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Transport fuels distributor and retailer Z Energy’s success in raising margins on petrol and diesel sales is under pressure and are “likely to trend toward the industry’s lower net margin,” says Deutsche Bank analyst Grant Swanepoel in a research note on yesterday’s full year result from Z. The Wellington-based company, which took over the refining, distribution and retail operations of …

The government’s lagging tax-take got a boost in March as later than expected filing of 2013 company tax returns bolstered the contribution from corporate taxpayers, allowing Finance Minister Bill English to confirm next week’s Budget will project a return to surplus. The Crown’s operating balance before gains and losses (obegal) was a deficit $1.66 billion in the nine months ended …

The Commerce Commission says farmers concerned about the way their interest rate swaps were sold to them have until the end of the month to contact the regulator otherwise they may miss out on future compensation claims. The antitrust regulator is investigating the alleged mis-selling of interest rate swaps in the rural sector by the New Zealand branches of the …

The Reserve Bank won’t start lifting restrictions on home loans with small deposits any earlier than late in the year, with the limits cooling demand in the country’s housing market, deputy governor Grant Spencer says. The restrictions have slowed house price inflation by about 2.5 percentage points and strengthened banks’ balance sheets by reducing the level of high loan-to-value ratio …

The New Zealand dollar dropped to its lowest in more than a week against the Australian currency on improving economic prospects across the Tasman. The kiwi touched 91.91 Australian cents early this morning, its lowest level since April 28, and was trading at 92.21 cents at 8am in Wellington, from 92.40 cents at 5pm yesterday. The local currency edged lower …

European stocks climbed while the euro slid against the US dollar as European Central Bank President Mario Draghi signalled a potential interest rate cut next month. The ECB kept, as had been anticipated, its key interest rate steady at a record low 0.25 percent but suggested it might lower it in June if needed. “The governing council is comfortable with …

The New Zealand dollar fell after Reserve Bank governor Graeme Wheeler said he may intervene in currency markets if the kiwi stays strong in the face of falling dairy prices. The local currency dropped to 86.89 US cents from 87.41 cents immediate before the speech, 87.47 cents at 8am and 86.91 cents yesterday. The trade-weighted index fell to 80.43 from …

Dairy product prices recorded their sixth straight decline in the latest GlobalDairyTrade auction, returning to levels of a year ago and adding to expectations Fonterra Cooperative Group will trim its forecast for a record milk payout. The GDT price index fell 1.1 percent to US$3,950 a tonne, from US$4,047 a tonne two weeks ago, the lowest since February 2013. Some …

Maurice Williamson has resigned as minister of building, land information, customs and statistics after revelations he called a high-ranking police officer in connection with Chinese businessman Donghua Liu, who had been arrested on domestic violence charges. Williamson had previously lobbied ministerial colleagues to grant citizenship to Liu, who was behind a $70 million development in Newmarket, Auckland, the Herald reported. …

ANZ New Zealand posted a 27 percent gain in first-half cash profit, recording the biggest gain among the four operating divisions of Australia’s third-largest lender after growing its home loan book and cutting costs. Cash profit, which excludes non-core items, rose to $887 million in the six months ended March 31, from $697 million a year earlier, the Auckland-based lender said …