Business Scoop

MARKET CLOSE: NZ shares subdued on China trade tensions

Article – BusinessDesk

Feb. 18 (BusinessDesk) – New Zealand shares edged lower in subdued trading as fears over the country’s trade relations with China unnerved investors. Property For Industry fell after its earnings missed expectations, while Port of Tauranga hit a new record … Read more »

NZ dollar rises on optimism for China-US trade deal

Article – BusinessDesk

Feb. 18 (BusinessDesk) – The New Zealand dollar rose against all other currencies amid growing optimism the United States and China will settle their trade differences. Read more »

Steel & Tube recovery to include $5.6M of cost savings

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Anybody wondering where Steel & Tube Holdings cost savings are coming from need look no further than the site rationalisation project currently underway. Read more »

Open Country challenges validity of Fonterra 2018 milk price

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Open Country Dairy is seeking a judicial review of the way Fonterra Cooperative Group set its milk price in the 2018 season, despite the Commerce Commission giving the price-setting process a pass mark. Read more »

Guest night growth slows

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Growth in tourist accommodation slowed in December as international guests spent fewer nights in the North Island, according to Stats NZ. Read more »

Nib NZ first-half earnings slide 30%

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Nib New Zealand posted a 30 percent slide in first-half profit as the local arm of the Australian health insurer’s claims bill rose at a faster pace than it could win new policyholders. Read more »

Customer satisfaction in NZ banks rises despite scandals

Article – BusinessDesk

Feb. 18 (BusinessDesk) – The scandals exposed by Australias royal commission into financial services dont appear to have dented New Zealanders trust in banks. Read more »

Perky services sector in January soothes fears

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Activity in New Zealand’s services sector picked up in January, with strong sales and new orders helping to allay fears that the economy may be poised for a downturn this year. Read more »

UPDATE: Port of Tauranga earnings boosted

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Port of Tauranga says its first-half result benefitted from congestion on Auckland’s wharves and that trend is expected to continue for the rest of the financial year. Read more »

PFI doubles 2018 profit, underlying earnings fall short

Press Release – BusinessDesk

Feb. 18 (BusinessDesk) – Property For Industry more than doubled its calendar 2018 profit as its 94-property portfolio was revalued higher. However, a slightly lower occupancy rate and rising property costs dented underlying earnings, which missed … Read more »

Steel & Tube 49% jump in first-half net profit

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Steel & Tube Holdings believes it is on the road to recovery, reporting a 48.7 percent jump in first-half net profit and delivering operating profit in line with previous guidance. Read more »

FIRST CUT: Port of Tauranga lifts 1H profit 4%

Article – BusinessDesk

Feb. 18 (BusinessDesk) – Port of Tauranga increased first-half net profit 4 percent, buoyed by ongoing container growth and increased log and fruit volumes. Read more »