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Latest Business Headlines

Russell McVeagh Statement on poor behaviour allegations

Sunday, 25 February 2018, 3:02 pm | Russell McVeagh

Over the past 20 years there have been a limited number of allegations of poor behaviour involving consensual sexual events including on our premises. More >>

Malaysian labour scam industry wake-up call

Sunday, 25 February 2018, 1:52 pm | E tu Union

E tū is urging the construction industry to get its house in order after revelations of a scam involving illegal Malaysian construction workers. More >>

Heads in the sand when it comes to credit scores

Sunday, 25 February 2018, 1:02 pm | Canstar Cannex

Kiwis have got their head in the sand when it comes to credit scores In our credit hungry world not keeping your credit score in check could impact your ability to get anything from a home to a power supplier. A Canstar survey of 2,733 people, revealed ... More >>

Auckland rail workers refuse overtime due to safety concern

Sunday, 25 February 2018, 12:53 pm | Rail And Maritime Transport Union

Auckland rail workers have overwhelmingly voted to take industrial action as their employer insists on cutting staff on commuter trains. More >>

Opotiki kiwifruit growers win BOP Ballance Farm Awards

Saturday, 24 February 2018, 12:29 pm | Farm Environment Trust

Kiwifruit growers Mark and Catriona White and their Coastal Kiwis orchard have won the Bay of Plenty Ballance Farm Environment Awards. More >>

RBNZ gets CBL Insurance interim liquidation order

Friday, 23 February 2018, 10:22 pm | BusinessDesk

Feb. 23 (BusinessDesk) - The High Court has ordered CBL Insurance be placed into interim liquidation on an application by the Reserve Bank as the insurer's prudential supervisor. More >>

Interim liquidators appointed to CBL Insurance

Friday, 23 February 2018, 9:15 pm | Reserve Bank

The High Court has placed CBL Insurance Limited into interim liquidation, following an application by the Reserve Bank of New Zealand. More >>

MARKET CLOSE: NZ shares rise, led by Summerset

Friday, 23 February 2018, 9:02 pm | BusinessDesk

MARKET CLOSE: NZ shares rise, led by Summerset, Metlifecare, Comvita falls after flagging poor season More >>

NZ dollar heads for 1.2% weekly fall

Friday, 23 February 2018, 8:40 pm | BusinessDesk

NZ dollar heads for 1.2% weekly fall as greenback finds favour on rate hike view More >>

Northport upbeat on regional fund

Friday, 23 February 2018, 8:39 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Marsden Point-based Northport has welcomed the government's plans to invest in roading and infrastructure projects in Northland and to investigate the viability of a rail link to Northport as it looks to support economic growth ... More >>

Seeka annual profit falls 44% on lower kiwifruit volumes

Friday, 23 February 2018, 8:38 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Seeka posted a 44 percent decline in annual profit as Australasia's biggest kiwifruit grower booked a $2 million charge on its banana sourcing unit while managing a decline in kiwifruit volumes. More >>

Pyne Gould first-half profit gains on Wilaci settlement

Friday, 23 February 2018, 8:37 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Pyne Gould Corp more than tripled first-half profit as the investment firm settled litigation with Australian businessman John Grills' Wilaci unit, offsetting an operating loss on smaller investment gains and skinnier land ... More >>

Steel & Tube may be interested in Fletcher assets

Friday, 23 February 2018, 8:35 pm | BusinessDesk

Steel & Tube may be interested in Fletcher assets if review prompts sales, CEO Malpass says More >>

A personal obituary: Rob Cameron By Pattrick Smellie

Friday, 23 February 2018, 8:28 pm | BusinessDesk

Feb. 23 (BusinessDesk) - The last time I heard from Rob Cameron was out of the blue, just before Christmas. More >>

Countdown supermarkets 1H earnings fall 7.7%

Friday, 23 February 2018, 3:44 pm | BusinessDesk

Feb. 23 (BusinessDesk) - ASX-listed retailer Woolworths Group ramped up investment in its Countdown chain of supermarkets across New Zealand, leading to a 7.7 percent decline in first-half earnings with a similar effect expected in the second half. More >>

IAG New Zealand welcomes EQC announcement

Friday, 23 February 2018, 3:42 pm | IAG New Zealand

New Zealand’s largest insurer, IAG New Zealand, has today welcomed Minister Megan Woods’ announcement regarding the Earthquake Commission. More >>

Russell McVeagh announces external review

Friday, 23 February 2018, 3:38 pm | Russell McVeagh

Russell McVeagh's Board and Partners have reflected on the events of two years ago and the recent media coverage relating to those events. What happened in the summer of 2015/16 was completely unacceptable. The brave actions of the young women who ... More >>

ICNZ statement on announcement of ministerial adviser in EQC

Friday, 23 February 2018, 3:31 pm | Insurance Council of New Zealand

ICNZ welcomes the appointment of an independent ministerial advisor to EQC. We continue to be supportive of measures the government takes to speed up settlements of outstanding claims arising from the Canterbury quakes. More >>

Regional growth fund trickle becomes avalanche

Friday, 23 February 2018, 3:27 pm | BusinessDesk

By Pattrick Smellie Feb. 23 (BusinessDesk) - The government has made an initial $61.7 million down-payment on its promise to spend $1 billion a year for the next three years on regional economic growth initiatives, with Cabinet papers signalling it ... More >>

export growth in 1H suggests economy in not too bad a shape

Friday, 23 February 2018, 3:25 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Port of Tauranga chief executive Mark Cairns says the 9.4 percent growth in export volumes from New Zealand's biggest port suggests the economy "is in not too bad a shape" as log and dairy shipments rise alongside an increase ... More >>

Rabobank Beef Quarterly

Friday, 23 February 2018, 2:57 pm | Rabobank

A number of trade agreements, such as the Trans-Pacific Partnership (TPP) and a proposed Mercosur/EU trade agreement, look set to start having an impact on global beef trade in 2018. At the same time, applications of blockchain technology are now ... More >>

Suncorp New Zealand welcomes Government announcement

Friday, 23 February 2018, 2:54 pm | Suncorp

Suncorp New Zealand today welcomed the announcement by the Government to appoint an independent Ministerial advisor to help speed up the remaining Canterbury earthquake claims. More >>

NZ quarterly retail sales rise 1.7% in 4th-qtr

Friday, 23 February 2018, 2:45 pm | BusinessDesk

Feb. 23 (BusinessDesk) - New Zealand retail sales rose in the fourth quarter, as Kiwis spent more on dining and drinking out, cars and parts, and on groceries. More >>

Kiwibank first-half profit sinks 32% as IT costs mount

Friday, 23 February 2018, 2:34 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Kiwi Group Holdings, the parent of Kiwibank, Kiwi Wealth and Kiwi Insurance, posted a 32 percent slide in first-half profit as the country's fifth-biggest lender bore escalating costs of a dud IT project that's already been ... More >>

Record numbers of old lifejackets replaced over summer

Friday, 23 February 2018, 2:22 pm | Coastguard New Zealand

Thousands of unsafe lifejackets have been replaced by brand new lifejackets this summer thanks to a Coastguard water safety campaign, with more boaties than ever trading in their old or damaged lifejackets. More >>

Provincial growth fund

Friday, 23 February 2018, 2:20 pm | Business NZ

Source: BusinessNZ -- The launch of the Provincial Growth Fund has the potential to boost the performance of the regions as economic opportunities are generated through investment, BusinessNZ chief executive Kirk Hope says. More >>

Tower welcomes EQC action

Friday, 23 February 2018, 2:11 pm | Tower Insurance

Tower welcomes today’s announcement by Minister Megan Woods that the government intends to provide extra assistance to speed up EQC claims. More >>

SLI Systems shares soar 80% after maiden profit

Friday, 23 February 2018, 2:07 pm | BusinessDesk

Feb. 23 (BusinessDesk) - SLI Systems stock soared 80 percent to its highest level in more than six months after the e-commerce software seller posted a maiden first-half profit as it changes strategy to a more self-service model, retained more customers, ... More >>

Useful first step on provincial growth- Feds

Friday, 23 February 2018, 2:06 pm | Federated Farmers

The Government has made a useful first step on its ambition to boost vitality outside the main centres, Federated Farmers Vice-President Andrew Hoggard said. More >>

Comvita swings to first-half profit

Friday, 23 February 2018, 1:47 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Comvita, the mānuka honey company, swung to a first-half profit on strong sales growth and a recovery in the "grey" or informal sales channel into China and reiterated its full-year earnings guidance despite bad ... More >>

NZ Post pays $2.5M interim dividend issues warning

Friday, 23 February 2018, 1:46 pm | BusinessDesk

NZ Post pays $2.5M interim dividend while warning year-end targets will be 'challenging' More >>

Ruatoria company to export medical cannabis worth $160m

Friday, 23 February 2018, 1:08 pm | Hikurangi Cannabis Company

Hikurangi Cannabis Company, a medical cannabis venture based in Ruatoria, has signed a Letter of Intent with Seattle-based Rhizo Sciences to produce 3,000kg of pharmaceutical grade cannabis products next year, rising to 12,000kg by 2021. More >>

Far North economic development projects win funding boost

Friday, 23 February 2018, 12:46 pm | Far North Holdings

Far North economic development projects win funding boost from Provincial Growth Fund Two economic development projects championed by the Far North District Council’s commercial trading and asset management arm, Far North Holdings, are to receive almost ... More >>

Coastal Bay of Plenty joins billion dollar tourism ‘club’

Friday, 23 February 2018, 12:31 pm | Tourism Bay of Plenty

Coastal Bay of Plenty is the latest region to hit the billion dollar mark for tourist spending – a milestone that was originally not forecast for another 12 years. According to Ministry of Business, Innovation and Employment figures released yesterday, the ... More >>

Summerset lifts annual earnings 44%, beating profit forecast

Friday, 23 February 2018, 12:30 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Summerset Group lifted annual earnings 44 percent, ahead of its forecast, after the retirement village developer and operator built more units and improved its margins. More >>

Steel & Tube first-half profit drops 64%

Friday, 23 February 2018, 12:20 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Steel & Tube posted a 64 percent decline in first-half profit as the steel products maker wrote down the value of inventory and bore the cost of restructuring the business, which it anticipates will lead to improved earnings over ... More >>

Billion tree planting timetable gives industry confidence

Friday, 23 February 2018, 12:15 pm | NZ Forest Owners' Association

Billion tree planting timetable gives industry confidence Forest Owners say the announcement of the timetable for the government’s billion tree ten year project will give confidence that the massive afforestation is a serious proposition. More >>

Home Loan Affordability report -

Friday, 23 February 2018, 12:09 pm | Home Loan Affordability report Owning a home is now more within reach for first home buyers in Auckland as prices tumble and interest rates remain low More >>

Delegat Group lifts 1H operating profit 9% to record $26.9 m

Friday, 23 February 2018, 12:07 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Delegat Group, New Zealand’s largest listed winemaker, lifted operating profit 9 percent in the first half due to the favorable impact of foreign change rate changes and increased in-market pricing and the company is upbeat ... More >>

FIRST CUT: Port of Tauranga lifts FY earnings guidance

Friday, 23 February 2018, 12:00 pm | BusinessDesk

Feb. 23 (BusinessDesk) - Port of Tauranga, New Zealand's biggest port company, raised its full-year earnings guidance after posting a 13 percent gain in first-half profit that was driven by growth in cargo volumes. More >>

KiwiRail welcomes Government’s boost to rail

Friday, 23 February 2018, 11:59 am | KiwiRail

KiwiRail Chief Executive Peter Reidy says today’s announcements of new projects in the Provincial Growth Fund are a strong signal of the Government’s confidence in rail’s ability to drive regional economic growth for New Zealand. More >>

Tauranga craft brewers hail rise in ‘hottest beers’ stakes

Friday, 23 February 2018, 11:26 am | Funk Estate Brewery

Partners in the Tauranga-based Funk Estate craft beer brewery are elated at their climb in the “hottest beers” popularity stakes. More >>

NZ dollar follows Wall Street, commodities higher

Friday, 23 February 2018, 11:26 am | BusinessDesk

Feb. 23 (BusinessDesk) - The New Zealand dollar gained, following stocks on Wall Street and commodity prices higher as investors bet the Federal Reserve will stick to three rate hikes this year, based on the tone of its last policy meeting minutes. More >>

Call for farmers to report high-risk animal purchases

Friday, 23 February 2018, 11:19 am | Ministry For Primary Industries

The Ministry for Primary Industries (MPI) urges dairy or beef farmers who believe they may have animals that could be at high risk for Mycoplasma bovis infection to make contact immediately. More >>

Chief Executive Officer appointment

Friday, 23 February 2018, 11:16 am | Barfoot and Thompson

Barfoot & Thompson is pleased to announce the appointment of Chris Dobbie to the role of Chief Executive Officer. Chris stepped into the role officially on Monday 19 February. First joining the company 24 years ago, Chris was previously the Chief ... More >>

HiFX Data Update - NZ Q4 Retail Sales Release

Friday, 23 February 2018, 11:10 am | HiFX

NZ Retail numbers for Q4 have just been released. They came in better than expected: Adjusted Retail Sales Volume (Q4) +1.7% (Consensus +1.4%) Actual Q4 Retail Sales rose 5.4% compared with same quarter last year. Q3 figures were revised higher to ... More >>

MYOB delivers solid financial results

Friday, 23 February 2018, 11:04 am | MYOB

MYOB today released its 2017 financial results to the market reporting double digit growth across all key financial measures, together with record online subscriber growth of 60 percent, driven by new small business customer wins and increasing online ... More >>

While you were sleeping: Wall St, Treasuries advance

Friday, 23 February 2018, 11:01 am | BusinessDesk

Feb. 23 (BusinessDesk) - Wall Street rose as did US Treasuries, while the greenback fell, as investors reassessed their expectations for Federal Reserve interest rate increases this year, betting the central bank remains on track for three hikes instead ... More >>

Dining out and grocery sales lift retail in December quarter

Friday, 23 February 2018, 10:56 am | Statistics New Zealand

New Zealanders spent more eating and drinking away from home in the December 2017 quarter, Stats NZ said today. More >>

Number of million-dollar plus properties sold decreases

Friday, 23 February 2018, 10:44 am | REINZ

The number of properties sold around the country for more than a million dollars during 2017 decreased by 13.8% when compared to 2016 (10,027 down from 11,639). More >>

Port of Tauranga Hub Port Role Intensifies

Friday, 23 February 2018, 10:25 am | Port of Tauranga Limited

Port of Tauranga continues to grow as an international hub port, resulting in increased trade volumes and profits for the first half of the 2018 financial year. More >>

Xero expands Auckland footprint with new campus

Friday, 23 February 2018, 10:24 am | Xero

AUCKLAND, 23 February 2018 — Xero has further confirmed its commitment to New Zealand with an announcement today that the company’s Auckland based employees will move to new premises at the end of 2018, allowing room for growth and to drive strategic ... More >>

Financial results of Kiwi Group Holdings 6 mths to 31 Dec 18

Friday, 23 February 2018, 10:13 am | Kiwibank

Financial results of Kiwi Group Holdings (including Kiwibank) for the six months ending 31 December 2017 More >>

Wonderful energy ‘skills’ for customers with Amazon Alexa

Friday, 23 February 2018, 9:50 am | Mercury Energy

Mercury has become New Zealand’s first energy company to commit to bringing Amazon Alexa to consumers. More >>

Business Professionals Encouraged To Fly From Kāpiti

Friday, 23 February 2018, 9:42 am | Kapiti Coast Chamber Of Commerce

Kāpiti, Friday 23 February 2018 - Kāpiti and Porirua local business professionals are being invited to get behind the daily flight service from Paraparaumu to Auckland and support the Open Day at Kapiti Coast Airport. More >>

Women trail men in KiwiSaver contributions and savings

Friday, 23 February 2018, 9:34 am | Westpac New Zealand

Women have lower sums in their KiwiSaver accounts than men and are less likely to have other investments to help fund their retirement, according to a new survey by Westpac NZ. More >>

Organic Wine Awards parters with Vintec and Electrolux NZ

Friday, 23 February 2018, 9:22 am | Organic Wine Awards

The NZ Organic Wine Awards are proud to welcome Vintec and Electrolux to the NZ Organic Wine Awards as partners for 2018. Vintec (Distributed by Electrolux NZ) are New Zealand’s leading specialist in wine storage and refrigeration solutions. From 30 bottle storage ... More >>

NZ Post half year results 2017/18

Friday, 23 February 2018, 8:51 am | NZ Post

NZ Post today reported a net profit after tax from continuing operations of $6 million for the six months to 31 December 2017 (HY 2018). More >>

Farm animal welfare moves up the corporate agenda

Friday, 23 February 2018, 8:49 am | BBFAW

Leading global measure of how companies perform on farm animal welfare shows that ‘big business’ is getting the message: animal cruelty is bad for business. More >>

Accolades flow like water for Lion at NZ HR Awards 2018

Friday, 23 February 2018, 8:37 am | Human Resources Institute of New Zealand

The 19th Annual NZ HR Awards hosted by Human Resources Institute of New Zealand was held at SKYCITY Auckland Convention Centre overnight with a record crowd in attendance. The almost 400 delegates came together to recognise excellence in HR and how the ... More >>