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Explore the latest energy and fuel news by BusinessDesk. 

NZ can play role in minerals-intensive shift to low-carbon - Parker
Gavin Evans | Mon, 27 May 2019

By Gavin Evans May 28 (BusinessDesk) - The global shift to a lower carbon economy will require greater development of mineral resources and New Zealand is well-placed to show how that can be done, Economic Development Minister David Parker says. Rapidly developing energy te...

UPDATE: Mainfreight shares rise on 28% lift in FY net profit, sees momentum
Rebecca Howard | Mon, 27 May 2019

(Recasts lede to include share price reaction, updates share price in 3rd paragraph, adds broker comment from 7th paragraph) By Rebecca Howard May 28 (BusinessDesk) - Mainfreight's shares rose 4.2 percent after the company reported a 28 percent lift in full year net profit...

Eroad plays down patent dispute as accounting changes cloud result
Paul McBeth | Mon, 27 May 2019

By Paul McBeth May 28 (BusinessDesk) - Eroad is playing down a claim that it's infringed someone's patent, saying it's so confident of its position that is hasn't made any provisions for the claim.  The logistics and fleet management technology firm said it might incur lega...

Todd to take controlling stake in Sunergise NZ
Gavin Evans | Mon, 27 May 2019

By Gavin Evans May 28 (BusinessDesk) - Todd Corporation is to acquire a 75 percent stake in solar provider Sunergise New Zealand as part of a strategy to expand the range of its Nova Energy business. The Todd Group has extensive natural gas interests, including stakes in th...

Air NZ to tweak 'cattle class', use machine-learning to target individualised fares
Pattrick Smellie | Mon, 27 May 2019

By Pattrick Smellie May 27 (BusinessDesk) - Air New Zealand is planning what amounts to a fourth choice of seat on its long haul flights, which will fit between the traditional economy seat and its Premium Economy product. While it doesn't yet have a name - Economy-Comfort...

Air NZ profit warning follows plane upgrade announcements
Pattrick Smellie | Mon, 27 May 2019

By Pattrick Smellie May 27 (BusinessDesk) - High aviation fuel prices have knocked up to $60 million off Air New Zealand's forecast pre-tax profits in just two months. The airline has dropped guidance for earnings this financial year to bottom of its previously announced ra...

Southbase makes shareholder support public
Jenny Ruth | Mon, 27 May 2019

By Jenny Ruth May 27 (BusinessDesk) - It’s no secret the construction industry is troubled, despite the ongoing boom. Building owners, often the government in one shape or form, have shifted more risk onto construction companies, turning already razor-thin profit margins into...

Air NZ commits around $2B to buy eight new Boeing Dreamliner 10-series planes
Pattrick Smellie | Sun, 26 May 2019

By Pattrick Smellie May 27 (BusinessDesk) - Air New Zealand is committing to buy eight new Boeing Dreamliner 787-10 long haul jets, with options on 12 more, and plans to have the first of the new planes in service by late 2022. The national carrier did not disclose the pric...

Gentrack posts $8.7M loss on CA Plus write-down
Gavin Evans | Thu, 23 May 2019

By Gavin Evans May 24 (BusinessDesk) - Utilities software specialist Gentrack Group has reported an $8.7 million first-half loss after writing off the value of airport software developer CA Plus it acquired in 2017. The company, which provides billing and customer managemen...

OceanaGold less confident in regulatory regime
Gavin Evans | Thu, 23 May 2019

By Gavin Evans May 23 (BusinessDesk) - OceanaGold says the surprise rejection of a land purchase for a new tailings facility has reduced its confidence in this country’s regulatory settings. The rejection of its planned 178-hectare purchase – due to a split decision between...

UPDATE: Metroglass' Australian woes drag annual net profit down 69%
Jenny Ruth | Thu, 23 May 2019

(Updates share price and adds further detail and comment from 3rd par) By Jenny Ruth May 23 (BusinessDesk) - Metro Performance Glass blamed "significant challenges" in Australia for a 69 percent plunge in annual net profit and a slide in operating earnings consistent with t...

Freightways says express package growth slowed in 2H, may flow into FY2020
Rebecca Howard | Wed, 22 May 2019

By Rebecca Howard May 23 (BusinessDesk) - Freightways says softer express package business growth in the second half poses some risks for the 2020 financial year. The firm noted "slowing same-customer growth for Express Package in the second half of FY19, particularly in Ma...

Active, planning role urged for new infrastructure body
Gavin Evans | Wed, 22 May 2019

By Gavin Evans May 23 (BusinessDesk) - A proposed national infrastructure commission needs to address gaps in regional planning and could play a more active role in setting standards for smaller councils to work to, lawmakers heard yesterday. The New Zealand Infrastructure...

Auckland Airport kicks off next phase of expansion
Gavin Evans | Tue, 21 May 2019

By Gavin Evans May 21 (BusinessDesk) - A new taxiway and aircraft parking area will increase Auckland International Airport’s airfield by about 18 percent and free up land for the next phase of its development. CPB Contractors will shortly commence earthworks for the projec...

Synlait receives cease and desist letter regarding Pokeno plant
Rebecca Howard | Mon, 20 May 2019

By Rebecca Howard May 21 (BusinessDesk) - Synalit Milk has received a cease and desist letter regarding its Pokeno land but believes a practical solution is attainable.  Synlait has begun building a second nutritional powder manufacturing site that had been set to be commis...

Geothermal production drives record Eastland earnings, payout
Gavin Evans | Mon, 20 May 2019

By Gavin Evans May 20 (BusinessDesk) - Eastland Group has returned a record $12.1 million to its community shareholding trust, boosted by earnings from the firm’s new geothermal plant at Kawerau. The payout – comprising a $10 million dividend and $2.1 million of capital not...

UPDATE: Steel & Tube shares drop 8.9% on earnings downgrade
Sun, 19 May 2019

(Updates and recasts on share price, adds broker comment) By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings shares dropped 8.9 percent after the steel products maker cut its earnings outlook. The shares fell 11 cents to $1.12 in early trading after the company...

Steel & Tube cuts earnings outlook on margin squeeze, inventory restatement
Paul McBeth | Sun, 19 May 2019

By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings has cut its earnings outlook as margins remain under pressure, and after restating its year-earlier accounts gave it a lower starting point.  The steel products maker expects earnings before interest and tax of $1...

Northland rail upgrade a strategic, not commercial investment - Aecom
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Building a new rail link to Marsden Point and upgrading the existing Northland line could bring forward Northport’s development as a major freight handler for Auckland and help boost the broader regional economy, an economic analysis says...

Infratil confident of Vodafone clearance; keen to keep Trustpower
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Infratil is confident its purchase of Vodafone New Zealand will be approved by regulators and says it has no interest in selling out of Trustpower to help secure a deal. Infratil and Brookfield Asset Management are seeking Commerce Com...

Fletcher-commissioned Deloitte report shows building material costs are low
Jenny Ruth | Fri, 17 May 2019

By Jenny Ruth May 17 (BusinessDesk) - The cost of building materials in New Zealand account for between 16-24 percent of the cost of residential housing development costs, depending on the type of building and location, according to a study by accounting firm Deloitte. If t...

UPDATE: Infratil kicks off $400M equity raising, posts flat earnings
Gavin Evans | Fri, 17 May 2019

(Adds company comment throughout) By Gavin Evans May 17 (BusinessDesk) – Infratil’s purchase of a stake in Vodafone New Zealand will be transformative for its portfolio and should generate the sort of returns that will allow the company to return to a rising dividend track,...

Businesses get some reprieve in March quarter on cheaper prices
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 17 (BusinessDesk) - Businesses got a reprieve in the March quarter as cheaper wholesale electricity helped push down the prices producers paid in the period.  Prices paid by producers, known as input prices, fell 0.9 percent in the March quarter, its firs...


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