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The latest from Staff Staff reporters

Stories written by multiple reporters.

Freightways arranges extra $50m of funding
Staff reporters | Thu, 14 May 2020

Freightways has increased its banking facilities by $50 million to ensure the firm can cope with the weaker economy.Chief executive Mark Troughear said some facilities that had been set to mature in 2021 had also been extended by two years.Troughear said the firm had been nimble...

Abano raises earnings guidance
Staff reporters | Thu, 14 May 2020

Abano Healthcare Group said 2020 operating earnings may be up to $3 million higher than forecast as it starts to reopen dental practices.In New Zealand, restrictions have eased following the move to level 2 and in Australia the relaxation announced last week is now taking effect....

Bunnings to close seven stores; 145 jobs at stake
Staff reporters | Tue, 12 May 2020

Wesfarmers-owned Bunnings New Zealand plans to close seven provincial stores across the country, affecting 145 jobs. The hardware chain is consulting with its staff and may be able to redeploy them elsewhere, it said. It plans to close the stores in Ashburton, Hornby, Hastings, C...

Emergency support for racing industry
Staff reporters | Tue, 12 May 2020

Minister for Racing Winston Peters has announced a $72.5 million-dollar covid-19 emergency support package for the racing industry. “The racing industry has been hit by the perfect storm of covid-19 while in a weak financial state and in the midst of a reform programme,” Peters s...

Glimmer of light in ANZ business outlook
Staff reporters | Mon, 11 May 2020

Business confidence – while still dire - showed some signs of dusting itself off according to ANZ Bank’s preliminary read for May.“As New Zealand emerges from a highly successful lockdown there’s a glimmer of light, but it’s at the end of a very long tunnel,” said ANZ Bank chief...

Spending halves during lockdown
Staff reporters | Mon, 11 May 2020

Total retail sales fell $2.6 billion, or 47 percent, in April after adjusting for seasonal effects, Stats NZ said. That was the largest fall in both dollar terms and percentage change since the series began in 2002. “The $2.6 billion drop is the equivalent of each person in the c...

Supplies! 11th hour deal salvages office jobs
Staff reporters | Fri, 08 May 2020

National Express Products, an essential business under covid-19 restrictions, has acquired the business of NZ Office Supplies after the company had gone into voluntary administration on Tuesday.NXP chief executive Joe Taylor said all the office supply company’s 34 staff -  throug...

NZ beef will fill the void left by reduced Aussie exports - Rabobank
Staff reporters | Fri, 08 May 2020

Australia’s loss is likely to be New Zealand’s gain in beef exports, although global demand for beef will come under significant pressure due to the economic impacts of covid-19 in 2020. Rabobank animal proteins analyst Blake Holgate said local beef farmers would benefit from an...

Canterbury A&P faces $500k hit after NZ show canned
Staff reporters | Tue, 05 May 2020

The Canterbury A&P Association is facing a $500,000 loss after cancelling November’s NZ Agricultural Show.The association, which has managed the show for 157 years, axed the country’s biggest A&P showcase, citing the “risk to public health” of hosting an event that attracted upwa...

NZ Office Supplies enters administration
Staff reporters | Tue, 05 May 2020

Independent office products distributor NZ Office Supplies is in voluntary administration, with a seven-figure owed, according to its administrator. The company employs 34 and had warehouses in Auckland, Wellington and Christchurch. Administrator Steven Khov is continuing to trad...

Building consents drop 21.3% in March
Staff reporters | Tue, 05 May 2020

Residential building consents dropped a seasonally adjusted 21.3 percent in March to 2,659, the steepest decline since October 2008 when the global financial crisis set in.Stats NZ said the covid-19 pandemic and lockdown made it hard for some councils to process consents, and two...

Kathmandu opening in Australia first
Staff reporters | Tue, 05 May 2020

Kathmandu said it is slowly re-opening in Australia, with the majority of its Rip Curl and Kathmandu outlets to be open by the end of the week.However back in New Zealand a head office restructure that is expected to save the company $15 million a year has included 34 redundancie...

Financial hardship doubles - Centrix
Staff reporters | Mon, 04 May 2020

More than 20,000 credit accounts have been flagged as being under “financial hardship”, more than doubling in the past month and up a third during the past week alone, according to credit bureau Centrix.The number of Kiwis opting for repayment “holidays” since the covid-19 lockdo...

Colin Neal joins Mercer board
Staff reporters | Mon, 04 May 2020

Mercer Group’s newest substantial shareholder – Colin Neal – has joined the company’s board.Neal bought a 19.8 percent stake in Mercer in March from the company’s cornerstone investor, Humphry Rolleston. He joins chair Trevor Burt, Paul Smart, Richard Rookes and George Rolleston...

QEX to raise up to $4m to help fund Australian expansion
Staff reporters | Mon, 04 May 2020

QEX Logistics plans to raise up to $4 million at a 28.6 percent discount to help fund its growth plans, such as beefing up its Australian operations.The logistics company wants to raise $3 million in a share purchase plan to existing investors, with scope to accept another $1 mil...

Smartpay shares tumble as Verifone deal falls through
Staff reporters | Fri, 01 May 2020

Smartpay shares dropped 23.5 percent to 39 cents after the payments processor said its agreement with Verifone to buy its New Zealand assets for $70 million fell over. The deal was contingent on receiving Commerce Commission approval by April 30, which didn’t happen, and Smartpay...

Bathurst to appeal US$40m L&M Coal ruling
Staff reporters | Fri, 01 May 2020

Bathurst Resources will take its fight with L&M Coal over a US$40 million bill to the Supreme Court.The coal miner has sought leave to overturn a Court of Appeal ruling that it had to make a performance payment on coal produced at its mothballed Buller operations. Bathurst bought...

Scott Tech appoints ‘lean thinking’ COO
Staff reporters | Fri, 01 May 2020

Chris Steedman, operations director at Australian defence equipment manufacturer Thales, will jump the ditch to start a new role as chief operating officer at Scott Technology from June 1.Steedman, who had been with Thales – initially in South Africa – for 10 years, will work alo...

Permanent loss carry-back scheme coming
Staff reporters | Thu, 30 Apr 2020

The government intends to enact a permanent version of the loss carry-back tax scheme introduced in response to the covid-19 impact on firms’ profitability.Legislation to introduce a temporary version of the scheme was introduced to Parliament today.A permanent scheme is envisage...

Kate Jorgensen to join Chorus board
Staff reporters | Thu, 30 Apr 2020

Former Vodafone New Zealand chief financial officer Kate Jorgensen will join telco Chorus’ board in July as an independent director.Jorgensen has held senior leadership positions in the telecommunications, infrastructure and construction industries. She has also held CFO at KiwiR...

Has plunging business confidence found a floor?
Staff reporters | Thu, 30 Apr 2020

Weak business confidence may “have found a floor, albeit a damp, cold basement,” said ANZ New Zealand chief economist Sharon Zollner.The final reading for the April ANZ Business Outlook survey was, while dire, a slight improvement on the preliminary reading in early-April results...

Alliance beefs up processing capacity
Staff reporters | Thu, 30 Apr 2020

Alliance Group is investing $4 million to lift its beef processing capacity in the South Island.The company will invest in its 18-month-old venison plant at Lorneville near Invercargill to enable the facility to also process cull cows during peak season.Chief executive David Surv...


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