The Commerce Commission has filed proceedings against Wilson Parking, alleging New Zealand’s biggest parking company substantially lessened competition for the supply of car parking in the Boulcott Street area in central Wellington when it acquired the rights to operate the Capital car park.
Morningstar Research lowered its fiscal 2019 earnings per share forecast but kept its hold rating on Z Energy after the country’s biggest fuel retailer downgraded its profit outlook amid a longer-than-anticipated shutdown of a local oil refinery and as high oil prices hurt demand.
Fitch Ratings flagged a downgrade for New Zealand-based Credit Union Insurance Ltd, trading as Co-op Insurance NZ, citing uncertainty about the proposed sale of the company's entire business book to Provident Insurance Corporation.
New Zealand Trade and Export Growth Minister David Parker said he will hold talks with his Pacific Alliance counterparts in Mexico next week to “seek further progress” on a free trade agreement with the four-nation trade bloc, the world’s sixth-largest economy.
Dairy product prices fell at the Global Dairy Trade auction, as slides in rennet casein and butter outweighed a surprise gain in whole milk powder.
Xero said it's appointed Kirsty Godfrey-Billy as its new chief financial officer, replacing Sankar Narayan who is set to leave amid the latest executive reshuffle for the Wellington-based accounting software developer.
The New Zealand Institute of Forestry proposed the introduction of a new national policy for the industry at the sector’s annual conference in an effort to help the government “develop sound long-term strategies for forestry development."
New Zealanders' online spending rose 13 percent to $3.6 billion in 2017, with the average shopper spending $2,350 last year, according to a report commissioned by New Zealand Post. BusinessDesk reports.
Broking firm First NZ Capital began coverage of Seeka, New Zealand's top grower of kiwifruit, with a ‘neutral’ recommendation, as a positive earnings outlook offsets key risks including the company’s high debt, horticultural factors such as weather, pests and disease as well as performance by the nation's sole kiwifruit exporter Zespri Group and access to key export markets.
Shares of Precinct Properties New Zealand earned an upgrade from Morningstar following the commercial property investor’s deal, announced last week, to sell 50 percent of the ANZ Centre in Auckland’s central business district for $181 million.