Finance

Cricket star Ross Taylor passed up early investment in Xero. By Dan Brunskill

See details.

News in Brief

News in Brief

SkyCity's online Malta business moves into the black
Staff reporters | Wed, 17 Jun 2020

SkyCity Entertainment Group's online casino based in Malta produced operating profits in April and May and is expected to become a "meaningful" business in the 2021 financial year.In documentation accompanying SkyCity's announcement of it raising $230 million of fresh equ...

Abano confirms new takeover bid; mulls capital raising
Staff reporters | Wed, 17 Jun 2020

Abano Healthcare confirmed media reports that BGH Capital and the Ontario Teachers’ Pension Plan have made two new takeover bids at $3 and $3.25 per share.The dental clinic operator said any offer needs to reflect the firm’s underlying value and provide shareholders certainty, no...

NZ-UK formally kick of free trade talks
Staff reporters | Wed, 17 Jun 2020

New Zealand and the UK formally launched free trade negotiations with the first round expected to take place by video conference from mid-July.“As the UK embarks on its next steps post-Brexit, New Zealand is pleased to be among the first countries to negotiate a trade agreement w...

Current account deficit narrows as expected
Wed, 17 Jun 2020

The annual current account deficit narrowed to $8.5 billion, or 2.7 percent of GDP, in the March quarter, meeting economists’ expectations. That compared to a deficit of $9.3 billion, or 3 percent of GDP, in the December period. An increase in exported goods underpinned the small...

Kaiser Permanente green light for Pacific Edge
Staff reporters | Wed, 17 Jun 2020

Pacific Edge has finally reached agreement with California-based Kaiser Permanente, one of the major healthcare providers in the US, for the commercial use of its bladder cancer tests.The company has been working towards this for many years The company said its Cxbladder tests, w...

Two new covid-19 cases; testing regime toughened
Staff reporters | Tue, 16 Jun 2020

New arrivals in the country will have to show a negative covid-19 test before being allowed to leave managed isolation early on compassionate grounds.The change, effective today, was made after two recent arrivals from the UK, via Brisbane, tested positive for the virus. They are...

Asset Plus knocked into the red by revaluation
Staff reporters | Tue, 16 Jun 2020

Asset Plus reported a net loss of $14.6 million in the 12 months ended March 31, turning around a profit of $3.8 million a year earlier, due to a $19.1 million write down in the fair value of its property portfolio. Adjusted funds from operations – which its dividend is based on...

S&P takes dim view on AMP rating
Staff reporters | Mon, 15 Jun 2020

International ratings agency Standard & Poor's said AMP's creditworthiness is likely to fall one or more notches after the AMP Life sale has been completed because of the weaker credit quality of the remaining operations.S&P currently rates AMP and other group businesses,...

Closed cafes lead to cheaper avocados in May
Staff reporters | Mon, 15 Jun 2020

Millennials got an unexpected gift from covid-19: avocado on toast was that much more accessible in May, albeit largely homemade.“Cafes and restaurants were closed for the first half of May and customer numbers were limited due to covid-19 restrictions for the rest of the month,”...

Jucy to centralise special deals under domestic site
Staff reporters | Mon, 15 Jun 2020

Jucy chief executive Tim Alpe wants to bring domestic tourism players together in a centralised promotional resource for Kiwis looking for local travel deals.The website - deals.jucy.com - has been developed in house and is free for both operators and the public to place and acce...

Vodafone to shed up to 7% of staff
Staff reporters | Thu, 11 Jun 2020

Vodafone New Zealand expects to cut its 2,000-strong workforce by between 5 percent and 7 percent as it deals with the impact of the covid-19 pandemic on its roaming and retail revenue. The telco stayed operating throughout the lockdown as an essential service, and while revenue...

Ratepayers commit $26m extra for Wellington airport
Staff reporters | Wed, 10 Jun 2020

Wellington City Council is committed to tipping an extra $25.76 million of capital into Infratil-controlled Wellington International Airport, if required, as part of a shareholder support package.The council owns 34 percent of the airport, which has seen air movements plummet in...

Overseas investor cops $540k fine for avoiding due process
Staff reporters | Wed, 10 Jun 2020

A foreign investor who purchased a property without Overseas Investment Office approval has been fined $540,000, representing the capital gain on the sale of the Auckland property.The fine relates to a property deal in Karaka, Auckland by the shareholders of the Chor Trust, which...

Govt to fund Ruakura inland port road
Staff reporters | Tue, 09 Jun 2020

The government will put up $16.8 million to help fund roads linking the Ruakura inland port in Hamilton to the northbound expressway. Waikato Tainui’s commercial arm, Tainui Group Holdings, will chip in another $16.8 million and Hamilton City Council $5 million to collectively fu...

Warning from Air NZ: the middle seat is back!
Staff reporters | Mon, 08 Jun 2020

Beware, air travellers. With the return to more or less normal life at alert level 1, the dreaded middle seat is back on aircraft.For the brave few who travelled during earlier alert levels on main domestic routes, there was one consolation: social distancing rules meant Air NZ c...

NZME chair ups holding pre-AGM
Staff reporters | Mon, 08 Jun 2020

NZME chairman Peter Cullinane bought 200,000 shares in the Auckland-based news publisher ahead of this Thursday’s annual meeting, at which he will staring down three shareholder resolutions seeking a break-up of its assets, an acknowledgement of the importance of dividends and sh...

Building activity shrinks most since 2011
Staff reporters | Mon, 08 Jun 2020

Building activity started slowing down in the lead-up to the covid-19 national lockdown, with the value of building work put in place down a seasonally adjusted 5.7 percent in the March quarter. That was the biggest quarterly decline since the March quarter in 2011, a period when...

AFT to defend PBL Solutions lawsuit
Staff reporters | Fri, 05 Jun 2020

AFT Pharmaceuticals will vigorously defend a claim by joint venture partner PBL Solutions that the Kiwi firm breached its contract in the development of the Pascomer topical treatment. PBL filed proceedings in the New Zealand High Court against AFT and managing director Hartley A...

Air New Zealand moves above half domestic capacity
Staff reporters | Thu, 04 Jun 2020

Air New Zealand plans to operate around 55 percent of its usual domestic capacity - compared to pre-covid-19 levels - during July and August, said general manager networks Scott Carr.  Since the start of Alert Level 2 the airline has been flying to the majority of the domestic po...

More share trading on market
Staff reporters | Thu, 04 Jun 2020

The value of cash trading on NZX rose 22 percent to $4.36 billion in May for an average daily value of $208 million. And the volume of trading more than doubled to 1.04 million.The majority of that activity was in equities, with $4.22 billion, and importantly for the stock market...

CareSaver invests in medicinal cannabis, Sharesies
Staff reporters | Wed, 03 Jun 2020

Pathfinder Asset Management’s ethical KiwiSaver plan, CareSaver, has taken stakes in medicinal cannabis company Rua BioScience and online investment platform Sharesies, investing $420,000 and $460,000 respectively.Head of investment Paul Brownsey said the stakes are the scheme’s...

Former BNZ head of financial advice goes independent
Staff reporters | Wed, 03 Jun 2020

Donna Nicolof, who served as BNZ’s head of advisory for six years, has founded a commission-free financial advice firm, Paua, as an alternative to an industry mired in conflicts of interest.“The model that we are setting up is one that we believe is going to be the future of how...

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...


Archived pages