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Photo: RNZ / Cole Eastham-Farrelly TSB Bank has been hit with a near $2.5 million penalty for overcharging customers. The High Court imposed the penalty after the Commerce Commission took legal action for historic breaches of the Credit Contracts and Consumer Finance Act. The New Plymouth-based bank reported itself for overcharging customers about $3.6m more than allowed through unreasonable credit and default fees between 2015 and 2021. "TSB's breaches were serious given the large number of customers affected, the level of harm from overpaid fees, and the extensive duration of the breaches," Commerce Commission deputy chair Anne Callinan said. She said lenders covered by the Act were not allowed to charge fees more than the cost of the transaction. The judge described the long term over...

Officials, including Energy Minister Simeon Brown (centre), marked the start of the solar farm's construction with a sod-turning ceremony. Photo: Anna Sargent Construction has begun on a $300 million solar farm by Christchurch Airport. Officials, including Energy Minister Simeon Brown, marked the milestone with a sod-turning ceremony on Tuesday morning. The airport partnered with Contact Energy and international solar developer Lightsource bp to develop the solar farm, which would span 230-hectares on land just beyond the runways. It would hold about 300,000 solar panels, and was expected to generate enough renewable energy to power close to 36,000 homes. Contact Energy chief executive Mike Fuge said once completed, the 162 megawatt (MW) solar farm would be the largest in the country. "...

Photo: 123RF The Civil Aviation Authority has released a proposal to increase aviation safety and security levies, fees, and charges, to re-establish a sustainable funding model, and is seeking submissions on the proposal from 27 August until 8 October 2024. It said the levies, fees and charges support regulatory activity ensure the aviation system is safe and secure. The last review was in 2017, with some passenger levies revised in 2019. A review of levies, fees and charges in 2020 was suspended due to the impacts of the Covid-19 pandemic. The government has confirmed it will no longer provide financial support to the Civil Aviation Authority beyond 30 June 2025. Director of civil aviation and chief executive Keith Manch said an increase in funding was needed to undertake regulatory ac...

A public meeting has been called in Raetihi over concerns for the community's bleak future if the district's main employer shuts shop. Photo: LDR / Moana Ellis Residents in the small central North Island town of Raetihi are calling for support as the community faces uncertainty over the threat to its mills. Mayors, councillors, politicians and government agencies were expected at Tuesday night's community meeting in Raetihi, called after Winstone Pulp International (WPI) announced plans to shut its Karioi operations with the loss of 230 jobs. Rangitīkei mayor Andy Watson said both the Karioi Pulpmill and Tangiwai Sawmill employed a significant number of workers from Taihape. Photo: A number of Rangitīkei companies also provided services for the mills. "We're affected, and will b...

Manapōuri Power Station on the western arm of Lake Manapōuri in New Zealand. Photo: 123rf Recent heavy rain and strong winds are easing the pressure on the power supply and providing a much needed boost to hydro lake levels, Meridian says. In the last three months, Meridian's two catchments in Fiordland and the Waitaki had received the least amount of inflows into the lakes that the company has ever seen. But the weekend's rain has meant storage at Lake Manapōuri was now above average for the first time since mid-June and storage at Lake Pūkaki started improving. Meridian Wholesale general manager Chris Ewers said it was a welcome boost. "The weekend saw some moderate rainfall to help lift lake levels and it's good to see more rain in the forecast across the week," Ewers said. "It's a ...

Photo: 123RF Campervan company Tourism Holdings (THL) says its underlying profit of $52 million has met expectations, despite a difficult trading environment. However, the net profit for the year ended June fell 21 percent to $39.4m, with revenue up 39 percent $921.7m. "There is no doubt that the last six months have been particularly difficult for parts of the business, chair Cathy Quinn said. However, she said the New Zealand and Australian rental businesses, had each delivered strong profit results and were well positioned for growth. Chief executive Grant Webster said the overall performance was mixed with the underlying profit less than what the company hoped to achieve, given weak economic conditions. He said New Zealand rentals and sales, Action Manufacturing, and New Zealand tour...