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Macpac performance overshadowed by SRG underpayments scandal

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Super Retail Group, which bought New Zealand outdoor clothing and equipment company Macpac 12 months ago, reported a 6 percent increase in first-half sales and an almost 9 percent improvement in normalised net profit. Read more »

MPs told $200m Northport rail link ‘critical’

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Economic growth in Northland is akin to that in Waikato and the Bay of Plenty during the 1970s and 1980s and will need investment in rail to support the regions growing export industries, MPs heard today. Read more »

CORRECTION: AMP NZ’s earnings slide; group profit slumps 97%

Article – BusinessDesk

(Corrects to show AMP NZ results in the first sentence are for the life insurance business only) Read more »

TVNZ has a keen interest in what happens to Stuff

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Television New Zealand chief executive Kevin Kenrick will take a keen interest in Nine Entertainment’s planned sale of its New Zealand business and isn’t ruling out having a look at Stuff’s assets. Read more »

UPDATE: Reserve Bank’s Orr says he’s open to persuasion

Article – BusinessDesk

UPDATE: Reserve Bank’s Orr says he’s open to persuasion on new bank capital rules Read more »

UPDATE: KiwiBuild will crowd out as much as 75%

Article – BusinessDesk

Feb. 14 (BusinessDesk) – The Reserve Bank estimates that for every 100 houses built under the government’s KiwiBuild programme over the next three years, between 50 and 75 other houses may not be built because of capacity constraints. Read more »

New MPS committee reduces risk of a feral Reserve Bank

Article – BusinessDesk

New MPS committee reduces risk of a feral Reserve Bank governor: Orr Read more »

AMP NZ’s earnings slide 45%; group profit slumps 97%

Article – BusinessDesk

Feb. 14 (BusinessDesk) – AMPs New Zealand arm reported a 45 percent slump in operating earnings to A$39 million for calendar 2018, largely reflecting A$180 million of capitalised losses and about A$50 million of experience losses. This follows an increase in income … Read more »

Suncorp’s New Zealand 1H profit jumps on premium price hikes

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Suncorp Group’s New Zealand insurance arm boosted first-half profit by 79 percent as the latest round of premium hikes coincided with a dip in how much it paid out in claims. Read more »

Meridian buys power from rival Genesis amid strong demand

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Meridian Energy, the countrys biggest hydro generator, has bought electricity from rival power company, gas/coal generator Genesis Energy over the past two months. This is a sign it is trying to manage its hydro risk coming … Read more »

January food prices rise 0.8% from year earlier

Article – BusinessDesk

Feb. 14 (BusinessDesk) – Food prices in January were 0.8 percent higher than a year earlier, driven by higher meat, grocery and take-away costs. Read more »

NZ house sales fall in January, take longer

Article – BusinessDesk

Feb. 14 (BusinessDesk) – New Zealand’s real estate turnover shrank in January as deals took longer to close and prices rose at a slower annual pace. Read more »