Top Stories

  • Auckland tops economic growth report Newstalk ZB - 44 minutes ago

    Auckland has leap-frogged Canterbury into the top spot for economic growth in a fresh report from the ASB.

  • 100,000 Co-Op customers to receive rebate Newstalk ZB - 48 minutes ago

    The Co-operative Bank's profit has increased 24 percent to $8.9 million in its third year operation as a registered bank.

  • While you were sleeping: US rates, Greece in focus BusinessDesk - 1 hour 29 minutes ago

    Equities on both sides of the Atlantic moved lower as investors tried to gauge the timing of a US Federal Reserve interest rate increase, and the potential for a deal between Greece and its international creditors to stave off financial collapse. In late trading in New York, the Dow Jones Industrial Average slid 0.38 percent, the Standard & Poor's 500 Index fell 0.35 percent, while the Nasdaq Composite Index declined 0.32 percent. The Dow moved lower with slides in shares of Caterpillar and those of Boeing, down 2.3 percent and 0.6 percent respectively.

  • Penfolds to unveil winery upgrade AAP - 2 hours 18 minutes ago

    Wine producer Penfolds is set to unveil its redeveloped Adelaide headquarters. The company that produces the famous Grange wine has spent millions of dollars to upgrade its Magill Estate winery, one of ...

  • Indigenous group takes mine fight global AAP - 5 hours ago

    An indigenous group determined to stop an Indian coal giant building a $16.5 billion mine on their lands is taking their fight global. Adani's Carmichael mine, expected to export at least 50 million tonnes of coal a year, is slated for Queensland's Galilee Basin on traditional lands of the Wangan and Jagalingou (W&J) people. W&J spokesmen Adrian Burragubba and Murrawah Johnson will on Sunday embark on a three-week global tour to urge major investment banks in New York, Washington, London and Zurich to immediately rule out funding the mine.

  • Slower China growth desirable: Bernanke AAP - 7 hours ago
    Slower China growth desirable: Bernanke

    Slowing growth in China is inevitable and desirable, former US Federal Reserve chairman Ben Bernanke says. Dr Bernanke told the World Business Forum in Sydney geopolitical shocks remained the biggest risk to the global financial system, which was in better shape than before the 2008 crisis. "China can no longer grow based on its traditional model of exports, heavy industry and construction," he said.

  • Former Ten boss to lead Southern Cross AAP - 8 hours ago
    Former Ten boss to lead Southern Cross

    Radio and regional TV owner Southern Cross Media had one eye on a potential shakeup of industry ownership laws when selecting former Network Ten boss Gran Blackley as its new chief executive. Mr Blackley will join the owner of the Triple M network and Sydney's 2Day FM on June 29, returning to the media landscape five years after his sacking from Ten. Five years in the top job at Ten ended amid falling earnings and the appointment of James Packer, Lachlan Murdoch and Gina Rinehart to the network's board.

  • News Corp axes commuter papers mX AAP - 10 hours ago
    News Corp axes commuter papers mX

    Rupert Murdoch's News Corp is axing its free newspaper for commuters, mX, as more readers choose to get their news from mobile devices. "The decision is a reflection of the changing reading habits of commuters who now turn to their mobile phones and tablets on their way to and from work," News Corp Australia said in a statement on Thursday. News Corp Australia said it would continue to invest in its suite of print and digital products.

  • Ratings agencies concerned by Tas budget AAP - 10 hours ago

    Ratings agencies have noted Tasmania's strengthening economy as the state government handed down its $5.4 billion 2015/16 budget, forecasting a return to surplus three years sooner than previously expected. Treasurer Peter Gutwein on Thursday revealed Tasmania's fiscal outlook, which forecasts a $59 million deficit for the coming financial year, followed by a three-year cumulative surplus of $310 million. Moody's Investors Service describes as robust the state's revenue growth - which comes largely from increased GST payments - that "is projected to spur significant improvements in its financial performance both this fiscal year and over the medium term".

  • Capex fall revives rate cut hopes AAP - 10 hours ago
    Capex fall revives rate cut hopes

    The chances of another interest rate cut have been given a boost, with new data showing business investment slumped in the first three months of the year. Business investment fell by 4.4 per cent in the March quarter, worse than economists' forecasts of a 2.4 per cent fall, official figures released on Thursday showed. The Australian Bureau of Statistics figures, which cover investment in capital goods like buildings and equipment, also showed a decline in the outlook for future investment.

  • $A falls on weak business spending data AAP - 12 hours ago

    The Australian dollar has fallen below 77 US cents after weaker than expected business investment figures increased the odds for more interest rate cuts. It had dipped as low as 76.31 US cents, the lowest level since mid-April, after Australian Bureau of Statistics figures showed business investment fell 4.4 per cent in the March quarter. There was also a significant fall in what businesses expect to spend in the 2015 financial year, Commonwealth Bank currency strategist Elias Haddad said.

  • Poor investment another blow to growth AAP - 12 hours ago

    Economists expect growth to have slowed even further during the first three months of this year, dampening the Abbott government's post-budget afterglow. Treasurer Joe Hockey conceded the latest capex numbers are disappointing even though they were expected given the drop in commodity prices and associated investment by business. Business investment fell by further 4.4 per cent in the March quarter, almost double the decline forecast by economists.

  • Aust market closes lower on Capex data AAP - 12 hours ago

    The Australian share market has closed lower after the release of worse than expected capital expenditure figures. Business investment fell 4.4 per cent in the March quarter, a much larger fall than the ...

  • Bond market firms on weak local data AAP - 13 hours ago

    Weaker than expected business capital spending has driven bond futures prices higher. Business investment slumped 4.4 per cent in the first three months of the year, worse than economists' forecasts of ...

  • Twiggy holding onto Fortescue shares AAP - 13 hours ago
    Twiggy holding onto Fortescue shares

    Fortescue chairman Andrew "Twiggy" Forrest has declared he has no plans to sell part of his iron ore mining company to Chinese investors. Mr Forrest says while Fortescue has held talks with potential investors, he doesn't want to reduce his 33 per cent stake despite the mining company being under pressure from plunging iron ore prices. Speculation about the possibility of Chinese investors buying into Fortescue have swirled this week, amid reports that Chinese companies applied to Australia's Foreign Investment Review Board about a possible investment.

  • Stocks to watch on Thursday AAP - 13 hours ago

    Stocks to watch on the Australian stock exchange at close on Thursday: AGL - AGL Energy - up two cents, or 0.1 per cent, at $16.13 The power company is in talks to sell its $500 million stake in Australia's ...

  • Mining downturn sends ALS to a loss AAP - 13 hours ago

    Testing and analytical laboratory services provider ALS has fallen into the red as its operations in the minerals and energy sectors come under pressure. ALS made a net loss of $174.5 million in the year to March 31, compared to a net profit of $154.4 million in prior year. The loss was primarily due to a $290.6 million impairment charge - foreshadowed in April - on its oil and gas investments in the wake of a rapid decline in the global oil price.

  • Ardent hopes lower $A boosts visitors AAP - 13 hours ago

    Ardent Leisure hopes that the lower Australian dollar will help entice more local visitors to its Gold Coast theme parks. During an investor update on Thursday, Ardent executives said they expected the lower Australian dollar would help encourage more visitors.

  • Aust shares close lower AAP - 13 hours ago

    The Australian share market has closed lower despite clawing back some losses from early in the session. At the close on Thursday, the benchmark S&P/ASX200 index was 12.2 points, or 0.21 per cent, lower ...

  • Aussie billionaires hit record high AAP - 13 hours ago
    Aussie billionaires hit record high

    The property boom and a hot share market have helped Australia's rich get richer, with the nation now boasting a record 49 billionaires. An extra 10 billionaires have been added to the latest BRW 200 Rich list, including retail magnate Brett Blundy and Greg Goodman, son of Goodman Fielder co-founder Sir Patrick Goodman. BRW Rich 200 editor John Stensholt says the newly minted billionaires have benefited from a rise in the value of their shareholdings.

  • MARKET CLOSE: NZ shares rise, led by Spark; Ryman, Summerset gain BusinessDesk - 14 hours ago

    ![CDATA[ By Suze Metherell May 28 (BusinessDesk) - The New Zealand shares rose as Spark New Zealand rebounded from a year-low. Ryman Healthcare extended its post-earnings advance. The NZX 50 Index rose ...

  • Job losses likely at Fairfax Newstalk ZB - 14 hours ago

    Job losses as likely at Fairfax as it looks to make its newsroom digital-focussed.

  • News Corp axes mX AAP - 14 hours ago

    Rupert Murdoch's News Corp is axing its free newspaper for commuters, mX, as more readers choose to get their news from mobile devices. "The decision is a reflection of the changing reading habits of commuters who now turn to their mobile phones and tablets on their way to and from work," News Corp Australia said in a statement on Thursday. News Corp Australia said it would continue to invest in its suite of print and digital products.

  • NZ dollar little changed vs. greenback after Fonterra forecast; gain vs. AUD on weak capex BusinessDesk - 14 hours ago

    The New Zealand dollar was little changed against the greenback after Fonterra Cooperative Group's forecast 2016 payout largely met expectations, and gained against the Australian dollar after Australian capital expenditure disappointed investors. Fonterra trimmed its forecast payout to farmers this season by 10 cents to $4.40 per kilogram of milk solids, and expects to pay $5.25 next season, largely in line with economist forecasts. "We were picking something between $5 and $5.25 and that's exactly what happened," said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland.

  • CBA being sued by US charity AAP - 14 hours ago

    Commonwealth Bank is facing legal action in the US from a charity seeking the return of millions of dollars frozen by the bank due to allegations of bribery. The ACE Foundation, which offers technology and assistance to organisations operating in poor countries, denies its engagement with two CBA IT workers "was part of a secret plot in years past to win corrupt contracts for a bank vendor", it said as it filed a lawsuit in California. The two IT workers have pleaded not guilty to charges laid by the NSW Police that they received more than $2 million from ACE to provide IT work to a company set up by the donor of the charity's initial funds.

  • High Court grants FMA application to appoint receivers to Christchurch FX trader BusinessDesk - 14 hours ago

    The High Court in Christchurch has granted an application from the Financial Markets Authority to appoint receivers to Christchurch company Arena Capital, trading as foreign exchange services provider BlackfortFX. The decision granted yesterday afternoon, follows the FMA obtaining an asset preservation order over the company due to concerns investor funds may be at risk. Grant Graham and Neale Jackson of Korda Mentha have been appointed as receivers and managers of the company and will identify the assets held, client names, and the value of any investments held in Arena/Blackfort.

  • Reserve Bank unlikely to cut OCR next month, line-ball on cut this year, Westpac says BusinessDesk - 15 hours ago

    The Reserve Bank isn't likely to cut the official cash rate at its review on June 11 and may not see scope to cut rates this year as it walks a tightrope between trying to nudge inflation back up within its target band and keeping Auckland's housing market under control, economists at Westpac Banking Corp say. The RBNZ will definitely be taking a wait-and-see approach in June, said Dominick Stephens, chief economist at Westpac. The two conditions for an OCR reduction - weakening inflation and cooling domestic demand - have not been met, and the latest housing market policies are yet to play out their effect, he said.

  • Capex disappointing, not unexpected:Hockey AAP - 15 hours ago

    Treasurer Joe Hockey concedes the latest capital expenditure figures are disappointing even though they were expected, given the drop in commodity prices and associated investment by business. New data on Thursday showed business investment fell by a further 4.4 per cent in the March quarter, almost double the decline forecast by economists. Mr Hockey told parliament the figures precede the May interest rate cut by the Reserve Bank and the budget, which included a $20,000 asset write-off, and which the treasurer believes is going to make a difference to the "procurement of capital" by small business.

  • Tough times to continue for iron ore AAP - 15 hours ago

    A Chinese government think tank warns iron ore prices are likely to stay near their current lows for another two years and weak steel demand will keep them under pressure for a decade. The current oversupply of iron ore is being rectified as high cost miners exit the industry, but it will take one to two years for balance to be restored, the China Metallurgical Industry Planning and Research Institute says. In the meantime, it expects iron ore to trade between $US55 and $US65 a tonne.

  • ALS books annual loss of $174.5m AAP - 15 hours ago

    Testing and analytical laboratory services provider ALS has reported an annual net loss of $174.5 million as operations in the minerals and energy sectors come under pressure. ALS has reported a net loss of $174.5 million for the year to March 31, compared to a net profit of $154.4 million in 2013/14. The company said the loss was primarily due to a $290.6 million impairment charge - foreshadowed in April - on its oil and gas investments in the wake of a rapid decline in the global oil price.

  • John Bongard flags November departure from Meridian board BusinessDesk - 16 hours ago

    John Bongard will resign as a director of Meridian Energy, the government controlled energy generator and retailer, after four years on the board. Bongard will leave the board in November, having joined it in May 2011, the Wellington-based energy company said in a statement. Previously head of Fisher & Paykel Appliances, Bongard is leaving to further his involvement in community-based interests including The Rising Foundation, Netball New Zealand and other South Auckland-based organisations, Meridian said.

  • Supplement maker Promisia plans US launch after clinical trial and turns to dogs BusinessDesk - 16 hours ago

    Promisia Integrative, which sells a dietary supplement to treat painful joint conditions like arthritis, is about to launch into the US market and test its product on dogs after positive preliminary results from its first human clinical trial. The Wellington-based listed company said this week that preliminary results from the 12-week trial conducted by the Rheumatology Research Unit at Otago University showed its supplement, Arthrem, provided significant benefits for research participants aged between 35 and 75 years with hip or knee osteoarthritis. There is no requirement in New Zealand or the US to prove the safety or efficacy of dietary supplements.

  • $A falls below 77 US cents after weak data AAP - 17 hours ago

    The Australian dollar fell to a one month low after disappointing business investment figures put expectation of another interest rate cut on the table. Australian business investment fell by 4.4 per cent in the March quarter, worse than economists' forecasts of a 2.4 per cent fall and there was a significant fall in what businesses expect to spend in the coming financial year, official figures released on Thursday show. After the numbers were released, the Australian dollar dropped as low as 76.86 US cents, its weakest level since April 21.

  • Aust market lower at noon AAP - 17 hours ago

    The Australian share market is trading lower despite gains on US markets overnight. "It (the market) started with a bit of enthusiasm but petered away very quickly," Phillip Capital senior client adviser Michael Heffernan said. Mr Heffernan said disappointing private capital expenditure figures released by the Australian Bureau of Statistics had reversed the negative direction a little as investors speculated that the data could add weight for another cut to interest rates.

  • Telstra seals telco deal with Woolies AAP - 17 hours ago
    Telstra seals telco deal with Woolies

    Woolworths has signed up Telstra to help the retail giant offer mobile services direct to its customers. Under the deal, Woolworths will offer wireless communications services using Telstra's 3G network. ...