22 Nov 2019

Today's business news: What you need to know

6:49 pm on 22 November 2019

Latest - New Zealand's picked to be one of the best performing economies in the developed world over the next two years.

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Photo: 123RF

OECD forecasts have New Zealand's growth rate averaging 2.5 percent through 2020 and 2021, ahead of comparable economies including Australia, the United States, the Euro-zone and Britain.

Globally, the outlook isn't so rosy, with growth at risk of stagnating around levels last seen in the global financial crisis.

It blames uncertainty for paralysing business investment, and says a slowdown in manufacturing is starting to spill over into other areas.

And while global labour markets remain strong, job creation is slowing.

Co-op bank reports $4.8m profit

Co-operative Bank has reported a 14 percent fall in its half year profit as lower interest rates hit margins.

The $4.8 million profit compares with last year's $5.6m.

Interest income is slightly lower, as it had to cut margins to compete, while expenses are higher on labour and technology costs.

The bank's level of bad debts also fell because of solid economic growth.

Gentrack forecasts lower profit

The utilities software company says uncertainty in Britain is weighing on its performance.

It expects its full year operating earnings to be a touch lower than the $25 million to $26m previously forecast.

It will report the details next week.

Synlait aiming to raise capital

Synlait Milk is looking to raise up to $200 million through a bond offer.

It says it plans to sell $150 million worth of five year bonds, with the flexibility to accept up to $50m in over subscriptions.

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