Moody's downgrades Telecom due to grim economy

Moody's downgrades Telecom due to grim economy

Due to hiked competition, tight regulations and economic problems, the ratings service Moody's downgrade Telecom's senior and unsecured short term commercial paper ratings.

The outlook is stable and the ratings have gone down from A2/P-1 to A3/P-2.

With the rating action, the ongoing pressure on Telecom is quite well reflected. According to Moody's vice president and senior analyst, Ian Lewis, the pressure would continue given challenging operating conditions.

Crunchy apples ready for supermarkets

Crunchy apples ready for supermarkets

It has come to vision that two of New Zealand's most famous cultivars, royal gala and braeburn are creating a novel red bi-colour apple, which will hit the supermarket shelves in two years.

The produce dubbed as PremA193 was created at HortResearch and is now part of the Plant and Food Research state science company.

It should be noted here that rights to the apple in the domestic market and for exports have been sold to a consortium made up of Fresh New Zealand Ltd, Heartland Group Ltd, Johnny Appleseed Holdings Ltd and the PickMee Fruit Company Ltd.

NZ Refining reported rise in profit

NZ Refining reported rise in profit

New Zealand Refining Co., operating the only refinery in New Zealand at Marsden Point, near Whangarei, which had forecasted a profit for the year ending on December 31, between $115-125m in the month of October, had a profit higher by 11 percent of $124.9 million, on account of high refining margins and a favourable exchange rate. Its Revenue increased 18 percent to $397.8m.

$1 air fare offered by budget Airline Jetstar

$1 air fare offered by budget Airline Jetstar

Australian budget airline, Jetstar, in a bid to expand into the New Zealand market sold 30,000 $1 fares, one way on all the domestic routes between Auckland, Christchruch, Wellington and Queenstown, within three hours and had an overwhelming response in New Zealand and Australia.

These special web fares are available for the travel from July 22 to September 22, subject to the availability of seats on selected days and flights, excluding the public and school holidays.

Air NZ launches Masterton to Auckland service

Air NZ launches Masterton to Auckland service

On Monday the first commercial flight out of Masterton in almost 10 years left at 7.05 am.

The service has been commenced by An Air New Zealand subsidiary, Eagle Air on six days a week to Auckland. Hood aerodrome underwent an upgrade costing $1.2 million.

It should be noted here that it is the time when Air New Zealand is scaling back operations in some other centers and the new route is starting.

Eagle Air says, "There is demand for the service and the indications are that it will be well supported."

More personal details sought by credit agencies

More personal details sought by credit agencies

It has recently come to vision that credit companies would be able to gain more access to the financial details of people who are seeking to borrow money under a proposal being investigated by privacy watchdogs.

Under this proposal, the credit companies would be able to find out whether previous credit applications had been approved, what they were for, who lent the money, what the credit limit was, and whether the account was still open.

As of now, they can only scrutinize how many times an individual has applied for credit and any negative details.

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