11 Apr 2019

Today's business news: What you need to know

3:52 pm on 11 April 2019

Latest - The Financial Markets Authority is warning against a scam-like investment pitch.

It said a company called Wildex Investment has been cold-calling people asking them to invest in a company that's about to go public.

The FMA said no such company is about to list on the stock exchange and the investment firm doesn't have a licence to operate here.

Inflation flatlining to latest ANZ figures

ANZ's monthly inflation gauge fell 0.1 percent in March as household costs rose and the price of telecommunications and accommodation fell.

However, an upward trend over the past three months drove up the quarterly measure by 1.1 percent.

That was due to higher prices for cigarettes, rent, domestic airfares and medical services.

Costs ballooning for Port of Napier's new wharf

The cost of the wharf has mushroomed by as much as a third, but that's not deterred the port company board from backing the business case.

The wharf is now estimated to cost between $170m and $190m from an original $142m - that comes after detailed costings of the project.

The increase in the cost is seen to be backing the case for a sale of a minority stake of the port company and a listing on the stock exchange.

That decision will be made by the port company owner, the Hawkes Bay Regional Council, in the next six weeks.

BNZ partners with YouOwn for co-ownership housing scheme

BNZ announced the first of its kind scheme late last year, but didn't reveal the partner that would fund it.

It's now been revealed that a company called YouOwn is behind it, which is owned by Bancorp.

Through the scheme, YouOwn will buy properties alongside first home buyers to help get them on the property ladder.

Only 30% of NZ boards have 50-50 gender split

A survey carried out by Diversity Works has found the majority of New Zealand companies don't have a 50-50 gender split at their board table.

The research found that while the numbers aren't impressive, most companies consider fixing it a top priority.

ComCom appealing Viagogo High Court judgement

The Commerce Commission is appealing the judgement that decided not to stop controversial online ticket reseller Viagogo's operations.

The court determined it had no jurisdiction over Viagogo because it's based in Switzerland.

The court today gave the commission leave to file an appeal.

The commission said it's going to appeal because it's concerned about the ongoing harm the ticket reseller's marketing is causing consumers.

It's so far received 950 complaints about Viagogo.

Read here for more on this story.

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