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Lack of fuel competition may be costing $400m annually

Article – BusinessDesk

Aug. 20 (BusinessDesk) – The countrys fuel retailers may be earning close to $400 million a year in excess returns, and few expect any reduction in profitability any time soon, the Commerce Commission says. Read more »

UPDATE: Mercury earnings fall less than expected

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Mercury NZ’s annual operating earnings fell 11 percent, less than forecast, as record geothermal production helped offset a dry spell in the North Island that weighed on its hydro schemes. Read more »

Napier Port jumps 12% on NZX debut

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Napier Port debuted at $2.91 on the New Zealand stock exchange, up 12 percent on its initial public offer price, amid pent-up demand after an oversubscribed bookbuild earlier this month. Read more »

Moody’s sees pressure on NZ banks’ profitability

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Moodys Investors Service says slow credit growth, low interest rates and rising costs will weigh on the profitability of New Zealand banks in the next 12 to 18 months. Read more »

Breaking wholesale stranglehold on petrol supply

Article – BusinessDesk

Aug. 20 (BusinessDesk) – A stranglehold on the wholesale supply of petrol and diesel is at the core of New Zealand’s less than fully competitive transport fuel market and it should be loosened, the Commerce Commission says in the draft findings of … Read more »

FIRST CUT: Mercury earnings fall less than expected

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Mercury NZ’s annual operating earnings fell 11 percent, less than forecast, as record geothermal production helped offset a dry spell in the North Island that weighed on its hydro schemes. Read more »

Comvita says KPMG’s audit delays reporting of annual results

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Honey products company Comvita says it has delayed reporting its annual results to no later than Friday of this week. Read more »

Nib NZ has risk and culture review on the radar

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Australian health insurer nib Holdings will review its risk and culture in New Zealand as trans-Tasman financial services come to grips with the regulatory crackdown on the sector. Read more »

NZ dollar drifts lower as greenback gains

Article – BusinessDesk

Aug. 20 (BusinessDesk) – The New Zealand dollar is weaker after the greenback benefited from improving risk appetite. Read more »

MARKET CLOSE: NZ shares gain on tweaked earnings outlooks

Article – BusinessDesk

Aug. 19 (BusinessDesk) – New Zealand shares snapped a six-day decline, rising ahead of a flurry of company results this week as investors adjusted their earnings expectations to the benefit of A2 Milk and detriment of Fletcher Building. Read more »

NZ dollar drifts lower ahead of central bank talk-fest

Article – BusinessDesk

Aug. 19 (BusinessDesk) – The New Zealand dollar drifted lower despite a mildly positive tone to sentiment once Asian trading kicked in. Read more »

PFI cautious about new acquisitions

Article – BusinessDesk

Aug. 19 (BusinessDesk) – Property For Industry is an interested, if cautious, buyer of industrial property in a market where rising valuations helped lift the firm’s first-half profit by 57 percent. Read more »