US legislation bars Eric Watson claiming $16.7m for reputational damage
Eric Watson may need to hire a lawyer after the US Securities and Exchange Commission revealed its legislation this week prohibiting the New Zealander from making a counterclaim for damages concerning its charges against him of insider trading/tipping.

The beleaguered former high-flier lodged a counterclaim with the US District Court for the Southern District of New York last m … ⌘ Read more

Contact’s earnings report on Monday could be lightning rod for criticism
Contact Energy will be the first major electricity company to report its full-year earnings on Monday as the sector copes with a fuel shortage and record high sustained wholesale energy prices.

Its bottom-line profit will be a lightning rod for criticism as the sector faces [political](https://businessdesk.co.nz/article/editors-picks/drums-beat-for-govt-intervention-as-energy-price … ⌘ Read more

A road cone too many
All roads lead to Rome, or should that be all roads are paved with road cones?

It is official: the Government and the two Browns (minister and mayor) have declared war on road cones. ⌘ Read more

‘Angry, jilted’ car importer contests liquidators’ fees
A bitter dispute between two former Mormon missionaries over a Japanese car exporting business has resulted in a $38 million judgment and accusations of excessive liquidators’ fees.

New Zealander Jojo Hemi and American Robert Stone met as young Christian students in Japan in the early 1990s. Together, they built up secondhand vehicle exporter IBC. ⌘ Read more

Image was everything for Du Val founders
The day I ended up with security guards sitting outside my house, I knew I’d hit a nerve.

A seemingly straightforward mention of Du Val founders Charlotte and Kenyon Clarke’s living situation triggered this bizarre turn of events. ⌘ Read more

New Zealand dollar outlook grim
The New Zealand dollar has no immediate reprieve in sight, as data on Thursday added to the view that the Reserve Bank of NZ will indeed keep cutting.

The kiwi was trading at 60.04 US cents at 5.30pm on Thursday, paring back some of the 1% it lost when the Reserve Bank of NZ (RBNZ) cut the rate by 25 basis points to 5.25% on Wednesday. ⌘ Read more

Northport dry dock could get Regional Infrastructure Fund support
The Government unit responsible for administering the Regional Infrastructure Fund is taking forward work on a Northland dry dock at the request of the minister.

The previous Government provided $3.7 million for three technical studies in Budget 2022, including a business case looking at the feasibility of a dry dock at Northport. ⌘ Read more

Skellerup rallies on robust earnings as NZ market revels on lower rates
New Zealand shares extended their gains as investors continued to enjoy the prospect of lower interest rates reviving a moribund economy, with Skellerup rallying on solid earnings in a tough environment.

The S&P/NZX 50 Index rose 138.04 points, or 1.1%, to 12,710.57. Across the main board, 94 stocks gained, 46 fell, and 39 were unchanged. Turnover was $122.4 million, with 11 compani … ⌘ Read more

Nicola Willis’ letter sent before KiwiRail ferry cancellation released
A letter sent by Finance Minister Nicola Willis to KiwiRail just before it started exit negotiations with South Korean shipbuilder Hyundai Mipo Dockyard has been released, albeit with some redactions.

Treasury released a second tranche of documents related to the cancelled Interislander replacement project (iReX) on Thursday. ⌘ Read more

NZ’s climate change adaptation far too slow and limited
The Climate Change Commission on Thursday said New Zealand’s progress on climate change adaptation isn’t happening at the scale or speed needed, adding that the status quo was not sustainable.

Climate Change Minister Simon Watts tabled the Climate Change Commission’s (CCC) first progress report on the [national adaptation plan](https://businessdesk.co.nz/article/policy/property-records-to-include-more-inform … ⌘ Read more

Toyota NZ posts $88m profit, unfazed by regulatory speed bumps
Toyota New Zealand’s profits accelerated last year despite regulatory speed bumps and difficult macroeconomic conditions.

Its annual statements, made public on the Companies Office website on Thursday, show Toyota NZ’s after-tax profit rose 4.8% to $88.1 million in the year to March 31, 2024. ⌘ Read more

The bacon apocalypse that wasn’t
By H. Claire Brown

Last July, as California businesses braced for the impact of a long-delayed animal welfare law, some market watchers worried that the new rules would lead to bacon shortages and sky-high prices. Worse, it was feared, California voters’ decision would ripple outward and increase pork prices across the rest of the United States. ⌘ Read more

The solar rush continues with Genesis and Lodestone acquiring sites
The rush to install grid-scale solar is continuing with Genesis Energy and Lodestone Energy announcing the acquisition of advanced-stage sites for development.

Genesis said it had secured an advanced-stage consented site near Edgecumbe in the Bay of Plenty. The site is expected to start generating electricity in 2026 with a peak output of 127 megawatts  (MWp) ⌘ Read more

One NZ is gearing up to launch a dedicated fibre business
One New Zealand is gearing up to launch a dedicated fibre business to support wholesale customers.

Announced on Thursday by One NZ, EonFibre is expected to roll out later this year. ⌘ Read more

Boucher back as Stuff CEO as Maxwell exits
News publisher Stuff’s chief executive, Laura Maxwell, is moving to a new role across the Ditch, with owner Sinead Boucher taking the helm.

This morning, a press release from the firm that owns The Post and The Press mastheads and Stuff.co.nz said Maxwell was leaving the company and would resettle in Australia “in due course”. ⌘ Read more

QuiznessDesk: Thursday, August 15

1. Honor Carter, wife of former All Black Dan Carter, represented New Zealand in what sport?
   
2. Complete the title of a classic 1959 movie: Some Like It …
   
3. What hormones produce a feeling of well-being after physical exercise or sex?
   
4. What is the term for rules that specify things homeowners are prohibited from doing on their properties, such as parking boats or caravans?
   
5. What was the ethnicity of the American entertainer and celebrity known as Hi … ⌘ Read more

Business of Tech podcast: AI is changing search, will your business be ready?
Searching for information online has remained relatively unchanged since Google dominated the industry more than two decades ago, but now, new forms of artificial intelligence are poised to change everything. ⌘ Read more

Golden lessons from our elite athletes
The collective buzz of watching our athletes win medals at the Paris Olympics at a rate that placed New Zealand 11th in the medal rankings may be starting to wear off.

So let me remind you: NZ ended up with its most successful result – 10 gold medals, seven silver medals and three bronze medals, ranking us just behind Germany and ahead of Canada. ⌘ Read more

Auckland councillors backed Downtown Carpark legal fight
Six Auckland councillors submitted affidavits in support of a judicial review against the sale of the Downtown Carpark that cost their council up to $300,000 in external legal fees and other costs.

Councillor Mike Lee said it was disgraceful the council had spent so much on legal bills before the matter was heard in court (the council previously said the sum reflected the complex nature of the proceedings). ⌘ Read more

Active Adventures goes up a gear with new bike-tour company acquisition
Private equity-owned and Queenstown-based tourism company Active Adventures has shifted gears and added another brand to its growing stable.

Talking to BusinessDesk, chief executive Wendy van Lieshout said the company added the US family-owned Discovery Bicycle Tours to its portfolio two weeks ago. ⌘ Read more

Neuren Pharmaceuticals: From New Zealand roots to ASX stardom
It was the best-performing stock on the ASX in 2023, has a market cap of about A$2.4 billion (NZ$2.6b), doesn’t have an office, and was founded in New Zealand.

Neuren Pharmaceutical’s medication trofinetide became the first US Food and Drug Administration (FDA) approved treatment for the disabling neurological disorder Rett syndrome in March 2023. ⌘ Read more

Andrew Bayly’s big move: Companies Act to get a makeover
The Government has unveiled its vision for how the Companies Act needs to change, in what the responsible minister is touting as the largest set of modifications in the law’s history.

Minister for Commerce and Consumer Affairs Andrew Bayly has proposed new rules for: ⌘ Read more

Sponsored: How to determine retirement lifestyle
Managing wealth not just about accumulation, but how to use it.

On the face of it, this married couple – let’s call them David and Margaret – seemed headed for a reasonable retirement, with about $900,000 to invest for the future. ⌘ Read more

The ‘huge, huge’ Wellington property deal no one is talking about
A significant slice of leasehold land next to Wellington Airport has apparently been sold, and rumours are rife about who the buyer is.

“I know things, I’m not telling,” Wellington Mayor Tory Whanau told NewstalkZB on Monday when talkback host Nick Mills asked her whether she’d heard about “a huge, huge business deal going down in the eastern suburbs”. ⌘ Read more

RBNZ kicks off easing cycle, governor relieved
The Reserve Bank of New Zealand kicked off its easing cycle, cutting the official cash rate by 25 basis points to 5.25% and signalling plenty more are on the horizon.

The official cash rate (OCR) has been steady at 5.5% for a year after a string of rate hikes aimed at taking the heat out of the economy and curbing inflation. ⌘ Read more

NZX 50 surges as RBNZ takes handbrake off economy
New Zealand’s benchmark index surged as the Reserve Bank of NZ started unshackling the economy with a rate cut and signalled more to come.

The S&P/NZX 50 Index jumped 253.47 points, or 2.1%, to 12,572.53. Across the main board, 114 stocks rose, 18 fell, and 47 were unchanged. Turnover was $131.2 million, with nine companies trading on volu … ⌘ Read more

RBNZ cuts to 5.25% and signals more to come
The Reserve Bank of New Zealand cut the official cash rate by 25 basis points to 5.25% and signalled plans to keep on cutting.

The central bank has essentially brought forward its planned cuts by a year. Banks were quick to respond. ⌘ Read more

Greenfern resumes trading after debt query
Greenfern Industries’ shares resumed trading on the New Zealand Exchange on Wednesday afternoon after a trading halt over a debt issue.

The company was halted after NZ RegCo engaged with it regarding a $515,900 loan from Crown Financial Services. ⌘ Read more

RBNZ cuts OCR to 5.25%, Kiwi falls
The Reserve Bank of New Zealand cut the official cash rate by 25 basis points to 5.25% in a keenly awaited decision.

“New Zealand’s annual consumer price inflation is returning to within the Monetary Policy Committee’s 1 to 3% target band,” it said in a statement. ⌘ Read more

Court of Appeal rejects ASB Bank’s bid to require all claimants to sign up
More than 170,000 customers are now automatically included in a class action against the ASB and ANZ banks after a Court of Appeal ruling.

The plaintiffs are seeking the refund of interest on loans, and the ASB bank had argued customers should have to opt in to join the action. ⌘ Read more

Market volatility is back
By David Uberti

Volatility is back in the stock market after a roughly 18-month slumber. ⌘ Read more

‘Dire’ picture for civil construction contractors as work dries up
The civil construction sector is experiencing a crisis of confidence, with a sharp increase in the number of firms reporting work shortages.

Industry body Civil Contractors New Zealand (CCNZ) and technology company Teletrac Navman released the eighth annual Construction Industry Survey on Wednesday, the first since the 2023 election. ⌘ Read more

Hard choices: rip or leave NZ economy band-aid
This whole electricity mess has me thinking lately: how much of a band-aid economy have we become?

While a short-term solution will undoubtedly emerge, the current situation and absurd prices should reinforce two critical broader themes. ⌘ Read more

Parliament announces inquiry into business and rural banking
Parliament has announced the terms of reference for its inquiry into banking competition, focusing on business and rural lending.

Minister of Finance Nicola Willis requested the inquiry as part of a commitment outlined in the National Party and New Zealand First coalition agreement … ⌘ Read more

Marina investor Simon Herbert launches partial takeover bid for Vital
Marina investor Simon Herbert’s Empire Capital intends to launch a partial takeover bid for New Zealand Exchange-listed tech minnow Vital Limited.

Empire Capital Trust said on Wednesday it wanted to buy 50.01% of the company and would offer shareholders, who included the Accident Compensation Corporation, 37.5 cents per share. ⌘ Read more

QuiznessDesk: Wednesday, August 14

1. What popular Hollywood actor is the son of a hitman who served a life sentence for killing a federal judge?
   
2. Shipbuilding firm Harland and Wolff is a major employer in which British city?
   
3. How old was Lydia Ko when she became the youngest golfer to win an LPGA event?
   
4. Which town is furthest south: Queenstown, Alexandra or Cromwell?
   
5. Who played a gang leader known as Bill the Butcher in the 2002 film Gangs of New York?
   
6. Iron oxide is more … ⌘ Read more

ASX: Australian shares higher as gold hits record high
By Derek Rose

The Australian share market has edged higher in its third straight day of gains, with losses by CSL and Seek outweighed by gains from the big banks and retailers. ⌘ Read more

Different names, bigger numbers: how KiwiSaver has changed
There’s something different about KiwiSaver.

Has it put on weight? You’d hope so. ⌘ Read more

Business of Government: wage restraint, science mega-merger and more…
Money’s too tight to mention

Last week, Statistics New Zealand released its latest employment numbers, showing that central government annual wage rates had increased by nearly double the rate of the private sector. ⌘ Read more

Sponsored: Brunner Capital Fund: Secure 9.5% p.a. ROI
The Brunner Capital Fund is a solid investment opportunity. It provides a 9.5% p.a. gross return on investment and facilitates the acquisition and development of land by the Mike Greer Group of companies. There is a high level of transparency and robustness around the management and distribution of the Fund.

Wholesale investors receive income and capital security on their investment, and have peace of mind knowing that the advances by the … ⌘ Read more

PGG Wrightson keeps firm grip on costs
PGG Wrightson expects to have to keep a firm grip on its costs for some time.

The New Zealand Exchange-listed (NZX) rural services firm had its first revenue drop in six years in the 12 … ⌘ Read more

Bayly expects screen scraping to make ‘orderly exit’ from open banking
Screen scraping, the controversial technology that allows third parties unsecured access to banking information, is being put on notice as open banking regulation looms.

Screen scraping involves asking a user for their banking credentials, using them to log into their account online, and reading account information or taking actions, such as making transactions, on the user’s behalf. ⌘ Read more

Rate decision odds are tight, NZD set for a wild ride
Wednesday’s rate decision is on a knife’s edge, and the New Zealand dollar looks set for a wild ride given the odds.

Westpac Bank’s financial markets strategist, Imre Speizer, told BusinessDesk: “A market reaction is likely.” This may turn out to be an understatement. ⌘ Read more

Te Pūkenga Competenz cyber attack data breach affects more than 6,000 students
More than 6,000 people’s financial or personal information was stolen during a computer systems breach at Te Pūkenga business division, Competenz.

A spokesperson for Competenz said the organisation, which provides on-the-job vocational education, was “endeavouring” to contact those affected but could not inform all those whose data had been compromised. ⌘ Read more

Paying the price for securing gas supply
New Zealand Exchange-listed companies Contact Energy and Genesis Energy could pay about $100 million to secure gas supply for their thermal generation. Still, both listed firms refuse to provide any details on the deal.

After weeks of talks, Contact Energy and Genesis Energy said on Tuesday they had secured large amounts of gas – 3.5 … ⌘ Read more

Société Générale tops up NZ Solar Finance programme with $130m
New Zealand Green Investment Finance has made a second debt issuance for its Solar Finance programme, bringing the total fund up to $365 million.

European Bank Société Générale has topped up the fund with a $130m investment. The programme was launched in September last year with $90m invested from Natixis In … ⌘ Read more

Gas supply buoys Contact, Genesis as markets await RBNZ
New Zealand shares were broadly stronger, with Genesis Energy and Contact Energy among the day’s gainers after cutting a deal to secure gas supply in the current energy shortage.

The S&P/NZX 50 Index rose 37.81 points, or 0.3%, to 12,319.06. Across the main board, 87 stocks gained, 44 fell, and 48 were unchanged. ⌘ Read more

Big leadership rejig for Comvita after poor FY24 result
Mānuka honey exporter Comvita has announced a major leadership shake-up as it struggles to overcome a slump in China and Asia market sales.

The New Zealand Exchange-listed (NZX) company said in a statement that it was resetting its business strategy and believed leadership needed to focus on how best to optimise its skills and capability. ⌘ Read more

KiwiRail cuts jobs to improve efficiency
KiwiRail has disestablished 61.5 full-time equivalent (FTE) jobs affecting staff who work in finance, human resources and health and safety.

The state-owned enterprise has also established 21 new roles, meaning the net loss is 40.5 FTE jobs. ⌘ Read more

Visitor visa fee hikes could jeopardise tourism recovery, says industry
Tourism organisations have reacted badly to sharp increases in fees for tourist and working holiday visas, arguing that the hikes will damage the industry.

Several have complained about the Government’s lack of consultation. ⌘ Read more