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NZ consumer spending to shrink 1.5% - Fitch
Staff reporters | Tue, 02 Jun 2020

Fitch Solutions said it now expects consumer spending in New Zealand in 2020 will contract by 1.5 percent year-on-year.That's compared with its pre-covid-19 forecast of growth of 2.8 percent for 2020 and follows 3 percent growth in real household spending in 2019."Consumer be...

April house building consents fall less than expected
Staff reporters | Tue, 02 Jun 2020

New residential building consents fell a seasonally adjusted 6.5 percent in April, a smaller decline than what economists expected given the national lockdown. Stats NZ figures show there were 2,168 new residential building consents issued in April, down from 2,605 a year earlier...

March-qtr terms of trade ease
Staff reporters | Tue, 02 Jun 2020

The purchasing power of New Zealand’s exports relative to imports eased 0.7 percent in the March quarter versus the December quarter. Export prices fell 0.2 percent and import prices lifted 0.5 percent. Export volumes for goods, meanwhile, lifted 1.8 percent while import volumes...

New directors for NZX regulatory arm establishment board
Staff reporters | Tue, 02 Jun 2020

Stock exchange operator NZX said it has appointed Annabel Cotton and John Hawkins as directors of the establishment board of its new regulatory arm.Cotton is managing director of investor relations firm Merlin Consulting and previously worked for the former Securities Commission...

Blis earnings soar
Staff reporters | Thu, 28 May 2020

Probiotic company Blis Technology has been on an international growth curve over the past year, with net profit at $1.6 million for the March year, a 320 percent increase on prior year maiden earnings of $381,000.The performance was driven largely through its online expansion int...

Telecommunications Commissioner named
Staff reporters | Thu, 28 May 2020

Former Telecom in-house counsel Tristan Gilbertson has been appointed the new Telecommunications Commissioner. His five-year term starts on June 8 and he replaces Stephen Gale, who oversaw the regulated sector for the past eight years. Gilberston was general counsel at Telecom, n...

Timaru hailstorm costly for insurers
Staff reporters | Thu, 28 May 2020

The South Canterbury city of Timaru is now famous for something other than being the birthplace of Phar Lap, although being the home of the second most expensive weather event of the century is not something locals will appreciate.Insurance Council of New Zealand members paid $16...

April marks record trade surplus as imports dive
Staff reporters | Tue, 26 May 2020

New Zealand posted a record monthly trade surplus of $1.3 billion after imports tumbled 22 percent to $4 billion in the steepest decline since October 2009.The surplus was in line with expectations. Exports “held up fairly well, through both the initial disruptions in the Chinese...

Tourism Holdings proposes 140 job cuts
Staff reporters | Tue, 26 May 2020

Tourism Holdings is likely to lay-off 140 staff as it restructures its New Zealand business.The beleaguered tourism conglomerate has begun the process of matching its people numbers to dramatically reduced activity levels. In 2019, the group employed about 900 people in New Zeala...

Air NZ extends minimal international operations timeframe
Staff reporters | Mon, 25 May 2020

Air New Zealand extended its schedule of minimal international operations by another two months to Aug. 31.In response to government travel restrictions and low demand due to the covid-19 pandemic, the airline previously announced a limited international network through to June 3...

Sky TV raises $119m to repay debt
Staff reporters | Mon, 25 May 2020

Sky Network Television has raised $119.2 million from investors to shore up its balance sheet.The capital raising brought $110.1 million from a pro-rata entitlement offer at 12 cents a share and $9.1 million from a placement with institutional investors. Some 82 percent of the ne...

Tilt profit soars on Snowtown sale
Staff reporters | Mon, 25 May 2020

Tilt Renewables net profit soared to A$478.4 million in the 12 months ended March 31 from A$12.2 million a year earlier, as the wind farm developer benefited from the sale of its Snowtown 2 wind farm for a A$486 million gain.Earnings before interest, tax, depreciation and amortis...

Smartpay completes A$13m raising
Staff reporters | Fri, 22 May 2020

Eftpos provider Smartpay Holdings has raised A$13 million from institutional investors to support its growth in Australia and New Zealand. The payments processor placed 30.9 million new shares at 42 Australian cents per share – the closing price on May 20. Existing shareholders w...

Retail spending declines for Q1
Staff reporters | Fri, 22 May 2020

Retail trade spending volumes declined 0.7 percent in the first quarter, marking the first contraction in the quarterly retail sales volumes since mid-2015 and the largest decline in eight years. The fall was milder than ASB Bank had expected, however, “retail spending looks to h...

Mercer upbeat on new orders
Staff reporters | Thu, 21 May 2020

Mercer Group secured more than $10 million of new orders during the past month said it will report increased operating earnings and net profit for the June year.The increase was driven by the automation arm of the business, with the Milmeq refrigeration unit having a good year wi...

Seeka to sell three Australian orchards
Staff reporters | Wed, 20 May 2020

Kiwifruit grower and marketer Seeka has conditionally sold three of its Australian orchards in a lease-back agreement in order to reduce debt. The orchards, which comprise 200 hectares, sold for A$26.5 million and will be leased back to Seeka for up to 30 years, with two terms of...

Peters to appeal pension privacy case
Staff reporters | Tue, 19 May 2020

Deputy Prime Minister Winston Peters is appealing a High Court judgement over his leaked pension details.The leader of the NZ First Party has said in a statement he now knows who the leaker is. "I am not persisting with this case just for myself, but for all people who have had t...

Pictor gets $500k for covid test
Staff reporters | Mon, 18 May 2020

Biotechnology firm Pictor has been granted $500,000 to develop a test to detect covid-19 infection within an hour.The funds have been allocated from $25 million the Ministry of Business, Innovation and Employment has set aside to accelerate projects that could help detect, diagno...

Population reaches 5 million
Staff reporters | Mon, 18 May 2020

New Zealand’s population crossed the five-million threshold in March.Stats NZ said the estimated resident population at the end of the month was 5,002,100, making the rhetorical “team of five million” an official reality. Population insights senior manager Brooke Theyers said the...

China’s banking heavyweight registered as bank in NZ
Staff reporters | Mon, 18 May 2020

The Reserve Bank today announced that it has registered the Industrial and Commercial Bank of China to provide banking services in New Zealand.ICBC is incorporated in China and will operate in New Zealand as a branch, the RBNZ said. According to S&P Global, ICBC has about $4.3 tr...

PSI at lowest since 2007
Staff reporters | Mon, 18 May 2020

Activity in New Zealand’s services sector ground to a halt during April, according to the BNZ - BusinessNZ Performance of Services Index.A PSI reading below 50.0 indicates it is declining. April marked the lowest level of activity since the survey began in 2007 at 25.9 but BNZ se...

PaySauce completes capital raising
Staff reporters | Fri, 15 May 2020

PaySauce has completed the final instalment of its $5.8 million capital raising.The payroll software company today issued the remaining 1.65 million shares - two weeks earlier than expected - to bring another $560,000 into the business.Chair Nick Lewis said having an oversubscrib...

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...


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