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Commerce Commission - Latest News [Page 8]
ComCom Proposes Greater Transparency From Lines Companies, With Increasing Reliance On Electricity
Friday, 18 August 2023, 10:07 am | Commerce Commission
The Commerce Commission has today released its draft decision on the additional information New Zealand’s local lines companies must disclose publicly – reflecting the increasing reliance on electricity as part of the country’s commitment to reduce ... More >>
Ngāi Tahu Tourism Seeks Clearance To Acquire KJet And Time Tripper
Monday, 14 August 2023, 3:20 pm | Commerce Commission
The Commerce Commission has received an application from Ngāi Tahu Tourism Limited seeking clearance for itself (or a wholly-owned subsidiary) to acquire the tourism jet boating business trading as “KJet” and related assets (including 100% of ... More >>
ComCom Action Delivers $3.675 Million ‘sting’ To One NZ For Kiwi Consumers
Monday, 14 August 2023, 11:00 am | Commerce Commission
The Commerce Commission says a record $3.675 million fine imposed on One NZ (formerly Vodafone NZ) for misleading consumers in the marketing of its FibreX broadband service is a significant win for Kiwi consumers. Commission Chair, John Small, says the penalty ... More >>
Commerce Commission Outlines Proposed Focus For Market Study Into Personal Banking
Thursday, 10 August 2023, 10:34 am | Commerce Commission
The Commerce Commission has outlined the key products and issues it proposes to explore in the market study into personal banking services, with the release of the Preliminary Issues paper. The release of a Preliminary Issues paper is a standard ... More >>
Commerce Commission Gives Clearance For Microsoft To Buy Activision
Tuesday, 8 August 2023, 12:03 pm | Commerce Commission
The Commerce Commission has granted clearance for Microsoft Corporation to acquire 100% of the common stock of Activision Blizzard. Both Microsoft and Activision are developers, publishers and distributors of video games for personal computer (PC), ... More >>
Retail Payment System Regulation To Deliver $105m In Savings For Businesses
Tuesday, 8 August 2023, 11:22 am | Commerce Commission
The Commerce Commission says businesses in New Zealand will save an estimated $105 million each year by a reduction in fees to accept Mastercard and Visa payments – savings expected to be sustained and flow through to Kiwis over time. With the introduction ... More >>
ComCom Encourages Businesses To “do The Right Thing By Their Customers” When Surcharging
Thursday, 3 August 2023, 10:25 am | Commerce Commission
The Commerce Commission has issued an Open Letter on its work promoting appropriate surcharging and is encouraging businesses to do the right thing by their customers. The letter also highlights the Commission’s engagement with a selected group of ... More >>
$500k Penalty In Land Covenant Case For Trying To “stop Bunnings Building”
Monday, 31 July 2023, 12:21 pm | Commerce Commission
NGB Properties Limited (NGB) has been penalised $500,000 after the Commerce Commission took court action over an anti-competitive covenant that it placed on a site close to Mitre 10 MEGA Tauranga, for the purpose of preventing competitor Bunnings from ... More >>
Commission Explores Pathways For More Innovative Payment Options
Monday, 31 July 2023, 10:45 am | Commerce Commission
The Commerce Commission is looking at ways to remove barriers to more innovative payment options that would allow Kiwis to make in-person payments directly between bank accounts, as a low-cost alternative to current card payment options. Commission ... More >>
Statement Of Issues Released For Moana’s Proposed Acquisition Of Sanford’s North Island Inshore Fishing Business
Thursday, 27 July 2023, 7:45 pm | Commerce Commission
The Commerce Commission has published a statement of issues relating to an application from Aotearoa Fisheries Limited (trading as Moana New Zealand) seeking clearance to acquire Sanford Limited’s North Island inshore fishing business. The Statement ... More >>
Commission Grants Clearance For Reward To Acquire Southern Hospitality
Thursday, 27 July 2023, 3:58 pm | Commerce Commission
The Commerce Commission has granted clearance for Reward Supply Co Pty Limited to acquire 100% of the shares of Southern Hospitality Limited. Reward is an Australian company that supplies food service solutions in Australia and is a member of the ... More >>
Minimum Pricing Practice Hurts Kiwi Consumers And Retailers
Monday, 24 July 2023, 2:54 pm | Commerce Commission
The Commerce Commission is reminding grocery suppliers that requiring retailers to charge above minimum prices for their goods can breach the Commerce Act. Commerce Commission Chair, John Small, says that the practice can hit New Zealanders in the ... More >>
High-cost Lenders Cutting Interest Rates Or Exiting The Market, ComCom Review Shows
Monday, 17 July 2023, 12:29 pm | Commerce Commission
The Commerce Commission has completed a review into high-cost lenders following the introduction of specific high-cost lending rules in 2020 under the Credit Contracts and Consumer Finance Act (CCCFA). With high-cost lenders charging at least 50% in ... More >>
Commission Seeks Pecuniary Penalties For The First Time In High Court Civil Action
Monday, 17 July 2023, 11:28 am | Commerce Commission
The Commerce Commission has filed proceedings in the High Court against former high-cost lender Eagle M.A.N Group Limited (Eagle MAN), alleging it breached the Credit Contracts and Consumer Finance Act (CCCFA) when providing credit to borrowers between 2015-2022. ... More >>
Commission Clears Home Ventilation Systems Merger
Wednesday, 12 July 2023, 4:28 pm | Commerce Commission
The Commerce Commission has granted clearance for Volution Group plc to acquire 100% of the business and assets of Proven Systems Limited. Volution and Proven both supply home ventilation systems. Volution primarily supplies home ventilation systems ... More >>
Positive Progress On Restoring Aurora Energy’s Power Network, ComCom Says
Tuesday, 11 July 2023, 11:21 am | Commerce Commission
The Commerce Commission has today reported that Aurora Energy Limited (Aurora) is making positive progress in addressing safety and reliability issues across its network. Aurora, New Zealand’s seventh largest electricity distribution network by customer ... More >>
Commerce Commission Welcomes The Appointment Of The Grocery Commissioner, Pierre Van Heerden
Tuesday, 11 July 2023, 6:27 am | Commerce Commission
The Commerce Commission has today welcomed the appointment of Pierre van Heerden as the Grocery Commissioner by the Minister of Commerce and Consumer Affairs. Mr van Heerden will take up his role as the Grocery Commissioner at the Commerce Commission ... More >>
Commission Clears Inghams To Buy Bromley Park Hatcheries Businesses
Thursday, 6 July 2023, 8:23 pm | Commerce Commission
The Commerce Commission has granted clearance for Inghams Enterprises (NZ) Pty Limited (Inghams) to acquire the assets of the Cobb Commercial and Riverland businesses of Bromley Park Hatcheries Limited. Inghams is part of Inghams Group Limited, an Australian-based ... More >>
ComCom Concerned One NZ “100% Mobile Coverage” Ads Misleading – Issues Stop Now
Thursday, 6 July 2023, 10:41 am | Commerce Commission
The Commerce Commission has issued a Stop Now Letter to One NZ (formerly Vodafone NZ) for representations made in its campaign promoting “100% mobile coverage. Launching 2024”. Commerce Commission Chair, John Small, says the Commission’s early investigation ... More >>
Kookmin Bank To Refund $11m To Kiwi Borrowers In Settlement With ComCom
Tuesday, 4 July 2023, 3:45 pm | Commerce Commission
Kookmin Bank has committed to refunding more than $11 million to affected borrowers in New Zealand following a Commerce Commission investigation. As part of the settlement agreement entered into with the Commission, Kookmin admitted to failing to ensure ... More >>
