Latest - Spark has given up on using Huawei as the sole supplier for its 5G network and opted to use different suppliers.
Photo: RNZ / Kim Baker Wilson
The telecommunications company's application to use the Chinese company was rejected by the Government Communications Security Bureau on security grounds.
Spark's using Cisco and Ericsson technology for the core of its network, and Nokia for other components, as it rolls out 5G in parts of the South Island before Christmas.
Supplying equipment for the periphery of Spark's network was business which would've gone to Huawei had the telco's application been approved.
Spark's general manager of value management Rajesh Singh says it's no longer seeking to have Huawei technology across its whole network, but it remains a preferred supplier along with Samsung and Nokia.
Kiwi Property Group's profit down 24%
Falling interest rates have hit the half year profit of the country's biggest commercial property investor.
Kiwi Property Group has reported a profit of $36.8 million, down 24 percent on the year before, as the drop in interest rates cost it $13m.
Its rental income was up about 4 percent and it was close to full occupancy at its properties, which include big shopping centres Sylvia Park in Auckland and the Base in Hamilton.
Kiwi's chief executive Clive McKenzie says the company's focus is on maximising what it does at each site.
Sky predicts lower revenue for the year
The pay TV operator expects its revenue and earnings to be significantly lower than last year, after investing in new content, new services and sponsorship deals.
In a trading update, the company is forecasting revenue to be down at least 3 percent, to between $750 million and $770m.
It's revenue for the 2019 financial year was $795m.
Operating earnings will be down at least 21 percent at between $170 million and $190m.
Steel and Tube predicts lower earnings
The steel maker is also warning that its first half financial result will be worse than last year as tough trading conditions continue.
The company's earnings are expected to fall by about $2 million, after spending on initiatives to cut costs, as well as a drop in sales and pressure on margins.
Chief executive Mark Malpass says the board and management are reviewing its business model and will reassess the value of its assets.
However, he expects to see improvements in the second half.
Trustpower sells metering business
The Tauranga-based power company is selling its electricity metering business to be a more digitally focused retailer.
A subsidiary of The Lines Company, called Financial Corporation, is buying the business for an undisclosed sum.
The sale, that went through on Friday last week, will increase Trustpower's net profit to $11.6 million this financial year.
However, it will reduce its earnings by about $5m on average for the next three years, impacting its bottom line.
All of the business' staff have been offered ongoing employment with the new owner.
