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News in Brief

News in Brief

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...

Intense trading boosts NZX revenue
Staff reporters | Thu, 30 Apr 2020

High trading volumes and a fee increase has seen NZX Limited’s 2020 first quarter revenue rise 18 percent to $18.5 million from $15.7 million the year before.  This was led by a 45.9 percent increase in revenue from secondary markets, climbing $1.6 million to a total of $5.1 mill...

Auckland Airport $200m share purchase plan oversubscribed
Staff reporters | Thu, 30 Apr 2020

Auckland International Airport’s $200 million share purchase plan was oversubscribed, receiving about $489 million of applications.The airport received 32,619 applications at an average of $15,000. NZX data showed it had 50,965 shareholders at April 17.The offer will be scaled in...

NZBA finds a $1b mistake in lending data
Staff reporters | Wed, 29 Apr 2020

The New Zealand Bankers’ Association said it has discovered that banks have lent $1 billion less than it had previously reported to businesses since the nation's lockdown to combat the spread of the coronavirus.NZBA began publishing data on bank lending on its website, update...

Construction-led inflation slowed into pandemic
Staff reporters | Wed, 29 Apr 2020

The annual rate of inflation in the construction sector slowed to a 3.6 percent pace in the March quarter, from 3.9 percent for the prior quarter, according to the latest Cordell Housing Price Index.While this was well down from the cyclical peak of 6.9 percent in the last quarte...

Foreign policy review underway to support economic recovery
Staff reporters | Wed, 29 Apr 2020

Foreign Minister Winston Peters tasked the Ministry of Foreign Affairs and Trade to consider how foreign policy can support the domestic economic and trade recoveries.Peters asked the ministry to consider post-covid policy priorities three weeks ago, he said in a speech today. Pe...

Record monthly exports in March
Staff reporters | Wed, 29 Apr 2020

Exports hit a new high in March 2020, driven by sales of kiwifruit, dairy, and meat, even as the covid-19 pandemic spread around the world, Stats NZ said.The value of total exported goods rose 3.8 percent to $5.8 billion in March from a year earlier. This was a record for any mon...

Beijing Holdings BAIC lifts Wrightson stake
Staff reporters | Wed, 29 Apr 2020

Beijing Holdings BAIC has continued to lift its stake in PGG Wrightson, buying another 755,000 shares for $1.9 million, an average price of $2.57 a share.The Hong Kong investment company, which is ultimately controlled by Beijing Capital Agribusiness and Foods Group, now owns 10...

OceanaGold resumes digging in New Zealand
Brent Melville | Tue, 28 Apr 2020

OceanaGold has resumed mining and exploration activities at both its Macraes and Waihi gold mines. The gold miner also reaffirmed its production guidance for 2020, saying it expects to produce between 360,000 and 380,000 ounces of gold this year at an estimated all-in-sustaini...

Eroad quarterly sales rise
Staff reporters | Tue, 28 Apr 2020

Eroad said growth continued in the fourth quarter with many of its customers providing essential services, and its expectations for the 2020 financial year are unchanged.The transport tech services company added 3,951 units in the three months to March 31, bringing annualised gro...


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