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Postie Plus, the retailer whose shares are the worst performer on the NZX this year, plunged deeper into the red after its poorly executed outsourcing deal for a distribution centre in Mangere disrupted the business, and has left it relying on its banks to keep it cash-flow positive. The Auckland-based retailer’s loss widened to $11.6 million, or 29.12 cents per …

The New Zealand dollar is heading for a 1 percent weekly decline as investors stay glued to US economic data after the Federal Reserve put plans to taper its monetary stimulus programme on hold. The kiwi traded at 82.90 US cents at 5pm in Wellington from 83.71 cents at the Monday open. It was up from 82.75 cents at 8am …

Fletcher Building, the biggest listed company in New Zealand, faces a probe into potentially anti-competitive behaviour in its plasterboard supply arrangements. The Auckland-based company has today been advised that the competition watchdog, the Commerce Commission, “intends to inquire into its plasterboard supply arrangements with building supplies merchants,” it said in a statement. A spokesman for the Commerce Commission confirmed the …

Genesis Energy is to mothball the second of four generating units at its ageing Huntly power station more than a year earlier than previously signalled as flat demand and a surge in new, lower cost generation has made it surplus to requirements. Genesis spokesman Richard Gordon said the decision was made after observing that, even with a severe drought earlier …

Shares in Pumpkin Patch are the best performer on New Zealand’s benchmark index today as the children’s clothing retailer turned to a profit in 2013 after posting a loss the year earlier when it reorganised its business. Pumpkin Patch shares rose 5 percent to $1.05 after the company said net profit was $5.1 million in the year ended July 31, …

Shares of Air New Zealand rose 6 cents today to trade at $1.50, ahead of the announcement at the annual general meeting in Auckland that the company is to extend its share buyback scheme for a further year. Air NZ shares closed last night at $1.44, opened at $1.455 and by 11.45am were trading at $1.50. The buyback was announced …

Reserve Bank governor Graeme Wheeler has reiterated that his two biggest challenges are the over-valued currency and the housing market, in the 2013 annual report, which shows the central bank made a dividend payment of $175 million in the latest financial year. “The two most significant challenges facing the bank at present are the overvalued New Zealand dollar and overvalued …

Vital Healthcare Property Trust, New Zealand’s largest listed medical and healthcare property investor, plans to spend A$28 million to redevelop a hospital in Sydney and A$1.9 million to extend a hospital near Newcastle, to meet rising demand for healthcare services. Vital Healthcare plans to add new operating theatres, extend day surgery facilities, add new inpatient wards, convert shared rooms to …

New Zealand shares rose, pushing the NZX 50 Index to an all-time high, as Kathmandu’s record earnings prompted analysts to lift their estimates, and investors bought companies with reliable earnings and dividends including SkyCity Entertainment Group. The NZX 50 rose 54.136 points, or 1.1 percent, to 4764.723. Within the index, 22 stocks rose, 14 fell and 14 were unchanged. Turnover …

Fonterra Cooperative Group is promising a record payout to its farmers next year, while keeping dividends unchanged, underlining the competing needs of its suppliers and the investors in its exchange-traded units. Fonterra Shareholders’ Fund units ended the day up 0.4 percent to $7.10, having initially sold off after the world’s biggest dairy exporter posted its full-year results. Normalised earnings before …