Bill English says NZ well placed to deal with Brexit turmoil

Article – BusinessDesk

June 29 (BusinessDesk) – Finance Minister Bill English has insisted New Zealand is better placed than most countries to manage any turmoil generated by the decision of British voters to back leaving the European Union. Read more »

MARKET CLOSE: NZ stocks rise along with global markets

Article – BusinessDesk

June 29 (BusinessDesk) – New Zealand stocks rose on stronger turnover as global markets bounced following days of selling, with Metro Performance Glass, Xero and A2 Milk Co gaining. Read more »

NZ dollar gains as Brexit-induced volatility eases

Article – BusinessDesk

June 29 (BusinessDesk) – The New Zealand dollar gained as the extreme level of volatility in financial markets since last week’s British vote to quit the European Union eased a little, though the prospect of another rate cut could ensure any rally is short-lived. Read more »

Hellaby Holdings jumps 7% on sale of equipment group

Article – BusinessDesk

June 29 (BusinessDesk) – Shares in Hellaby Holdings are the biggest riser on the NZX, jumping 7.3 percent to $2.65 off the back of the sale of its equipment group to a private equity fund for $81 million. Read more »

Christchurch convention centre build to proceed without PCNZ

Article – BusinessDesk

June 29 (BusinessDesk) – After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch’s replacement convention centre, which it now anticipates delivering at least two years behind the original … Read more »

R&D grants stop companies gaming system to get tax credits

Article – BusinessDesk

June 29 (BusinessDesk) – New Zealand’s research and development grant system administered through Callaghan Innovation stops companies gaming the system by reclassifying spending to qualify for tax credits, Science and Innovation Minister Steven Joyce says. Read more »

FMA puts advisers on notice over replacement life insurance

Article – BusinessDesk

June 29 (BusinessDesk) – The Financial Markets Authority is keeping a close watch on the small group of financial advisers selling large volumes of replacement life insurance, which could be driving up the cost for consumers. Read more »

Spark completes $200m upgrade of customer service platform

Article – BusinessDesk

June 29 (BusinessDesk) – Spark New Zealand has completed a $200 million programme upgrading the backend for its customer service IT platforms putting all of its clients on to a single system and making it easier for the company’s front-line staff. Read more »

Hellaby agrees to sell equipment unit to Maui Capital

Article – BusinessDesk

June 29 (BusinessDesk) – Hellaby Holdings agreed to sell its equipment group to private equity group Maui Capital Aqua Fund for $81 million, and will use the funds to reduce debt and expand its core automotive and resource services groups. Read more »

NZ dollar takes a breather after bout of Brexit volatility

Article – BusinessDesk

June 29 (BusinessDesk) – The New Zealand dollar was little changed as traders took a breather following a period of volatility after the UK voted to leave the European Union last week. Read more »

While you were sleeping: Stocks, pound rebound

Article – BusinessDesk

June 29 (BusinessDesk) – Equities on both sides of the Atlantic rose as investors picked up some bargains following a two-day Brexit-inspired rout amid expectations that central banks will follow through on their promise to help if needed. Read more »

MARKET CLOSE: NZ shares rise as investors seek stability

Article – BusinessDesk

June 28 (BusinessDesk) – New Zealand shares rose as investors embraced the local market’s insulation from global turmoil and high yields, with Spark New Zealand, Precinct Properties and Summerset Group rising. Read more »

NZD back above 70c US after UK’s Cameron says no Brexit rush

Press Release – BusinessDesk

The New Zealand dollar rose back above 70 US cents after British Prime Minister David Cameron reiterated he would leave Brexit negotiations to his successor and won’t invoke article 50 of the Lisbon Treaty that would begin the process for leaving the … Read more »

Big Food backs changes to s.36 of Commerce Act

Article – BusinessDesk

Big Food backs changes to s.36 of Commerce Act to curtail power of big supermarkets Read more »

Smiths City boss Roy Campbell lifts holding in retailer

Article – BusinessDesk

June 28 (BusinessDesk) – Smiths City Group chief executive Roy Campbell has increased his holding in the retailer he joined in 2015 buying shares in an off-market purchase. Read more »

5.2% of NZ households owe more than they own

Article – BusinessDesk

June 28 (BusinessDesk) – A new government data set shows about 5.2 percent of New Zealand households owe more than they own at a time when low interest rates have made borrowing more attractive. Read more »

Auckland Council nears borrowing cap via LGFA

Article – BusinessDesk

June 28 (BusinessDesk) – Auckland Council is nearing the limit on what it can borrow through the Local Government Funding Agency as low interest rates encourage local authorities to take on low-cost debt. Read more »

NZ export log prices fall in June

Article – BusinessDesk

June 28 (BusinessDesk) – New Zealand export log prices slid to a five-month low in June as returns were hurt by a stronger local currency and an increase in shipping costs. Read more »

Uber launches free personalised music for its drivers

Article – BusinessDesk

June 28 (BusinessDesk) – Ridesharing service Uber has today launched a new partnership with Pandora in New Zealand, Australia and the US that allows drivers to create a personalised station that plays the music they like. Read more »

Murray Goulburn announces 2017 farmgate milk price

Article – BusinessDesk

June 28 (BusinessDesk) – Murray Goulburn Cooperative, Australia’s dominant milk processor, announced its forecast farmgate milk price for the coming year, saying it expects only a modest recovery in prices in the second half of the year. Read more »