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Finance Minister Bill English will present Budget 2013 on Thursday 16 May against a background of continued fiscal restraint. “This will be the National-led Government’s fifth Budget in what have been extremely challenging global economic times,” English  says. “It will continue to implement the Government’s programme to deliver a more competitive and faster-growing economy, more jobs and a return to fiscal …

ASB Bank, the local unit of Commonwealth Bank of Australia, posted a 7 percent gain in first-half cash profit on increased mortgage and business lending saw growth in interest income outpace operating expenses. Cash profit, which excludes some one-time items, rose to $348 million in the six months ended Dec. 31 from $324 million a year earlier, according to the …

SkyCity Entertainment Group, the casino and hotel company, said first-half profit fell 16 percent on a lower win rate for its international business and year-earlier Rugby World Cup benefits that weren’t repeated. Net profit fell to $66.3 million, or 11.5 cents a share, in the six months ended Dec. 31, from $78.8 million, or 13.7 cents a share, a year …

ASX-listed Raisama Energy has backed out of its 10 percent interest in the Kakapo oil and gas prospect in Taranaki, preferring opportunities in Asia instead. The Perth-based company said it has written to partner NZOG Developments, a subsidiary of New Zealand Oil & Gas, and won’t go ahead with its farm-in agreement on the Taranaki Basin permit, according to a …

The New Zealand dollar rallied above 84 US cents after a Group of Seven leading nations’ official said the body was concerned about excessive moves in the yen, leading to broad selling of the greenback and lifting so-called riskier currencies. The New Zealand dollar recently traded at 84.06 US cents, having climbed as high as 84.36 cents overnight, from 83.50 …

New Zealand shares fell, paced by gold miner OceanaGold and casino operator Sky City Entertainment Group ahead of their earnings this week. Turners Auctions rose after meeting guidance and lifting its dividend. The NZX 50 Index rose 2.38 points, or 0.1 percent, to 4218.12. Within the index, 21 stocks fell, 14 rose and 15 were unchanged. Turnover was $112 million. …

The New Zealand dollar shed gains in local trading amid fears seismic activity in North Korea may be the result of nuclear testing, a prospect likely to spook investors. The kiwi fell to 83.45 US cents at 5pm in Wellington from 83.78 cents at 8am and up from 83.28 cents yesterday. The trade-weighted index rose to 76.01 from 75.54 yesterday. …

Sir Don McKinnon couldn’t have picked a better person than Pat English to be the NZ China Council’s inaugural executive director. The former NZ Consul-General and Trade Commissioner in Guangzhou has long been a stalwart in the bilateral relationship. English is deeply versed in New Zealand’s trading relationship; knows heaps of smaller firms as well as the larger NZ companies …

Telecom has put its email service provider Yahoo! on notice after what one executive says is a service that has left Telecom running no more than “a very expensive customer complaints service.” New Zealand’s largest telecommunications retailer says a “series of issues” over the past year, including this week’s highly disruptive attack by hackers, had “impacted negatively” on the Yahoo! …

Following his return from a stint as New Zealand Consul General and Trade Commissioner in Guangzhou China, Patrick (‘Pat’) English has been appointed Executive Director of the New Zealand China Council. jobs at home A 17-year veteran of New Zealand Trade and Enterprise, English has served both in New Zealand and abroad, including roles in Shanghai and Beijing. In addition, …