Genesis seeks buyer for $18M of customer debt
By Gavin Evans | Tue, 07 May 2019
By Gavin Evans May 7 (BusinessDesk) - Genesis Energy is aiming to sell up to $18.4 million of debt it has been unable to recover from its retail customers. The country’s biggest electricity and...
KiwiSaver the favoured investor vehicle, survey shows
By Paul McBeth | Tue, 07 May 2019
By Paul McBeth May 7 (BusinessDesk) - KiwiSaver is the country's favourite investment asset class, closely followed by an old-fashioned savings account, although Kiwis still largely see residential...
UPDATE: Westpac NZ delivers 15% lift in first-half net profit
By Jenny Ruth | Mon, 06 May 2019
(Updates with comment from David McLean from 5th par) By Jenny Ruth May 6 (BusinessDesk) - Westpac New Zealand will have brought a note of cheer to its parent’s dismal results as fixing problems...
Class action against Southern Response gains Aussie funder
By Jenny Ruth | Sun, 05 May 2019
By Jenny Ruth May 6 (BusinessDesk) - About 3,000 Canterbury residents who believe they were short-changed in their insurance settlements with Southern Response now have the backing of an Australian...
Reserve Bank's rate cut decision on a knife edge
By Rebecca Howard | Sun, 05 May 2019
By Rebecca Howard May 3 (BusinessDesk) - Will New Zealand's new monetary policy committee opt to cut or will it hold? Markets are split, as are economists with Westpac Bank saying the decision is "...
UPDATE: ANZ warns farmers RBNZ intervention may mean higher borrowing costs
By Jenny Ruth | Fri, 03 May 2019
(Updates with comment from Mark Hiddleston from 12th par) By Jenny Ruth May 3 (BusinessDesk) - ANZ Bank has warned its farming customers they face higher borrowing costs almost immediately due t...
Spheria Asset Management takes A$4.8M stake in NZME
By Paul McBeth | Thu, 02 May 2019
By Paul McBeth May 3 (BusinessDesk) - Spheria Asset Management spent A$4.8 million building up a 5.3 percent stake in NZME to become the latest Australian fund manager to take a punt on the Kiwi me...
AMP's NZ wealth management arm suffers Q1 cash outflow
By Jenny Ruth | Thu, 02 May 2019
By Jenny Ruth May 2 (BusinessDesk) - AMP’s New Zealand wealth management business suffered a net cash outflow of A$52 million in the March quarter, a big turn-around from a net inflow of A$53 milli...
UPDATE: BNZ lifts first-half profit 12.2% as lending grows and margins fatten
By Jenny Ruth | Thu, 02 May 2019
(Updating with comment from 7th paragraph) By Jenny Ruth May 2 (BusinessDesk) - Bank of New Zealand’s first-half net profit jumped 12.2 percent, boosted by gains on the sale of its 25 percent st...
ANZ CEO says he's taking Adrian Orr at his word on bank capital consultation
By Jenny Ruth | Wed, 01 May 2019
By Jenny Ruth May 1 (BusinessDesk) - ANZ’s New Zealand chief executive says he’s taking Adrian Orr at his word that the Reserve Bank governor has an open mind on bank capital requirements and will...