Govt targets $100M/year from closing offshore tax loopholes

Article – BusinessDesk

May 25 (BusinessDesk) – The government expects to raise at least $250 million over the next three years from closing foreign tax loopholes exploited by both multi-national corporations and New Zealand companies with offshore activities. Read more »

Tax and benefits package targets low/middle income families

Article – BusinessDesk

May 25 (BusinessDesk) – The Budgets $2 billion a year package of tax and accommodation benefit changes is skewed deliberately towards the lowest income families and areas where rents are highest in an election year pitch by the government to be seen to … Read more »

Transport drives $32.5 billion infrastructure spend

Article – BusinessDesk

May 25 (BusinessDesk) – New roads and rail upgrades will suck up about a third of the governments $32.5 billion infrastructure spending over the next four years, draining the coffers for the foreseeable future. Read more »

NZDMO lifts debt issuance by $1 billion over forecast period

Article – BusinessDesk

(BusinessDesk) The New Zealand Debt Management office lifted its issuance programme by $1 billion through June 2021 compared to prior forecasts in its half year economic and fiscal update and said it plans to launch a new April 20, 2029 bond before the … Read more »

BUDGET 2017: NZ economic growth seen peaking at 3.8% in 2019

Article – BusinessDesk

May 25 (BusinessDesk) – (BusinessDesk) New Zealands economic growth is tipped to peak in 2019, boosted by ongoing population growth, investment, and a new family incomes package announced in Finance Minister Steven Joyces maiden budget. Growth, … Read more »

Govt forecast surpluses narrow on family package

Article – BusinessDesk

May 25 (BusinessDesk) – (BusinessDesk) The government now expects a wider surplus in the year to June than it previously forecast but then tipped narrower surpluses over the forecast period in its latest budget as a new family incomes package and … Read more »

Budget spends down future surpluses

Article – BusinessDesk

May 25 (BusinessDesk) – Tax cuts for every working New Zealander, targeted to low and middle income earners, more generous assistance for families and renters, and a massive spend-up on public services infrastructure mark Finance Minister Steven … Read more »

Chorus increases bank facility, pushes out maturity date

Article – BusinessDesk

May 25 (BusinessDesk) – Chorus, the telecommunications network operator, has increased its bank facility and pushed out the maturity date, giving it additional financial flexibility and funding certainty. Read more »

SeaDragon confirms full-year loss will widen

Article – BusinessDesk

May 25 (BusinessDesk) – SeaDragon, which manufactures fish oils for health supplements, confirmed its 2017 annual loss would widen, in line with its previous guidance. Read more »

Sanford lifts first-half profit 25%

Article – BusinessDesk

Sanford lifts first-half profit 25% as higher value product offsets lower prices for frozen fish Read more »

Gentrack lifts first-half profit 46%

Article – BusinessDesk

May 25 (BusinessDesk) – Gentrack Group, the utilities software developer which has been on a buying spree, lifted first-half profit 46 percent as new utilities contracts spurred an increase in sales, offsetting a more muted period for its airports software … Read more »

Argosy lifts distributable earnings

Article – BusinessDesk

May 25 (BusinessDesk) — Argosy Property lifted distributable earnings 4.6 percent as it continued to lift the quality of its portfolio through the divestment of lower quality, non-core assets and after benefiting from the surrender of a lease agreement. Read more »

Metroglass profit dips on Aussie expansion costs

Article – BusinessDesk

May 25 (BusinessDesk) – Metro Performance Glass delivered a $19.4 million net profit for the year to March 31, down from $21.3 million a year earlier, as it absorbed the costs of a major acquisition in the Australian market and the impact of declining … Read more »

NZ dollar climbs back above 70 US cts

Article – BusinessDesk

May 25 (BusinessDesk) – The New Zealand dollar rose back above 70 US cents as investors were disappointed by caveats in the minutes to this month’s Federal Reserve policy meeting as they raised uncertainty over the timing of US interest rate increases. Read more »

While you were sleeping: Wall St ticks higher

Article – BusinessDesk

May 25 (BusinessDesk) – Wall Street moved higher as investors eyed minutes from the latest Federal Reserve meeting, slated for release on Wednesday afternoon, for fresh clues on the outlook for interest rate increases. Read more »

MARKET CLOSE: NZ shares rise, led by Arvida

Article – BusinessDesk

May 24 (BusinessDesk) – Arvida Group led the New Zealand share market higher as investors were cheered by positive earnings reports and – like much of Asia – shrugged off news Moody’s Investors Service cut its sovereign credit rating on China. Read more »

NZ dollar slips below 70 US cents

Press Release – BusinessDesk

May 24 (BusinessDesk) – The New Zealand dollar dipped below 70 US cents as credit rating agency Moody’s Investors Service downgraded China’s rating on fears rising debt levels could stifle growth in the world’s second-biggest economy, which is also … Read more »

Plant & Food Research-Anagenix tie up

Article – BusinessDesk

May 24 (BusinessDesk) – Crown research institute Plant & Food Research is about the reap the benefits from its first commercial partnership – the Innovation Cell – a venture aimed at bringing together science and marketing expertise to rapidly … Read more »

Air New Zealand passenger numbers rise in April

Article – BusinessDesk

May 24 (BusinessDesk) – Air New Zealand’s passenger numbers rose in April as tourists continue to flood into the country, bolstered by the timing of the Easter holiday. Read more »

Unite Union makes headway in talks with Restaurant Brands

Article – BusinessDesk

May 24 (BusinessDesk) – Unite Union is still negotiating with Restaurant Brands New Zealand after the union’s members, who account for about half the fast food operator’s local workforce, went on strike for the first time in a decade. Read more »