Law & Regulation

Explore the latest legal news by BusinessDesk, covering legal rulings, important court cases, and more.

Danone cleared to indirectly hold up to 65% of Yashili NZ
Rebecca Howard | Tue, 04 Jun 2019

By Rebecca Howard June 4 (BusinessDesk) - Danone SA can indirectly hold up to 65 percent of Yashili New Zealand Dairy Co after its Danone Asia Pacific unit got a green light from the Overseas Investment Office to purchase up to 49 percent of the local dairy processor. "The...

Govt ready and willing to fill the gap on digital services tax if OECD solution fails
Paul McBeth | Tue, 04 Jun 2019

By Paul McBeth June 4 (BusinessDesk) - The government is concerned that a concerted international effort to ensure multinational digital firms pay their fair share of tax will fail, so will decide this year on whether to go it alone as an interim measure.  Ministers Grant R...

Better protection needed for national infrastructure, pipeline inquiry told
Gavin Evans | Tue, 04 Jun 2019

By Gavin Evans June 4 (BusinessDesk) - The lack of sanctions for people damaging national infrastructure and covering it up needs to be addressed, Refining NZ chief executive Mike Fuge says. The company operates the Marsden Point oil refinery and its contractors use a combi...

Greymouth seeks early contact on partial Kowhai surrender
Gavin Evans | Mon, 03 Jun 2019

By Gavin Evans June 4 (BusinessDesk) - Greymouth Petroleum says it will meet with officials soon to arrange the surrender of part of its Kowhai petroleum mining permit in Taranaki. The High Court last week endorsed a condition of the original 2009 permit that required Greym...

Fletcher Building rejigs annual earnings guidance after completion of Formica sale
Rebecca Howard | Mon, 03 Jun 2019

By Rebecca Howard June 4 (BusinessDesk) - Fletcher Building rejigged its full-year earnings before interest and tax guidance after completing the sale of its Formica business ahead of schedule, effectively lowering the top end of that guidance. The US$840 million sale of Fo...

Chorus suspends Clearvision from working on UFB network
Rebecca Howard | Fri, 31 May 2019

By Rebecca Howard May 31 (BusinessDesk) - Chorus has suspended subcontractor Clearvision Communications from working on its ultrafast broadband network after the Employment Relations Authority found several breaches of employment standards.   “Given the authority’s determin...

ComCom to assess whether Vodafone purchase would increase Infratil's market power
Jenny Ruth | Thu, 30 May 2019

By Jenny Ruth May 31 (BusinessDesk) - The Commerce Commission says it currently expects to make a decision on Infratil’s application to buy up to 50 percent of shares in Vodafone New Zealand by July 15, although that may be extended as its investigation progresses. “The com...

NZBA, Banking Ombudsman support RBNZ proposal on material breach reporting
Jenny Ruth | Thu, 30 May 2019

By Jenny Ruth May 31 (BusinessDesk) - The New Zealand Bankers' Association and the Banking Ombudsman agree with the Reserve Bank that disclosure of banks’ breaches of their conditions of registration should be limited to “material” breaches only. Their submissions are two o...

TSB raises minimum capital levels in lead-up to RBNZ's tighter rules
Paul McBeth | Wed, 29 May 2019

By Paul McBeth May 30 (BusinessDesk) -  TSB Bank has raised its internal target for how much capital it will hold on its books, brought on in part by the Reserve Bank's proposals for a higher minimum requirement.  The bank's total capital ratio was 14.57 percent as at March...

Bridges says Budget leak response 'the most contemptible moment in NZ politics’
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 30 (BusinessDesk) - National Party leader Simon Bridges accused Treasury secretary Gabriel Makhlouf of “calling the police on the Opposition” over the website security flaw that allowed the National Party to gain access to Budget secrets. The Treasur...

Budget leak: no Treasury hack, say police
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 30 (BusinessDesk) - Police investigating a leak of sensitive Budget information have determined that the Treasury's computer system was not 'hacked'. In a rocky start to what should have been a showcase day for the government's first 'Wellbeing' Budg...

Vector depreciation bid rejected in ComCom DPP reset
Gavin Evans | Tue, 28 May 2019

By Gavin Evans May 29 (BusinessDesk) - Vector, the country’s biggest electricity distributor, has had its request to accelerate depreciation on its network assets turned down by the Commerce Commission. The company had sought a higher depreciation rate on its network assets...

Advent Gold defers listing plan after Waihi decision
Gavin Evans | Tue, 28 May 2019

By Gavin Evans May 29 (BusinessDesk) - Advent Gold has deferred plans for an initial share offer on the ASX following the government’s rejection of a land sale for a new tailings operation at OceanaGold’s Waihi mine. The firm, which has an exploration permit near Reefton an...

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...

ComCom investigates BNZ over CCCFA disclosure breaches
Jenny Ruth | Mon, 27 May 2019

By Jenny Ruth May 27 (BusinessDesk) - The Commerce Commission has told Bank of New Zealand it has commenced an investigation into BNZ’s compliance with particular disclosure requirements under the Credit Contracts and Consumer Finance Act 2003. BNZ discloses the investigati...

Spark scolded for misleading customers on broadband price hike
Paul McBeth | Thu, 23 May 2019

By Paul McBeth May 23 (BusinessDesk) - Spark New Zealand has been told off by the Commerce Commission for the way it hiked copper-line broadband prices last year when it didn't let customers know they could cancel their agreement.  The regulator sent a warning letter to the...

MARKET CLOSE: NZ shares fall; ComCom's early fibre views knock Chorus
Paul McBeth | Tue, 21 May 2019

By Paul McBeth May 21 (BusinessDesk) - New Zealand shares fell, led lower by Chorus, after investors were spooked by potentially stricter regulation of its ultrafast broadband network than they'd anticipated.  The S&P/NZX 50 Index decreased 18.06 points, or 0.2 percent, to...

IRD should have doubled claim against Watson's Cullen Group - Professor
Jenny Ruth | Mon, 20 May 2019

By Jenny Ruth May 21 (BusinessDesk) - Inland Revenue Commissioner Naomi Ferguson should have asked the courts for twice as much as it was awarded earlier this month against Eric Watson’s Cullen Group, according to a University of Auckland law professor. The High Court order...

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...

RBNZ censures ANZ, prescribes risk capital calculation
Rebecca Howard | Fri, 17 May 2019

By Rebecca Howard May 17 (BusinessDesk) - The Reserve Bank of New Zealand has revoked ANZ Bank New Zealand's accreditation to model its own operational risk capital requirement due to a "persistent failure" in its controls and attestation process. ANZ is one of four big ban...

Synlait says Munchkin US FDA process on hold
Rebecca Howard | Thu, 16 May 2019

By Rebecca Howard May 16 (BusinessDesk) - Synlait Milk said the registration process required to launch Munchkin Inc’s Grass Fed infant formula in the US has been put on hold to allow the company to look at other options.  Synlait "has been informed that the clinical study...

ComCom says 5G build excluding Huawei could cost more
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 16 (BusinessDesk) - Excluding Chinese telecommunications firm Huawei Technologies risks driving up the cost of building a 5G mobile network and undermining competition in its development, according to a draft mobile market study.  Spark New Zealand had pl...

OMV says gas disclosure expectations may be unrealistic
Gavin Evans | Wed, 15 May 2019

By Gavin Evans May 15 (BusinessDesk) - OMV says it supports greater disclosure of outages in the gas sector but is concerned some players may have unrealistic expectations of new rules intended to make that happen. New Zealand’s biggest gas producer says it is alive to the...


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