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New Zealand shares fall as mainland Chinese markets reopen

New Zealand shares fell as the coronavirus outbreak continued to weigh on investor confidence, however, it weathered a savage reopening to Chinese equity markets as a weaker kiwi dollar buoyed exporters. The S&P/NZX 50 Index declined 167.28 points, or 1.4 per cent, to 11,550.16. Within the index, 43 stocks fell, five rose, and two were unchanged. Turnover was $106.7 million, ... Read More »

NZ stock market’s prospects lift

Law firm Chapman Tripp’s annual review has found a revamp of the the NZX’s rules, fees, and the move to one trading board over the past year have lifted the stock market’s prospects. Corporate partner Rachel Dunne, who sat on a committee reviewing capital markets said the improvements had paid off, despite just two initial public offerings (IPO) in the ... Read More »

Trivago hit with 18 Commerce Commission complaints

The Commerce Commission says it has received 18 complaints about hotel comparison website Trivago. Trivago, part-owned by US-based Expedia, has been found guilty of misleading and deceptive conduct by Australia’s Federal Court for suggesting that top-listed prices on properties advertised on its site were the best. But hotels were instead found to have been ranked based on commission. “Trivago’s hotel ... Read More »

New Zealand businessman Grant Biggar owes $3m in New York taxes

A New Zealand man owes US$2 million (NZ$3m) in New York income taxes according to a decision by the New York Tax Appeals Tribunal. In its decision at the end of last year, the tribunal found that New Zealander Grant Biggar had a shortfall of US$2.08m in unpaid income taxes. A long-time resident of New York, Biggar had filed state ... Read More »

Failed building company Arrow International owes creditors $46 million

The liquidators of Arrow International are working through almost 500 claims from unsecured parties who say they’re owed about $46 million from the failed building company. BDO’s Andrew Bethell, Andrew McKay and Colin Gower said employee wages of $730,000 and a tax bill of $553,000 were settled before their appointment as liquidators to the Arrow International entities. Since their June ... Read More »

Primary exports to reach $48bn in 2020 – MPI

The report, released yesterday, predicts primary industry exports will reach nearly $48 billion for the year to June 2020. That would be a rise of more than 3 percent on the previous financial year and was an improvement from MPI’s October forecast, which predicted the value of exports would drop by 0.1 percent. MPI’s economic data and analysis manager, Wido ... Read More »

‘Not in national interest’: Ministers block foreigners from buying 4500ha of farmland

In a rare rejection of an Overseas Investment Office application, Canadians have been barred from buying more than 4500ha of South Island farmland. Mercury Agriculture LP, 92 per cent controlled by Canadian interests, cannot buy more than 2000ha of South Canterbury and Otago land because it is not in New Zealand’s interests, according to the office decision. Mercury wanted to ... Read More »

Business confidence rebounds – ‘the vibe is changing’

Business confidence has rebounded in November and “it appears the vibe is changing”, says ANZ chief economist Sharon Zollner. The latest ANZ Business Outlook Survey is much stronger across the board, offering further signs that the current economic slowdown may be reaching its trough. Headline business confidence jumped 16 points to a net 26 per cent of respondents reporting that ... Read More »

Kiwi Property half-year profit drops 24% to $36m

New Zealand’s biggest listed landlord, Kiwi Property Group, has delivered a $36.7m net profit after tax for the latest half-year, down 24 per cent on the previous $48m due to a combination of factors including falling interest rates. Net rental income fell due to the sale of North City in Porirua, funds from operations fell reflecting the impact of one-off ... Read More »

NZ house prices set a new record, topping $600,000: Six fastest-rising areas revealed

New Zealand house prices set a new annual record, up 8.2 per cent from a median $561,500 to $607,500. Latest Real Estate Institute data showed that was the first time this country’s house prices had gone above $600,000. Auckland house prices rose by a median $7000 annually, from $861,000 a year ago to $868,000 last month which REINZ said was ... Read More »

Who are New Zealand’s 40 most powerful property people?

Bosses running big businesses in construction, development, investment, land ownership and retirement hold big sway in New Zealand. Yet many are not household names – and they like it that way. So who’s really in charge? Who are those controlling billions of dollars worth of investment, making decisions which affect our lives – where and how we live and work? ... Read More »

The threat and the promise of digital money

What is the future of money in a digital age? This was the subject of an event at the Peterson Institute for International Economics last week. This seminar was the intellectual high point of my time at the annual meetings of the IMF and World Bank in Washington. The first answer to that big question is: “It is complicated.” The ... Read More »

NZ-born banker admits pocketing $70m in bribes

A former Credit Suisse Group banker told a federal jury in New York that he alone pocketed at least US$45 million (NZ$70 million) in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own. Testifying on Wednesday, New Zealand-born Andrew Pearse recited the illicit payments he took for his role in arranging ... Read More »

$4m penalty for Auckland money shop under anti-money laundering laws

An Auckland-based money remitter has been penalised $4 million for failure to comply with recently introduced anti-money laundering laws. Justice Mark Woolford decided Jin Yuan Finance should pay $4 million following a lawsuit from the Department of Internal Affairs. The penalty compares with $5.29 million awarded against Ping An Finance and $356,000 against Qian DuoDuo, which were both also accused ... Read More »

Green Rush: Foreign forestry companies NZ’s biggest landowners

Despite a clampdown on some overseas investment, including a ban on residential sales to offshore buyers, the Labour-led government has actively encouraged further foreign purchases of land for forestry through a stream-lined ‘special forestry test’. Since the government was formed, the Overseas Investment Office (OIO) has approved more than $2.3 billion of forestry-related land sales – about 31,000 hectares of ... Read More »

Feltex court saga: Insurance, costs issues arise

The complexities of administering class actions are coming to the fore in the Feltex litigation, as its lead plaintiff goes uninsured and security for costs remains unpaid. Eric Houghton’s $185 million claim on behalf of more than 3,000 Feltex Carpets investors is now at the valuation or quantum stage after the Supreme Court ruled last year the carpet-maker’s 2004 prospectus ... Read More »

Fonterra posts $605m loss, turns business upside down

Fonterra has posted a net loss of $605 million for the July year, slightly better than expected, on asset writedowns of $826m, mainly on its offshore businesses. This follows the previous year’s loss of $196m and has sparked a billion dollars worth of asset sales and a significant change in direction for the dairy giant. New Zealand’s biggest company is ... Read More »

Government introduces a tax incentive scheme for small business to encourage investment

The Government will make sweeping changes to New Zealand business tax rules by creating new tax incentives scheme for small businesses and startups. This comes as part of the Government’s economic plan, unveiled by Finance Minister Grant Robertson this morning. At the moment, the costs of looking into a potential business investment – such as buying a new asset or ... Read More »

Oil prices jump 19% in early morning trading

Crude oil prices have surged more than 19 per cent after a drone strike on a Saudi Arabian oil facility wiped out about 5 per cent of global supplies. Brent prices jumped as much as $11.73 to $71.95 a barrel in early trading in Singapore. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after ... Read More »

Entrust to pay $375 to Vector customers

More than 336,000 Vector customers will get a $375 payout this year. Entrust, 75 per cent owner of Vector, today announced its annual dividend will be $360, stemming from its shareholding in the listed energy company. This year in addition to the $360 Entrust dividend payment, a further payment of $15 from Vector which is customers’ share of a credit ... Read More »