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Vector, the Auckland lines company, says falling electricity consumption will cost it up to $80 million because of the way it’s regulated, according to chief executive Simon Mackenzie. The lines company’s electricity and gas distribution business is regulated by the Commerce Commission, and the regulator’s forecasting doesn’t recognise declining electricity consumption trends, Mackenzie told shareholders in Auckland. That has translated to a …

Recent issues of Orion Health Group shares to private investors provide clues to the issue price in its upcoming initial public offer, The Auckland developer of software systems for patient health management this week confirmed it would raise between $120 million to $150 million through floating on the NZX and ASX late next month.  A prospectus and investment statement are expected out …

A long-awaited free trade agreement between New Zealand and South Korea appears close to being inked following talks in Seoul last week. Officials concluded the ninth round of talks on Friday. Comments by both New Zealand and Korean diplomatic sources suggest the deal is imminent, with people close to the talks saying there were no “thorny issues” outstanding, with both sides in “substantial agreement”. …

Seeka Kiwifruit Industries, the country’s biggest kiwifruit grower, sees annual profit growth of up to 11 percent and is planning to expand its capacity in coming years as kiwifruit crops recover from the outbreak of the Psa-V vine disease. The Te Puke-based company forecasts net profit of between $2.6 million and $3 million in the 12 months ending Dec. 31, compared to $2.7 million …

Nuplex Industries, the specialty chemicals maker, agreed to sell two of its Australasian units to a company backed by Champ Private Equity for A$127.5 million, using the funds to repay debt and possibly make a capital return. Axieo, an investment vehicle of Sydney-based Champ, will buy Nuplex Masterbatch, the plastic additives business, and Nuplex Specialities, the distribution business, Auckland-based Nuplex said in a statement. Sam Bastounas, formerly Nuplex’s …

Wall Street advanced, up more than 1 percent, amid better-than-expected data on existing US home sales, and solid corporate earnings including from Apple. In afternoon trading in New York, the Dow Jones Industrial Average rose 1.13 percent, the Standard & Poor’s 500 Index climbed 1.61 percent, while the Nasdaq Composite Index advanced 1.90 percent. Gains in shares of Chevron and …

New Zealand shares gained for a third day, paced by Contact Energy and TrustPower, as investors spooked by recent volatility sought high-yield stocks. Fisher & Paykel Healthcare Corp rose to a record. The NZX 50 Index advanced 35.237 points, or 0.7 percent, to 5223.123. Within the index, 28 stocks rose, 12 fell and 10 were unchanged. Turnover was $140 million. The benchmark …

The New Zealand dollar held its gains against the greenback after figures showed the Chinese economy grew faster than expected in the third quarter, although still the slowest pace since early 2009 and leaving open the door for Beijing to introduce stimulus measures. The kiwi traded at 79.85 US cents at 5pm in Wellington, from 79.73 cents at the start of the …

Power companies face a ban on so-called “save” calls, where they ring a customer departing for a rival and try to entice them back with a better offer, to the dismay of large electricity retailers. The Electricity Authority published its decision today to ban the practice, but has stopped short of banning “win-back” offers, in which an electricity retailer tries …

Hellaby Holdings, the diversified investment company, expects to proceed with at least one acquisition this financial year as it looks to further broaden its portfolio. The Auckland-based company has several potential acquisitions on the cards and is “optimistic that at least one will come to fruition during this financial year,” chief executive John Williamson told Hellaby shareholders at its annual meeting …