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Business Desk

NZ Refining ekes out extra margin from recent upgrades

By Paul McBeth Oct. 22 (BusinessDesk) – New Zealand Refining, operator of the country’s only oil refinery, added an extra US cent to its margins from recent upgrades, and anticipates further gains from a bigger project to be completed next month. The Whangarei-based company has lifted margins 13 US cents per barrel from a series of initiatives aimed at lifting …

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Crown Fibre’s mandate will extend to rural broadband, mobile black spots

By Paul McBeth Oct. 22 (BusinessDesk) – Crown Fibre Holdings, the government entity tasked with overseeing the taxpayer-sponsored fibre network build, will have its mandate extended to cover rural connectivity, which Communications Minister Amy Adams wants delivered at faster speeds over the next decade. The agency will continue to be responsible for the ultrafast broadband programme, which is currently in …

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‘Unscrupulous’ foreign firms exploiting finance services register, action needed, says industry

By Paul McBeth Oct. 23 (BusinessDesk) – New Zealand’s reputation as a responsible member of the world’s financial community is undermined by holes in the financial services provider register, which is still open to abuse by unscrupulous foreign firms, industry groups say. The Ministry of Business, Innovation and Employment is revisiting the register in a legislative review of the 2008 …

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Vital Healthcare buys two properties for A$7.8M to expand Australian development

By Paul McBeth Oct. 23 (BusinessDesk) – Vital Healthcare Property Trust, the listed hospital owner and developer, has bought two parcels of land which it plans to develop to expand Lingard Private Hospital and Toronto Private Hospital, both in New South Wales, Australia. The property investor spent A$7.8 million for a 2,700 square metre property next to its Lingard site …

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Australia’s response to financial system inquiry, making banks hold more capital, could drive up NZ interest rates

By Jonathan Underhill Oct. 22 (BusinessDesk) – The Australian government’s response to the financial system inquiry could drive up interest rates at New Zealand’s biggest lenders as their Australian parent banks seek higher returns because of the requirement that they hold more capital. The Australian Federal Government has largely accepted the recommendations of the inquiry set up in late 2013 …

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GST laggards, wealthy migrants in tax department’s sights

By Pattrick Smellie Oct. 23 (BusinessDesk) – The tax department is using big data analysis to “reliably predict customers who are highly unlikely to file GST returns on time” and try to help, while its investigators will be singling out “high-income individuals, in particular high-income new immigrants” for special attention in the year ahead. The Inland Revenue Department annual report …

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Manuka honey producers seek name protection accorded to champagne, scotch whisky

New Zealand manuka honey producers are seeking the same trademark protection accorded to French Champagne and Scottish Whisky after a surge in fakes that aren’t made from the nectar of Leptospermum Scoparium, the native manuka bush. The UMF Honey Association is seeking to protect the use of the name because imitations are damaging the brand at a time when demand in markets such …

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Scott Technology more than doubles annual profit on Robotworx acquisition,

Scott Technology, the industrial automation manufacturer, more than doubled annual profit as revenue was boosted by a weaker kiwi dollar and gains from its RobotWorx acquisition. Profit rose to $6.1 million in the 12 months ended Aug. 31 from $3 million a year earlier, the Dunedin-based firm said in a statement. Sales rose 20 percent to $72.3 million. Profit was boosted by a …

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NZ INC. best of the web: Trans-Pacific Partnership

NZ INC. brings you the best Trans-Pacific Partnership coverage from around the web. Friday, October 2 John Key spoke at a breakfast hosted by the Asia Society this week, where he talked about China’s attitude towards the TPP and New Zealand’s place in it. See the video here.  ” AsiaSociety.org: Video: New Zealand Leader Says China Sees Opportunity in the …

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