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File pic Photo: RNZ An Auckland fish trading company has been fined $360,000 and an employee jailed for buying and selling stolen fish. Sea World, which traded as Seamart and employee Marco Taukatelata, 49, were sentenced at the Auckland District Court on Friday on two charges under the Fisheries Act. Taukatelata was jailed for three years and seven months for his direct involvement in receiving and distributing thousands of dollars in illegally caught fish. A fisheries investigation found in the 11 months to November 2019, the company - a licensed fish receiver - supplied $348,000 worth of illegally obtained fish to other seafood companies. Over 97 cash transactions, there were 38,202 kilograms of snapper, 2761 kilos of kahawai and 1760 kilos of grey mullet taken - at a cash benefit to...

New research found that 37 percent of South Asian respondents use traditional banks for remittances. Photo: RNZ / 123rf The Commerce Commission has reaffirmed banking rules need to be eased, Kiwibank beefed up and open banking promoted to bring greater competition into personal banking services. The commission on Tuesday released its eagerly awaited final report into competition in the retail banking sector. Commission head John Small said stimulating competition in personal banking services requires a "multi-faceted approach to ensure that it's baked in." Small said open banking could be a game-changer, giving thousands of underserved Kiwis access to financial services and revolutionising consumer choice. The recommendations are little changed from the draft report in March and steer c...

Manapouri Power Station. Of the six big energy companies, Contact, Mercury and Meridian have usually had the largest margins. Photo: 123rf New data from the Electricity Authority shows the millions of dollars that electricity gentailers are making from what some commentators say is a broken market. The new dashboard indicates that the big six energy companies have consistently made more than $70 million in margins across the weeks for which data is displayed. The week before Associate Energy Minister Shane Jones accused the companies of "profiteering" as wholesale prices soared, they had a margin of $119m. Contact, Mercury and Meridian have usually had the largest margins. The authority said this would not include costs like staffing, maintenance, debt servicing and levies. Sarah Gillie...

Some retailers are not seeking to take on new customers due to adverse market conditions. Photo: 123RF High wholesale power prices are already reducing the deals that households can get on their electricity, a price comparison website says. Powerswitch said it had been advised both Comtricity and Raw Energy had stopped trading. In addition, it had been asked to remove offers from Octopus, Nova, Electric Kiwi and Flick Electric from the site. Independent retailers had been under pressure in recent months as wholesale power prices soared. In July, Electric Kiwi said it had to close to new customers because it could not afford to take them on. On 20 August last year, wholesale prices were as low as $77.53/MWh - on Monday they were more than $300. "These retailers' offers are temporarily no...