Appeal Court: Bankrupts’ KiwiSaver off limits for creditors

Article – BusinessDesk

April 21 (BusinessDesk) – A bankrupt’s KiwiSaver account cannot be accessed by the Official Assignee, despite financial hardship being a reason for individuals to access KiwiSaver funds early, the Court of Appeal has ruled. Read more »

Alex Swney pleads guilty to $2.5M fraud charge

Article – BusinessDesk

April 21 (BusinessDesk) – Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. Read more »

Trends Publishing calls foul over Callaghan repayment demand

Article – BusinessDesk

April 21 (BusinessDesk) – Callaghan Innovation has terminated a grant awarded to Trends Publishing International after an investigation it referred to the Serious Fraud Office and is seeking repayment of $382,911.897, a demand the company chairman … Read more »

Finzsoft appoints Silverlake’s Kwong to its board

Article – BusinessDesk

April 21 (BusinessDesk) – Finzsoft Solutions, the Auckland-based financial technology company, appointed Silverlake Axis managing director Raymond Kwong to its board after the group became its cornerstone shareholder. Read more »

NZ petrol prices rise and fall faster these days, says NZIER

Article – BusinessDesk

April 21 (BusinessDesk) – Rising global prices for crude oil and a 4 cents per litre increase in petrol prices this week saw Z Energy release updated research today from the New Zealand Institute of Economic Research showing petrol prices react to international … Read more »

NZ dollar back over 99 cents Aussie as RBA talks up rate cut

Article – BusinessDesk

April 21 (BusinessDesk) – The New Zealand dollar gained against the Aussie after Reserve Bank of Australia governor Glenn Stevens raised the prospect of an interest rate cut as early as next month to bolster a weak economy. Read more »

Huhu signs up to first Chinese co-production for 3D movie

Article – BusinessDesk

NZs Huhu Studios signs up to Chinese co-production on 3D Beast of Burden film Read more »

Ron Brierley quits Coats Group board, ending 25-year tenure

Article – BusinessDesk

April 21 (BusinessDesk) – Sir Ron Brierley has resigned from the board of Coats Group, the company that grew out of his investment vehicle Guinness Peat Group, ending a 25-year tenure. Read more »

MARKET CLOSE: NZ shares fall led by Xero; FSF rebounds

Article – BusinessDesk

April 20 (BusinessDesk) – New Zealand shares fell, led by Xero, in a broad-based, global sell off, although Fonterra Shareholders’ Fund units rebounded from a record low for the second consecutive day. Read more »

NZ dollar gains on expectation RBNZ will discount oil impact

Article – BusinessDesk

April 20 (BusinessDesk) – The New Zealand dollar gained on expectation the Reserve Bank will look through the impact of weak crude oil on headline inflation to focus on more-robust core prices and won’t use today’s consumers price index data as a … Read more »

NZ broadcasters launch battle against global mode ISPs

Article – BusinessDesk

April 20 (BusinessDesk) – New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, … Read more »

AMP Capital bets on beat up commodities and rising dollar

Article – BusinessDesk

April 20 (BusinessDesk) – AMP Capital New Zealand, which manages more than $18 billion in assets, has remained overweight in commodities and cash, betting that beat-up prices of raw materials don’t have much further to fall. Read more »

NZ wool prices steady at latest auction as volumes decline

Article – BusinessDesk

April 20 (BusinessDesk) – New Zealand wool prices remained steady at the latest weekly auction as volumes decline following the end of the main shearing season. Read more »

Comvita affirms guidance for 25% gain in full-year profit

Article – BusinessDesk

April 20 (BusinessDesk) – Comvita, the Te Puke-based maker of health products based on manuka honey, affirmed its guidance for a 25 percent rise in full-year earnings, saying it has sufficient supplies of honey to meet growing sales. Read more »

NZX’s disciplinary arm to review penalties

Article – BusinessDesk

April 20 (BusinessDesk) – NZX is looking to beef up the penalties its disciplinary arm imposes for breaches of stock market rules, including the introduction of fines for directors of companies which break listing rules. Read more »

NZ Dollar Outlook: Kiwi at the mercy of US rate views

Article – BusinessDesk

NZ Dollar Outlook: Kiwi’s fate this week at the mercy of US interest rate views Read more »

NZ services sector expands in March

Article – BusinessDesk

April 20 (BusinessDesk) – The New Zealand services sector, which makes up about two thirds of the economy, expanded in March, following a drop off in February, led by gains in new orders and stocks/inventories. Read more »

Petrol price falls main cause of second quarter of deflation

Article – BusinessDesk

April 20 (BusinessDesk) – Falling petrol and diesel prices were the major factor leading to a 0.3 percent fall in inflation during the first three months of this year, the second quarter in a row of deflation. Read more »

NZ dollar gains after Chinese central bank adds stimulus

Article – BusinessDesk

April 20 (BusinessDesk) – The New Zealand dollar gained after the Chinese central bank added more liquidity to Asia’s largest economy in a bid to boost growth, stoking optimism about the prospects for the nation’s largest trading partner. Read more »

Alex van Heeren loses long-running case

Article – BusinessDesk

April 17 (BusinessDesk) – High-flying businessman Alex van Heeren has been ordered by the High Court at Auckland to pay US$25 million as an interim payment to his former business partner, Michael Kidd, and could be made to pay as much as US$50 million … Read more »