BNZ worried about ‘near-recession’ as Key talks economy up

Article – BusinessDesk

Aug. 31 (BusinessDesk) – The Bank of New Zealand is increasingly concerned the economy is grinding to a halt following today’s confirmation in the ANZ Bank Business Outlook survey of slumping business confidence. Read more »

MARKET CLOSE: NZ shares fall as traders fear more volatility

Article – BusinessDesk

Aug. 31 (BusinessDesk) – New Zealand shares fell as investors remained cautious after last week’s spike in volatility when equity markets were sold off on fears over the Chinese economy. Dual-listed stocks, such as A2 Milk Co, Xero, Skycity Entertainment … Read more »

IRD seeks feedback on withholding tax for foreign buyers

Article – BusinessDesk

Aug. 31 (BusinessDesk) – The Inland Revenue Department is proposing to introduce a withholding tax on foreign buyers of residential property from July next year as part of the government’s plans to crackdown on speculators. Read more »

NZ dollar falls as business confidence sinks to 6-year low

Article – BusinessDesk

NZ dollar falls as business confidence sinks to 6-year low, US jobs data eyed Read more »

CORRECT: PGC FY profit shrinks 99% from restated accounts

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Pyne Gould Corp, which restated its 2014 accounts to remove an anticipated gain on the sale of Perpetual Trust, said 2015 profit shrank by 99 percent as interest income fell, expenses jumped and the asset management firm didn’t … Read more »

NZX-listed companies more resilient, earnings season shows

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Analyst are more upbeat about the prospects for earnings in 2016, upgrading more than half the firms they cover after the latest reporting season, with the weaker kiwi dollar set to bolster export receipts, offsetting a … Read more »

Live Nation NZ, MHC cleared by OIO to buy Vector Arena

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Live Nation NZ and MHC Investments have been cleared by the Overseas Investment Office to acquire Aucklands 12,000-seat Vector Arena for an undisclosed sum. Read more »

IRD seeks feedback on taxing on foreign property buyers

Article – BusinessDesk

Aug. 31 (BusinessDesk) – The Inland Revenue Department is proposing to introduce a resident withholding tax on foreign buyers of residential property from July next year as part of the government’s plans to crackdown on speculators. Read more »

Foley Family full-year operating profit more than doubles

Article – BusinessDesk

Foley Family full-year operating profit more than doubles, as bottled, bulk wine sales rise Read more »

NZ firms grow gloomier about economic outlook

Article – BusinessDesk

Aug. 31 (BusinessDesk) – New Zealand firms grew even gloomier in August as falling commodity prices and a lack of inflation looks set to keep profits down, and have scaled back their intentions to take on new staff or invest in their business. Read more »

NZ Dollar Outlook: Kiwi may decline on US jobs data

Article – BusinessDesk

NZ Dollar Outlook: Kiwi may decline as US jobs data seen boosting case for rate hike Read more »

Pyne Gould annual profit shrinks 99%

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Pyne Gould Corp, which restated its 2014 accounts to remove an anticipated gain on the sale of Perpetual Trust, said 2015 profit shrank by 99 percent as interest income fell, expenses jumped and the asset management firm didn’t … Read more »

NZ residential building consents jump 20% in July

Article – BusinessDesk

Aug. 31 (BusinessDesk) – New Zealand residential building consents jumped by a fifth in July, turning around a decline in June, and spurred by increased construction intentions in Auckland. Read more »

Rubicon turns to full-year profit on Tenon improvement

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Rubicon, the forestry biotech company, returned to full-year profit on a recovery in earnings for Tenon, the wood mouldings company it owns 59.8 percent of, and said it was disappointed that its shares haven’t tracked Tenon’s … Read more »

Allied Farmers annual profit sinks 88%

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Allied Farmers posted an 88 percent drop in annual profit after an overhaul of the business increased the firm’s tax bill, and as its profitable livestock unit was held back by the slowing dairy sector. Read more »

Tenon announces first dividend in 17 years, profit trebles

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Tenon, whose locally produced wood mouldings are sold in the US, announced its first dividend in 17 years after it trebled annual profit as a rebound in the US housing market and a decline in the kiwi dollar against the greenback … Read more »

Jetstar launches regional network with $9 fares, five routes

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations – Nelson, Napier, New Plymouth, … Read more »

Flick Electric unfazed by prospect of wholesale price rise

Article – BusinessDesk

Aug. 31 (BusinessDesk) – Flick Electric, the electricity retailer which passes on wholesale prices directly to consumers, is unfazed by the prospects of scaled-down generation in New Zealand driving prices higher. Read more »

NZ dollar slips on optimism about US rate hike

Article – BusinessDesk

Aug. 31 (BusinessDesk) – The New Zealand dollar slipped as the US dollar strengthened after Federal Reserve officials signalled the US central bank is on track for a potential rate hike next month. Read more »

World Week Ahead: US jobs data looms

Article – BusinessDesk

Aug. 31 (BusinessDesk) – With Federal Reserve policy makers signalling in recent days that a September interest rate increase still remains a possibility, investors will scrutinise this weeks US jobs data ever so closer. Read more »