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 $83 million to date on its business transformation programme, and …

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 told parliament’s finance and expenditure committee the CBD projects are …

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 financial statements lodged with the Companies Office. Sales fell 22 percent …

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 March 2, from $77.6 million in the year-earlier 12-week period, …

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 of $635 million and better than the shortfall of $1.06 …

International trading partners first learnt of threats to contaminate New Zealand-manufactured infant milk formula with 1080 poison in February, more than two months after the first letter containing the threat and a sample of contaminated product were received at Federated Farmers’ head office in Wellington, in late November. Prime Minister John Key told a hastily called press conference at the Beehive this …

New Zealand’s listed companies beat earnings estimates on average in the latest results season, but still fell short of the bullish growth expectations built into stock prices, analysts say. Per-share earnings at the 42 companies followed by analysts at Forsyth Barr rose a median 3.5 percent, beating a forecast gain of 3.3 percent. Sales on that basis grew 7.4 percent versus a forecast 6.6 percent, while …

New Zealanders increased spending on debit and credit cards in February, led by gains in hospitality and apparel as low inflation makes households more relaxed about their consumption. The value of core retail spending, which strips out spending on fuel and vehicle related items, rose 1.2 percent to a seasonally adjusted $3.94 billion last month, accelerating from January’s revised 1 percent gain, …

Law firm Adina Thorn Lawyers is asking leaky building owners to join a proposed class suit against plaster cladding manufacturers, which it says could seek damages exceeding $100 million. The law firm wants to pursue a product liability claim against the manufacturers of plaster and polystyrene cladding, including global building products maker James Hardie Industries, and is in talks with several international litigation funders …

The New Zealand dollar fell to its lowest in more than three weeks as the greenback soared after better-than-expected US jobs data boosted speculation the US Federal Reserve may raise interest rates as early as June. The kiwi fell to 73.40 US cents and was trading at 73.47 cents at 8am in Wellington, from 73.60 cents at the New York …