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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 …

Summerset Group Holdings, New Zealand’s third-largest listed retirement village operator, said the first 14 homes in its $55 million New Plymouth retirement village will be completed next month, with residents expected to move in before Christmas. The Wellington-based company plans to build about 150 units on the 4-hectare Carrington Road site ranging from townhouses and villas to care apartments and rooms. …

The New Zealand dollar gained against the Japanese yen as improved US economic data bolstered sentiment on global growth, prompting investors to reduce holdings of safe haven currencies such as the yen. The kiwi rose to 84.73 yen at 8am in Wellington, from 84.15 yen at 5pm on Friday. The local currency was little changed at 79.22 US cents from …

A slew of US corporate earnings and Chinese economic data will form the key focus in the coming days as Friday’s rebound could not prevent Wall Street from sliding for a fourth consecutive week amid concern about global growth. Among US companies reporting quarterly results in the coming days are Apple, IBM, Boeing, McDonald’s, Coca-Cola, Amazon, and Caterpillar. Friday’s jump …

Rick Lucas Helicopters, which owns the red helicopter tourism company HeliPro, has been tipped into receivership by its director. Sole director of the business Rick Lucas appointed PwC partners John Fisk and David Bridgman as receivers for the Palmerston North-based company and its related businesses, the accounting firm said in a statement. The HeliPro business employs 70 people and has 35 helicopters across its …

The New Zealand dollar gained as markets dial back their support for the US dollar as they await more information from the US Federal Reserve on its plans to shift away from running a zero interest rate policy. The kiwi rose to 78.31 US cents at 8am in Wellington from 77.96 cents yesterday. The trade-weighted index was little changed at 77.19 …

Equities on both sides of the Atlantic dropped, along with oil, after a report showed Germany’s industrial output slumped more than expected in August, while the International Monetary Fund downgraded its forecasts for the global economy. The euro-zone’s engine economy is spluttering. A government report showed German production, adjusted for seasonal swings, sank 4 percent in August, after increasing 1.6 …

Energy and Resources Minister Simon Bridges has formally requested the Electricity Authority conduct an inquiry into the Auckland power outage. All power has been restored to the 85,000 households and businesses that had their electricity cut in the early hours of Sunday morning after fire damaged cables at Transpower’s Penrose substation.  The two days of disruption costs millions of dollars in lost sales …

New Zealand stocks rose, led by Warehouse Group, following Friday’s rally on Wall Street as jobs data boosted confidence in the world’s largest economy’s recovery. Summerset Group Holdings gained on its third quarter sales. The NZX 50 Index edged up 4.32 points, or 0.08 percent, to 5241.314. Within the index, 26 stocks rose, 13 fell and 11 were unchanged. Turnover was a lighter-than-usual $69 million as Australia’s …