Ngai Tahu launches review after poor year for honey and dairy units

Victoria Young
Fri, 01 Nov 2019

A 76 percent plunge in annual profit for its commercial arm and challenging economic conditions has seen Ngai Tahu launch a wide-ranging review of its businesses.  The South Island iwi posted a net profit of $37.5 million for the year ended June from $153.7 million the previous year and the latest profit is also lower than forecast because of a $57.1 million write-down of its Oha Honey unit, formerly known as Watson & Son. The manuka honey unit’s operating deficit before the write-down was $6.3 million.   “Oha has been a challenging inves...
MARKET CLOSE: NZ shares rise as vaccine trial boosts global sentiment
Dan Brunskill | Wed, 15 Jul 2020

New Zealand shares rose for a third day as investors welcomed interim results of a covid-19 vaccine trial which showed a positive immune response to the virus. The S&P/NZX 50 Index rose 116.38 poin...

NZ dollar stalls awaiting details of China response to US
Jenny Ruth | Wed, 15 Jul 2020

The New Zealand dollar was little changed as the market awaited China's response to the United States rejecting most of its claims in the South China Sea and after more hype about potential coronaviru...

Auckland Council needs to fill $750m shortfall
Brent Melville | Wed, 15 Jul 2020

Auckland Council is facing a "larger than expected" fiscal hole of $750 million this year, including a provision of $224 million to shore up its creaking water infrastructure. In announcing its dec...