Stock Market

  • Qantas CEO wants Aust-NZ border shake-up AAP - Tue, Mar 14, 2017 9:56 PM NZDT
    Qantas CEO wants Aust-NZ border shake-up

    Qantas chief executive Alan Joyce has renewed calls to simplify the border arrangements between Australia and New Zealand. "We think that Australia-New Zealand should have as seamless access as possible," Mr Joyce told a Trans-Tasman Business Circle event that was held at the Australian High Commission in Wellington on Tuesday. "There's no reason why the travel between the two countries should be not like travel within New Zealand.

  • Marcs, David Lawrence closing NZ stores AAP - Thu, Mar 9, 2017 3:12 PM NZDT

    Marcs and David Lawrence's New Zealand stores are closing for good while administrators continue to search for a buyer of the luxury fashion retailers' remaining Australian stores. Ten stores will be closed over the next two months, and 44 staff will lose their jobs, including 11 full-time workers, administrator Rodgers Reidy said. Administrator and director of Rodgers Reidy, Andrew Barnden, said the remainder of the Australian operations are still up for sale.

  • Australian, NZ airlines set up lobby group AAP - Thu, Mar 9, 2017 3:08 PM NZDT
    Australian, NZ airlines set up lobby group

    Australian and New Zealand airlines have joined forces to set up a new aviation industry group to lobby government on taxes, fees and access to infrastructure. Qantas, Air New Zealand, Virgin Australia, ...

  • Marcs, David Lawrence to close NZ stores AAP - Thu, Mar 9, 2017 2:19 PM NZDT

    Marcs and David Lawrence fashion stores in New Zealand will close and 44 staff will lose their jobs while administrators are still trying to find a buyer for the retailer's remaining Australian stores. The high street fashion retailer has already closed 13 stores in Australia after going into voluntary administration on February 1. Administrator Rodgers Reidy announced on Thursday that Marcs and David Lawrence's New Zealand business, a total of 10 stores, will shut down over the next two months while the future of the group's remaining Australian stores still hangs in the balance.

  • Fairfax NZ boss quits ahead of merger call AAP - Thu, Mar 9, 2017 1:46 PM NZDT

    Fairfax New Zealand managing director Simon Tong has resigned just days before a Commerce Commission ruling on the proposed merger with NZME. Tong, who joined Fairfax in September 2013, will leave next Friday and begin as ASB Bank's executive general manager technology, innovation and payments on March 27, making him part of ASB's executive leadership team. Andrew Boyle will be acting managing director and Fairfax Media says it's looking for a permanent replacement.

  • Downer to buy NZ builder Hawkins AAP - Wed, Mar 8, 2017 4:29 PM NZDT

    Infrastructure and mining services group Downer EDI has agreed to buy New Zealand builder Hawkins for an undisclosed sum, as it expands operations in the Pacific nation. Hawkins is one of the largest construction firms in New Zealand, with current major contracts including building Wellington Airport's new control tower, Christchurch's town hall and Auckland's Park Hyatt hotel.

  • NZ FM hopeful on Gulf trade deal AAP - Wed, Mar 8, 2017 12:01 PM NZDT

    New Zealand is optimistic it will complete its stalled free trade deal with the Gulf states this year as part of efforts to deepen economic ties with the region, Minister of Foreign Affairs Murray McCully says. Trade talks with the six-member Gulf Co-operation Council (GCC) wrapped up in 2009 but the deal was never ratified by the parties involved. The GCC comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.

  • Downer expands in NZ via Hawkins buy AAP - Wed, Mar 8, 2017 10:41 AM NZDT

    Downer EDI is buying the construction, infrastructure and project management businesses of New Zealand builder Hawkins for an undisclosed sum. The Australian company says the acquisition is an excellent ...

  • Lauer pays $12m for NZ lakeside property AAP - Thu, Mar 2, 2017 9:51 PM NZDT
    Lauer pays $12m for NZ lakeside property

    American news anchor Matt Lauer was the mystery buyer of thousands of hectares of property near Wanaka in New Zealand, according to media reports. Last month, it was revealed an American had been granted consent to buy the nearly 6500-hectare Hunter Valley Station by the Overseas Investment Office, but officials would not reveal their identity. The Hunter Valley Station, which stretches more than 30km along Lake Hawea, has been the source of some disputes in recent years over access to the local conservation park.

  • NZ quake pushes IAG HY profit down 4.3% AAP - Wed, Feb 22, 2017 10:42 AM NZDT

    IAG's first-half profit has dropped 4.3 per cent to $446 million after November's New Zealand earthquake helped push its natural peril claim costs over allowance. The company says the quake resulted in ...

  • NZ caution on company tax cuts AAP - Fri, Feb 17, 2017 4:44 PM NZDT
    NZ caution on company tax cuts

    Malcolm Turnbull was looking for some staunch moral support from Bill English for company tax cuts, but got a lukewarm reply. The Australian government has made a 10-year cut to company taxes the centrepiece of its economic plan, with the prime minister arguing it would make the country more attractive for investors. At a joint media conference with Mr English in Queenstown, Mr Turnbull put on his journalist hat to ask his NZ counterpart to comment on how important it was to have a competitive company tax rate.

  • NZ dollar falls vs Aussie on China data AAP - Tue, Feb 14, 2017 6:49 PM NZDT
    NZ dollar falls vs Aussie on China data

    The New Zealand dollar fell against the Australian dollar on Tuesday after a strong business survey across the Tasman and better-than-expected data out of China. "It's been more of an Aussie day," said Imre Speizer, senior FX strategist at Westpac. National Australia Bank's monthly survey of more than 400 firms showed its index of business conditions jumped 6 points to +16 in January.

  • China catching up to NZ in tourist numbers AAP - Mon, Feb 13, 2017 7:07 PM NZDT
    China catching up to NZ in tourist numbers

    China has become the fastest-growing tourist market for Australia over the past 40 years and has almost eclipsed New Zealand as the biggest source country for visitors. About 1.3 million New Zealand and 1.2 million Chinese tourists came to Australia for short-term stays of less than three months in 2016, according to the Australian Bureau of Statistics. The 1.2 million from China set a new record, in a demonstration of the acceleration in tourist numbers since 1976, when just 500 Chinese people visited Australia.

  • Alibaba calls Melbourne home for Aus/NZ HQ AAP - Sat, Feb 4, 2017 6:59 PM NZDT
    Alibaba calls Melbourne home for Aus/NZ HQ

    Australia's clean environment is its next "gold mine", the founder of the world's largest e-commerce business told the launch of its new Australian and New Zealand headquarters. Alibaba Group founder and executive chairman Jack Ma was swamped by business delegates who wanted to pose with him for selfies at Saturday's launch at Melbourne's Park Hyatt hotel. The former English teacher from Hangzhou, China, used his speech to encourage Australian and New Zealand businesses to seek growth abroad.

  • Bapcor takes over NZ's Hellaby Holdings AAP - Wed, Feb 1, 2017 10:55 AM NZDT

    Auto firm Bapcor has finally taken over New Zealand's Hellaby Holdings, four months after launching its initial bid. The Australian company says it has acquired 92.7 per cent of voting rights in Hellaby ...

  • Choppers save in-demand NZ cherries AAP - Wed, Jan 18, 2017 8:27 PM NZDT

    New Zealand cherry producers are flying helicopters low over their orchards to dry off raindrops and protect thousands of tonnes of their product headed to Asia to feed rapidly growing demand from Chinese New Year revellers. China has grown to become the second largest destination for New Zealand cherries after Taiwan in the past seven years. Last week New Zealand exported 900 tonnes of cherries, the largest amount recorded in a one week period.

  • NZ dollar falls against stronger yen AAP - Mon, Jan 16, 2017 5:41 PM NZDT
    NZ dollar falls against stronger yen

    The New Zealand dollar fell against the yen, which has broadly strengthened ahead of Donald Trump's inauguration on Friday, and gained against the pound on renewed Brexit concerns. The Kiwi dollar fell to 80.92 yen at 5pm from 81.63 yen in late New York trading on Friday. The yen strengthened to 114.16 per US dollar from 114.67 on Friday in New York as traders contemplated potential changes in US economic policy under a Trump administration, which could include a more protectionist trading position with partners including China.

  • NZ dollar gains after Brexit report AAP - Mon, Jan 16, 2017 9:37 AM NZDT
    NZ dollar gains after Brexit report

    The New Zealand dollar gained against the British pound after a report that UK Prime Minister Theresa May will signal her intention to drive ahead with plans to exit the European Union. Prime Minister Bill English flagged New Zealand's interest in a new trade deal with the UK after a meeting with May. The pound dropped to its lowest level in more than two decades after the Times said May will use her speech to say the UK needs to "get on and make Brexit happen", a move some say will damage the British economy.

  • UK seek free trade agreement with NZ AAP - Sat, Jan 14, 2017 4:35 AM NZDT

    Britain will try to strike a free trade agreement with New Zealand when it leaves the European Union, Theresa May has said. The Prime Minister said, after a working lunch with her New Zealand counterpart Bill English at Downing Street, that the two countries agree on the potential for a "bold" new trading relationship after Brexit. International Trade Secretary Liam Fox will visit New Zealand in the coming months to begin a bilateral dialogue between the two nations with the ultimate aim of striking a trade deal.

  • ANZ offloads NZ finance unit for $626m AAP - Wed, Jan 11, 2017 12:19 PM NZDT
    ANZ offloads NZ finance unit for $626m

    ANZ has announced its second asset sale in two weeks as it continues efforts to streamline the business and bolster its capital. The lender has agreed to sell its New Zealand-focused asset finance business UDC Finance to Chinese logistics and financial services company HNA Group, for $NZ660 million ($A626 million). "The sale of UDC is consistent with our strategy to simplify the bank," ANZ's New Zealand chief executive David Hisco said.

  • ANZ in $626m NZ asset sale AAP - Wed, Jan 11, 2017 10:44 AM NZDT
    ANZ in $626m NZ asset sale

    ANZ has agreed to sell its New Zealand-focused asset finance business UDC Finance to Chinese logistics and financial services company HNA Group for $NZ660 million ($A626 million). The lender said the UDC ...

  • Bapcor inching toward control of NZ firm AAP - Thu, Jan 5, 2017 1:08 PM NZDT

    The owner of the Burson Auto Parts chain is continuing to edge closer to taking control of NZ-based Hellaby Holdings. Hellaby, which operates automotive companies such as BNT and Diesel Distributors as ...

  • Bapcor closes in on NZ takeover AAP - Thu, Dec 29, 2016 6:34 PM NZDT

    The owner of the Burson Auto Parts chain has inched closer to taking control of NZ based Hellaby Holdings. Bapcor launched its takeover bid in October with an attempt to buy as much as 90 per cent of Hellaby, which would let it enforce mop-up provisions for the remaining shares. Last week, Bapcor said it may waive the 90 per cent condition, making its offer conditional on it getting acceptances for 50 per cent of the voting rights.

  • Caltex to enter NZ market with Gull deal AAP - Thu, Dec 22, 2016 11:36 AM NZDT
    Caltex to enter NZ market with Gull deal

    Caltex Australia will enter the New Zealand fuel market with $325 million acquisition of retailer Gull New Zealand. Caltex will take control of Gull's fuel import terminal at Mount Maunganui, the country's largest, and its 77 petrol and diesel retail outlets. The company said Gull, which is Australian-owned, sells around 300 million litres of fuel annually which represents around five per cent of the New Zealand market.

  • Caltex Australia to buy Gull NZ for $325m AAP - Thu, Dec 22, 2016 11:36 AM NZDT
    Caltex Australia to buy Gull NZ for $325m

    Caltex Australia has agreed to buy fuel retailer Gull New Zealand for about $325 million. Gull operates an import fuel terminal at Mount Maunganui and sells both petrol and diesel from 77 retail outlets ...

  • NZ dollar tumbles as Fed raises rates AAP - Thu, Dec 15, 2016 11:14 AM NZDT
    NZ dollar tumbles as Fed raises rates

    The New Zealand dollar fell after the Federal Reserve raised its benchmark interest rate and signalled a faster pace of hikes in 2017 to allow for a bigger-spending Trump administration. The Fed raised the target federal funds rate by 25 basis points to between 0.50 per cent and 0.75 per cent, as expected, but also signalled three further increases in 2017. The market had been expecting two, with more increases slated for 2018 and 2019 at the same pace to bring the benchmark rate up to 3 per cent. The Fed's statement said policymakers were unanimous on the hikes.

  • NZ budget update marked contrast to Aust AAP - Thu, Dec 8, 2016 6:24 PM NZDT

    As if the All Blacks' trouncing of the Wallabies in all three Bledisloe Cup rugby matches this year wasn't enough, Australia's cross-Tasman neighbours continue to hold the upper-hand in economic prowess as well. Rubbing salt in the wound 24 hours after Australia posted its worst economic performance in eight years, New Zealand has upgraded its official growth forecasts and is predicting budget surpluses as far as the eye can see. Little wonder that NZ Finance Minister Bill English is about to become his country's next prime minister after John Key announced his retirement this week.

  • Fairfax confirms approach for NZ unit AAP - Thu, Dec 8, 2016 1:40 PM NZDT
    Fairfax confirms approach for NZ unit

    Fairfax Media, which plans to merge its New Zealand media business with rival NZME, confirmed speculation it had been approached by a third party about the acquisition of its New Zealand unit, but said it's not in talks with the potential buyer. Sydney-based Fairfax and Auckland-based NZME want to merge their media businesses, a move the anti-trust Commerce Commission rejected in a draft determination last month, fearing loss of media plurality. The National Business Review on Thursday reported Fairfax had been offered between $100 million and $120m by an unidentified buyer for its New Zealand business if the proposed merger with NZME fell through, which represented a multiple of about two times Fairfax NZ's annual earnings before interest, tax, depreciation and amortisation.

  • Fairfax says no talks on fresh NZ interest AAP - Thu, Dec 8, 2016 12:03 PM NZDT

    Fairfax has received an expression of interest in its New Zealand business but says it remains committed to merging the assets with NZME. Fairfax says it was contacted by a third party claiming to represent an unnamed client interested in the business that is already subject to a binding merger implementation agreement, although New Zealand's competition watchdog last month said it is likely to oppose a merger that would likely substantially lessen competition in a number of markets. "The letter contains no offer capable of acceptance and Fairfax is not engaged in any discussions in relation to the letter," Fairfax said in a statement.

  • Local Government NZ backs tourism levy AAP - Tue, Dec 6, 2016 5:03 PM NZDT

    New Zealand's spending on tourism infrastructure needs to increase and it isn't realistic to expect ratepayers to foot the bill, especially in smaller towns reliant on tourists such as Franz Josef, says Lawrence Yule, president of Local Government NZ and mayor of Hastings District Council. At a quarterly LGNZ briefing in Wellington, Yule pointed to a report last month from Air New Zealand, Auckland International Airport, Christchurch International Airport and Tourism Holdings as a way forward.

  • Spark NZ strikes Connect 8 deal with Vocus AAP - Thu, Dec 1, 2016 11:25 AM NZDT

    Vocus Communications is selling the remaining 50 per cent of the Connect 8 fibre construction business to joint venture partner Spark New Zealand for an unspecified sum. The joint venture was established in February 2015 to provide additional fibre construction to meet the growing demand from businesses and consumers in New Zealand for digital services, Spark says. Spark chief operating officer Mark Beder on Thursday said that buying the 50 per cent it didn't already own and taking full control of Connect 8 gives it more flexibility, capacity, and control over its fibre construction and delivery.

  • NZME, Fairfax push case for NZ merger AAP - Mon, Nov 28, 2016 11:10 AM NZDT

    Media companies NZME and Fairfax New Zealand have filed a submission with the New Zealand competition watchdog in response to the issues it has raised against their proposed merger. The submission explains why NZME and Fairfax believe that the New Zealand Commerce Commission (NZCC) has not properly taken into account the diversity of opinions that will continue after the proposed merger, the companies said in a joint statement. New Zealand's two dominant media players in September agreed a deal under which NZME would pay $NZ55 million ($A53 million) in cash and issue shares to give Australia's Fairfax Media a 41 per cent stake in the mergerd business.

  • NZ flying out tourists from quake zone AAP - Tue, Nov 15, 2016 3:30 PM NZDT
    NZ flying out tourists from quake zone

    New Zealand emergency services and defence personnel have begun evacuating hundreds of tourists and residents from the South Island town of Kaikoura, a day after a powerful earthquake hit the region, killing two people. The 7.8-magnitude tremor struck just after midnight on Sunday, destroying farm homesteads, sending glass and masonry toppling from high rises in the capital, Wellington, and cutting road and rail links throughout the northeast of the ruggedly beautiful South Island. Kaikoura, a popular base for whale-watching about 150km northeast of Christchurch and near the epicentre, was completely cut off by massive landslips.

  • China graft fugitive 'returns from NZ' AAP - Sat, Nov 12, 2016 3:20 PM NZDT

    A former Chinese company manager facing corruption charges who had fled to New Zealand has given himself up and returned to China, the Xinhua news agency reports. Yan Yongming, former chairman of Tonghua Golden-horse Group, a pharmaceutical firm in the northeastern province of Jilin, has returned to China after 15 years in Australia and New Zealand, Xinhua said.

  • ANZ's NZ-listed shares in trading halt AAP - Mon, Oct 31, 2016 10:40 AM NZDT
    ANZ's NZ-listed shares in trading halt

    ANZ's New Zealand-listed shares have been placed in a trading halt. An NZX statement says the bank requested the halt prior to the market opening on Monday ahead of an announcement.