Company News

Telecom’s profit likely to be down by 30%

Telecom's second quarter results are expected to post a 30% fall, after tax, and would not be a surprise as it is within the market predictions, a net profit of $121 million is expected.

According to ABN Amro Craigs broker, Peter, the share price of Telecom is not likely slide. Mr. Peter said, "Telecom will be reporting `Ferrit free', displaying some retail revival and mobile survival, which were all key messages from its first AGM under its new Chief Executive, Paul Reynolds."

Shell NZ reviews its downstream businesses

Royal Dutch Shell Plc

Royal Dutch Shell Plc., Europe's largest oil company, third-biggest shareholder after BP and Mobil, has under taken a review of its investments in New Zealand and its 
17% stake in the nation's only refinery at Marsden Point. 

Electricity grid to get $50m upgrade in April

Transpower

Today, Transpower accelerated $50 million of work on the national grid, thus much required work on high-voltage power pylons will now be maintained from April on, which otherwise could have been waiting up to 10 years. 

McDonald’s fast food likely to cost more after increase in the minimum wages

McDonald’s, Domino's

Reacting on the Government's decision to raise the minimum wages, McDonald's, the fast food company, may increase the prices and review its plans of opening 30 more restaurants, which were planned to be added to its chain of 143 restaurants, in the next three years.

The company had a plan to spend nearly $100 million on expansion. Last March there was a substantially increase in the wages and McDonald's gave all its youth workers the adult rates.

Fletcher sells head office premises for $36 million

Jonathon Ling

Auckland head office premises of Fletcher Building have been sold to Bay of Plenty property development company Carrus Corporation for $36 million.

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