Heartland New Zealand, which expects to hear back on its banking licence application before Christmas, sees flat profit in the 2013 financial year, and has announced a pre-Christmas special dividend. The Auckland-based lender told shareholders net profit will probably be between $21 million and $24 million in the year ending June 30, 1013 at today’s annual meeting. That compares to …

The Commerce Commission says Auckland electricity network monopoly Vector is wrong to claim it is being subjected to regulated costs of capital higher than its Australian counterparts. Vector has repeatedly made the argument in its protracted argument with the competition regulator, saying Vector faces greater business risks than Australian networks and should be reflected in a higher weighted average cost …

Two American investors have increased their interest in cloud accounting software provider Xero by a total of $82 million, of which $60 million is newly issued capital and $22 million is to purchase of shares from its three largest shareholders. The $22 million is split three ways between director Craig Winkler, chief executive Rod Drury, and co-founder Hamish Edwards, who …

Fonterra Shareholders’ Fund units soared as much as 22 percent on their NZX debut as investors leapt at the chance to get access to the dairy exporters’ earnings stream, though no farmers used the scheme to trade their own shares. The units jumped as high as $6.71 from the $5.50 offer price set in this week’s book-build in a flurry …

The New Zealand dollar fell after US House of Representatives Speaker and senior Republican John Boehner dashed optimism politicians were getting closer to avoiding the fiscal cliff. The kiwi fell to 82.24 US cents at 8am in Wellington from 82.41 cents yesterday. The trade-weighted index declined to 73.58 from 73.74 yesterday. Investors eschewed risk-sensitive currencies such as the kiwi and …

Underlining just how much in thrall of Washington global financial markets are right now, US stocks and the euro sold off after U.S. House Speaker and senior Republican John Boehner said there had been “no substantive progress” in talks to avoid the fiscal cliff. Boehner made the comments after speaking with President Barack Obama and Treasury Secretary Timothy Geithner, saying there …

The New Zealand dollar gained against its Australian counterpart after official figures showed business investment is slowing in Australia, which could be a key factor in its central bank interest rate decision next week. The kiwi rose to 78.75 Australian cents from 78.56 cents yesterday. It traded at 82.41 US cents at 5pm in Wellington from 82.34 cents at 8.30am, …

Fonterra Cooperative Group’s Australia New Zealand managing director John Doumani will leave the dairy exporter after the company rejigged its regional boundaries. The cooperative, fresh from raising $525 million through its shareholders’ fund to reduce shareholder redemption risk, has reorganised its consumer businesses to combine Australia and New Zealand with the ASEAN/Middle East/North Africa unit, it said in a statement. …

Air New Zealand, the airline slated for a selldown by its government owner, has reiterated its target for full-year earnings to more than double, driven by a rebound in the first six months of the year. The shares rose after the announcement. The Auckland-based company first gave the forecast with the release in late August of its full-year results, saying …

Foreign Affairs Minister Murray McCully announced Carolyn Burns, Tony O’Brien and Rob Fyfe will join Antarctica New Zealand’s management board. Professor Burns, a marine science expert, and Mr O’Brien, a media relations specialist, will begin their terms immediately. Mr Fyfe’s term will commence on 1 February 2013, once he steps down as CEO of Air New Zealand. Tenby Powell, a founder …