15 Aug 2019

Today's business news: What you need to know

2:39 pm on 15 August 2019

Latest - Heartland Bank has reported a solid lift in its full-year profit, driven by increased lending.

New Zealand Dollar Closeup

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The company, which specialises in reverse mortgages, finance for businesses, cars and livestock, and has a stake in the Harmoney loan platform, had a net profit of $73.6 million.

That was up nine percent on last year and in line with the company's forecasts, with lending growing more than seven percent to $4.4 billion,.

Partnership launched between Port of Tauranga and Tainui

The Port of Tauranga and the Tainui Group Holdings subsidiary, Port Ruakura, have announced a longterm partnership to develop a planned inland port at Hamilton.

Cargo trains between Auckland and Tauranga will call into the inland port, giving Waikato-based importers and exporters direct access to fast international shipping services calling at Tauranga.

Tauranga's port is able to handle some of the world's biggest container ships.

SkyCity launches legal proceedings against Templar Tourism Management

SkyCity has applied to liquidate a Chinese-based theatre production company, that owes it around $300,000 dollars.

The casino and entertainment operator applied to the High Court in Auckland to wind up Templar Tourism Management in May.

A spokesperson for SkyCity says it's one of many creditors who are owed money from the company's failed stage show, called 'The City of 100 Lovers'.

The musical production ran in SkyCity's Auckland theatre from last year, but was pulled in February.

SkyCity's spokesperson says it didn't choose to pull the production, because it didn't want to put people out of work, however, it's taking legal action after the company packed up and returned to China without paying its debts.

Callaghan Innovation asks for incubator proposals

The technology funder has launched a request for proposals for its new technology incubator programme, which is focused on helping deep technical and scientific research develop into commercial enterprises.

The incubator programme runs over an eight-year period, beginning in 2020.

Callaghan's incubator pilot programme has seeded the creation of 45 start-ups, which have attracted more than $50m in investment.

It says the next phase of the programme will look to build on that platform, offering deep-tech start-ups with greater access to capital and connections to international expertise.

The request for proposals closes the first week of October and is open to local and international providers.