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MARKET CLOSE: NZ shares edge up

Article – BusinessDesk

Feb. 22 (BusinessDesk) – New Zealand shares rose, with heavy trading in Auckland International Airport and Air New Zealand after the airport operator lifted earnings and said it will cut airline landing fees. Read more »

NZ dollar edges lower on worries about Aust coal exports

Article – BusinessDesk

Feb. 22 (BusinessDesk) – The New Zealand dollar fell, dragged down by the Australian dollar, amid concerns about what a ban on Australian coal imports through China’s northern ports in Dalian might mean. Read more »

NZ’s current bank capital rules give ANZ a big leg up

Article – BusinessDesk

New Zealands largest bank, ANZ Bank, currently must hold just over half the amount of capital that Kiwibank must hold to back every $100 of mortgage lending, giving the Australian-owned bank a huge cost advantage over its smaller government-owned … Read more »

Hydrogen opportunity for NZ transport hubs, says Refining NZ

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Hydrogen could play a key role reducing emissions from heavy trucks using the countrys major transport hubs, Refining NZ chief executive Mike Fuge says. Read more »

Auckland Airport downplays Chinese tourism pessimism

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Auckland International Airport chief executive Adrian Littlewood isn’t seeing any bigger decline in Chinese tourist numbers than what would be expected with a slowing economy. Read more »

Refining NZ looks to bring forward dredging

Article – BusinessDesk

Feb. 22 (BusinessDesk) – New Zealand Refining is investigating whether it may be able to bring forward a project to improve the shipping channel into Whangarei harbour by a year. Read more »

Cavalier gives shareholders reason for hope; no dividend yet

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Cavalier Corps investors might allow themselves to believe the company is turning a corner after it reported a first-half result at the upper end of guidance following a similar performance in the previous financial year. Read more »

First Gas ordered to pay $3.4m for anti-competitive conduct

Article – BusinessDesk

Feb. 22 (BusinessDesk) – First Gas has been ordered to pay $3.4 million by the High Court after admitting it engaged in anti-competitive conduct when acquiring the Bay of Plenty gas distribution assets of GasNet. Read more »

Moa plans $3 million rights offer for Savor Group purchase

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Unprofitable brewer Moa Group plans to raise up to $3 million through a rights issue to help fund its acquisition of bar and restaurant owner Savor Group if the deal is approved by shareholders at a special meeting next month. Read more »

Z Energy appoints Abby Foote as chair

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Z Energy has appointed a new chair, Abby Foote, who will take over from Peter Griffiths when he steps down in May after the companys financial results for the March year have been completed. Read more »

Cavalier’s first-half net profit

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Carpet maker Cavalier reported a $10 million first-half net loss but its normalised profit rose 68 percent to near the top of its earlier guidance. Read more »

Summerset annual profit falls as property market slows

Article – BusinessDesk

Feb. 22 (BusinessDesk) – Summerset Group said full-year net profit was down 11 percent as the property market slows in some parts of the country, leading to a smaller valuation gain on retirement village portfolio. Read more »