05 pm | BusinessDesk

March 22 (BusinessDesk) - The Financial Markets Authority has warned the life insurance sector after a survey raised concerns that some financial advisers are being incentivised to push clients to change their life insurance, but says lack of disclosure obligations ... More >>

Kiwi Butchers Finish Second on World Stage

Thursday, 22 March 2018, 2:46 pm | Retail Meat New Zealand

New Zealand’s butchery team, The Pure South Sharp Blacks, just missed out on being crowned world champions yesterday after finishing runners up at the World Butchers’ Challenge in Belfast, Northern Ireland. More >>

FSC welcomes FMA report

Thursday, 22 March 2018, 2:28 pm | Financial Services Council

The FSC has welcomed the report released today by the Financial Markets Authority on insurance replacement business and conflicted conduct, and the useful spotlight it puts on behaviour in some parts of the industry. More >>

Procurement for the Business Transformation programme

Thursday, 22 March 2018, 2:20 pm | Office of the Auditor-General

The Auditor-General’s report Inland Revenue Department: Procurement for the Business Transformation programme was presented to the House of Representatives today. More >>

T&G GLOBAL Limited Confirms Sale of Processed Foods Business

Thursday, 22 March 2018, 1:22 pm | T and G Global

T&G Global Limited (T&G) has today entered into a conditional sale and purchase agreement for the sale of the major assets of its subsidiary ENZAFoods New Zealand Limited (trading as T&G Foods) to Cedenco Foods New Zealand Limited (“Cedenco”). More >>

Te Reo Māori champion appointed to the Board of MTS

Thursday, 22 March 2018, 1:17 pm | Te Matawai

Kopoua ana he toa mō te reo Māori ki te Poari o Te Aratuku Whakaata Irirangi Māori More >>

Hawke’s Bay Company First to Gain IANZ Accreditation

Thursday, 22 March 2018, 12:33 pm | Drug Smart

Hawke’s Bay company Drug Smart has become the first in New Zealand to gain IANZ accreditation to test for methamphetamine contamination. More >>

Māori Television Board welcomes new director

Thursday, 22 March 2018, 12:22 pm | Maori Television

Chairman of the Māori Television Board Hon Dame Georgina te Heuheu welcomes the appointment of Māori language consultant and broadcaster Kingi Kiriona (Ngāti Ruanui, Ngāti Kahungunu, Ngāti Apa) to the board. More >>

RBNZ keeps rates on hold as expected

Thursday, 22 March 2018, 12:14 pm | BusinessDesk

March 22 (BusinessDesk) - Acting Reserve Bank governor Grant Spencer kept the official cash rate unchanged at 1.75 percent and continued to signal that rates will remain on hold due to the lack of inflationary pressure. More >>

NZ trade partners’ economies brought into view at Summit

Thursday, 22 March 2018, 12:11 pm | Nikko AM

The strengths and vulnerabilities of New Zealand’s main trading partners’ economies have been a key focus at a major investment conference in Auckland today. More >>

FMA publishes review of adviser conduct in life insurance

Thursday, 22 March 2018, 12:05 pm | Financial Markets Authority

The FMA has issued warnings to four registered financial advisers in relation to providing advice on replacement insurance policies, for breaches of the obligation in section 33 of the Financial Advisers Act 2008 to exercise care, diligence and ... More >>

NZ dollar gains as Fed hikes rates

Thursday, 22 March 2018, 11:47 am | BusinessDesk

March 22 (BusinessDesk) - The New Zealand dollar rose after the US Federal Reserve hiked interest rates as expected and stuck to its projection for two more increases this year - one less some in the market had bet on. By contrast, the Reserve Bank ... More >>

Interest rates remain low but high deposits ‘cruel’

Thursday, 22 March 2018, 11:45 am | Century 21 Real Estate

“Ongoing low interest rates are little consolation to first-home buyers if the deposit hurdle remains far too high,” says Geoff Barnett, National Manager of Century 21 New Zealand. More >>

Korean market investment pays off for AVANZA

Thursday, 22 March 2018, 11:30 am | AVOCO

TAURANGA: March 22, 2018: Consistent efforts by AVANZA to educate the Korean consumer on the health benefits of New Zealand avocados have been rewarded with a season of record returns. More >>

Christchurch Airport wins on the world stage

Thursday, 22 March 2018, 10:34 am | Christchurch Airport

Christchurch Airport has just been named one of the world’s best at the World Airport Awards in Stockholm. More >>

Lyttelton Port Industrial Action: Workers to March Today

Thursday, 22 March 2018, 10:12 am | Rail And Maritime Transport Union

Workers from Lyttelton Port will today march on the Lyttelton road and rail tunnels, to highlight the importance of their work to the Canterbury region and economy. More >>

Intellium Builds Private WAN with the Paper Plus Group

Thursday, 22 March 2018, 10:10 am | Intellium Technology

Intellium Technology is building one of the biggest private Wide Area Networks in the country for New Zealand’s largest chain of book and stationary stores, the Paper Plus Group. More >>

HiFX Data Update - RBNZ Interest Rate Decision

Thursday, 22 March 2018, 9:37 am | HiFX

The RBNZ have maintained the Official Cash Rate (OCR) at 1.75%. This was widely expected. More >>

Official Cash Rate unchanged at 1.75 percent

Thursday, 22 March 2018, 9:16 am | The Reserve Bank of New Zealand

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. More >>

Whananaki beef farmers win Northland Farm Environment Award

Thursday, 22 March 2018, 9:12 am | Ballance Farm Environment Awards

Whananaki beef farmers Greta and Craig Harman have won the Northland Ballance Farm Environment Awards. More >>

PMNZ seeks injunction

Thursday, 22 March 2018, 9:00 am | Philip Morris

AUCKLAND, New Zealand – [21/3/18] – Philip Morris (New Zealand) Limited (PMNZ) today announced it is commencing legal proceedings against British American Tobacco (New Zealand) Limited (BATNZ) to stop it from engaging in anti-competitive conduct. More >>

Anheuser-Busch InBev Launches 2025 Sustainability Goals

Thursday, 22 March 2018, 8:58 am | AB InBev

Anheuser-Busch InBev Launches 2025 Sustainability Goals And 100+ Accelerator to Advance Local Innovations for Pressing Global Challenges More >>

Wall St gains with oil before Fed decision

Thursday, 22 March 2018, 8:57 am | BusinessDesk

March 22 (BusinessDesk) - Wall Street gained as the US Federal Reserve is expected to announce an interest rate increase and provide updated economic and rate forecasts. More >>

Productivity Improvements Needed for Higher Wages

Thursday, 22 March 2018, 8:54 am | Productivity Commission

A report released today by the Productivity Commission shows that when productivity goes up wages tend to follow. The growth of labour productivity and wages has slowed. Between 1996 and 2000 the average amount produced from one hour of work in the private ... More >>

Southland-Otago Dairy Industry Awards Winners Announced

Thursday, 22 March 2018, 8:52 am | NZ Dairy Industry Awards

The winners of the 2018 Southland-Otago Dairy Industry Awards Share Farmer of the Year competition believe strong relationships with all the people they deal with are the key to their successful business. More >>

Better design and innovation needed for water sustainability

Thursday, 22 March 2018, 8:38 am | Water New Zealand

New Zealand will need to become more innovative in the way we deliver and manage drinking water, waste water and stormwater in order to deal with the challenges we are facing. More >>

HiFX Morning Update, March 22 2018

Thursday, 22 March 2018, 8:31 am | HiFX

The NZDUSD opens at 0.7208 (mid-rate) this morning. As widely expected the Federal Reserve has raised rates for the first time in 2018 and signalled that at least two further hikes are coming before the end of the year. New Federal Reserve Governor ... More >>

TrustPower entrenches home-town advantage

Wednesday, 21 March 2018, 9:27 pm | BusinessDesk

March 21 (BusinessDesk) - The Tauranga Electricity Consumer Trust has abandoned plans to become a funder for Bay of Plenty community projects after strong pushback from customers of locally headquartered TrustPower who prefer to receive an annual cheque ... More >>

MARKET CLOSE: NZX 50 rises to record

Wednesday, 21 March 2018, 8:42 pm | BusinessDesk

MARKET CLOSE: NZX 50 rises to record; Synlait jumps to all-time high after earnings More >>

NZ dollar little changed near 6-week low

Wednesday, 21 March 2018, 8:11 pm | BusinessDesk

March 21 (BusinessDesk) - The New Zealand dollar was little changed near a six-week low ahead of a likely rate hike by the US Federal Reserve but could bounce back if the Fed fails to sound a more hawkish note in its commentary. More >>

Briscoe Group ups investment in Kathmandu

Wednesday, 21 March 2018, 7:31 pm | BusinessDesk

March 21 (BusinessDesk) - Briscoe Group participated in the capital raising announced by Kathmandu Holdings, buying 2.57 million shares from the institutional placement for a cost of $5.6 million. It also intends to participate in the share purchase ... More >>

PFI chair Peter Masfen to step down

Wednesday, 21 March 2018, 6:44 pm | BusinessDesk

March 21 (BusinessDesk) - Property For Industry's chair Peter Masfen will retire at the company's annual meeting on May 8, to be replaced by deputy chair Anthony Beverley. More >>

Former Concur executive Murray Warner joins Serko

Wednesday, 21 March 2018, 5:25 pm | Serko

Former Concur executive Murray Warner joins Serko as John Challis steps up to global role More >>

Solid Milk Price Some Comfort to Farmers

Wednesday, 21 March 2018, 4:49 pm | Fonterra Shareholders Council

Duncan Coull, Chairman of the Fonterra Shareholders’ Council, said Farmers would welcome the increase in the forecast Farmgate Milk Price to $6.55 kg/MS but that the interim results announcement as a whole painted a disappointing picture for the ... More >>

Rhone cleared to acquire swimming pool equipment company

Wednesday, 21 March 2018, 4:04 pm | Commerce Commission

Both businesses supply residential swimming pool equipment in New Zealand, with Rhone selling under the brand name Zodiac. More >>

Techweek’18 Waikato to showcase the growth of tech

Wednesday, 21 March 2018, 3:34 pm | Waikato Innovation Park

The Waikato technology sector is thriving, and a week-long regional technology symposium is being planned this May to capture that momentum. More >>

Industry veteran to retire after 47 years with IAG

Wednesday, 21 March 2018, 3:29 pm | IAG New Zealand

IAG New Zealand today announced the retirement of Karl Armstrong following 47 years with the company. More >>

NZ's own pay-per-view movie streaming service launches

Wednesday, 21 March 2018, 3:29 pm | Stuff

Announced in December last year, Stuff Fibre's venture into pay-per-view movie streaming service, Stuff Pix, launches to the public today. Available on desktop and mobile to every New Zealander with internet access, Stuff Pix serves up the latest release ... More >>

Auckland’s Mt Smart Stadium ready for record-breaking month

Wednesday, 21 March 2018, 2:49 pm | Auckland Stadiums

Fresh off the back of the Vodafone Warriors opening home game win over the Gold Coast Titans, Mt Smart Stadium is being transformed into concert mode for the record-setting Ed Sheeran concerts, and will be transformed again ahead of the historic NRL double-header. More >>

NZ net migration slows in February

Wednesday, 21 March 2018, 2:34 pm | BusinessDesk

March 21 (BusinessDesk) - New Zealand annual net migration continued to moderate in February, though it's still at historic highs, as more New Zealanders and non-New Zealanders left. More >>

UPDATE: Synlait shares jump as result allays fears

Wednesday, 21 March 2018, 2:32 pm | BusinessDesk

BusinessDesk via 2:16 PM (15 minutes ago) to editor (recasts lead to include market reaction, adds broker comment in paragraph five, detail throughout) More >>

Theo Spierings to leave Fonterra CEO this year

Wednesday, 21 March 2018, 2:15 pm | BusinessDesk

March 21 (BusinessDesk) - Fonterra chief executive Theo Spierings will vacate the position in the course of this year, the cooperative's chair, John Wilson announced. More >>

NZCTA YA presents the Entrepreneurship Forum 2018

Wednesday, 21 March 2018, 1:49 pm | New Zealand China Trade Assn

NZCTA YA aim to kick off 2018 with a bang with their annual flagship event More >>

UPDATE: Fonterra takes $405M Beingmate charge

Wednesday, 21 March 2018, 1:22 pm | BusinessDesk

March 21 (BusinessDesk) - Fonterra Cooperative Group wrote down the value of its Beingmate Baby & Child Food investment by $405 million, calling the performance of its Chinese partner "unacceptable". The writedown and a $183 million settlement with ... More >>

AFT expects $5mln cash from selling hospital products

Wednesday, 21 March 2018, 1:20 pm | BusinessDesk

March 21 (BusinessDesk) - AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, is selling its "non-core hospital products" to Fortune 500 company Baxter Healthcare in New Zealand and expects to do the same in Australia. More >>

Te Radar to host FMG Young Farmer of the Year event

Wednesday, 21 March 2018, 1:10 pm | New Zealand Young Farmers

Quick-witted comedian Te Radar will be in Christchurch next month to make a group of competitive young farmers sweat. More >>

January storms cost insurers $38.5 mln, more claims to come

Wednesday, 21 March 2018, 12:59 pm | BusinessDesk

March 21 (BusinessDesk) - Ex-cyclone Fehi has cost insurers $38.5 million so far, with that expected to rise and the cost of other extreme weather not yet quantified, the Insurance Council said. More >>

Kathmandu raises $40M for US footwear purchase

Wednesday, 21 March 2018, 12:53 pm | BusinessDesk

March 21 (BusinessDesk) - Kathmandu Holdings, the outdoor equipment retailer, successfully raised $40 million through an institutional share placement of approximately 18.5 million new fully paid ordinary shares, it said in a release to the stock exchange. More >>

Fonterra takes $405M Beingmate charge, posts 1H loss

Wednesday, 21 March 2018, 12:50 pm | BusinessDesk

March 21 (BusinessDesk) - Fonterra Cooperative Group slashed $405 million off the carrying value of its investment in Beingmate Baby & Child Food, calling the performance of its Chinese partner "unacceptable". The writedown and a ... More >>

Synlait posts record profit, forecasts FY earnings growth

Wednesday, 21 March 2018, 12:47 pm | BusinessDesk

Synlait posts record first-half net profit, forecasts FY earnings growth on infant formula sales More >>