Business Scoop
Network

MARKET CLOSE: NZ shares sink as investors punish A2

Article – BusinessDesk

Aug. 21 (BusinessDesk) – New Zealand shares dropped in one of the reporting season’s busiest days as A2 Milk fell to a six-week low when its margins disappointed investors. Fletcher Building and Spark New Zealand both gained on their results. Read more »

Are Fletcher’s NZ earnings at the top of the cycle?

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Fletcher Building says activity in all parts of its New Zealand markets is elevated but its managing director doesnt want to say whether current earnings should be viewed as top-of-the-cycle results. Read more »

NZ dollar falls against Aussie; RBNZ seen as more dovish

Article – BusinessDesk

Aug. 21 (BusinessDesk) – The New Zealand dollar fell against its Australian counterpart as the local central bank is considered more prone to cut interest rates than Australias. Read more »

Air NZ CFO named acting chief executive

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Air New Zealand chief financial officer Jeff McDowall will fill in as acting chief executive from late September while the board sifts through a number of candidates to lead the national carrier. Read more »

Waitomo favours more open wholesale fuel contracts

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Waitomo Group says it would welcome greater freedom in fuel contracting proposed by the Commerce Commission, but it has doubts about the returns the regulator believes smaller retailers are making. Read more »

UPDATE: Fletcher directors enjoy pay rise as earnings fall

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Fletcher Buildings managing director and other directors have all enjoyed pay increases despite the companys earnings from core operations mostly falling and a precipitous drop in the share price. Read more »

Stable ETS important for Marsden Point

Article – BusinessDesk

Aug. 21 (BusinessDesk) – The top-quartile emissions performance of the Marsden Point oil refinery is a national advantage and one the firm will be working to maintain when it enters the emissions trading scheme in 2023, chief executive Mike Fuge says. Read more »

UPDATE AND CORRECT: Spark shares rally

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Spark New Zealand shares hit an eight-month high after the country’s biggest telecommunications company lifted annual profit 12 percent as it stripped out costs through a company-wide transformation programme. Read more »

Fletcher directors enjoy pay rises as earnings fall

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Fletcher Buildings managing director and other directors have all enjoyed pay increases despite the companys earnings from core operations mostly falling and a precipitous drop in the share price. Read more »

Rate cut aimed at staving off unconventional monetary policy

Article – BusinessDesk

Aug. 21 (BusinessDesk) – The recent steep rate cut by the Reserve Bank of New Zealand was aimed at reducing the probability that unconventional tools would be needed in the future, assistant governor Christian Hawkesby said in a speech published on the … Read more »

A2 Milk shares fall 15% despite solid result

Article – BusinessDesk

A2 Milk shares fell 15 percent despite another strong lift in annual revenue and net profit as a massive marketing push helped it make further inroads in its core China and the US markets. It also announced plans to exit the UK. Read more »

UPDATE: Spark lifts annual profit 12% on cost-cutting

Article – BusinessDesk

Aug. 21 (BusinessDesk) – Spark New Zealand lifted annual profit 12 percent as the country’s biggest telecommunications company stripped out costs in its Quantum transformation programme. Read more »