Saturday , November 25 2017
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While you were sleeping: Greenback extends rally

Wall Street seesawed as the US dollar continued its climb amid bets the Federal Reserve is gearing up to lift interest rates as early as June. “The reason the Fed would raise rates is because growth dynamics are picking up, which would ultimately be a tailwind for markets, though markets …

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Orion Health to join NZX 50 after latest review, NZOG out

Orion Health Group, the health software developer, will join the benchmark NZX 50 index later this month, ousting energy explorer New Zealand Oil & Gas, after the stock market operator’s latest quarterly review. Orion will enter the index on March 23, having met ranking and liquidity requirements for index inclusion, …

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Foley Family Wines turns first half profit as sales grow

Foley Family Wines, majority owned by American businessman and vineyard owner Bill Foley, posted a first-half operating profit as sales increased 14 percent. Underlying profit, which strips out fair valuation changes for harvested grapes, was $661,000 in the six months ended Dec. 31, compared to a loss of $96,000 in the previous comparable period, …

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SBS Bank agrees to buy 50% of Staples Rodway Asset Management

SBS Bank, New Zealand’s largest building society, has agreed to buy 50 percent of Staples Rodway Asset Management (SRAM)  as part of a strategy to build scale in wealth management and lift its presence in the North Island. Financial details of the transaction are confidential, said Wayne Evans, chief executive of SBS Group, …

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Solid Energy prepares for more job cuts at Stockton

State-owned coal miner Solid Energy is preparing for more redundancies at its Stockton mine, near Westport, as slumping global prices for coking coal threaten its long term viability and force it anew into talks with its banks to restructure its borrowing. Plans under way to stem those losses were in preparation …

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IRD happy with business transformation-lead Accenture

The Inland Revenue Department is happy with lead provider Accenture to overhaul its 30-year-old information technology system in a major transformation of its business which so far is running under budget and on time. IRD commissioner Naomi Ferguson told Parliament’s finance and expenditure committee the government’s tax gatherer has spent …

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CERA bullish on Chch CBD anchor projects, though keeping mum on business cases

The Canterbury Earthquake Recovery Authority, which was tasked with overseeing the rebuild of the country’s second-biggest city, is upbeat about the prospects for anchor projects in Christchurch’s central business district, but won’t provide business cases for the developments until commercial contracts have been signed off Acting chief executive John Ombler …

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Woosh narrows annual loss as accounts tagged by auditor

Woosh Wireless’s financial statements have been tagged by its auditor as the internet service provider narrowed its annual loss by clamping down on costs to offset falling sales. The Auckland-based company narrowed its loss to $1.32 million in the year ended Aug. 31, from an earlier loss of $2.59 million it said in its …

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Restaurant Brands says fourth-quarter sales rise 19%

Restaurant Brands, New Zealand’s largest fast-food store operator, increased fourth-quarter sales by 19 percent as it benefited from an extra week’s trading, a better performance from its KFC fried chicken unit and the addition of Carl’s Jr. burger chain outlets. Sales at the stores rose to $92.8 million in the 13 weeks ended …

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NZ govt posts small surplus in 7 mths to January as tax take swells

The New Zealand government posted a small operating surplus in the seven months through January as tax revenue beat expectations, while costs were smaller than anticipated. The operating balance before gains and losses was a surplus of $77 million in the seven months ended Jan. 31, compared to a forecast deficit …

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