Auckland

The Auckland Regional Council removes Gary Judd as its chairman

Auckland chairman Gary Judd

It was recently put forward by ports of Auckland chairman Gary Judd that the company's owner, the Auckland Regional Council has removed him from the board.

As per the media reports, the council's firm Auckland Regional Holdings removed Queens Counsel Judd yesterday.

Reportedly, Judd, who also happens to be the chairman of ASB Bank, had been informed in the beginning of this month via a letter from Auckland Regional Holdings that his resignation was required by the end of the month. It should be noted that he had been chairman of POAL since July 2006.

Increasing Number of Infants Allergic to Cow’s Milk

Increasing Number of Infants Allergic to Cow’s Milk

According to Auckland University, there has been an increase in the number of infants with "cow's milk protein allergy".

In order to find out further facts related to this matter, a study funded by the Auckland District Health Board and led by Auckland University adult and child allergy specialist Professor Rohan Ameratunga, will be carried out.

This study will find out the number of children suffering from cow's milk protein allergies, and common symptoms.

AIAL hopes the retail revenue forecast to be in range of $90m to $93m

AIAL hopes the retail revenue forecast to be in range of $90m to $93m

As per the media reports, Auckland International Airport Ltd (AIAL) is warning about the market consensus of about $104 million for the retail component of its revenue for the 2010 financial year.

Today, the company confirmed that it is hoping the retail revenue forecast in the range $90m to $93m.

It seems that some factors are not sufficiently being allowed by the market as of now.

Bank of NZ to raise $150 mn for general corporate purposes

Bank of NZ to raise $150 mn for general corporate purposes

It has been learnt that Bank of New Zealand is eager to raise at least $150 million from New Zealand retail and wholesale investors, which it would to do to serve general corporate purposes.

Today, a prospectus was lodged by BNZ for a planned issue of perpetual non-cumulative shares to increase tier 1 capital. Oversubscriptions might be accepted.

Furthermore, the proceeds were meant to be used by BNZ from the hybrid securities offer for general corporate purposes.

Services contraction brings gloom for tourism industry

BNZ Capital

During the month of April, activity of services sector deteriorated for the thirteenth month in a row. This latest piece of news has been confirmed by the BNZ Capital-Business NZ Performance of Service Index (PSI).

For the month of April, the PSI was 43.7, which came as the second lowest overall result recorded and 3.4 points below March's level indicating service sector activity continues to shrink.

An expansion in index score of above 50 indicates sector activity was also being seen under pressure.

Trustpower registers 28 per cent rise in net profit

Trustpower registers 28 per cent rise in net profit

In spite of a shortfall from electricity generator and retailer TrustPower’s own generation assets and volatile wholesale prices, the company was successful in posting a 28% increase in net profit for the financial year ended March 31.

The main credit for the increase in profit goes to higher energy prices charged to customers paying spot prices, thus enabling the company to repot a A$105 million increase in revenue.

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