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Invest In NZ News

  • NZ dollar falls on election uncertainty

    The New Zealand dollar fell against the US dollar on ongoing uncertainty about the election outcome and on the back of weak business confidence and trade data.

    The kiwi was trading at 72.45 US cents as at 5pm in Wellington from 72.54 cents late yesterday. The trade-weighted index rose was at 75.91 from 75.88 late yesterday.

  • Windfarms chair urges next govt to look at market

    NZ Windfarms chair Rodger Kerr-Newell wants the next government to have another look at the structure of the electricity market, which he says is stacked against the expansion of wind generation.

    Speaking at today's annual meeting in Auckland, Kerr-Newell told shareholders it was becoming harder to turn a profit in the wind sector in a market where the large generator-retailers were facing a smaller decline in wholesale prices than wind farms while also enjoying higher retail prices.

  • Fulton Hogan lifts annual profit 6.5 per cent

    Fulton Hogan lifted annual profit 6.5 per cent as the privately-held civil construction firm benefited from a growing infrastructure spend across the nation.

  • NZ shares rise in light trading; A2, Z Energy, SkyCity gain

    New Zealand shares rose in quiet trading following the general election as investors await the formation of a government, led by A2 Milk Co and SkyCity Entertainment Group.

    The S&P/NZX50 gained 54.99 points, or 0.7 per cent, to 7,869.77. Within the index, 30 stocks rose, 11 fell and nine were unchanged. Turnover was $88 million.

  • NZ dollar falls as markets await new government

    The New Zealand dollar fell after there was no clear winner in Saturday's election with both the National Party and Labour-Green bloc vying to form a government with New Zealand First.

    The kiwi dropped to 72.54 US cents as at 5pm versus 73.30 US cents as at 8am in Wellington from 73.39 cents on Friday in New York. The trade-weighted index declined to 75.88 from 76.33 last week.

  • New Zealand banks not rushing to copy Australia and scrap ATM fees

    It looks unlikely New Zealand banks will follow the lead of their Australian counterparts and scrap ATM fees.

    Australia's four biggest banks bowed to years of consumer pressure and abolished the ATM withdrawal fees for customers of other banks.

    The Commonwealth Bank was the first strike, making an announcement early on Sunday that it would axe the A$2 ($2.15) fee that applied to any user who was not using a CommBank key card.

  • Money arm wiped $40.1m from Warehouse bottom line

    The 73.9 per cent slide in The Warehouse Group result was mainly due to its ill-considered move into financial services, causing a one-off hit to its bottom-line of $40.1m.

    Financial services was estimated to have been costing the giant kiwi retailer around $10 million a year and the sale this month was described in an NZX presentation as "removing a drag on group earnings".

  • Insurance complaints hit 20-year high

    The ombudsman who handles disputes for the insurance industry has received its highest number of complaints in 20 years.

    An annual report by the Insurance and Financial Services Scheme shows 314 complaints in the year to June 30, up from 272 in the previous year and enquiries also rose from 3193 to 3227.

    Insurance and financial services ombudsman Karen Stevens said there appeared to be no particular reason for the rise.

  • Nosh-linked firm to pay former worker $11,000

    A company linked to failed grocery chain Nosh has been ordered it to pay a former employee nearly $11,700.

    Nosh Group, which ran the grocery chain, was placed into receivership in July and receiver Damien Grant previously said he was "not optimistic" about staff receiving wages or holiday pay they were owed.

  • Nosh-linked firm to pay former worker $11,000

    A company linked to failed grocery chain Nosh has been ordered it to pay a former employee nearly $11,700.

    Nosh Group, which ran the grocery chain, was placed into receivership in July and receiver Damien Grant previously said he was "not optimistic" about staff receiving wages or holiday pay they were owed.

  • Entrepreneurial Universities funding awarded

    Victoria University of Wellington and the University of Auckland will be the first to take advantage of the Government’s $35 million investment in ‘Entrepreneurial Universities’, part of the Innovative New Zealand initiative in Budget 2016, Minister for Tertiary Education, Skills and Employment Paul Goldsmith announced today.

  • Exports underpin strong economic growth

    The New Zealand economy continued to grow solidly in the June quarter, posting a 0.8 per cent increase in GDP, taking New Zealand's growth rate for the year to 2.7 per cent, Finance Minister Steven Joyce says.

    “Our economy continues to outperform many developed nations, underpinned by strong export and domestic demand,” Mr Joyce says. “It is still a challenging international environment, which is why we need to continue with an economic plan that is working for New Zealand.”

  • Fujitsu fined $310k for breaching Fair Trading Act over heat pump efficiency claims

    Fujitsu has been fined $310,000 for making unsubstantiated claims about the energy efficiency of its heat pumps.

    Fujitsu General New Zealand pleaded guilty to seven charges of breaching the Fair Trading Act (FTA) and was sentenced in the Wellington District Court today.

    The Commerce Commission, which brought the charges, said the company had made unsubstantiated or misleading claims over a period of over two years to October 2016.

  • 3.6 million Kiwis benefit from Pharmac's model

    Health Minister Jonathan Coleman says new data shows that Pharmac is delivering more subsidised medicines, benefiting around 3.6 million Kiwis.

    “Pharmac’s model for increasing New Zealander’s access to subsidised medicines and treatments is world class,” says Dr Coleman.

    “3.6 million New Zealanders received a subsidised medicine in the last year - an increase of half a million more people since 2008/2009.

  • June BOP underscores strong economy

    Better than expected balance of payments figures out this morning underscore the strength of both the services and goods sectors of the New Zealand economy, Finance Minister Steven Joyce says.

    New Zealand's current account deficit narrowed to $1.6 billion in the June 2017 quarter, $1.2 billion lower than in the previous quarter. This is mainly driven by the services sector, with a surplus of $1.3 billion, the highest surplus on record.

  • Civil Aviation Authority deputy chair resigns

    The deputy chairman of the Civil Aviation Authority has resigned after he told an airline he governs that a rival carrier was going to be grounded.

    The authority grounded Tauranga-based airline Sunair Aviation on September 8 for the second time in nine months, suspending its Air Operator Certificate and Certificate of Airworthiness.

  • Thirteen Z petrol stations now out of 95

    Thirteen Z Energy service stations are out of 95 octane petrol as a result of the ruptured Marsden Pt fuel pipeline, the company says.

    This morning just four Z stations were out of the premium fuel, but this afternoon it said that number had more than tripled.

    Z Energy has been prioritising trucking 91 octane and diesel from its plants elsewhere in the country as these are used by the majority of motorists.

  • Update on Marsden Point pipeline disruption

    The Government is actively supporting industry efforts to address the disruption arising from the Marsden Point fuel pipeline outage, Energy and Resources Minister Judith Collins says.

    “The Government is continuing to identify and implement a range of measures to free up the movement of fuel to where it is needed, and minimise disruption to Kiwi and visitors.

  • 124 years since NZ women got the vote

    Women's Minister Paula Bennett is encouraging all New Zealanders to take some time tomorrow, on Suffrage Day, to reflect on women's rights in New Zealand.

    "I'm so proud to live in a country that was the first in the world to give women the vote. I hope all New Zealanders take time to reflect on that tomorrow and just how far we've come," Mrs Bennett says.

  • McClay says jobs at the heart of Latin American trade deal

    Trade Minister Todd McClay says a trade agreement with Mexico, Chile, Colombia and Peru could be worth 10,000 jobs to provincial New Zealand and will give Kiwis unprecedented access to fast-growing Latin American markets.

    This comes as Mr McClay calls for public submissions on FTA negotiations with the Pacific Alliance countries.

  • Temporary disruption to Marsden Point pipeline

    Energy and Resources Minister Judith Collins has spoken to Refining NZ and the heads of fuel companies affected by the disruption to the Marsden Point pipeline to Auckland and offered Government support if it is required.

    A leak was discovered in a section of the pipeline which runs between the refinery and the storage depot at Wiri, and work is underway to repair it.

  • Soft plastics recycling scheme for Nelson

    The roll-out of a soft plastics recycling scheme in Nelson today means New World, Countdown and Pak’nSave supermarkets in the South Island will offer the service, Environment Minister Dr Nick Smith says.

    “The Love NZ Soft Plastics Recycling Programme is the next logical step for households in reducing waste. It means people can take the likes of bread bags, shopping bags and frozen vege bags to these supermarkets for collection, re-manufacture and re-use,” Dr Smith says.

  • NZ strongly condemns North Korea missile launch

    Foreign Minister Gerry Brownlee is concerned by this morning’s launch of a ballistic missile by North Korea tracking over Japan – coming hot on the heels of threatening North Korean rhetoric directed to both Japan and the United States.

    “Today’s provocative launch deliberately raises tensions,” Mr Brownlee says.

    “New Zealand joins the international community in once again condemning this inexplicable course of action.

  • Milestone reached in Kaikoura rail rebuild

    Freight is rolling again this morning on the South Island’s Main North Line, ten months after November’s Kaikoura earthquake, Transport Minister Simon Bridges announced today.

    The first train carrying goods into Christchurch from Picton is due to arrive in Christchurch by 2pm today, marking the start of a five nights per week service.

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