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MARKET CLOSE: NZ shares extend gain

Article – BusinessDesk

July 19 (BusinessDesk) – New Zealand shares remained in record territory as passive investment funds appeared to support the upward trend in school holiday-affected trading. Tourism Holdings led the market higher when it resumed trading. Read more »

NZ dollar headed for 1.3% weekly gain

Article – BusinessDesk

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut Read more »

RBNZ knock-back gives Resolution chance to low-ball AMP

Article – BusinessDesk

July 19 (BusinessDesk) – Resolution Life may be able to wrestle more than a billion dollars from the A$3.3 billion sale price of AMP’s life insurance business after a known risk came to fruition when the Reserve Bank of New Zealand didn’t play ball, … Read more »

Rail hubs may not boost Napier Port log trade

Article – BusinessDesk

July 19 (BusinessDesk) – KiwiRails proposed freight hub at Dannevirke may extend Napier Ports log catchment further south, but is more likely to put existing trucked freight onto rail, port chief executive Todd Dawson says. Read more »

Denton Morrell undefended at liquidation hearing

Article – BusinessDesk

July 19 (BusinessDesk) – Three lawyers from different firms attended the High Court at Auckland today to see wealth management company Denton Morrell moved into liquidation. Read more »

Contact steam to heat Norske Skog pellet business secured

Article – BusinessDesk

July 19 (BusinessDesk) – Norske Skogs wood pellets business has secured a steam supply from Contact Energy for its Taupo plant. Read more »

Air NZ to amend booking engine after lawyer’s complaint

Article – BusinessDesk

July 19 (BusinessDesk) – Air New Zealand will make changes after a lawyer complained to the Commerce Commission over scarcity pricing tactics. Read more »

Ross McEwan to take helm at NAB

Article – BusinessDesk

July 19 (BusinessDesk) – New Zealander Ross McEwan has been appointed National Australia Banks new chief executive after holding that role at Royal Bank of Scotland since 2013. Read more »

KPMG says bank capital proposals will wreck havoc

Article – BusinessDesk

July 19 (BusinessDesk) – KPMG says the Reserve Banks bank capital proposals will lead to less bank lending to farmers and at significantly higher interest rates on the loans theyre prepared to provide. Read more »

Mild weather saps Vector’s June-qtr volumes

Article – BusinessDesk

July 19 (BusinessDesk) – Mild weather in May and June left Vectors power and gas volumes for the June year marginally lower than a year earlier. Read more »

Dollar gains as dovish Fed comments point to 50-bps US cut

Article – BusinessDesk

July 19 (BusinessDesk) – The New Zealand dollar rose after dovish comments from New York Federal Reserve President John Williams increased expectations for a steeper rate cut in the US at the end of the month. Read more »

O’Connor looks to overhaul Biosecurity Act, improve tracing

Article – BusinessDesk

July 19 (BusinessDesk) – The government is looking to tighten control and impose harsher penalties after the Mycoplasma bovis outbreak revealed cracks in the country’s stock management system. Read more »