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Fulton Hogan, the privately held construction firm, says first-half pre-tax earnings dropped 10 percent as Australia’s economic woes kept a lid on spending in the resources and state sectors, while the strong kiwi dollar eroded profit earned across the Tasman. Pre-tax net profit fell to $83.4 million in the six months ended Dec. 31 from $92.8 million a year earlier, the …

Warehouse Group lowered its forecasts for annual profit and dividends after New Zealand’s largest listed retailer posted weaker first-half earnings as its Red Sheds and Noel Leeming units missed expectations. Full-year adjusted net profit, which excludes one-time items and is the basis for dividend payments, will be between $52 million and $56 million, down from $60.7 million a year earlier, …

The major banks are breathing a sigh of relief that the Reserve Bank of New Zealand has dropped proposals that would have deemed anyone owning five or more residential properties as a commercial borrower, although the Property Institute is unhappy with the latest proposals, published yesterday for consultation. The central bank intends to require banks to set aside more capital against lending on …

Air New Zealand, the national carrier, will scrap its pre-selected travel insurance option after receiving a formal warning from the Commerce Commission, which is cracking down on businesses misleading consumers with ‘opt out’ additional products. The Auckland-based airline has agreed to no longer pre-tick travel insurance on its online ticketing system from April after a warning from the anti-trust regulator, the commission said in a …

New Zealand shares fell, led by Meridian Energy ahead of its second instalment receipt coming due in May. Spark New Zealand and Fletcher Building declined. The NZX 50 Index fell 17.31 points, or 0.3 percent, to 5856.772. Within the index, 25 stocks fell, 19 rose and six were unchanged. Turnover was $141 million. Meridian dropped 4.9 percent to $2.025. The partially privatised energy company listed on …

The New Zealand dollar dropped after the Reserve Bank said it’s looking at ways to restrict lending on residential property investments, stoking speculation it would then have more room to cut interest rates. The kiwi fell to 75.52 US cents at 5pm in Wellington from 75.88 cents immediately before the release, to be little changed from 75.55 cents yesterday. The trade-weighted index was at …

New Zealand companies looking to do business in India should move beyond a mutual love of cricket and not wait for a free-trade agreement before seeking opportunities in the fast-growing Indian economy, says Sunil Kaushal, chairman of the India-New Zealand Business Council. “While much of the focus is on the prospect for a free trade agreement with India, waiting for its conclusion before acting …

Seeka Kiwifruit Industries, the country’s biggest kiwifruit grower, doesn’t expect earnings to be materially affected by a fire that destroyed a shed at its Oakside post-harvest site in Tauranga, with insurance likely to cover the costs. The fire destroyed the shed and significantly affected a coolstore containing about 250,000 trays, though more detailed investigations are underway, the Te Puke-based company …

The New Zealand dollar rose to a record against the euro ahead of a European Central Bank meeting tonight where it’s expected to detail plans for its quantitative easing programme starting this month. The kiwi hit 68.55 euro cents, and was trading at 68.46 cents at 8am in Wellington, from 67.61 cents at 5pm yesterday. The local currency advanced to …

Wall Street fell after a softer-than-expected private jobs report and a decline in oil prices, while stocks in Europe gained ahead of a European Central Bank gathering that should reveal more about its plans for additional monetary stimulus. Oil prices fell after a report showing US crude oil inventories climbed to a fresh record for the eighth week in a …