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Green Rush: Foreign forestry companies NZ’s biggest landowners

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Despite a clampdown on some overseas investment, including a ban on residential sales to offshore buyers, the Labour-led government has actively encouraged further foreign purchases of land for forestry through a stream-lined ‘special forestry test’. Since the government was formed, the Overseas Investment Office (OIO) has approved more than $2.3 billion of forestry-related land sales – about 31,000 hectares of ... Read More »

Feltex court saga: Insurance, costs issues arise

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The complexities of administering class actions are coming to the fore in the Feltex litigation, as its lead plaintiff goes uninsured and security for costs remains unpaid. Eric Houghton’s $185 million claim on behalf of more than 3,000 Feltex Carpets investors is now at the valuation or quantum stage after the Supreme Court ruled last year the carpet-maker’s 2004 prospectus ... Read More »

Fonterra posts $605m loss, turns business upside down

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Fonterra has posted a net loss of $605 million for the July year, slightly better than expected, on asset writedowns of $826m, mainly on its offshore businesses. This follows the previous year’s loss of $196m and has sparked a billion dollars worth of asset sales and a significant change in direction for the dairy giant. New Zealand’s biggest company is ... Read More »

Government introduces a tax incentive scheme for small business to encourage investment

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The Government will make sweeping changes to New Zealand business tax rules by creating new tax incentives scheme for small businesses and startups. This comes as part of the Government’s economic plan, unveiled by Finance Minister Grant Robertson this morning. At the moment, the costs of looking into a potential business investment – such as buying a new asset or ... Read More »

Oil prices jump 19% in early morning trading

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Crude oil prices have surged more than 19 per cent after a drone strike on a Saudi Arabian oil facility wiped out about 5 per cent of global supplies. Brent prices jumped as much as $11.73 to $71.95 a barrel in early trading in Singapore. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after ... Read More »

Entrust to pay $375 to Vector customers

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More than 336,000 Vector customers will get a $375 payout this year. Entrust, 75 per cent owner of Vector, today announced its annual dividend will be $360, stemming from its shareholding in the listed energy company. This year in addition to the $360 Entrust dividend payment, a further payment of $15 from Vector which is customers’ share of a credit ... Read More »

As stocks teeter, bonds show it pays to be boring

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For stock investors, the trade war has been nothing but trouble. For bond investors, it’s been a dream. Unable to stomach turbulence driven by the escalating conflict between China and the United States, and leery of a darkening outlook for the economy, investors have been pulling money out of the stock market and buying bonds, the traditional place to park ... Read More »

NZX opens nearly 1% down on fresh trade war fears

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The New Zealand sharemarket fell 1.5 per cent in early trading after trade war fears drove Wall Street down sharply. By 11.30am, the NZX-50 index was down by 157.2 points or 1.46 per cent at 10,469. Wall Streets Dow Jones Index finished 2.4 per cent lower on Friday and futures market pricing is pointing to more weakness in the US ... Read More »

China’s top live streamer Viya sells $30 million worth of New Zealand product in hours

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China’s top livestreaming celebrity Viya generated close to $30 million in sales of New Zealand product in four-and-a-half hours on Friday evening. Viya, a livestreamer on internet giant Alibaba’s online shopping website Taobao, holds a record of selling $66 million worth of product in a single day. On Friday, during a livestream from Auckland that kicked off at midnight (8 ... Read More »

Sugartree apartment buyer decries $60k deposit loss, developer says ‘hard lesson to learn’

The SugarTree Apartment on Union Street where a Korean Sex worker asked a client to pass on a noye to Police help. 07 October 2015 New Zealand Herald Photograph By Greg Bowker
NZH 20Feb16 - A person with measles roamed the SugarTree apartment complex on Union St. Picture / Greg BowkerNZH 13Sep16 - Investors have resold units in Sugartree Apartments (above) and the nearby Urba block without even moving in, claims an estate agent.  Picture / Greg Bowker

An apartment buyer in Auckland is decrying her loss of a $60,000 deposit, but the developer says it isn’t liable to pay it back. Bridie Campbell, 24, a student, said she used an inheritance from her father who died two years ago to put down a $60,000 deposit on a unit in the apartment complex between Union St and Nelson ... Read More »

NZ dollar treads water ahead of central bank rate-cutting actions

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The New Zealand dollar was treading water, awaiting expected central bank rate-cutting action later this week and next. The kiwi was trading at 66.28 US cents at 5pm in Wellington from 66.30 cents at 7:55am. The trade-weighted index was at 72.92 points from 72.93. The US Federal Reserve is expected to cut interest rates early Thursday, New Zealand time, by ... Read More »

Small business confidence still down, growth prospects show signs of improvement

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The latest ANZ data on small business sentiment shows confidence is still down but growth prospects are showing early signs of improvement. New Zealand’s largest bank’s composite growth measure – which takes into account small firms’ views on growth indicators including activity, hiring, profit and lagged investment intentions, and is a proxy for GDP growth – improved in all regions ... Read More »

New Zealand housing market at risk of crash, Bloomberg research shows

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New Zealand and Canada are the most vulnerable economies to a correction in house prices, with Australia and the UK also drawing concern, according to new research from Bloomberg Economics. Seeking to build a “housing bubble dashboard,” economist Niraj Shah studied ratios of house prices to rent and income as well as inflation-adjusted prices and household credit. The results showed ... Read More »

City waterfront apartment sells for $20,000 in Auckland

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A downtown Auckland apartment with waterfront views has sold for $20,000 – and no, you aren’t reading that wrong. The one-bedroom apartment features a modern kitchen and bathroom, study, open plan lounge and unobscured sea views from its “huge” 13th-floor balcony north to Devonport and Rangitoto beyond. Located in the Scene 1 Building at 2 Beach Rd, it is just ... Read More »

Liam Dann: Pressure mounts on Sir John Key as ANZ turmoil grows

Sir John Key was a guest speaker at the Institute of Finance Professionals NZ ( INFINZ ) conference in Auckland on Thursday. 1 November 2018 New Zealand Herald Photograph by Greg Bowker

ANZ chairman Sir John Key was already facing calls to resign before the highly unusual departure of chief executive David Hisco. The news that Hisco departs amid a cloud about personal expenses adds to the impression of disarray at New Zealand’s largest bank. He departs over what’s alleged to be accounting irregularities around tens of thousands of dollars of expenses. ... Read More »

Sacked JB Hi-Fi sales star wants more than his $66K compo

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Sacked JB Hi-Fi sales star Shailen Kumar says the $66,300 he has been awarded for unjustifiable dismissal is not enough. He also wants his job back. “The money is not the reason I fought this case,” Kumar told the Herald. “The money means nothing to me. I fought the case for my pride. “To get my job back, would be ... Read More »

Aussie entrepreneur reveals truth behind Shark Tank appearance

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It seems so straightforward: come up with a business idea, appear on Shark Tank — and watch yourself become a millionaire overnight. But it turns out the reality of an appearance on the hit show is far removed from that glamorous fantasy. Just ask Lori Phegan who made her Shark Tank debut a year ago. The mum-of-two pitched her business, ... Read More »

Budget 2019 model quit New Zealand for Australia due to cost of living

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Vicky Freeman, 40, was alerted by a friend a couple of days ago that she was the face of the Budget along with her daughter Ruby-Jean. A Kiwi who moved back to New Zealand after a decade in Australia but went back after living in Auckland for a year said her life is better in Queensland. “I love New Zealand ... Read More »

Kiwi tech star Vend on hiring spree, targets $1b valuation

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Auckland-based software company Vend is on a push to hire 125 staff as it pushes into North America and other markets. The cloud point-of-sale software maker currently has around 300 employees. Some 54 of the new hires will be in New Zealand, chief executive Alex Fala says. The privately-held company won’t share detailed financials, but Fala says there are now ... Read More »

Voters say Donald Trump is ‘successful in business’ despite losing billions

President Donald Trump listens during a roundtable on immigration policy in California, in the Cabinet Room of the White House, Wednesday, May 16, 2018, in Washington. (AP Photo/Evan Vucci)

He might have lost a staggering NZ$2.54 billion over just one decade — but diehard supporters of US President Donald Trump are still convinced of his business prowess. That’s according to the shock findings of a new Politico/Morning Consult poll, which revealed a staggering 85 per cent of Republican voters believe he has been successful in business. That flies in ... Read More »