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New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show strong profits and lending growth in the first quarter of the 2015 however lending margins are beginning to contract due to stiff competition. Net profit before tax increased by $94 million or 5.9% to $1.69 billion for the first quarter of 2015, compared to $1.59 …

The New Zealand dollar is heading for a 1.8 percent weekly decline as financial markets remain volatile ahead of Greece’s referendum on whether to accept a bailout package from its European creditors, and as the wheels start coming off the local economy. The kiwi dropped to 67.18 US cents at 5pm in Wellington from 68.42 cents on Friday in New York …

Beingmate Baby & Child Food Co shares have halved in value on the Shenzen stock exchange over the past three weeks, pushing their price 12 percent below what Fonterra Cooperative Group paid for its 18.8 percent stake in the Chinese infant formula maker. Beingmate shares closed at 15.82 yuan yesterday, below the 18 yuan apiece, or 3.46 billion yuan that the Auckland-based dairy cooperative paid …

A draft of part of the Trans-Pacific Partnership trade deal leaked to the Politico website suggests the US is demanding increased protections for pharmaceutical companies, restricting access to the lower-cost generic versions of drugs that agencies such as New Zealand’s Pharmac buy. The draft copy of the intellectual property chapter of the trade agreement as it stood on May 11, before the Guam negotiating …

The New Zealand dollar touched a fresh five-year low after dairy prices fell to a six-year low in the GlobalDairyTrade auction overnight, paced by whole milk powder, the nation’s key export commodity. The kiwi touched 67.27 US cents and was trading at 67.41 cents at 8am in Wellington, from 67.95 cents at 5pm yesterday. The trade-weighted index dropped to 70.73 from …

Fonterra Cooperative Group, which is looking to cut hundreds of jobs as part of a review aimed at stripping costs out of its business, says it has begun talks with workers in administrative roles such as finance, legal and information services. The world’s largest dairy exporter has hired business management consultant McKinsey & Co to assist in a review of its …

Kathmandu has urged shareholders to take no action on a full takeover offer from Briscoe Group pending the board’s response and has retained Goldman Sachs as an adviser.  Briscoe, the homewares and sports good retailer, yesterday offered 89.7 million of its own shares and $32.3 million cash for the 80.1 percent of the outdoor equipment and clothing chain it doesn’t already own. The …

Marlborough Lines has bought an 80 percent stake in Yealands Wine Group, New Zealand’s sixth-largest wine exporter, for $89 million. The South Island electricity lines company took control from founder Peter Yealands, who wanted to keep the winery fully New Zealand owned, the companies said in a joint statement. Marlborough Lines is debt free and had realised $100 million in cash from …

The New Zealand dollar touched a fresh five-year low after dairy prices fell to a six-year low in the GlobalDairyTrade auction overnight, paced by whole milk powder, the nation’s key export commodity. The kiwi touched 67.27 US cents and was trading at 67.41 cents at 8am in Wellington, from 67.95 cents at 5pm yesterday. The trade-weighted index dropped to 70.73 from …

Meridian Energy and Rio Tinto-controlled New Zealand Aluminium Smelters have extended their electricity agreement for another month, giving the Tiwai Point smelter owner a little more time to sort out its electricity needs. Wellington-based Meridian agreed with NZAS last night to extend the date the smelter owner can terminate their agreement until Aug. 3, while keeping all other terms unchanged, …