Commerce CommissionchairmanMark Berry by Jacky Carpenter. The Commerce Commission has approved the takeover of electronic payments processor Paymark by French payment terminals and digital payment services provider Ingenico Group. In a statement the Commerce Commission says it focused primarily on whether the combination of Paymark’s payments switch business with Ingenico’s payments terminal business might reduce competition for the supply of payment terminals.
Fri, 02 Nov 2018 Commerce CommissionchairmanMark Berry. The $190 million acquisition of New Zealand electronic payment company Paymark by French group Ingenico has been cleared by the Commerce Commission. The competition regulator had previously expressed concerns about potential anticompetitive effects of the deal but was reassured after considering further submissions from Ingenico and competitors Verifone and Payment Express.
Auckland International Airport's $1.8 billion infrastructure upgrade doesn't justify a 7.06 percent return on its regulated assets during the next five years, the Commerce Commission says. The regulator estimates Auckland Airport will generate an additional $37 million of profit beyond what it considers an appropriate return, but didn't go as far as to call all of th
Tim Hunter Thu, 01 Nov 2018 Commerce Commission deputy chairwoman Sue Begg says the Commission isn't persuaded that Auckland Airport's target return is warranted. Customers of Auckland Airport will pay $53 million more than they should over the five years to June 2022, the Commerce Commission says.
The Commerce Commission says Auckland Airport's targeted returns are not fully justified. In its final report today on Christchurch and Auckland Airports' pricing decisions for the five year period to June 2022, the commission says Auckland's returns are above its benchmark.
A finance company has been fined for using borrowers' household items - including beds and cooking equipment - as security for their loans. Photo: RNZ / Alexander Robertson In the Commerce Commission's first such prosecution, Aotea West Auckland pleaded guilty to five representative charges under the Credit Contracts and Consumer Finance Act 2003.
Designer and retailer World has accepted the Commerce Commission's view that labelling on some imported clothing was liable to mislead consumers about the place of origin. The company, founded by Dame DeniseL'Estrange-Corbett, faced intense media scrutiny earlier this year when it was revealed that some of its clothing featured that featured "Fabrique en Nouvelle-Zelande" - or Made in New Zealand - tags was actually made elsewhere.
After its initial stubborn refusal to accept wrongdoing and attacking the integrity of Spinoff reporting, the NZ fashion retailer WORLD has changed its tune, accepting a likely breach of law over clothing labels, following a Commerce Commission investigation.
Denise L'Estrange-Corbet faced a furore in May when it was revealed her label, World, marked t-shirts, sweatshirts and sweatpants, with swingtags claiming the garments were made in New Zealand, when they were not. Designer and retailer World has entered into enforceable undertakings with the Commerce Commission after accepting its view that labelling on some imported clothing was liable to mislead consumers about the place of origin of the clothing.
Steel and Tube has been fined a record $1.885 million for making false claims about its steel mesh products used for earthquake strengthening. The company was sentenced on Wednesday after admitting 24 charges under the Fair Trading Act. These related to charge spanning from 2012 to 2016, where Steel and Tube sold 482 batches of approximately 480,000 sheets of steel mesh for $24 million.