Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There were no changes today.
TODAY'S DEPOSIT RATE CHANGES
There were no deposit rate changes today.
AIRWORK PROFIT TAKES OFF
Airwork Holdings announced a full year Net Profit After Tax of $24.6 million, up 58% on the prior year. It announced a final dividend of 8 cents per share taking total dividends for the year to 17 cents, up 1 cent compared to the previous year.
CHANGING THE GUARD AT CHORUS AND NZ POST
There are to be changes at the helms of Chorus and NZ Post with Chorus CEO Mark Ratcliffe and NZ Post Chief Executive Brian Roche announcing their resignations. Ratcliffe has headed Chorus since it demerged from Telecom in 2011 and will finish in the middle of next year, and Roche has headed NZ Post since 2010 and will finish with the company next April.
AUCKLAND AIRPORT TO PAY STAFF $1500 BONUS ON THE BACK OF TOURISM BOOM
Auckland International Airport said it would pay its staff a $1500 bonus after total passenger movements were up 9.1% in the year to June 30, which lifted net profit by 17.4% to $262 million. The company also announced a fully imputed final dividend of 9 cents per share, taking total dividends for the year to 17.5 cents per share, up 19.9% on the previous year.
CHORUS PROFIT FLAT
Chorus announced a net profit of $91 million for the year to June, unchanged from the previous year. Operating revenue was also flat at $1008 million (2015 $1006 million).
MERCER POSTS LOSS
Mercer Group posted a net loss after tax of $6.7 million for the year to June, as it continues to restructure its business. "While acknowledging that this result is by any measure unsatisfactory, it represents the cost of the continued refocusing of the business, the significant restructuring initiatives undertaken and weakness in the dairy sector," the company said when releasing its results.
WHOLESALE RATES: THE YIELD CURVE STEEPENS MARGINALLY AFTER FED COMMENTS
The NZ swap curve steepened today with rises of between 1pbs and 2bps across the curve, after bigger movements earlier in the day. Federal Reserve comments at Jackson Hole over the weekend saw US Treasury rates fall sharply initially following Janet Yellen's speech, but then spiked back up to close higher than the previous day after the Fed Deputy Governor came out said Yellen's speech was inconsistent with a move for two interest rate hikes in 2016. With the upward movement in US Treasury yields, it wasn't surprising that we saw NZ swap and bond yields up during the day.
SPARK MAKES $125 MILLION BOND ISSUE.
Spark Finance announced it was issuing up to $125 million of 10 year bonds to be priced on Wednesday. The price will be set at 1.55% over the prevailing 10 year swap rate.
NZD BATTERED BY FED COMMENTS
The NZD was one of the big losers across the major currencies as the USD strengthened on the back of Fed comments that an interest rate rise was "in play" at the next Fed meeting in September. The NZD was hammered as a result and is struggling to recover any of its lost ground. The NZD/AUD cross rate is roughly where it was on Friday as the NZD has rallied against the AUD for most of the day. Check our real-time charts here.
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34 Comments
it was north shore residents who threw out the mayor and replaced him with Andrew Williams shows how good they were at making rational long term decisions
Back then it could have done cheap and easy with plenty of spare land to grow industry around it
now, pretty much too late
Auckland airport did not have to fight it, was done in by Auckland nimbys, and a change of government .
its in a national party stronghold was never going to haapen
http://www.stuff.co.nz/auckland/local-news/north-shore-times/8758894/Co…
in 30-50 years people will look back and wonder why no one had the b-lls to make it happen.
pretty regular occurrence in auckland
http://www.newshub.co.nz/politics/john-key-blames-helen-clark-for-housi…
John Key blames Helen Clark for housing crisis. It's like he hasn't been in power for 8 years.
Yes, he's the pro at shifting the blame for sure, but....but....a huge house price bubble did occur under Labour. That is a fact. And they did nothing either! And....will do nothing if they get any power as Andrew little has stated when he declares "I don't want current house prices to drop" .
With no one willing to force a much needed correction for the longterm good....then only a natural collapse will bring about real change. 2018
Why would anyone want to just replace one do nothing government with another? That's just yet another example of banging your head against the wall and expecting a different result! For christ sake, you are dealing with politicians here! When have they EVER solved anything for the greater good? I don't understand the need to always look for answers in themwhen you know damn well they will say ANYTHING just to get power! Labour is a past failed experiment and national is just the present one. Only difference. Nz has to actually grow some and move on from these dinosaur parties
new party launched today should do ok in Auckland, I wonder which of the two main parties will do a cup of tea deal to gat their allegiance
http://www.newshub.co.nz/politics/nzs-first-political-party-dedicated-t…
Prime Minister John Key says that won't happen, and the housing crisis - if it is one - is not his fault.
Bill English certainly believed he had his hands on critical debt cost levers.
New Zealand central bank Governor Graeme Wheeler needs to get inflation back to target and some observers think he has “plenty of room” to cut interest rates, Finance Minister Bill English said..
“He’s been out of the zone for years now, below the midpoint for quite a long time,” English said in an interview late Thursday, referring to Wheeler’s 2 percent inflation goal. “He’s meant to be following the Policy Targets Agreement, that’s the bit I look at, and one day somebody will start asking the minister of finance questions about whether he’s actually following the agreement or not.” Read more
Wonder he didn't blame white colonisation last century for the housing crisis. Seems it is a crisis - who knew?
Lot of talk about supply including tax payer money going to sort it out but the moustache did not mention demand / immigration.
Winston is looking better every day - never thought I would say it but thank god for MMP.
Now just have to get the whanau to get out the vote.
When was the last time that John Key was so worried that he comes out promptly with an open letter :
https://www.tvnz.co.nz/one-news/new-zealand/john-key-seeks-reassure-asi…
Do we have to say anything more. Let experts and media to decide.
Sounds like johni-san got a call from his bosses overseas.You will have to be foreign looking now to get any attention from the boys in blue.
Can the homeless + FHBs now expect a personal PM letter promising that he will have his top guy, Agent Smith, looking into the matter.
I wonder if John Key could write an open letter to everyone in the renting community about how concerned he is when they are robbed of a years savings every couple of months by his property ponzi.
Auckland is chronic for petty crime like burglaries and car theft though. It's a symptom of another problem.
Getting $500 per week, without effort, is pretty good evidence to me, that govt is helping the poor. LOL at your bigotry that I am not qualified to have an opinion. LOL whatever. Typical response to critical argument is thus "you don't know what it's like so STFU" because I give valid arguments that cannot be countered with logic, so I get some dumb emotional crap.
Interesting that Chon Key felt compelled to write to the Chinese community re crime (and ignore that alot of it is caused by Chinese themselves) when there are communities in NZ that few feel safe in. Don't we count?
The child sex criminals are getting all the attention with folk saying no thanks to them moving in down the road. What about other serious criminals? Does a community have any right to not have them in their midst if it makes them feel unsafe and if not why not?
they are getting attention due to dumb decisions by corrections about where they are placed.at the end of the day it comes to funding
http://www.stuff.co.nz/auckland/local-news/manukau-courier/80344760/Sou…
Something is not right here
Since January this year there have been any number of vicious robberies of Indian run milk bars and bottle-shops all shown in raw detail on CCTV and broadcast on TV
Nothing from JK
Now one instance of a Chinese lady being robbed and assaulted and the Chinese community talks of setting up vigilante groups, arming themselves, and defending themselves, resulting in JK specifically writing an open letter to them
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