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The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. Photo: The Court of Appeal has ruled up to 100,000 customers of two of the country's largest banks can be part of a class action. The customers of ANZ and ASB Banks will make up one of the largest class action lawsuits in New Zealand history. The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. The Court of Appeal's judgement found the approach where affected customers had to opt to join the class action placed unnecessary hurdles in the way of customers and what they were entitled to. The lawyer leading the class action, Sco...

Photo: Supplied / Fisher & Paykel Healthcare Fisher and Paykel expects significant profit growth due to increased demand for its healthcare products. The company has updated its market guidance for the first half of the 2025 financial year to expect revenue of $940m to $950m and profit of $150m to $160m. It would be growth of 18 percent in reported operating revenue and 44 percent in net profit after tax compared to the same period last year. Managing director and chief executive Lewis Gradon said strong demand in the first four months has given the company confidence. "Our hospital business is built on improving care and outcomes and changing clinical practice and that's ongoing. In our homecare business we have a new range of OSA masks and that's kicking in and helping growth for u...

File pic Photo: RNZ / Nate McKinnon State-owned farming company Pāmu has recorded a full-year loss of $26 million due to falling livestock prices, high interest rates and the ongoing costs related to Cyclone Gabrielle. The company, formerly known as Landcorp Farming, manages 112 dairy, deer and sheep farms across more than 360,000 hectares of farmland nationwide. The loss for the 12 months to the end of June compared to a $9m loss the year before. Revenue dropped 2.8 percent to $282m - with livestock revenue down $4m on the prior year to $103m, reflecting softer livestock pricing. That's while it faced an extra $3m in interest costs on last year. Despite a 3 percent increase in milk solids, milk revenue remained flat at $120m due to the lower farm gate milk price. It's not clear how the...

Photo: 123RF Correction: An earlier version of this story reported mayors had met with the government. It has been amended to clarify there was no formal meeting. Several mayors and local iwi are hoping to find a way to keep mills threatened with closure in operation. Soaring electricity prices means Tangiwai Sawmill and Karioi Pulpmill face being shuttered. The mayors from Ruapehu, Kawerau and Taupō said they were "cautiously optimistic" after approaching Prime Minister Christopher Luxon and Regional Development Minister Shane Jones at a conference this week. The mayors all expressed concerns for the central North Island economy and their communities following the proposed closure announcement by Winstone Pulp International. They warned the impending shutdown is only the tip of the iceb...

Photo: RNZ Home loan borrowers are facing a "massive" opportunity to save money - if they can afford to. Interest rates are starting to fall for the first time since 2020, and people who do not lower their repayments when it comes time to refix on to a lower rate can save a lot of money. Broker Glen McLeod of Edge Mortgages said people could find "massive savings". A $500,000 mortgage over a 30-year term at 6.85 percent might cost $754.41 a week, he calculated. If the rate dropped to 6.35 percent but repayments stayed the same, the extra $37.90 a week that would go on to reducing the loan's principal if you kept your weekly payment at $754.41 would save $96,506.26 if that continued over the term of the mortgage, and could mean the loan was paid off four years early. If the rate dropped t...