NZX's SuperLife lifts Energy Mad stake to 45.6% with $2.2M rights offer underwrite

SuperLife, the funds management business owned by NZX, has lifted its stake in Energy Mad to 45.6 percent after underwriting the unprofitable lightbulb maker's $2.2 million rights offer. SuperLife Trustee Nominees picked up 20.4 million shares through the underwriting agreement for a total 34.4 million shares issued in the four-for-five rights issue at 6.5 cents a share. The funds are to be used…

  • May budget could dent confidence: ANZ AAP - 26 minutes ago

    Consumer confidence has risen for the third straight week but the upcoming federal budget could deliver a blow to the recovery, ANZ's top economist says. Confidence rose 0.8 per cent last week, as low ...

  • NZ building consents fall for a third month in Feb … BusinessDesk - 33 minutes ago

    New Zealand residential building consents declined for a third month in February, as the pace of new home building slowed. Seasonally adjusted dwelling consents, including apartments and retirement units, dropped 6.3 percent to 1,953 in February from a month earlier, accelerating from the 5.6 decline in January, according to Statistics New Zealand.

  • Greece, creditors still struggle with deal AAP - 43 minutes ago

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    The latest ASB Cantometer, which is design to capture the pick-up in the Christchurch earthquake rebuild, has remained steady.

  • Treasury Wines to sell wineries AAP - 53 minutes ago

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  • PAYE for NZ businesses proposed in biggest tax shake-up … BusinessDesk - 54 minutes ago

    The government is floating the idea of businesses paying their tax on a pay-as-you-go (PAYE) basis, like individual taxpayers, in the biggest proposed shake-up of one of the building blocks of the income tax system since its introduction in 1957. Revenue Minister Todd McClay announced the proposal to introduce a form of "business PAYE" among a raft of other possible reforms contained in green paper seeking public submissions by May 29 ahead of a rolling maul of public consultation documents he plans to publish over the next three years to modernise and simplify the tax system, while improving the rate and accuracy of tax collection. Greater use of digital technology could see income tax obligations integrated into everyday business processes, although McClay acknowledged this had to be done in ways that minimised cost for small businesses and individuals who still rely on paper-based tax compliance. Also up for review is the exemption in place since the 1990's that allows large numbers of individual taxpayers not to file a tax return at all if their circumstances are simple or they do not have tax to pay.

  • Business forecasters boost 2-year outlook AAP - 57 minutes ago

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  • Apple CEO Tim Cook defends gay rights AAP - 58 minutes ago

    Apple CEO Tim Cook has again been the centre of a new episode in the battle between defenders of religious freedom and defenders of gay and lesbian rights in the United States, the latter of which he supported in an op-ed in The Washington Post. He cited the bill enacted in Indiana last week "that drew a national outcry and one passed in Arkansas," which say that individuals can cite their personal religious beliefs to refuse service to a customer - for instance, a gay, lesbian or transsexual person - or resist a state nondiscrimination law. Indiana's Republican governor, Mike Pence, last Thursday signed the state's Religious Freedom Restoration Act, which gives businesses in the state carte blanche to prohibit entry to gay couples in the name of freedom of religious belief. The Apple CEO, who last year publicly announced his homosexuality, warned that other states are working on even harsher laws, such as one in Texas that would allow salary or pension payments to be withdrawn from officials who issue marriage licences to same-sex couples "even if the Supreme Court strikes down Texas' marriage ban later this year".

  • Fonterra says its holding its own in Canterbury as … BusinessDesk - 58 minutes ago

    Fonterra Cooperative Group, New Zealand's largest dairy processor, says it's holding its own in the dairy-intensive Canterbury region, despite reports some of its 10,600 farmers shareholders are lining up to supply milk to its competitors in the wake of its weak interim results last week. Federated Farmers dairy chair Andrew Hoggard cited a source from Open Country Dairy, the country's second largest processor, saying it had had 100 inquiries from Fonterra shareholders in just two days last week, on top of the 500 it already had on a waiting list in the Waikato, Taranaki and Southland regions. Open Country Dairy wouldn't confirm its waiting list numbers and Fonterra won't confirm if there has been a significant shift in its own suppliers. Most of the dairy processors are reluctant to talk about competition for milk supply with only Oceania Dairy, Synlait, and Fonterra confirming they were actively seeking to sign up new farmers.

  • Bond futures mixed amid quiet trade AAP - 1 hour 3 minutes ago

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  • Dollar nearing parity with Australia Newstalk ZB - 1 hour 28 minutes ago

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  • RESEND: Court of Appeal rejects MTF Sportzone appeal … BusinessDesk - 1 hour 42 minutes ago

    The Court of Appeal has dismissed an appeal by Motor Trade Finance and Sportzone Motorcyles over breaches of the Credit Contracts & Consumer Finance Act and the Fair Trading Act. The Commerce Commission said the motorcycle and car finance businesses breached consumer protection law over fees charged in 39 loan contracts originated by Sportzone between May 2005 and July 2008. Sportzone had an agreement with MTF allowing the defunct motorcycle business to write credit contracts for buyers of motorcycles. In September 2013 and then in October 2014 the High Court issued two judgments in favour of the commission that some fees in the lender's loan contracts were unreasonable, while rejecting other aspects of the commission's claims that MTF and Sportzone, which is in liquidation, failed to make proper disclosure of components of credit fees payable under the loan contracts.

  • Commodities markets summary AAP - 1 hour 54 minutes ago

    A summary of trading in key commodities markets overseas: ENERGY Oil prices have dipped as traders eyed talks between Iran and global powers that could ease international sanctions on one of the world's ...

  • Kirkcaldie taps former chief Shewell as acting CEO … BusinessDesk - 2 hours 7 minutes ago

    Kirkcaldie & Stains, the upscale Wellington department store, named former managing director Philip Shewell as acting chief executive while it searches for a replacement for John Milford. Shewell was a director of the company until February last year and ran the business more than a decade ago. After paying off $23.5 million in bank debt, the sale has netted $16.8 million to date but chairman Falcon Clouston said the board is still awaiting a final installment of $4.75 million in October.

  • Stocks to watch on Tuesday AAP - 2 hours 8 minutes ago

    Stocks to watch on the Australian stock exchange on Tuesday, March 31: ANZ - ANZ BANKING GROUP - down 44 cents, or 1.2 per cent, at $36.36 CBA - COMMONWEALTH BANK - down $1.24, or 1.3 per cent, at $93.10 ...

New Zealand Markets

Company Finances

  • Analysts shrug off the Diet Coke downturn CNBC - Sat, Mar 28, 2015 9:13 AM NZDT
    Analysts shrug off the Diet Coke downturn

    Diet Coke sales are plummeting, but most analysts aren't too concerned. Here's why.

  • Old Bay seasoning works on crabs...and beer too! CNBC - Sat, Mar 28, 2015 6:06 AM NZDT
    Old Bay seasoning works on crabs...and beer too!

    Maryland's Flying Dog Brewery is bringing back its Dead Rise Old Bay Summer Ale after having trouble keeping it in stock during its debut.

  • 'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map Entrepreneur - Sat, Mar 28, 2015 6:00 AM NZDT
    'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map

    The wildly popular item 'gives you and the family jewels room to breathe,' Lululemon says.

  • Game show is lottery, Monopoly combo; Billy Gardell hosts Associated Press - Sat, Mar 28, 2015 4:39 AM NZDT
    Game show is lottery, Monopoly combo; Billy Gardell hosts

    It sounds like a Swiss Army knife version of a TV game show: a combination of a venerable board game, state lotteries, Las Vegas and seasoned comedian Billy Gardell as host. The result is "Monopoly ...

  • Why Denny's Sounds Like a Chill Teenager on Social Media Entrepreneur - Sat, Mar 28, 2015 1:00 AM NZDT
    Why Denny's Sounds Like a Chill Teenager on Social Media

    Find out how this restaurant chain was able to go viral with one of the most unique social-media strategy in the business.

  • Lab beef a reality in 10 years: scientist AAP - Fri, Mar 27, 2015 10:03 PM NZDT
    Lab beef a reality in 10 years: scientist

    Laboratory beef could surpass the real thing within 10 years to solve environmental and animal welfare problems, while remaining just as tasty, a Dutch scientist says. Mark Post, Professor of Physiology at Maastricht University in the Netherlands, 18 months ago oversaw the creation of the first "cultured beef" burger made of stem cells from cow muscle tissue. "They recognise the same problems, probably better than anybody else, and they see there could be alternatives," Professor Post told reporters in Darwin on Friday, where he was a guest speaker at the Northern Territory Cattlemen's Association annual conference. Initially, it will be considered a luxury product, with an appeal to those with environmental and animal welfare concerns.

  • Diet sodas fall in US; Pepsi takes back No. 2 spot Associated Press - Fri, Mar 27, 2015 11:05 AM NZDT
    Diet sodas fall in US; Pepsi takes back No. 2 spot

    Americans bought less soda for the 10th straight year in 2014, with diet sodas shrinking more than their sugary counterparts, according to a report released Thursday. An annual report by the industry tracker ...

  • New Samsung, HTC phones coming April 10 in US Associated Press - Fri, Mar 27, 2015 9:25 AM NZDT
    New Samsung, HTC phones coming April 10 in US

    New phones from Samsung and HTC will be available in U.S. stores starting April 10. Advance orders for the new HTC One begin Friday, and those customers might receive their phones before April 10. Orders ...

  • Bleisure: Korean barbecue, karaoke for biz travelers to NYC Associated Press - Fri, Mar 27, 2015 3:09 AM NZDT
    Bleisure: Korean barbecue, karaoke for biz travelers to NYC

    New York City is a 24/7 kind of place. That makes it easy for business travelers to squeeze a little sightseeing in after a day of meetings. Take in a Broadway show and late dinner, or a nighttime view ...

  • Early movers: LULU, SNDK, CAG, WGO, MCD & more CNBC - Fri, Mar 27, 2015 12:59 AM NZDT
    Early movers: LULU, SNDK, CAG, WGO, MCD & more

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