The Reserve Bank has rejected submissions by Australian-owned banks operating in New Zealand for relief from new rules to guard against bank failures which will see them pay around $25 million in extra tax annually in this country. The concerns of the Australian banks are reported in the RBNZ’s response to submissions on the impact of new capital adequacy rules, …

Smartpay, which provides retailers with payments and transactions services, has agreed to buy eftpos terminal provider Viaduct for $16.3 million in cash and shares, a transaction representing almost a third of Smartpay’s value. The Auckland-based company will pay $14 million in cash and $2.3 million in shares for Wellington-based Viaduct’s eftpos terminal fleet, making Smartpay the biggest operator in terms …

Restaurant Brands, the fast food operator which recently launched the Carl’s Jr brand in New Zealand, lifted third-quarter sales 0.5 percent as its Pizza Hut stores’ cheap deals came up trumps in a highly competitive market. Total same store sales increased to $72.2 million in the three months ended Dec. 3, from $71.9 million in the same period a year …