Steel & Tube to drop out of S&P/NZX 50
By Edwin Mitson Sept. 5 (BusinessDesk) - Steel & Tube Holdings is to drop out of the S&P/NZX50 benchmark index on Sep 16, despite a recent rally. The value of its shares hit their lowest level since 2001 in June at $1.79 following a difficult few months. In March the Comme...
Fitch upgrades Cooperative Bank credit rating on expectations of future profits
By Edwin Mitson Sept. 5 (BusinessDesk) - Fitch Ratings has upgraded the Cooperative Bank's credit rating to BBB from BBB- on the basis that it expects a turnaround in earnings and profitability over the next 12 to 18 months. In a statement, Fitch said the bank currently ge...
Auckland Transport manager sentenced to 10 months home detention for taking bribes
By Edwin Mitson Sept. 1 (BusinessDesk) - A former employee of Auckland Transport and Rodney District Council has been sentenced to 10 months home detention after he pleaded guilty to two representative charges of accepting undisclosed payments while he was involved in the lett...
Trial of peer-to-peer energy trading system to start in Auckland in December
By Edwin Mitson Sept. 1 (BusinessDesk) - Power distributor Vector has signed a deal with West Australian energy company Power Ledger to use its peer-to-peer platform to enable people and business to buy or sell surplus electricity to each other. The system enables an indiv...
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