Friday, February 22, 2019

Today's business news: What you need to know - Radio New Zealand

All the latest news in the business world in one place, brought to you by the RNZ Business team.

Z petrol station, service station.

The chair of Z Energy, Peter Griffiths, is stepping down in May. Photo: RNZ / Alexander Robertson

Growth in global economy expected to slow further as the risk of recession increases

The ratings agency S&P Global's Economics group has revised its assessment of the risk of a recession to 21 percent, from 16 percent three months ago.

The United States-based chief economist at S&P, Beth Ann Bovino, said economic indicators continue to point to a sustained economic expansion, but financial conditions have eased as the US Federal Reserve becomes significantly more dovish.

She said heightened investor concerns over global economic developments have led to market volatility and disruptions, leaving a mixed picture for the second oldest expansion in US history.

Auckland International Airport reports lower profit

The country's biggest airport has reported a lower profit as it moved to cut airline charges.

Auckland International Airport's net profit was down 11 percent to $147.2 million.

The company said it would cut its forecast charges on airlines using the airport by $33m over the next five years, equating to 31 cents a flight per passenger. It has been under pressure in recent years from the Commerce Commission and airlines for charging too much.

Revenue rose more than 11 percent to $370m, as 10.6 million people passed through the airport, just over half being international passengers.

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Cavalier reports $10m half year loss

The carpet maker has reported a $10 million half year loss after selling its stake in a business.

The company booked a $12m loss on the sale of its interest in Cavalier Wool Holdings.

Leaving that aside the company made a profit of 1.9 million on lower revenue.

Last year it made $1 million profit.

Chair of Z Energy stepping down

The chair of the country's largest fuel company, Z Energy, will retire in May.

Peter Griffiths has sat at the helm of Z for five years, after it listed on the stock exchange.

A current director, Abby Foote, will take up the role of chair.

Moa contemplating Savor take over

The beer brewing company Mao will buy a string of top Auckland restaurants if it takes over the hospitality group Savor.

The deal, which will be funded by a mix of debt, shares and private investment, will be put to shareholders for a vote on 12 March.

Moa is hinting investors should accept the deal, which is expected to add $3.6 million to their underlying earnings next financial year.

The terms of the acquisition would allow Savor's founders to keep running their restaurants, including Ostro, Ebisu and Azabu.



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