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Air NZ's long, hard $100M flightpath to China
Nikki Mandow | Mon, 06 May 2019

By Nikki Mandow May 6 (BusinessDesk) - Air New Zealand has lost $100 million in the 13 years it has been flying to China, chief executive Christopher Luxon says. The cumulative loss in that time is largely because it is competing in the Chinese market with government-affili...

NZ commodity prices extend gain in April, March figures revised higher
Rebecca Howard | Mon, 06 May 2019

By Rebecca Howard May 6 (BusinessDesk) - New Zealand commodity prices lifted in April and were significantly higher in March than previously reported, ANZ Bank’s monthly commodity price index shows. The ANZ world commodity price index lifted 2.5 percent in April, following...

Comvita shares tumble as it says honey production season was poor overall
Rebecca Howard | Mon, 06 May 2019

By Rebecca Howard May 6 (BusinessDesk) - Comvita shares fell 9.3 percent after it said honey production had been "poor overall" for the third season in a row and it now expects a net loss of around $6 million for the year.  The shares recently traded at $3.80 and are down 1...

Briscoe warns accounting change and margin squeeze may knock profit
Paul McBeth | Sun, 05 May 2019

By Paul McBeth May 6 (BusinessDesk) - Briscoe Group says it may struggle to deliver another record profit as accounting rule changes reduce earnings already facing a squeeze from higher wages and increased costs.  Accounting rule changes to how firms can treat leases reduce...

Goodman trust won't adopt new NZX rules for managed funds
Jenny Ruth | Sun, 05 May 2019

By Jenny Ruth May 6 (BusinessDesk) - Goodman Property Trust’s manager says that it won’t be adopting new NZX rules for managed investment schemes but will remain subject to the rules applying to most other equity securities. That leaves the manager of the only other NZX-lis...

MARKET CLOSE: NZ shares fall from record; Z Energy drops on placement
Paul McBeth | Fri, 03 May 2019

By Paul McBeth May 3 (BusinessDesk) - New Zealand shares fell from a record as investors took advantage of the recent gains. Z Energy dropped on an unusually large volume of trading.  The S&P/NZX 50 Index declined 27.67 points, or 0.3 percent, to 10,058. Within the index, 2...

UPDATE: ANZ warns farmers RBNZ intervention may mean higher borrowing costs
Jenny Ruth | Fri, 03 May 2019

(Updates with comment from Mark Hiddleston from 12th par) By Jenny Ruth May 3 (BusinessDesk) - ANZ Bank has warned its farming customers they face higher borrowing costs almost immediately due to Reserve Bank intervention, even though wholesale interest rates have been fall...

Technology at scale key to Z Energy's future growth
Gavin Evans | Fri, 03 May 2019

By Gavin Evans May 3 (BusinessDesk) - Deploying new technology at scale to provide better services will be a key part of Z Energy’s future growth, chief executive Mike Bennetts says. New Zealand’s biggest fuel retailer spent about $10 million in the past year on a range of...

Spheria Asset Management takes A$4.8M stake in NZME
Paul McBeth | Thu, 02 May 2019

By Paul McBeth May 3 (BusinessDesk) - Spheria Asset Management spent A$4.8 million building up a 5.3 percent stake in NZME to become the latest Australian fund manager to take a punt on the Kiwi media group.  The Sydney-based firm bought almost 10.4 million shares at an ave...

MARKET CLOSE: NZ shares gain as investors welcome Z's dividend view; Trade Me departs
Paul McBeth | Thu, 02 May 2019

By Paul McBeth May 2 (BusinessDesk) - New Zealand shares rose as investors welcomed greater clarity on Z Energy's dividend intentions in the first local result of the latest reporting season. Index reweightings from Trade Me Group's pending departure were also a feature. Th...

AMP's NZ wealth management arm suffers Q1 cash outflow
Jenny Ruth | Thu, 02 May 2019

By Jenny Ruth May 2 (BusinessDesk) - AMP’s New Zealand wealth management business suffered a net cash outflow of A$52 million in the March quarter, a big turn-around from a net inflow of A$53 million in the same quarter of last year. That suggests the kiwi branch may be suf...

UPDATE: Z Energy shares rise on savings, dividend guidance
Gavin Evans | Thu, 02 May 2019

(Recasts to focus on savings initiatives, adds share price in 8th paragraph, Marpol risk to end) By Gavin Evans May 2 (BusinessDesk) - Z Energy shares rose after the company forecast a $22 million benefit from its efficiency initiatives in the current year and signalled at...

Moa says 2nd half trading loss narrowed on path to breaking even
Paul McBeth | Wed, 01 May 2019

By Paul McBeth May 2 (BusinessDesk) - Moa Group says it narrowed its trading loss in the second half of the financial year as it works towards breaking even after seven years of red ink since the beer brewer listed.  The company said it's trading loss was $600,000 in the si...

Z Energy FY earnings fall 13% on refinery outage, crude price hike
Gavin Evans | Wed, 01 May 2019

By Gavin Evans May 2 (BusinessDesk) -  Z Energy reported a 13 percent decline in full-year net profit after an extended outage at the Marsden Point refinery raised its costs and record pump prices reduced sales volumes industry-wide. The country’s biggest fuel retailer said...

MARKET CLOSE: NZ shares fall on profit warnings; King Salmon flounders
Paul McBeth | Wed, 01 May 2019

By Paul McBeth May 1 (BusinessDesk) - New Zealand shares sank as muted earnings guidance from SkyCity Entertainment Group and A2 Milk didn't meet investors' expectations. New Zealand King Salmon shed almost a fifth of its value as warmer water left it with more dead fish. ...

ANZ CEO says he's taking Adrian Orr at his word on bank capital consultation
Jenny Ruth | Wed, 01 May 2019

By Jenny Ruth May 1 (BusinessDesk) - ANZ’s New Zealand chief executive says he’s taking Adrian Orr at his word that the Reserve Bank governor has an open mind on bank capital requirements and will treat the current consultation period as genuine. David Hisco says Orr has pe...

Ebos' board, managers should hang their heads in shame: NZSA
Jenny Ruth | Wed, 01 May 2019

By Jenny Ruth May 1 (BusinessDesk) - Ebos' board and managers should hang their heads in shame for cutting retail shareholders out of its discounted capital raising, which clearly wasn't urgent, says outgoing New Zealand Shareholders’ Association chair John Hawkins. The iss...


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