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The latest from Senior journalist Jenny Ruth

Jenny has been a financial journalist for more than 37 years. She has covered everything from listed companies to economics for outlets including the Australian Associated Press, Bloomberg News, Radio NZ and National Business Review. Jenny was the New Zealand Shareholders’ Association business journalist of the year for 2018.

NZ house prices could follow Australia's down: ASB
Jenny Ruth | Mon, 26 Nov 2018

By Jenny Ruth Nov. 26 (BusinessDesk) - Australian house prices are falling and prices here tend to follow suit with a peak impact after about six months, according to ASB Bank economist Mark Smith. Australian house prices are down about 3 percent from their October 2017 pea...

ANZ close to redressing faulty loan calculations
Jenny Ruth | Mon, 26 Nov 2018

By Jenny Ruth Nov. 26 (BusinessDesk) - ANZ Bank New Zealand has compensated about 86 percent of the 100,000 customers affected by its faulty loan calculator from March 2015. The remedial payments, expected to total close to $10 million, should be 95 percent complete by Chri...

COMMENT: Tone deaf Fletcher directors keep stumbling at hurdles
Jenny Ruth | Mon, 26 Nov 2018

By Jenny Ruth Nov. 26 (BusinessDesk) - Tone deaf – that’s the most apt description summing up the attitude of Fletcher Building’s directors at the annual shareholders’ meeting earlier this month. Leave aside for the moment all the reasons shareholders have to be aggrieved a...

Motor Trade Finance lifts annual net profit 9.3%
Jenny Ruth | Mon, 26 Nov 2018

By Jenny Ruth Nov. 26 (BusinessDesk) - Motor Trade Finance lifted annual net profit 9.3 percent on solid lending growth but says it was a game of two halves. “After a record-breaking 2017, the first half of the year continued strongly. Demand for the non-recourse product, i...

FMA finds audit shortcomings but won’t name names
Jenny Ruth | Sun, 25 Nov 2018

By Jenny Ruth Nov. 26 (BusinessDesk) - The Financial Markets Authority says it continues to find inconsistencies in audits of listed and other companies that sell financial products to the public. However, as usual, the FMA is keeping mum on which audit firms are transgress...

Political interference claims unlikely to derail NZ-China relations: Fitch
Jenny Ruth | Fri, 23 Nov 2018

By Jenny Ruth Nov. 23 (BusinessDesk) - Political and economic ties between New Zealand and China will remain close despite concerns about alleged political interference by China, according to the macro research arm of Fitch Ratings. ​“Although concerns have mounted since Oc...

Housing credit squeeze to hit builders, retailers and banks - Craigs
Jenny Ruth | Fri, 23 Nov 2018

By Jenny Ruth Nov. 23 (BusinessDesk) - A squeeze on housing credit in Australia as a result of its royal commission into financial services is likely to continue weighing on a wide swathe of share prices, according to Craigs Investment Partners. The share prices of banks, b...

Ryman unfazed by Melbourne, Auckland housing downturn
Jenny Ruth | Thu, 22 Nov 2018

By Jenny Ruth Nov. 23 (BusinessDesk) - Ryman Healthcare doesn’t expect housing market downturns in Melbourne and possibly Auckland will affect it. Residential property prices in Melbourne have dropped 4.7 percent in the past year while Auckland prices have been flat to slig...

NorthWest to review its Vital management fees and rights
Jenny Ruth | Thu, 22 Nov 2018

By Jenny Ruth Nov. 23 (BusinessDesk) - Vital Healthcare Property Trust’s manager says it won’t exercise rights to remove directors or increase fees above current levels. The manager, Canada-based NorthWest Healthcare Properties Management, owns both Vital’s management contr...

Ryman forecasts $223 mln-plus FY earnings as expansion continues
Jenny Ruth | Thu, 22 Nov 2018

By Jenny Ruth Nov. 23 (BusinessDesk) - Ryman Healthcare is forecasting at least 9 percent full-year earnings growth as it expands its retirement village operations on both sides of the Tasman. The company is projecting underlying profit of $223 million to $238 million for t...

Underwriting: what exactly is the point?
Jenny Ruth | Wed, 21 Nov 2018

Nov. 22 (BusinessDesk) - Observers of recent rights issues may wonder why such heavily discounted share sales need to be underwritten.The bog standard reason – or excuse? – is that companies, or their bankers, want certainty that they’ll get the money they need.But a number of re...

AFT narrows 1H loss as profit margin rises
Jenny Ruth | Wed, 21 Nov 2018

By Jenny Ruth Nov. 22 (BusinessDesk) - AFT Pharmaceuticals narrowed its losses in the latest first half year and says it’s on track to return to profitability The Maxigesic painkiller manufacturer’s net loss for the six months ended September eased to $4.2 million from $6.9...

CORRECT: Energy Mad choice: 3% of PaySauce or 100% of nothing
Jenny Ruth | Wed, 21 Nov 2018

(Fixes issue price for new shares in 6th paragraph in story that ran Wed Nov. 21) By Jenny Ruth Nov. 21 (BusinessDesk) - Energy Mad says it’s calling a special meeting for Dec. 6 to vote on the company’s future, including a reverse takeover by PaySauce valuing it at $10 mil...

Tax Working Group is unlikely to agree on a capital gains tax regime
Jenny Ruth | Wed, 21 Nov 2018

By Jenny Ruth Nov. 21 (BusinessDesk) - The 11-member Tax Working Group is unlikely to be able to meet its key task of designing a capital gains tax because the group can’t agree on it, says former Inland Revenue deputy commissioner Robin Oliver. Those who read the group’s i...

UDPDATE: British private equity firm signals $2.54b takeover of Trade Me
Jenny Ruth | Tue, 20 Nov 2018

(Updating to add some of Apax’s other investments in last paragraph; updates share price in 2nd paragraph.) By Jenny Ruth Nov. 21 (BusinessDesk) - Trade Me Group says British private equity firm Apax Partners has approached it with a non-binding indicative offer to take it...

Fletcher boss shrugs off criticism as shares tank
Jenny Ruth | Tue, 20 Nov 2018

By Jenny Ruth Nov. 20 (BusinessDesk) - The reaction of Fletcher Building’s shareholders was emphatic to the dismal news that core first-half profit operating earnings will be about 10 percent lower than in the previous first half. The shares fell as low as $5, their lowest...

UPDATE: Fletcher Building shares drop on weaker earnings forecast
Jenny Ruth | Mon, 19 Nov 2018

(Updates to add share reaction, downgrade relative to mid-point of analysts' consensus forecast. Corrects time period for forecast in second paragraph.)   By Jenny Ruth Nov. 20 (BusinessDesk) - Fletcher Building shares fell 7 percent after the company said it expects first-...

NZX and SIA say no capital gains tax on retail investment in shares
Jenny Ruth | Mon, 19 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Imposing a capital gains tax on investment in New Zealand shares runs the risk of discouraging direct retail investment, damaging the nation’s capital markets. It could also create an unlevel playing field between direct investment and...

CORRECT: NZSA pans Kathmandu's lack of disclosure on directors' fee increase
Jenny Ruth | Mon, 19 Nov 2018

(Corrects to show in the 7th paragraph that the annual report does provide details of directors' fees in story that ran on Friday Nov. 16.) By Jenny Ruth Nov. 16 (BusinessDesk) - Outdoor clothing and equipment retailer Kathmandu Holdings’ proposal to hike its directors’ fee...

CORRECT: Signs mount that Fonterra will have to cut its payout forecast
Jenny Ruth | Sun, 18 Nov 2018

(Fixes Fonterra's current forecast in third paragraph)  By Jenny Ruth Nov. 19 (BusinessDesk) - The risks are mounting against Fonterra holding its current forecast milk payout and this week's GlobalDairyTrade auction could be yet another nail in its coffin. The auction r...

Heartland lifts first quarter profit 8.7% as it targets millennials and Gen Z
Jenny Ruth | Sun, 18 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Heartland Group is working on solutions for millennials and Gen Z, mobile and card payments and an end-to-end depositors’ platform, the financial services company told its investor day. Millennials typically cover people born in the ea...

Higher fees, interest drag Investore’s first-half profit down 14%
Jenny Ruth | Sun, 18 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Investore Property’s first-half net profit fell 14 percent as management fees increased, its interest bill rose and the value of its properties fell. The supermarkets and other large retail store investor’s net profit for the six month...

NZSA says time's up for Keith Smith on Warehouse board
Jenny Ruth | Fri, 16 Nov 2018

By Jenny Ruth Nov. 16 (BusinessDesk) - The New Zealand Shareholders’ Association is suggesting that The Warehouse’s deputy chair Keith Smith may have passed his use-by date. Smith has been advising The Warehouse since it was founded in 1982 and chaired the company between 1...


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