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Air New Zealand chief executive Christopher Luxon says the national carrier’s record result stacks up against any airline in the world, and was underpinned by strong demand, cost efficiencies and cheaper fuel. Net profit rose to $327 million in the 12 months ending June 30, from $263 million a year earlier, the Auckland-based company said in a statement. The result included …

SkyCity Entertainment Group may raise more capital selling notes in the US private placement market after completing the sale of as much as $125 million of seven-year bonds next month that it plans to use to repay bank debt. Standard & Poor’s today assigned a BBB- rating to the casino operator’s bond sale, which is to open on Sept. 3 and close on Sept. 22. That matches …

The Icehouse will tack another medal onto an already-decorated body of work this week: Adherium will become the first of the incubator’s alumni to cross the listing threshold. A digital health technology company whose focus is to addresss the sub-optimal medication use in chronic disease, Adherium is now listed on the Australian Securities Exchange (ASX). On top of that, the …

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street’s fear gauge don’t mean the world economy is heading for another global financial crisis, fund managers say. New Zealand shares followed Wall Street and European equity markets lower for a second day, with the S&P/NZX 50 Index down 1.7 percent …

Energy industry veteran Albert Brantley is to retire as chief executive of Genesis Energy at the end of the 2016 financial year, the electricity company’s chair, Jenny Shipley announced. Brantley was appointed to lead Genesis in 2008, replacing Murray Jackson, and has led a strategy that has ended Genesis’s role as a de facto generator of last resort, which saw …

HRL Morrison & Co subsidiary JIDA Capital Partners and Shenzhen-based CGN Private Equity Fund Management have raised 1.87 billion Chinese yuan (NZ$451.7 million) from institutional investors to launch a new fund focusing on Chinese renewable energy assets. The unlisted private equity infrastructure fund, CGN Fund III, is seeking to raise 5 billion yuan, which it will mainly invest in operating …

SLI Systems widened its annual loss while sales met the reduced guidance it gave in April, after the online retail search engine developer reorganised its sales team and was impacted by a weaker Brazilian economy The Christchurch-based company reported a loss of $7.1 million in the year ended June 30, from a loss of $5.7 million a year earlier, it said in a statement. …

Steel & Tube Holdings, New Zealand’s biggest steel distribution company, has continued its drive to grow through acquisitions, buying Aquaduct NZ out of receivership for about $8 million cash. Aquaduct was put into receivership in April after defaulting on its debt facilities with Westpac New Zealand, which was owed $4.97 million, according to a report by BDO’s Stephen Tubbs. Steel & …

The New Zealand dollar slumped to its lowest level in six years as equities sank amid concerns about global growth. The kiwi touched 62.44 US cents overnight, its lowest level since July 2009, amid low liquidity, and was trading at 64.90 cents at 8am in Wellington, from 65.89 cents at 5pm yesterday. The trade-weighted index fell to 69.98 from 71.04 …

Wynyard Group, the intelligence software developer, widened its first-half loss while boosting sales 39 percent and anticipates faster revenue growth from the second half as it rolls out a new product. The Auckland-based company posted a net loss of $17.6 million, or 14 cents per share, in the six months ended June 30, from $10.2 million, or 9 cents, a year …