Sharemarket News

NZ dollar heads for 1.4 percent weekly gain vs. A$ on divergent economies; US jobs data loom
6 Dec, 5:10pm
The New Zealand dollar is heading for a 1.4 percent weekly gain against its Australian counterpart as the divergence between the neighbouring economies becomes clearer, ahead of next week's Reserve Bank of New Zealand policy review... More »

FMA almost done in settlement with Strategic Finance directors, receiver chasing BDO
6 Dec, 4:20pm
The Financial Markets Authority has effectively completed a confidential settlement with the former directors of failed lender Strategic Finance, while the firm's receiver has filed proceedings against auditor BDO Spicers... More »

Supreme Court tosses out Gull appeal over $23 mln butane blending duty
6 Dec, 2:00pm
 The Supreme Court has turned down an appeal by cut-price petrol retailer Gull seeking to overturn a decision that would see it pay higher excise duty on its locally blended butane/motor spirit mix... More »

Bank of New York Mellon trims holding in embattled Chorus
6 Dec, 11:05am
Bank of New York Mellon Corp, which has US$1.5 trillion of assets under management, has reduced its holding in Chorus after the telecommunications network company said it would be hurt by the regulator's decision to lower the price it can charge retailers... More »

Chatham Rock granted mining permit for Chatham rise, still needs EPA sign-off
6 Dec, 10:45am
Chatham Rock Phosphate has been granted a 20-year mining permit to extract phosphate nodules from an 820 square kilometre area of the Chatham Rise, the first key step in its approvals to strip the sea floor of the fertiliser chemical... More »

NZ govt operating deficit smaller than forecast on higher personal tax take, customs duties
6 Dec, 10:45am
The New Zealand government posted a smaller operating deficit than expected in the first four months of the financial year as it reported a bigger personal tax take and reaped more from customs duties on imported tobacco... More »

Regulator seeks industry views on Chorus line price, suggests speedier process, backdating final price
6 Dec, 9:45am
The Commerce Commission is consulting with the telecommunications industry over what price Chorus can charge rivals to access its copper telephone lines, suggesting a review process could be accelerated and the final price backdated... More »

RBNZ commitment to inflation target crucial for believable guidance, Bascand says
6 Dec, 9:15am
The Reserve Bank's inflation target is crucial if it wants the private sector to believe its projected interest rate path, and means the monetary authority needs consistent communications, deputy governor Geoff Bascand says... More »

While you were sleeping Strong US GDP, jobs
6 Dec, 8:45am
US stocks and bonds fell after reports showing the American economy grew faster than initially estimated during the third quarter, while weekly jobless claims unexpectedly dropped, putting investors on notice the Federal Reserve might change its stimulus... More »

NZ dollar holds near 5-year high vs. Australian dollar on interest rate paths
5 Dec, 5:20pm
The New Zealand dollar held near a five-year high against its trans-Tasman counterpart as the likely divergent interest rate paths of the two economies continued to fuel demand for the kiwi... More »

Wellington Electricity settles with regulator over price path breach
5 Dec, 5:05pm
Wellington Electricity Lines, the capital city's electricity lines company owned by Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings, has reached an out-of-court settlement with the Commerce Commission over a breach of its price pat... More »

Indicative bids on Transpacific Industries' NZ unit close today
5 Dec, 5:00pm
Potential buyers of the New Zealand unit of Australian waste manager Transpacific Industries have until the end of the day to make their interest known, with indicative bids closing... More »

Delegat's sees 10 percent lift in 2014 profit, warns strong currency may hit bottom line
5 Dec, 3:15pm
Delegat's Group, the winemaker which this year bought Australia's Barossa Valley Estate brand, expects operating profit to rise by about 10 percent in 2014, though it warns a high kiwi dollar may hurt earnings... More »

Infratil on-market buyback completed at $2.38 a share, or $59 million
5 Dec, 3:05pm
Infratil completed its on-market buyback at $2.38 a share, or a total of $59 million... More »

Forest owners easier target on health, safety lapses under new regime, MBIE’s Smol says
5 Dec, 2:50pm
Corporate owners of forestry estates with lax health and safety standards leading to serious injury or death will be easier to target under the new regulatory regime, according to Ministry of Business, Innovation and Employment chief executive David Smol... More »

SkyCity earnings to get kicker from Adelaide redevelopment in 2017, brokerage says
5 Dec, 2:40pm
SkyCity Entertainment Group, New Zealand's only listed casino operator, faces a "benign earnings outlook" until the benefits show through from the redevelopment of its Adelaide casino complex in the 2017 financial year, according to Deutsche Bank/Craigs I... More »

SFO passes on more than 90 percent of complaints, says function isn't compromised by lean budget
5 Dec, 1:45pm
The Serious Fraud Office completed 28 investigations last year, amounting to just 6 percent of complaints received though the state agency says its ability to pursue important cases isn't compromised by a lean budget... More »

Postie Plus plans to sell SchoolTex unit for $9 million to reduce debt, invest in core business
5 Dec, 1:45pm
Postie Plus Group, the worst performer on the New Zealand stock exchange this year, has agreed to sell its school uniform business SchoolTex for $9 million to reduce debt in an attempt to return the company to profitability... More »

Taxpayers may be called on for more help in completing UFB network
5 Dec, 11:55am
Completing the national ultra-fast broadband network rollout could yet require more taxpayer funding, despite Communications Minister Amy Adams's insistence there should be a deal possible to get the project back on track within its current $1.35 billion... More »

Norwegian oil giant Statoil takes stake in NZ exploration territory
5 Dec, 11:10am
Government efforts to entice major global oil and gas producers to New Zealand has borne fruit, with Norway's state-owned Statoil and Australian heavyweight Woodside Petroleum winning exploration licences in the latest permit awards, announced at Parliame... More »