A substantial reduction in allowances for bad debts helped
Westpac New Zealand lift its cash profit 7% to $370 million
in the six months ended March from the previous corresponding
period.
Business leaders yesterday slammed the Labour-Green
electricity policy but the two political parties responded by
saying they had no intention to withdraw the controversial
plan to nationalise the industry.
Broking firm Forsyth Barr has maintained its reduce
recommendation on Fonterra shareholders fund shares despite
the dairy co-operative indicating another restructuring was
under way.
The outcome of the Mighty River Power listing on the NZX will
determine whether the Government proceeds with its proposed
partial sale of Meridian Energy.
The partial listing of Z Energy moved closer yesterday with
owners Infratil and the New Zealand Superannuation Fund
appointing investment bankers and brokers to assess the
process.
The need to diversify Otago's economy was clearly identified
in a report released yesterday by Economic Development
Minister Steven Joyce, Otago Chamber of Commerce president
Peter McIntyre said.
New Zealand building consents fell sharply in March, against
expectations, but it is not a cause for concern, Westpac
chief economist Dominick Stephens says.
The Government is pushing on with its programme of
encouraging oil and gas exploration around New Zealand with
the release yesterday of its second round to attract
competing bids for exploration permits.
