Steel & Tube returns to the black but says margins are squeezed
By Jenny Ruth Aug. 23 (BusinessDesk) - Steel & Tube turned back into the black in financial year 2019 but says positive gains were offset by lower-than-expected gross margins due to the market contracting for some high-value categories and due to the highly competitive market....
NZ dollar falls as China's yuan depreciates
By Jenny Ruth Aug. 22 (BusinessDesk) - The New Zealand dollar fell, dragged lower by the weakening Chinese yuan which is widely viewed as China’s retaliation to US tariffs. The kiwi was trading at 63.70 US cents at 5:05pm in Wellington from 64.01 at 7:50am. The trade-weight...
FMA says ANZ should have reported Hisco house sale in financial statements
By Jenny Ruth Aug. 22 (BusinessDesk) - The Financial Markets Authority says ANZ Bank should have treated the sale of a house in Auckland to former chief executive David Hisco’s wife as a related-party transaction in the bank’s 2017 financial statements. “The FMA determinati...
UPDATE: Ebos shares hit record on promise of increased earnings
(Updating to add share price reaction in lead, 7th par) By Jenny Ruth Aug. 22 (BusinessDesk) - Ebos shares hit a record after it promised “a significant increase” in earnings this year following a flat result for the year ended June. Annual net profit rose to $137.7 mill...
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