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Latest Business Headlines

Fonterra credit rating cut by S&P, Fitch affirms rating

Friday, 29 August 2014, 6:46 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Fonterra Cooperative Group has had its A+ credit rating cut one notch by Standard & Poor's over its investment in China's Beingmate Baby & Child Food, which the rating agency sees as a more aggressive push into the ... More >>

WDT widens 1H loss, warns FY earnings won't improve

Friday, 29 August 2014, 6:41 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, widened its first half loss and said full year earnings won't improve as sales slump in Latin America, its largest market. More >>

Veritas Investments to buy upmarket Nosh supermarket chain

Friday, 29 August 2014, 6:18 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Veritas Investments, which owns the Mad Butcher franchise business, has entered into a conditional agreement to buy the gourmet-supermarket chain, Nosh Food Market from Nosh Management for an undisclosed sum. More >>

MARKET CLOSE: NZ shares fall led by Auckland Airport

Friday, 29 August 2014, 5:41 pm | BusinessDesk

Aug. 29 (BusinessDesk) - New Zealand shares extended yesterday's decline, led by Auckland International Airport, as investors locked in the month's gains ahead of September's general election, while energy companies fell amid political uncertainty. More >>

Vector wins tax case over Auckland CBD tunnel payment

Friday, 29 August 2014, 5:31 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Vector, the Auckland electricity and gas network operator, has won a tax case against the Inland Revenue Department over a $53 million payment relating to access rights to its Auckland CBD tunnel. More >>

Lyttelton Port profit boosted by insurance payments

Friday, 29 August 2014, 5:21 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Lyttelton Port Co, Christchurch's ocean trade hub, posted a jump in annual profit and paid off its debt after settling insurance claims resulting from the 2011 Canterbury earthquakes. More >>

Strong LPC Financial Result Supports Port Redevelopment

Friday, 29 August 2014, 5:16 pm | Lyttelton Port of Christchurch

Lyttelton Port of Christchurch (LPC) is focused on building a solid future for the Company and its stakeholders. It is in a strong financial position to fund the Port’s redevelopment. The Company had good volume growth and has produced a solid financial ... More >>

Vector Wins Tax Case

Friday, 29 August 2014, 5:14 pm | Vector Limited

The judgment in Vector’s High court case against the Inland Revenue Department has been released today. The case centred on a matter of statutory interpretation of a specific section of the Tax Act. More >>

NZ dollar heads for 0.5% weekly decline

Friday, 29 August 2014, 5:09 pm | BusinessDesk

NZ dollar heads for 0.5% weekly decline on brighter US economy, slowing local growth More >>

Forest grant scheme will help control erosion

Friday, 29 August 2014, 4:51 pm | NZ Forest Owners Association

Forest owners say the government’s decision to reinstate the Afforestation Grant Scheme will be welcomed by farmers and regional councils fighting soil erosion in steep hill country. More >>

The killer blow to your desk phone

Friday, 29 August 2014, 4:39 pm | Bridgepoint

The humble desk phone has clearly seen a serious drop in use over the last few years. But realistically can your smartphone ever be a full replacement? More >>

SKY Continues to Innovate

Friday, 29 August 2014, 4:36 pm | Sky TV

SKY customers will soon be enjoying upgraded MY SKY services, internet connectivity, video on-demand, upgraded legacy decoders and a modernised electronic programme guide (EPG). A Subscription Video on Demand (SVOD) service for non-SKY customers will also ... More >>

Auckland Demand for Cruises Sees New Cruise Specialist Open

Friday, 29 August 2014, 4:22 pm | House of Travel

Auckland’s growing demand for luxury international cruise holidays has seen the opening of a new travel agency in St Heliers with a special focus on cruise travel. More >>

CTC Aviation, to host open day

Friday, 29 August 2014, 4:12 pm | CTC Aviation

World-leading flight training organisation, CTC Aviation, to host open day World-leading flight training organisation, CTC Aviation, is hosting an Open Day at its crew training centre located at Hamilton Airport on Saturday 13 September 2014. Open Day visitors ... More >>

Auckland tourism campaign wins at TVNZ Marketing Awards

Friday, 29 August 2014, 4:09 pm | TVNZ Marketing Awards

Auckland tourism campaign wins at TVNZ New Zealand Marketing Awards Auckland proved that the show never stops at last night’s TVNZ New Zealand Marketing Awards winning the title for best Lifestyle, Travel and Leisure campaign. The winning campaign – ... More >>

Marsden Maritime lifts annual profit 24%

Friday, 29 August 2014, 4:08 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Marsden Maritime Holdings, formerly Northland Port Co, lifted annual profit 24 percent as a stronger result from its half-stake in Whangarei's Northport was supported by asset sales in the year. More >>

UPDATE:Bathurst writes off full value of Buller coal project

Friday, 29 August 2014, 3:29 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Bathurst Resources has written off the total value of the assets covered by its Buller coal project as it hunkers down and waits for international coking coal market conditions to improve. More >>

Pyne Gould FY profit more than halves as asset sales end

Friday, 29 August 2014, 3:24 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Pyne Gould Corp, the Guernsey-based asset management firm controlled by George Kerr, more than halved its annual profit after completing its asset sale programme and is eyeing a return to paying dividends. More >>

Fertiliser company fined after worker loses finger

Friday, 29 August 2014, 3:21 pm | WorkSafe NZ

Ravensdown Fertiliser Co-operative Limited has been fined $33,000 and ordered to pay reparation of $5,000 after an employee’s hand was pulled into a machine in its Napier packing plant. More >>

Richard Bennett recognised at 2014 HACCP Awards

Friday, 29 August 2014, 3:20 pm | Produce Marketing Association

PMA A-NZ Technology Manager Richard Bennett awarded the Ross Peters Memorial Award for Excellence in Food Safety. More >>

CORRECT: TVNZ lifts annual profit 25% on flat ad revenue

Friday, 29 August 2014, 3:06 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More >>

Influenza immunisation campaign wins top marketing award

Friday, 29 August 2014, 2:56 pm | National Influenza Specialist Group

The National Influenza Immunisation Campaign, which saw a record number of New Zealanders immunised against influenza in 2013, won a 2014 TVNZ Marketing Award in Auckland last night (Thursday). The campaign took out top prize in the healthcare category. ... More >>

Two Innovate 2014 Grand Prize Award Winners Named

Friday, 29 August 2014, 2:40 pm | Innovate

For the first time, two grand prize winners were named at the annual Innovate competition. More >>

Spark New Zealand selects OTT platform provider, Xstream

Friday, 29 August 2014, 2:35 pm | Spark

Spark New Zealand (formerly Telecom NZ), a New Zealand- wide communications and internet service provider, has selected Xstream’s award winning professional video management platform, Xstream MediaMaker™, for delivery of their new OTT video service, ... More >>

Holden celebrates 60 Years in NZ with campaign by Isobar

Friday, 29 August 2014, 2:29 pm | Isobar

When it comes to cars in New Zealand, there aren’t many more iconic than Holden, and the brand is celebrating 60 years of loyal customers via a series of vignettes housed on a dedicated section within, developed by digital creative ... More >>

NZ business confidence declines for 6th consecutive month

Friday, 29 August 2014, 2:25 pm | BusinessDesk

Aug. 29 (BusinessDesk) - New Zealand firms' confidence declined for the sixth successive month in August, as the country's economic growth comes off the boil amid declining terms of trade, a strong currency and rising interest rates, according to ANZ Bank's ... More >>

Airways provides Pacific aviation solutions

Friday, 29 August 2014, 2:25 pm | Airways New Zealand

At the upcoming International Conference on Small Island Developing States, Airways New Zealand will present to delegates about the safe, successful and sustainable aviation model it has in the Pacific. Pauline Lamb, Chief Operating Officer, will ... More >>

New General Manager, Māori and Pacific Programmes

Friday, 29 August 2014, 1:47 pm | TVNZ

TVNZ has appointed Raewyn Rasch to the position of GM, Māori and Pacific Programmes. More >>

Innovative Kiwi food business scoops major marketing award

Friday, 29 August 2014, 1:29 pm | My Food Bag

My Food Bag – the home delivery business that sparked a transformation in food retailing – has won a Judges’ Choice award at the 2014 TVNZ NZ Marketing Awards. Founded in Auckland in March 2013, My Food Bag has won the emerging business / new ... More >>

Berlei brings lingerie to New Zealand Fashion Week

Friday, 29 August 2014, 1:10 pm | Berlei

Earlier today Berlei brought an array of beautiful underwear ensembles down the runway at the Resene Designer Selection Show presented by Woman’s Day. More >>

Four city trade mission to Indonesia sets out

Friday, 29 August 2014, 12:59 pm | ExportNZ

The mission organized by Export NZ and the ASEAN NZ Business Council is with the strong support of NZ Trade and Enterprise in Indonesia and is led by Sir Ken Stevens and New Zealand's Ambassador to Indonesia David Taylor. Indonesia's Ambassador to ... More >>

Woolworths' NZ supermarkets lift annual earnings 4.2%

Friday, 29 August 2014, 12:56 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Australian supermarket chain Woolworths lifted annual earnings from its New Zealand Countdown stores 4.2 percent as it widened margins in what it called "subdued" trading conditions. More >>

KiwiRail loss widens to $248M as talks on its future resume

Friday, 29 August 2014, 12:55 pm | BusinessDesk

Aug. 29 (BusinessDesk) - KiwiRail, the unprofitable government-owned rail operator, has turned a net loss of $248 million for the year to June 30, as crippling annual writedowns on the value of its assets continued, despite total investment by the ... More >>

Promisia widens first-half loss as it chases US expansion

Friday, 29 August 2014, 12:37 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Promisia Intergrative, the listed-therapeutic health supplements company, widened its first-half loss as it looks to expand its Arthrem brand into the United States. The shares gained. More >>

KiwiRail Annual Results 2014 Information

Friday, 29 August 2014, 12:29 pm | KiwiRail

• 2014 was a challenging year for KiwiRail. Leading into it, the company had had steady growth in the three years prior. More >>

Australian Webpages download quicker in NZ

Friday, 29 August 2014, 12:16 pm | TrueNet

TrueNet tests show that New Zealand's investment in Fibre to the Node (FTTN) from 2007 to 2011 improved the performance of our telephone line broadband, which is now significantly better than comparable Australian networks. More >>

Kiwibank lifts FY profit 3%, eyes dividend in next 3 years

Friday, 29 August 2014, 12:09 pm | BusinessDesk

Aug. 29 (BusinessDesk) - Kiwibank, the state-owned lender, lifted annual profit 3 percent as it widened net interest margins, and is looking to start paying dividends to its owner in the next three years. More >>

All Blacks in their Jockeys at New Zealand Fashion Week

Friday, 29 August 2014, 12:06 pm | Jockey

DJ Forbes, TJ Perenara, Victor VIto, Tawera Kerr-Barlow, Gillies Kaka in Jockey at NZFW More >>

NZ building consents rise 0.1% in July, led by Auckland

Friday, 29 August 2014, 12:04 pm | BusinessDesk

NZ building consents rise 0.1% in July, as Canterbury consents slow and Auckland picks up More >>

Auckland Council Group finances go from strength to strength

Friday, 29 August 2014, 11:58 am | Auckland Council

It has been another year of good financial performance for the Auckland Council Group which reported its unaudited preliminary financial results to the NZX today. More >>

Rental growth patchy in Wellington office market

Friday, 29 August 2014, 11:38 am | Bayleys

Rental returns for commercial property in Wellington are reflecting a two-speed economy – with properties either showing healthy dividends, or struggling, according to latest real estate research data. More >>

Spring cereal sowing underway

Friday, 29 August 2014, 11:37 am | Grain and Seed Trade Assn

Canterbury’s grain growers, responsible for nearly two thirds of New Zealand’s total annual grain harvest, are looking to make up lost ground this spring after poor weather stymied autumn seeding for many. More >>

Domestic sales fall, exports stay positive

Friday, 29 August 2014, 11:35 am | Manufacturers and Exporters Association

Domestic sales fall, exports stay positive - 29 August For results tables and historical data click here . More >>

City Sales Investment

Friday, 29 August 2014, 11:33 am | City Sales

Martin Dunn of City Sales wants more New Zealander’s to invest now for their future, launches City Sales Investment to act on an investor’s behalf More >>

TNZ and NZ Winegrowers sign MOU

Friday, 29 August 2014, 11:29 am | Tourism New Zealand

Tourism New Zealand and New Zealand Winegrowers have today announced a Memorandum of Understanding (MOU) to jointly promote New Zealand as a visitor destination and premium wine producer internationally. More >>

Mercer posts FY loss on new staff hires, tough Aust market

Friday, 29 August 2014, 11:28 am | BusinessDesk

Aug. 29 (BusinessDesk) - Mercer Group, the stainless steel manufacturer, reported an annual loss as it hired new staff to fuel future profit growth while trading conditions in Australia remained tough. More >>

Construction underpins 2013 business performance

Friday, 29 August 2014, 11:24 am | Statistics New Zealand

Total sales for New Zealand businesses increased 1.4 percent (to $531.5 billion) in the 2013 financial year, Statistics New Zealand said today. This followed a 4.2 percent increase in the 2012 financial year. More >>

Obama's Tan Suit Undermines Message - Leading Stylist

Friday, 29 August 2014, 11:18 am | Fox and Mae

Everyone can be excused for missing President Obama's message today because he totally distracted the audience with what he was wearing according to leading NZ Stylist, Jody Blackwood from Fox and Mae. More >>

Kiwibank profit hits $100 million

Friday, 29 August 2014, 11:15 am | Kiwibank

Kiwibank profit hits $100 million Kiwi Group Holdings Limited (“KGH”), which includes Kiwibank Limited and associated companies involved in Wealth Management, Insurance and New Zealand Home Loans, has achieved an after tax profit of $107 million ... More >>

Dwelling consents trend continues to rise

Friday, 29 August 2014, 11:03 am | Statistics New Zealand

The trend for the number of new dwellings consented is at its highest level since August 2007, Statistics New Zealand said today. More >>

Auckland District Law Society Inc Enhances CPD Offering

Friday, 29 August 2014, 10:52 am | Auckland District Law Society

Auckland, 29 August 2014 – Following an extremely successful pilot, Auckland District Law Society is pleased to announce that live stream access to its 2-hour seminars will become available from 29 August 2014. The addition of this delivery method will ... More >>

Bathurst writes off full value of Buller coal project

Friday, 29 August 2014, 10:50 am | BusinessDesk

Aug. 29 (BusinessDesk) - Bathurst Resources has written off the total value of the assets covered by its Buller coal project as it hunkers down and waits for international coking coal market conditions to improve. More >>

Growing a nation of gardeners

Friday, 29 August 2014, 10:46 am | Goode PR

29 August 2014 Growing a nation of gardeners - NZ Gardener celebrates 70 years in print More >>

TVNZ lifts annual profit 25% on flat ad revenue, quits Igloo

Friday, 29 August 2014, 10:25 am | BusinessDesk

Aug. 29 (BusinessDesk) - Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More >>

NZ Post profit shows no rationale for drastic job cuts

Friday, 29 August 2014, 10:09 am | Engineering Printing and Manufacturing Union

New Zealand Post Group’s $107 million profit shows the company is not in crisis and can afford to carefully consider any future job losses, says the union representing NZ Post workers. More >>

Delegat FY profit rises 3% as bigger volumes trump kiwi

Friday, 29 August 2014, 10:07 am | BusinessDesk

Aug. 29 (BusinessDesk) - Delegat Group, New Zealand's largest listed wine company, increased annual profit 3 percent as record volumes muted the impact of a stronger local currency. More >>

Improved operating profit; parcels overtakes letters revenue

Friday, 29 August 2014, 10:04 am | New Zealand Post

The first year of the New Zealand Post Group’s five-year strategy has yielded an improved operating performance in 2014. More >>

Seasonal change brings higher risk of truck crashes

Friday, 29 August 2014, 10:02 am | New Zealand Transport Agency

29 August 2014 | NZ Transport Agency - Southern Region Seasonal change brings higher risk of truck crashes More >>

Final decision on Transpower allowances, quality standards

Friday, 29 August 2014, 10:01 am | Commerce Commission

The Commerce Commission has released its final decision on the allowances for operating and base capital expenditure, quality standards, and reporting requirements that will be used to set Transpower’s price-quality path for the next five year regulatory ... More >>

Scales first-half profit falls on European apple price fall

Friday, 29 August 2014, 10:00 am | BusinessDesk

Aug. 29 (BusinessDesk) - Scales Corp, the listed fruit and vegetables logistics company, said first-half profit fell 22 percent from a year earlier, reflecting lower apple prices and the one-off costs of its NZX listing. More >>


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