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New Zealand’s government wants to trim “super profits” from land banking which it says is the biggest impediment to housing affordability in Auckland. New Zealand’s Reserve Bank is concerned rising house prices where supply is failing to meet demand, particularly in Auckland, is threatening financial stability. Housing Minister Nick Smith is relying on an accord with Auckland City Council to …

New Zealand’s ultra-fast broadband initiative is threatened by a regulatory process that is “weird” to foreign investors, could ultimately be redundant, and is producing the opposite of the intended effect of splitting Telecom in two, says Chorus chief executive Mark Ratcliffe. Ratcliffe used a speech to a Commerce Commission conference on proposals to regulate prices for unbundled bitstream access to …

Opus International Consultants, the NZX-listed engineering consultancy, has relented on plans to seek approval to make capital contributions to a Middle East joint venture in perpetuity. Chairman Kerry McDonald said Opus will seek approval from minority shareholders for any contributions to a JV with Opus International (M) Bhd (OIMB) that exceed 20 percent of its market capitalisation. The change of …

Burger Fuel Worldwide, the fast food chain franchisor, boosted annual profit 55 percent as sales in the Middle East continued to surge. The company won’t pay a dividend as it builds up cash for investments. Net profit rose to $1.1 million, or 2.05 cents per share, in the 12 months ended March 31, from $708,000, or 1.32 cents, a year …

The New Zealand dollar slid to its lowest in almost five months against the yen after the Bank of Japan quashed expectations of further stimulus measures which would have debased the Japanese currency. The kiwi dropped to 75.11 yen at about 6am in Wellington, its lowest level since it touched 75.03 yen on Jan. 28. The local currency recently traded …

Equities on Wall Street and in Europe fell as the Bank of Japan’s decision to keep its monetary policy program unchanged disappointed those who had hoped for extra measures and underpinned concern the US Federal Reserve might taper its stimulus. In late afternoon trading in New York, the Dow Jones Industrial Average shed 0.5 percent, the Standard & Poor’s 500 …

Westfield NZ Holdings, which owns nine shopping centres in New Zealand worth $2.8 billion, increased its dividend to its Australian owners by about two thirds last year after selling three properties and gaining tax benefits. Westfield paid $97.6 million in dividends in the year ended Dec. 31, 2012, according to the company’s financial statements. That’s an increase of 64 percent …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has set the guaranteed price in its pilot scheme at $7 per kilogram of milk solids for those farmer-shareholders wanting to lock in payment certainty for the 2014 season. The guaranteed milk price matches its initial forecast for next season, and is part of a scheme letting farmers accept a price for …

The New Zealand dollar advanced against the yen in volatile trading on speculation the Bank of Japan may announce further stimulus measures today, prompting Japanese investors to seek higher returns in markets such as New Zealand. Since yesterday, the kiwi has traded between 76.15 yen and 78.40 yen. The local currency recently rose to 77.95 yen from 77.04 yen at …

Standard & Poor’s upgraded credit outlook on the US failed to lift Wall Street from the doldrums as investors try to gauge the Federal Reserve’s plans for its bond-buying program. The next two-day Federal Open Market Committee meeting, starting on June 18, cannot come soon enough for many investors looking for direction of the central bank’s plans for quantitative easing. …