Innovation and infrastructure still holding back NZ

Article – BusinessDesk

Sept. 29 (BusinessDesk) – New Zealand’s national infrastructure and capacity to innovate stand out as two factors that continue to drag on the country’s international competitiveness, even as it rose three places in the ranks from last year and 10 places better than … Read more »

UPDATE: Christchurch council company meets first deadline

Article – BusinessDesk

Sept. 29 (BusinessDesk) – Christchurch City Holdings Ltd, the city council’s investment unit, has met its target under the city’s long-term strategy by paying a $90 million dividend, the first installment of a plan to return $600 million by the end of 2019 … Read more »

CCHL nearly triples dividend payout with special payment

Press Release – BusinessDesk

Sept. 29 (BusinessDesk) – Christchurch City Holdings Ltd, the city council’s investment unit, pulled cash out of its power company Orion New Zealand to almost triple its dividend payment, adding a special $90 million contribution to the city’s long-term … Read more »

Goldman Sachs NZ trading under scrutiny in trial

Article – BusinessDesk

Sept. 29 (BusinessDesk) – Trading by Goldman Sachs has come under the scrutiny of lawyers representing Milford Asset Management portfolio fund manager Mark Warminger in a High Court trial on market manipulation. Read more »

Plexure’s annualised revenue rises to $7.1M

Press Release – BusinessDesk

Sept. 29 (BusinessDesk) – Plexure Group, the digital advertising firm formerly known as VMob, has increased annualised committed monthly revenue (ACMR) by almost a third with a view to reaching $10 million mark by the end of the year, and is considering … Read more »

RBNZ to pay $140 million dividend from FX gains

Article – BusinessDesk

Sept. 29 (BusinessDesk) – The Reserve Bank will pay a $140 million dividend to the government, using up some of the near $1 billion of investment gains built up from prior years. Read more »

Airport wants to re-start process for runway extension

Article – BusinessDesk

Sept. 29 (BusinessDesk) – Wellington International Airport has asked the city and regional councils to re-start its application to extend the runway. Read more »

Z Energy more than halfway through divestments

Article – BusinessDesk

Sept. 29 (BusinessDesk) – Z Energy has signed contracts to sell 12 of the 20 sites it has to quit as part of its acquisition of Chevron New Zealand and is negotiating contracts for the rest. Read more »

Tertiary education system set up to preserve status quo

Article – BusinessDesk

Sept. 28 (BusinessDesk) – New Zealand’s tertiary education system is set up in ways that preserve the status quo, discourage innovation, encourage high-cost models, and reward the largest providers for gaming the system to be able to ‘cry poor’, … Read more »

CBL to raise up to $63 mln to accelerate expansion plans

Article – BusinessDesk

Sept. 29 (BusinessDesk) – CBL Corp, which sells credit surety and financial risk insurance, plans to raise up to $63 million in a share placement to institutional investors and a share purchase plan, giving it more headroom to pursue growth opportunities. Read more »

Fed officials fail to give new direction

Article – BusinessDesk

Sept. 29 (BusinessDesk) – The New Zealand dollar was little changed after appearances by top Federal Reserve officials did little to change market perceptions of the timing of interest rate hikes in the US. Read more »

While you were sleeping: Oil climbs on OPEC deal

Article – BusinessDesk

Sept. 29 (BusinessDesk) – Oil prices jumped, while stocks on Wall Street rose, on a report that OPEC reached an agreement to limit output. Read more »

MARKET CLOSE: NZ shares gain

Article – BusinessDesk

Sept. 28 (BusinessDesk) – New Zealand shares rose, with Chorus, Orion Health Group and Air New Zealand recovering losses, while Tower resumed its fall. Read more »

NZD retreats from presidential-debate highs

Article – BusinessDesk

Sept. 28 (BusinessDesk) – The New Zealand dollar retreated from its overnight highs on speculation figures over the next two weeks will point to an improving US economy, making a Federal Reserve rate hike in December more likely. Read more »

Consensus on need for bigger environmental regime overhaul

Article – BusinessDesk

A new coalition of environmental, business and infrastructure lobby groups has added new weight to a growing consensus that the 25 year-old Resource Management Act is failing both to allow sufficient development and to protect the environment. Read more »

Smuggler Marine removes references to Sealegs technology from website

Press Release – BusinessDesk

Sept. 28 (BusinessDesk) – Smuggler Marine, an Auckland-based boatbuilder, has removed references to Sealegs Corp amphibious boat technology from its website ahead of an application for a High Court injunction next month over the alleged infringement … Read more »

Intueri retains support of lender ANZ

Article – BusinessDesk

Sept. 28 (BusinessDesk) – Intueri Education Group, the private education group whose shares collapsed on Tuesday in response to a warning about Australian government audits that threatened its viability, has told investors it retains the support of … Read more »

New NZX market manipulation guidance raised in trial

Article – BusinessDesk

Sept. 28 (BusinessDesk) – A joint NZX/Financial Markets Authority collaboration on providing more guidance to the securities industry on the scope of permissible trading conduct was raised today in the countrys first market manipulation trial. Read more »

Milford sells down stake in Wynyard as shares slump

Article – BusinessDesk

Sept. 28 (BusinessDesk) – Milford Asset Management has reduced its holding in crime fighting software company, Wynyard Group, taking its ownership to 5.7 percent from 7.6 percent in December last year. Read more »

Seadragon’s talks with new cornerstone investor collapse

Article – BusinessDesk

Sept. 28 (BusinessDesk) – Seadragon, the fish-oil refiner, has warned investors that preliminary talks with a potential new cornerstone investor have failed. Read more »