Market Close: Sky TV drops on merger fail

Article – BusinessDesk

Feb. 23 (BusinessDesk) – New Zealand shares rose, led by Air New Zealand and Spark New Zealand while Sky Network Television fell to its lowest level in almost eight years after its merger with Vodafone was disallowed by the Commerce Commission. Read more »

While you were sleeping: Wall St lingers near records

Article – BusinessDesk

Feb. 24 (BusinessDesk) – Wall Street fluctuated near record highs as investors reassessed valuations, while the US dollar declined. Read more »

NZ nappy competition weighs on earnings for Asaleo

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Asaleo Care, the Australian stock exchange-listed maker of household brands such as Libra, Sorbent, Purex and Treasures, posted a 22 percent drop in annual profit with revenue declining as it faced more competition in the … Read more »

Trade Me CEO Macdonald sees scope to improve marketplace

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Trade Me chief executive Jon Macdonald sees more options to improve the online marketplace’s retail offering but isn’t ready to give the game away with Facebook’s rival offering already available and the threat of Amazon still … Read more »

Qantas reports slide in first-half earnings

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Australia’s biggest airline Qantas Airways reported a slide in first-half profit but its Jetstar Group, which includes New Zealand domestic and regional as well as Australia outbound flights among others, did better. Read more »

Port of Tauranga’s Cairns ‘relieved’ to have revenue growth

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Port of Tauranga chief executive Mark Cairns says he’s relieved to see revenue growth as cargo volumes grow at New Zealand’s biggest port, after the completion of a five-year, $350 million capital spending programme that … Read more »

UPDATE: Summerset annual earnings rise 50%

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Summerset Group boosted annual earnings 50 percent after opening more retirement villages and improving its margins. Read more »

Transpower lifts 1H profit on higher transmission revenue

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Transpower New Zealand reported a higher first-half profit as the state-owned company saw a rise in transmission revenue. Read more »

Vital Healthcare 1H distributable income rises 87%

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Vital Healthcare Property Trust, the Auckland-based hospital and healthcare property developer and investor, said its first-half net distributable income rose 87 percent as acquisitions and developments helped drive rental income … Read more »

Intueri halves full-year loss

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Intueri Education Group halved its full-year loss after taking a smaller charge on impairments, offsetting a 14 percent decline in revenue. Read more »

SLI first-half loss more than doubles on strong kiwi

Article – BusinessDesk

Feb. 23 (BusinessDesk) – SLI Systems more than doubled its first-half loss as a strong New Zealand dollar and the loss of three major customers at the end of the 2016 financial year continued to weigh on earnings. Read more »

Investors wipe nearly $300M off Sky TV valuation

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Sky TV Network Television shares were hammered when trading opened on the New Zealand stock exchange this morning, with investors wiping $293 million off the value of the pay-TV provider after this morning’s rejection of its … Read more »

Trade Me first half profit climbs 16%

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Trade Me lifted first-half profit 16 percent signalling an end to an investment phase for the online marketplace and business, although the result fell just short of analyst expectations. Read more »

Summerset annual earnings rise 50% as expansion accelerates

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Summerset Group boosted annual earnings 50 percent after opening more retirement villages and improving its margins. Read more »

Premium sports monopoly key to Sky-Vodafone merger rejection

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Ownership of all premium sports content by a strongly vertically integrated pay-TV and full-service telecommunications provider is the key reason for the Commerce Commissions rejection of the proposed merger between … Read more »

Summerset annual earnings rise 50% as expansion accelerates

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Summerset Group boosted annual earnings 50 percent after opening more retirement villages and improving its margins. Read more »

Port of Tauranga posts 8.5% 1H profit gain

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Port of Tauranga posted an 8.5 percent gain in first-half profit and raised its full-year guidance, saying both exports and import cargo volumes rose, including a rebound in the outbound log trade. Read more »

Fed minutes show concern at greenback strength

Article – BusinessDesk

Feb. 23 (BusinessDesk) – The New Zealand dollar rose after minutes of the US Federal Reserve’s latest meeting showed concern that a strong greenback could hurt the US economy while some comments appeared to downplay any near-term inflation risks. Read more »

ComCom declines merger over competition fears

Article – BusinessDesk

Feb. 23 (BusinessDesk) – The Commerce Commission has rejected an application by Sky Network Television and Vodafone New Zealand to merge their businesses over fears it would stifle competition, with a key factor being its ownership of premium sports … Read more »

Fonterra keeps forecast farmgate payout at $6/kgMS

Article – BusinessDesk

Feb. 23 (BusinessDesk) – Fonterra Cooperative Group has kept its forecast farmgate payout at $6 per kilogram of milk solids, citing the rebalancing of demand and supply which led to a slump in dairy prices last year, and expects those prices to either … Read more »