Business

Trade Minister Tim Groser will be focused on Plan B: Getting TPP in place after his disappointment in being dropped from the race for the director-general’s role at the World Trade Organisation. Impeccable sources confirmed to www.newzealandinc.com that Groser has been told he will not go through to the final selection round for the WTO top job. The WTO selection …

THE COSTS OF AUSTERITY. With recent debate over austerity and its likely costs, last night’s fiscal debt and deficit data for Europe made for interesting reading. Encouragingly, the Eurozone general government budget deficit fell to 3.7% of GDP in 2012 from 4.2% in 2011, the lowest since 2008, comparing favourably with deficits for the US and UK (over 8% of GDP) …

The world’s largest utility operation – State Grid Corporation of China – is reportedly eyeing a 42 per cent stake in NZ”s second-largest electricity and gas distribution company Powerco. The stake is said to be worth more than $450m. Hong Kong’s richest man Li Ka-shing – whose company owns Wellington Electricity Lines  – walked away from a proposed bid early …

The NZ Herald’s report China Business 2013 profiles many of the New Zealand and Chinese companies featured during the Prime Minister’s official visit to China.  

New Zealand banks face what’s expected to be the biggest class suit the country’s seen over $1 billion in default fees claimed by lenders over the past six years. Three of Australasia’s biggest law firms will announce the class suit to reclaim the fees, according to a statement. The fees are charged when customers overdraw their accounts, pay credit card …

Blue Star Group, the revitalised printing operation under new ownership, has bought a New Zealand labels unit from the receivers of ailing rival Geon Group. The sale was completed yesterday and will see the transfer of 38 Geon employees and their entitlements to Blue Star, receivers Andrew Greenfell and William Black of McGrathNicol said in a statement. No price was …

 Rupert Murdoch’s News Ltd is quitting its stake in pay-TV operator Sky Network Television in what’s expected to be a discounted sale, ahead of the global media group’s split along print and broadcasting lines later this year. Sky TV’s shares were halted after News said it will sell its 44 percent stake in the New Zealand firm in a placement …

Diligent Board Member Services, whose software helps directors to manage corporate governance information flows, is promising better board oversight after a review found an embarrassing oversight meaning executives got more options than they were entitled to. The mis-step tarnished an otherwise strong year operationally, with the New York-based and locally listed firm nearly tripling annual profit. Chairman David Liptak said …

  My assessment of the meeting is that the business leaders from Japan were very supportive of TPP in principle as a means of boosting Japan’s economic growth, but are aware of the practical challenges around joining this year. They were realistic about the political challenges that PM Abe faces from domestic interests such as agriculture but were generally optimistic …

The second announcement in a week of new companies setting up in Wellington is further proof that the city and its environs are increasingly attractive base for business, says Wellington Employers’ Chamber of Commerce, Chief Executive Raewyn Bleakley. “The decision by Contact Centres Australia to choose the Wellington CBD to open their first New Zealand contact centre, creating] about 100 local …