Business Desk

Solid Energy’s former chief executive Dr Don Elder must be allowed to appear before MPs, Labour’s SOEs spokesperson Clayton Cosgrove says. Clayton Cosgrove has today written to Solid Energy’s new chairman Mark Ford  and interim chief executive Garry Diack requesting that the former CEO appear before the Commerce Select Committee as part of the 2011/12 Financial Review Hearing of Solid …

The worst kept secret of the Government’s privatisation programme has been all but confirmed, with the Australian media reporting that Mighty River Power will be on sale to Australian investors, says Clayton Cosgrove, Labour’s State Owned Enterprises spokesperson. The Australian Financial Review, Australia’s most respected business news source, has reported today that Mighty River Power will be listed on both …

The New Zealand dollar climbed back above 83 US cents after a bank survey showed local business confidence has continued to improve, and as Australian capital expenditure figures weren’t as bad as investors were prepared for. The kiwi rose to 83.15 US cents at 5pm in Wellington from 82.43 cents at 8am and 82.42 cents yesterday. The trade-weighted index advanced …

New Zealand First warns that Government cuts to biosecurity will lead to another disaster to match the Psa kiwifruit bacteria outbreak which has been identified as reaching the country in a consignment of anthers from Shaanxi Province in China to Kiwi Pollen in June 2009. It is understood that Otago University associate professor Russell Poulter undertook genetic analysis to trace …

The Reserve Bank will get an expanded range of tools to shore up financial stability, including the ability to set loan-to-value ratios on residential mortgages and force banks to hold more capital against risky lending, by the middle of the year, Finance Minister Bill English says. The Reserve Bank will consult on its proposals for the macro-prudential tools next month, …

Hawaiian Airlines  are increasing the number of flights from three to four per week during the peak period of September 19 to October 11.that due to strong demand for their impending service connecting Auckland and Honolulu. The Auckland to Honolulu service, which is scheduled to commence on March 13, will provide an extra four flights to the schedule during school …

Fisher & Paykel Healthcare, which makes breathing masks and respirators, lifted its full-year guidance a second time as demand for new breathing masks helps speed sales and margins widen. The shares jumped 6.8 percent on the news. Net profit would rise be about $75 million in the year ending March 31, up 17 percent from a year earlier, the Auckland-based …

APN will announce its annual results on Thursday, and analysts are picking the media group to post a bottom line loss of A$287.5 million, according to forecasts collated by Reuters. Those picks include a 14 percent fall in sales to A$915.9 million and a 29 percent slump in earnings before interest, tax, depreciation amortisation and depreciation of $150.1 million. INM’s …

“It is with much regret that I need to inform you that I will be leaving APN tomorrow. The Chairman and I and a number of the independent directors have today resigned from the Board of APN. This was not a decision that was made lightly by any of us. Following a series of discussions regarding the need to raise …

ANZ New Zealand, the country’s biggest lender, reported a 25 percent fall in first-quarter profit as the local unit of Australia & New Zealand Banking Group recorded softer margins, even as it grabbed more market share. Net profit dropped to $300 million in the three months ended Dec. 31, from $400 million a year earlier, according to ANZ New Zealand’s …