Business Desk

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 …

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 …

By Jonathan Underhill Oct. 23 (BusinessDesk) – The Reserve Bank may keep the official cash rate unchanged next week to avoid inflaming Auckland’s housing market and to keep some capacity up its sleeve should global growth stumble, even though the kiwi dollar has gained when the bank had expected a decline. Governor Graeme Wheeler will keep the OCR at 2.75 …

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 …

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 …

The New Zealand dollar gained after dairy prices rose at the latest GlobalDairyTrade auction, soothing concerns about the local economy and eroding expectations the Reserve Bank will cut interest rates this month. The kiwi rose to 65.41 US cents at 8am in Wellington form 64.99 cents yesterday. The trade-weighted index advanced to 70.77 from 70.51 yesterday. Prices for whole milk powder, New …

By Suze Metherell Sept. 23 (BusinessDesk) – Craig White, a former director of OPI Pacific Finance, has been sentenced to 250 hours of community work and A$100,000 in reparations after pleading guilty to two Securities Act charges laid by the Financial Markets Authority. White pleaded guilty on Friday to two charges under the Securities Act including distributing an advertisement and signing off …

By Fiona Rotherham Sept. 23 (BusinessDesk) – Wynyard Group, the security software firm, says its software is being used to help track down global wildlife trafficking – the fourth-largest illegal trade in the world after drugs, humans and weapons. Auckland-based Wynyard’s investigative case management software is being used to help the recently-launched, Dutch lottery-funded Wildlife Justice Commission chase organised criminals operating across many …

By Pattrick Smellie Sept. 23 (BusinessDesk) – New Zealand negotiators are “holding our ground” in talks to conclude the Trans-Pacific Partnership trade and investment treaty with some improved access expected for dairy exports to the highly protected markets of North America and Japan, says Trade Minister Tim Groser. He acknowledged that comments from Prime Minister John Key on Monday, that whatever deal was achieved …

By Pattrick Smellie Sept. 23 (BusinessDesk) – Christchurch City Council is rolling out the welcome mat for Guoxin International Co, one of China’s largest infrastructure development companies, which is committing to raise a US$2 billion fund for investment projects in the city as it enters the mature phase of its post-earthquake reconstruction. While the letter of cooperation and friendship signed between Guoxin …