Top Stories

  • Moody's upgrades Air NZ credit rating on new approach to leases, low jet fuel prices BusinessDesk - 9 minutes ago

    Moody's Investors Service has upgraded Air New Zealand's credit rating by one notch after changing its debt treatment of operating leases and on the prospect that cheaper jet fuel will assist the national carrier's earnings for the next two years. The Auckland-based airline's rating was raised to Baa2 from Baa3 on Friday, with the rating agency maintaining a stable outlook. Moody's changed its approach capitalising operating leases which led to a reduction in Air NZ's adjusted debt, and anticipates lower jet fuel prices and strong demand will underpin the airline's earnings over the next 12 to 24 months, it said.

  • $A drops on early Greek referendum results AAP - 13 minutes ago

    The Australian dollar is lower after early results of Greece's bailout referendum pointed to a rejection of fresh austerity demands from international creditors. At 0630 AEST on Monday, the local unit ...

  • NZ dollar touches fresh lows on concern about Greece after voters reject bailout plan BusinessDesk - 25 minutes ago

    The New Zealand dollar fell to a fresh five-year low as investors exited riskier assets in favour of safe havens after Greeks look to have rejected austerity measures that would give them access to bailout money. The kiwi touched 66.40 US cents, and was trading at 66.58 cents at 8am in Wellington, from 66.93 cents at the New York close and 67.23 cents in Wellington on Friday. The euro dropped after initial results showed Greeks voted on Sunday to reject the terms of a bailout with the country's creditors, raising concerns about the country's financial future.

  • World Week Ahead: Greece and US earnings BusinessDesk - 1 hour 25 minutes ago

    A fresh US corporate earnings season and Friday's speech by Federal Reserve Chair Janet Yellen might help distract attention from the Greek euro-zone tragedy as the results of the country's referendum are assessed. Last week, Europe's Stoxx 600 Index sank 5 percent, after Greek Prime Minister Alexis Tsipras' surprise call for a national referendum on the latest bailout package from international creditors, a deal he is urging Greek voters to reject so he can negotiate a better one. "[Last] week really felt like a game of chess which just needs to be played out, "Yogi Dewan, founder of Hassium Asset Management, told Bloomberg.

  • Greece front of mind before data rush AAP - 2 hours 48 minutes ago

    There is a spread of key economic figures released this week to steer thinking in financial markets, but the result of the Greek referendum will be front of mind when they open on Monday. Economists expect the Reserve Bank to hold the cash rate at a record low of two per cent when its board meets on Tuesday, but the central bank will be keeping a close watch on the reaction of global markets to the Greek ballot.

  • Work to start on Hobart student complex AAP - 3 hours ago

    Work is due to begin on stage one of a major new student accommodation development in central Hobart, which when finished will include 430 apartments. The development is a part of the National Rental Affordability Scheme and will provide accommodation for students of the University of Tasmania.

  • Business backs parts of agriculture plan AAP - 15 hours ago

    Business has backed the Abbott government's plans to invest in agricultural infrastructure and reduce red tape. "The ACCC already has a broad remit and responsibility to pursue competition issues, including those facing the agriculture sector," chief executive Jennifer Westacott said in a statement on Sunday.

  • RBA to keep wary eye on Greek response AAP - 16 hours ago
    RBA to keep wary eye on Greek response

    Academics doubt the unfolding events in Greece will result in lower interest rates when the Reserve Bank board meets on Tuesday. Greeks will vote in a referendum to decide whether their country agrees to more stringent austerity measures after it defaulted on an International Monetary Fund loan of 1.5 billion euros ($A2.18 billion) last week. The outcome hangs in the balance, but Greek Prime Minister Alexis Tsipras has pursued a `no' vote.

  • GST must be part of tax mix switch: FSC AAP - 17 hours ago

    The financial services industry hopes the nation's leaders will take the opportunity to start renegotiating the terms of the GST at a planned retreat. Prime Minister Tony Abbott and state premiers will meet this month to thrash out the future shape of the federation. In its submission to the government tax white paper, the Financial Services Council says Australia's heavy reliance on company and personal taxation must come to an end.

  • Greece a warning to everyone: Morrison AAP - 18 hours ago
    Greece a warning to everyone: Morrison

    Federal government frontbencher Scott Morrison says what is happening in Greece is a warning of what can happen if you don't get your house in order. Greeks will vote in a referendum on Sunday to decide whether their country agrees to more stringent austerity measures after it defaulted on an International Monetary Fund loan of 1.5 billion euros ($A2.18 billion) last week. Mr Morrison said Greece's debt didn't get to 100 per cent of GDP overnight, it happened over time with policies that became unsustainable.

  • Greece a warning for Australia: Morrison AAP - 19 hours ago
    Greece a warning for Australia: Morrison

    Federal government frontbencher Scott Morrison says the Greek crisis should be a "distant" warning for Australians as the country prepares to vote in a referendum on Sunday on whether it accepts ...

  • Greece 'Yes', 'No' camps neck and neck AAP - Sat, Jul 4, 2015 9:20 PM NZST

    Prime Minister Alexis Tsipras got a rock-star welcome at an Athens rally late on Friday as he sought to revive support for a 'No' vote in a referendum called to strengthen his hand in talks with international creditors. In an interview published Saturday the outspoken Varoufakis accused Athens's creditors of "terrorism".

  • Campaigns halt ahead of Greek referendum AAP - Sat, Jul 4, 2015 7:08 PM NZST

    Campaigns have halted in Greece on the eve of a closely watched bailout referendum - with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise. Political rallies and publication of new opinion polls are banned 24 hours before Sunday's referendum called by left-wing Prime Minister Alexis Tsipras, who has promised to ease austerity after six years of recession. Rival rallies took place a half-mile apart in central Athens late Friday, and Tsipras made his final pitch on a stage set up for a campaign rock concert outside parliament.

  • Businesses seeking to buy state houses Newstalk ZB - Sat, Jul 4, 2015 7:40 AM NZST

    International investment firms, banks, and law firms are among those who want to buy our state houses.

  • Tesla tops 11,000 vehicles delivered AAP - Sat, Jul 4, 2015 12:28 AM NZST
    Tesla tops 11,000 vehicles delivered

    Tesla's second-quarter deliveries have surged 52 per cent to set a company record exceeding 11,000 vehicles. The Palo Alto, California, electric car maker surpassed 10,000 vehicles for the first time in the first three months of 2015 and on Thursday said it had broken that record, delivering 11,507 vehicles. Tesla makes only one car, the Model S sedan, but chief executive Elon Musk in June said he expects to begin deliveries of an SUV, the Model X, in three or four months.

  • Fannie, Freddie CEOs get big pay rises AAP - Fri, Jul 3, 2015 10:35 PM NZST

    The chief executives of US government-backed mortgage giants Fannie Mae and Freddie Mac are getting large raises, to about $US4 million ($A5.23 million) a year, as the government relaxes rules that were imposed on the companies after they suffered big losses and were bailed out. In forms filed with the Securities and Exchange Commission, the companies disclosed that Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton will get annual base salaries of $US750,000 each, $US2.1 million in fixed deferred compensation and $US1.2 million in at-risk deferred salary. The Federal Housing Finance Agency, which oversees the companies, said the new plans take CEO performance into account and defer compensation so the executives stay with the companies.

  • Early blow for TFS action against analyst AAP - Fri, Jul 3, 2015 8:00 PM NZST

    Sandalwood producer TFS Corporation has stumbled at an early hurdle in its legal action against an equities analyst and his employer, Taylor Collison. TFS Corporation launched the action after Adam Paul Dellaverde authored a 57-page PowerPoint presentation about the company in September last year, that it believed was damaging. According to a document submitted to the West Australian Supreme Court, TFS Corporation said the presentation was "saturated with false and misleading statements" and omitted key information about its financial affairs and business operations.

  • Gold miners could extract gold in new way AAP - Fri, Jul 3, 2015 7:54 PM NZST

    Australia's gold miners may soon have access to a technique to extract gold without the environmental risks associated with cyanide. Highly toxic cyanide is used in mining to dissolve gold and ores, but the process is often banned in sensitive environments due to contamination concerns. CSIRO scientists and US gold mining giant Barrick Gold recently collaborated to produce a gold bar without using cyanide for extraction.

  • Retail data sends $A to two month low AAP - Fri, Jul 3, 2015 7:47 PM NZST

    The Australian dollar hit a two and a half month low after sluggish local retail spending figures disappointed the market. RBC foreign exchange strategist Keng Goh said the Aussie dollar's fall after the release of the retail figures was the day's big move. At 1700 AEST, the Australian dollar was at 93.35 Japanese yen, down from Thursday's close of 94.21 yen, and at 68.35 euro cents, down from 68.94 euro cents.

  • Economists sift through patchy data AAP - Fri, Jul 3, 2015 7:36 PM NZST

    Economic figures this week were patchy, leaving economists to weigh up the pluses and minuses facing the Australian economy. The headline of their analysis - "Housing boom bigger, but capex cliff steeper" - highlighted the Reserve Bank of Australia's dilemma. The number of visitor arrivals is growing more rapidly than resident departures from Australia, in part because of increasing numbers of visitors from China.

  • More rate cuts this year unlikely - survey AAP - Fri, Jul 3, 2015 7:10 PM NZST
    More rate cuts this year unlikely - survey

    The Reserve Bank is unlikely to cut rates again this year. All 14 economists surveyed by AAP expect the RBA to keep the cash rate unchanged at its July meeting on Tuesday, and only two expect another cut before the end of the year. HSBC Australia chief economist Paul Bloxham said the RBA is in a "wait and see" mode, assessing the impact of rate cuts before making further moves.

  • Aust bonds firmer ahead of Greek vote AAP - Fri, Jul 3, 2015 7:08 PM NZST

    The Australian bond market is stronger as traders play it safe, uncertain about the outcome of Greece's Sunday referendum on financial reforms needed to secure more bailout funds. Earlier in the week, ...

  • Childcare operators in $162m takeover bid AAP - Fri, Jul 3, 2015 6:45 PM NZST

    Australia's largest commercial childcare operator G8 Education is making a $162 million bid for rival Affinity Education as it continues a rapid expansion. G8 Education chair Jenny Hutson described the offer as "compelling value" for Affinity shareholders.

  • Aust shares down on Greek vote uncertainty AAP - Fri, Jul 3, 2015 6:44 PM NZST

    The Australian share market has slipped one per cent ahead of Greece's referendum on bailout conditions. IG market strategist Stan Shamu said investors were not interested in buying stocks heading into an uncertain weekend in Europe.

  • Drillsearch CEO departs immediately AAP - Fri, Jul 3, 2015 6:27 PM NZST

    Drillsearch Energy has explained chief executive Brad Lingo's sudden departure as necessary because the company needs fresh ideas to move forward. Mr Lingo will leave the oil and gas explorer and producer immediately, after more than six years in the job. Drillsearch chairman Jim McKerlie said the departure was by mutual agreement and that the board had decided new leadership was needed to take the business into its next phase of growth.

  • Murray Goulburn trust makes positive debut AAP - Fri, Jul 3, 2015 6:20 PM NZST

    A special purpose funding vehicle linked to Australia's largest dairy company, Murray Goulburn, has had a positive debut on the Australian share market. The MG Unit Trust is a special purpose funding vehicle that will allow external, non-farmer investors to invest in Murray Goulburn. Murray Goulburn has raised $500 million in new capital from non-farmer investors in the MG Unit Trust, and from an issue of more shares to supplier shareholders.

  • Stocks to watch at close on Friday AAP - Fri, Jul 3, 2015 6:19 PM NZST

    Stocks to watch on the Australian stock exchange at the close on Friday: DLS - DRILLSEARCH - up one cent, or 0.9 per cent, at $1.075 Oil and gas producer Drillsearch Energy says chief executive Brad Lingo's ...

  • Aust shares close lower AAP - Fri, Jul 3, 2015 6:17 PM NZST

    The Australian share market has closed one per cent lower ahead of the weekend Greek bail-out referendum. At the close on Friday, the benchmark S&P/ASX200 index was 61.5 points, or 1.1 per cent, lower ...

  • MARKET CLOSE: NZ shares fall on Greek worries; A2, Xero, Fletcher decline BusinessDesk - Fri, Jul 3, 2015 5:33 PM NZST

    ![CDATA[ By Suze Metherell July 3 (BusinessDesk) - New Zealand shares fell as uncertainty over Greece's debt default sapped risk appetite and demand for equities. A2 Milk Co, Xero and Fletcher Building ...

  • NZ dollar heads for 1.8% weekly decline as Greek referendum looms BusinessDesk - Fri, Jul 3, 2015 5:11 PM NZST

    The New Zealand dollar is heading for a 1.8 percent weekly decline as financial markets remain volatile ahead of Greece's referendum on whether to accept a bailout package from its European creditors, and as the wheels start coming off the local economy. The trade-weighted rose to 70.57 from 70.31 yesterday, and is heading for a 1.8 percent weekly decline. A BusinessDesk survey of 13 currency advisers on Monday predicted the kiwi would trade between 66 US cents and 70.50 cents this week.

  • Budget, rate cut fails to boost spending AAP - Fri, Jul 3, 2015 5:06 PM NZST

    The May interest rate cut and federal budget measures to loosen small business pursestrings failed to provide a significant boost to retail spending in the month. Australian retail spending rose 0.3 per cent in May, official figures show, short of economists' expectations of a 0.5 per cent rise. Commonwealth Bank of Australia economist Diana Mousina said the retail figures have been disappointing over the past few months despite what should have been positive influences for consumers.

  • Qantas staff get $90m windfall AAP - Fri, Jul 3, 2015 4:49 PM NZST

    Qantas is sharing the spoils of its estimated $1.6 billion dollar turnaround by paying $90 million in bonuses to staff who've taken an 18-month pay freeze. The airline will gift a one-off payment to up to 28,000 staff, equal to five per cent of their salary, in recognition of the significant improvement in its fortunes. Qantas is spending about $90 million on the bonuses, which equates to an average of $3,200 per employee.

  • Greek voters perplexed over referendum AAP - Fri, Jul 3, 2015 3:29 PM NZST

    As Greek banks and markets on Friday remained closed for a fourth day, rival campaigns scrambled to roll out their messages. "Our efforts are focused on overcoming the crisis as fast as possible - with a solution that preserves the dignity and sovereignty of our people," Prime Minister Alexis Tsipras said. The popular 40-year-old prime minister is gambling his government on a call to voters to reject austerity measures demanded by bailout lenders, despite coming close to a deal last week.

  • UPDATE: Beingmate slides further in Shenzhen tumble BusinessDesk - Fri, Jul 3, 2015 3:14 PM NZST

    Beingmate Baby & Child Food Co shares have more than halved in value on the Shenzhen stock exchange over the past three weeks, pushing their price 21 percent below what Fonterra Cooperative Group paid for its 18.8 percent stake in the Chinese infant formula maker. The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe.

  • KFC sets foot in Myanmar AAP - Fri, Jul 3, 2015 3:01 PM NZST

    Fried chicken aficionados have queued for hours at Myanmar's first KFC restaurant, as the chain became the latest big foreign brand to open an outlet in the long cloistered nation. KFC is the first major US fast food chain to open in the country as reforms and the removal of most sanctions since the end of outright junta rule tempt investors to a market of millions of prospective consumers. Soon after the doors opened a lunchtime crush developed at the new branch in the commercial hub of Yangon.