Business

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...

The BNZ is making further cuts to its home loan rates. Photo: RNZ / Nate McKinnon The BNZ is making further cuts to its home loan rates. The bank has cut its fixed rates by between four and 20 basis points, with longer term rates seeing the biggest fall. Read more: After OCR cut which home loan rate should you choose? OCR coming down - how far will home loan rates fall? It comes as wholesale interest rates move lower following the Reserve Bank's official cash rate cut on 14 August. Some banks lowered their lending rates immediately after the OCR announcement and others followed suit. The BNZ's popular 18-month rate was now 5.99 percent, and the two-year rate was at 5.89 percent. It followed a cut to its home loan rates on 20 August, and a move to stop charging first-home buyers and ot...

Bathurst Resources says customers want long-term assurances of supply. Photo: Supplied / Bathurst Resources Ltd The country's biggest coal miner Bathurst Resources is seeing another 20 years of development work. It will use the fast track approvals process for two new projects near existing sites to supply local and export markets. Bathurst Resources chief executive Richard Tacon said 90 percent of its sales were for coking coal used in steel making, with some coal supplied to the domestic market for industrial heating. Pre-feasibility work was taking place at the Buller Plateau on the South Island's West Coast to produce coal for overseas export used in steel making. Another project in the early stages is the Rotowaro Extension near Huntly to mine coal for domestic use. Tacon said its ...

A series of craft beers released by Te Aro Brewing Company have come under fire after Polynesian navigator Kupe featured on its labels alongside colonial explorers Magellan and Columbus. Photo: Te Aro Brewing Company An Upper Hutt Brewery has been told to remove its Kupe beer from sale and take down associated promotion, after it was found to be in breach of advertising standards. Te Aro Brewing named its Kupe New Zealand IPA after the Polynesian navigator as part of its Age of Discovery series - a limited range of beers showcasing historical explorers including Christopher Columbus and Ferdinand Magellan. It also promoted the Kupe beer on its Facebook and Instagram accounts, including associating it with the Matariki holiday in June. Concern about the product and its promotion was firs...

Vulcan Steel posted another big drop in full-year profit amid tough conditions in the building sector. Photo: RNZ / Cole Eastham-Farrelly Steel products company Vulcan Steel posted another big drop in full-year profit amid tough conditions in the building sector. Key numbers for the 12 months ended June compared with a year ago: Net profit $40m vs $87.9m Revenue $1.06b vs $1.24b Underlying earnings (EBITDA) $147.6m vs $218.9m Final dividend 12 cents per share vs 30.5 cps The company's profit more than halved on the back of a 15 percent drop in revenue. Chief executive Rhys Jones said business conditions remained challenging in both Australia and New Zealand. "Higher interest rates continued to impact on activity levels. High inflation added to the pressure on business costs." However ...