Article – BusinessDesk

SkyCity chair Chris Moller to retire; Rob Campbell to step up from 2018

By Tina Morrison

June 28 (BusinessDesk) – SkyCity Entertainment Group said chair Chris Moller will retire from New Zealand’s only listed casino company at the end of this year, and be replaced by its new director Rob Campbell. Read more »

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Tower board backs increased Vero takeover
June 27 (BusinessDesk) – Tower’s board is backing the increased takeover bid from Suncorp Group-owned Vero Insurance New Zealand, provided the $236 million offer wins approval from local regulators. Read more »

Article – BusinessDesk

Ex-PwC boss Bruce Hassall to join Fonterra board in November

By Paul McBeth

June 27 (BusinessDesk) – Former PwC chief executive Bruce Hassall will add Fonterra Cooperative Group to his list of corporate directorships when the joins the board of the country’s biggest company in November. Read more »

Article – BusinessDesk

Tourism Minister Bennett appoints infrastructure fund panel chaired by Judy Kirk

By Paul McBeth

June 27 (BusinessDesk) – Tourism Minister Paula Bennett has named a seven-strong panel to oversee the $100 million tourism infrastructure fund that’s designed to help the regions cope with the demands of record numbers of foreign visitors. Read more »

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RBNZ, polling weakly with ordinary Kiwis, turns to social media to sell message

By Paul McBeth

June 27 (BusinessDesk) – The Reserve Bank, which has faced criticism for its engagement with the media and financial analysts, has turned to social media to sell its message after polling showed ordinary Kiwis don’t hold the bank in high regard. Read more »

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Weak prices put Tegel pretax earnings near bottom of revised guidance

By Jonathan Underhill

June 27 (BusinessDesk) – Tegel Group, New Zealand’s biggest poultry producer, posted a 0.8 percent gain in full-year pretax earnings as weaker pricing eroded the benefits of record sales. Read more »

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First NXT-listing G3 may quit the small-cap exchange

By Paul McBeth

June 23 (BusinessDesk) – G3 Group is considering a plan to quit the NZX’s NXT just two years after joining the market for minnows in a compliance listing. Read more »

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Restaurant Brands sales to exceed $700 mln in 2018 as KFC market keeps growing, CEO says

By Sophie Boot

June 23 (BusinessDesk) – Restaurant Brands New Zealand, the fast-food retailer, is forecasting sales above $700 million in the 2018 financial year as it reaps gains from its expansion into Australia and Hawaii. Read more »

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NZ construction sector upbeat on infrastructure work, buoyed by govt injection
By Paul McBeth

June 23 (BusinessDesk) – New Zealand’s construction sector is increasingly upbeat about the growing infrastructure market, Read more »

Article – BusinessDesk

Vector signs multi-million battery storage deal with Territory Generation in Alice Springs

By Paul McBeth

June 23 (BusinessDesk) – Vector beat rivals to supply Australia’s Territory Generation with battery storage technology in a multi-million deal for the New Zealand firm. Read more »

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Restaurant Brands to seek ASX dual-listing

By Sophie Boot

June 23 (BusinessDesk) – Restaurant Brands, the fast food retailer, plans to dual-list on the Australian Stock Exchange by the end of September. Read more »

Article – BusinessDesk

NZME, Fairfax NZ merger appeal to be heard in October

By Paul McBeth

June 22 (BusinessDesk) – Dominant New Zealand news publishers NZME and Fairfax New Zealand will have their 10 days in court in October as they seek to overturn the Commerce Commission’s rejection of a planned merger they say is needed to create a sustainable domestic media group. Read more »

Article – BusinessDesk

Complectus sale falls through after Australia buyer breaches sale agreement

By Paul McBeth

June 22 (BusinessDesk) – The sale of New Zealand financial services supervisory business Complectus has fallen through after the Australian buyer didn’t meet the agreed settlement date of May 31. Read more »

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Property for Industry shareholders vote to internalise management
June 22 (BusinessDesk) – Property For Industry’s managers will reap a $42 million payday after the industrial property investor’s shareholders voted to internalise its management contract. Read more »

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RBNZ seeks governor with ‘gravitas’ as central bank sensitivity comes under scrutiny

By Paul McBeth

June 22 (BusinessDesk) – The Reserve Bank is seeking a new governor with “gravitas” to lead “a high-performance culture” that includes effective communications, one area where the bank has been both criticised and thin-skinned. Read more »

Article – BusinessDesk

Julie Christie to leave MediaWorks board at end of the month

By Paul McBeth

June 22 (BusinessDesk) – Reality TV pioneer Julie Christie will leave the board of MediaWorks Investments at the end of the month, ending almost four years as a director of the private equity-owned free-to-air broadcaster. Read more »

Article – BusinessDesk

Fonterra forecasts 3% rise in NZ milk collection this season

By Tina Morrison

June 22 (BusinessDesk) – Fonterra Cooperative Group expects to collect 3 percent more milk from New Zealand farms this season as higher milk prices encourage farmers to lift production. Read more »

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Smiths City FY profit halves from year-earlier result bolstered by asset sale; earnings improve

By Paul McBeth

June 21 (BusinessDesk) – Smiths City Group’s annual profit more than halved without the one-off gain from the sale of its Colombo St store in 2016, although underlying earnings jumped from wider margins in its finance division and a smaller restructuring bill. Read more »

Article – BusinessDesk

Tourism Holdings raises annual earnings guidance as NZ enjoys bumper visitor numbers

By Paul McBeth

June 21 (BusinessDesk) – Tourism Holdings raised its earnings guidance and says annual profit will probably rise by about 21 percent as New Zealand continues to register record visitor numbers. Read more »

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SBS Bank boosts annual profit 37% as lender beefs up exposure to Auckland property investors

By Paul McBeth

June 20 (BusinessDesk) – SBS Bank, the country’s biggest building society, boosted annual profit 37 percent as the licensed lender ramped up lending in Auckland and to residential property investors, while low interest rates trimmed its retail borrowing costs. Read more »