Business Desk

New Zealand firms grew even gloomier in August as falling commodity prices and a lack of inflation looks set to keep profits down, and have scaled back their intentions to take on new staff or invest in their business. A net 29 percent of firms were pessimistic about the general economic outlook over the coming year, deteriorating from a net …

The Inland Revenue Department is proposing to introduce a withholding tax on foreign buyers of residential property from July next year as part of the government’s plans to crackdown on speculators. The tax department is proposing to implement the tax, which would require an amount to be withheld on the sale of residential property, to support the introduction of the …

The Bank of New Zealand is increasingly concerned the economy is grinding to a halt following today’s confirmation in the ANZ Bank Business Outlook survey of slumping business confidence. “As each day passes, the likelihood of our alternative scenario, of an economy stumbling to near-recession, increases,” said head of research Stephen Toplis in analysis released at much the same time as …

The New Zealand dollar fell after figures showed business confidence sank to a six-year low this month, stoking speculation the Reserve Bank will be prepared to make deeper cuts to interest rates to revive an economy showing little sign of accelerating inflation. The kiwi fell to 64.21 US cents as at 5pm, in Wellington, from 64.53 cents at the New York close on …

Allied Farmers posted an 88 percent drop in annual profit after an overhaul of the business increased the firm’s tax bill, and as its profitable livestock unit was held back by the slowing dairy sector. Net profit attributable to shareholders dropped to $128,000, or 0.12 cents per share, in the 12 months ended June 30, from $1.02 million, or 1.03 …

New Zealand’s trade deficit was smaller than expected in July as exports of fruit and meat drove overseas sales higher, and offset flat dairy export receipts. The trade deficit narrowed to $649 million in July from $943 million a year earlier, and was smaller than the $755 million shortfall predicted in a Reuters poll of economists. Exports climbed 14 percent …

Air New Zealand chief executive Christopher Luxon says the national carrier’s record result stacks up against any airline in the world, and was underpinned by strong demand, cost efficiencies and cheaper fuel. Net profit rose to $327 million in the 12 months ending June 30, from $263 million a year earlier, the Auckland-based company said in a statement. The result included …

SkyCity Entertainment Group may raise more capital selling notes in the US private placement market after completing the sale of as much as $125 million of seven-year bonds next month that it plans to use to repay bank debt. Standard & Poor’s today assigned a BBB- rating to the casino operator’s bond sale, which is to open on Sept. 3 and close on Sept. 22. That matches …

The New Zealand dollar slumped to its lowest level in six years as equities sank amid concerns about global growth. The kiwi touched 62.44 US cents overnight, its lowest level since July 2009, amid low liquidity, and was trading at 64.90 cents at 8am in Wellington, from 65.89 cents at 5pm yesterday. The trade-weighted index fell to 69.98 from 71.04 …

Genesis Energy became the latest electricity company to increase its distributions to shareholders as it reported a 113 percent increase in net profit of $104.8 million on marginally increased revenues of $2.1 billion in the year to June 30. Chair Jenny Shipley said in a statement the board was “satisfied” with a “strong” performance from Genesis, the country’s largest electricity and gas retailer, …