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.
Steel & Tube Holdings has been fined a record $1.9 million for making false representations about steel mesh products used in earthquake strengthening. Auckland District Court Judge Warren Cathcart today sentenced the company to a fine of $1.89 million on 24 charges under the Fair Trading Act after an earlier guilty plea.
Steel and Tube has been fined a record $1.9 million for making false and misleading representations about its steel mesh products. Steel and Tube has been fined $1.885 million for misleading representations about its steel mesh. Photo: 123RF The company earlier pleaded guilty to 24 charges under the Fair Trading Act.