21 Nov 2019

Today's business news: What you need to know

4:32 pm on 21 November 2019

Latest - Cancer diagnostics company Pacific Edge has deepened its loss for the half year as well as announcing plans to raise $20 million in capital.

The company's net loss for the first half was $9.4 million, an increase of 8 percent on the same period last year.

Pacific Edge says it hopes to put the expected proceeds of its fully-underwritten capital raising towards achieving its commercial goals and becoming cash flow positive.

AFT posts $9.9m profit

Heap of medicine pills.  Background made from colorful pills and capsules

Photo: 123RF

The pharmaceutical company is back in the black after seeing stronger sales of its over-the-counter medicines in Australasia and global markets as well.

The company's net profit after tax for the first half of the year was $9.9 million, an improvement on last year's $4.2m loss.

The bottom line figure included a significant one-off gain from a development and licensing deal for its facial disease drug Pascomer.

But excluding the deal, underlying earnings remained positive, and revenue rose 22 percent.

Ezibuy has a new owner

Australian retailer Noni B Group has announced it's buying a majority stake in EziBuy from its own shareholder, Alceon, for an undisclosed sum.

Noni B has a history of buying fashion retailers and improving its operations.

It owns the women's fashion brands Millers and Rockmans among others, with over 1300 stores across Australia and over 2000 staff.

Group opposes electricity grid price changes

The Transmission Pricing Group, which includes, Trustpower, Vector, Federated Farmers and manufacturers among others, says the Electricity Authority (EA) revamped proposal is no better than the original and should be scrapped.

The EA wants to change pricing for the national grid so those benefiting the most pay for it.

It estimates consumers in Auckland and Northland will pay an average of $21 more a year, while most of the rest of the country will see their bills fall by an average of $20 a year.

It is said to save the country billions of dollars long-term, and even-out the costs between North and South Island power generators.

ComCom receives 9000 complaints in past year

That's 20 percent more than the year before.

Most of the complaints were about telecommunications companies charging consumers extra fees, and giving them inaccurate bills.

Complaints about ticket reselling soared thanks to the controversial Swedish website Viagogo - which the commission is taking legal action against.

Concerns also increased about appliance retailers and irresponsible lenders.

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