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1 week ago | 
businessdesk.co.nz | Tom Raynel |Riley Kennedy |Rebecca Stevenson
The New Zealand sharemarket fell today as the reporting season ended, with the market now beholden to ongoing international impacts.The S&P/NZX 50 Index closed up 0.42% or 51.07 points, rising to 12,118.99, with 38 million shares changing hands to the value of $115.1m.The S&P/NZX20 index closed at 7,201.19, up 0.39%, while the S&P/NZX10 index closed at 1,831.27, up 0.27%.There were 78 gainers on the main board and 54 decliners.Tourism woesThe story of the day was with Tourism Holdings (THL),...
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1 week ago | 
businessdesk.co.nz | Pattrick Smellie |Rebecca Stevenson |Victoria Young
Over-regulation of the banking sector may be costing New Zealand between $10.1 billion and $14.4b in lost economic activity annually, say two of the most vocal critics of current banking regulation and competition settings.In a further submission to the finance and select committee inquiry into banking competition, former investment banker Andrew Body and lawyer Simon Jensen have used a complex but credible international model, known as GTAP, to arrive at their conclusion.“This is the result...
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1 week ago | 
businessdesk.co.nz | Gregor Thompson |Rebecca Stevenson
Investors are sitting on their hands as they continue to wade through the constant news flow from the US White House.
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1 week ago | 
businessdesk.co.nz | Rebecca Stevenson |Cameron Bagrie
David Gibson has resigned from the board of NZME for “personal reasons”.The media company announced his resignation in a brief statement to the market on Tuesday morning, saying it was with “immediate effect”.It comes as the incumbent board is being challenged by one of its significant shareholders, Jim Grenon, to remove the entire board.NZME was meant to have its annual meeting on April 29, but it has since pushed that back to June 3 and reopened nominations for directors.A former investment...
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1 week ago | 
businessdesk.co.nz | Rebecca Stevenson |Gregor Thompson |Cameron Bagrie
Ebos' acquisition of pet medicine firm SVS plugs a key gap in its portfolio, Forsyth Barr analysts say. On Thursday night, the dual-listed animal and healthcare firm announced it would raise about $271 million and confirmed the SVS Veterinary Supplies deal.
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1 week ago | 
businessdesk.co.nz | Rebecca Stevenson
Not many 11-year-olds from Oamaru chose to skip the Timaru carnival and instead head to the bookstore, where they were captivated by “an old man” on the cover of a book. That book, The Warren Buffet Way, proved a canny purchase for Eden Bradfield, who is now co-portfolio manager of about $175 million invested in Elevation Capital’s fund business.
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1 week ago | 
businessdesk.co.nz | Victoria Young |Rebecca Stevenson
Watt a relief Usually, company directors don’t look forward to appearing before a parliamentary select committee, but for many Crown-owned companies, it’s part of the job.
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2 weeks ago | 
businessdesk.co.nz | Rebecca Stevenson |John Anthony
Jitters about US tariffs hammered Asian stocks again early on Friday as President Donald Trump acknowledged a “cost” to his surging trade offensive against superpower rival China.The US leader said on Thursday the European Union was “very smart” to back off from imposing retaliatory tariffs because of his tough stance on China even as the bloc's chief warned it could tax US Big Tech.“[The EU] were ready to announce retaliation. And then they heard about what we did with respect to China...
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2 weeks ago | 
businessdesk.co.nz | John Anthony |Rebecca Stevenson |Graham Skellern
By Aaron Gregg, Andrew Jeong, Katrina Northrop, Leo SandsStocks fell sharply on Thursday as attention shifted to rising tensions between the United States and China.The S&P 500 fell nearly 6% by early afternoon, and the tech-heavy Nasdaq composite index lost 7%, while the more narrow Dow Jones Industrial Average dropped 5%. If the trend holds up for the rest of the day, it would unwind much of Wednesday’s gains, in which the S&P 500 rose almost 10%.
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2 weeks ago | 
businessdesk.co.nz | Pattrick Smellie |Rebecca Stevenson |Victoria Young |Andrew Body
The Government is closely watching for the Commerce Commission’s decision on regulation of bank interchange fees that credit card companies, banks and fintecs fear will stifle banking competition, recently appointed Minister of Commerce Scott Simpson says.In an interview with BusinessDesk, Simpson made clear there was no capacity for intervention before the commission’s decision, believed to be imminent.
