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BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
BusinessDesk - Latest News [Page 1019]
'Low ball’ offers still find takers, despite regulation: FMA
Thursday, 27 March 2014, 4:13 pm | BusinessDesk
March 27 (BusinessDesk) – The Financial Market Authority said complaints about ‘low ball’ unsolicited offers for stocks and bonds have dropped since new regulations last year, but some investors are still accepting deals at discounted rates. More >>
UPDATE TrustPower backs out of Ruataniwha water scheme
Thursday, 27 March 2014, 3:51 pm | BusinessDesk
March 27 (BusinessDesk) - Trustpower, the electricity company controlled by Infratil, has walked away from the $265 million Ruataniwha water storage scheme, the same day the Hawke’s Bay Regional Council set the timeline for public consultation. More >>
Trustpower backs out of Ruataniwha water scheme
Thursday, 27 March 2014, 3:39 pm | BusinessDesk
March 27 (BusinessDesk) - Trustpower, the electricity company controlled by Infratil, has walked away from the $265 million Ruataniwha water storage scheme, the same day the Hawke’s Bay Regional Council set the timeline for public consultation. More >>
Synlait Milk shares punished for over-optimistic forecasts
Thursday, 27 March 2014, 2:40 pm | BusinessDesk
March 27 (BusinessDesk) – Investors punished Synlait Milk shares after the dairy processor was forced to wind back the bullish profit forecast it gave in January because of disruptions from increased Chinese regulations on infant formula and unfavourable ... More >>
NZ posts record February trade surplus of $818M on China
Thursday, 27 March 2014, 11:33 am | BusinessDesk
March 27 (BusinessDesk) - New Zealand posted its biggest ever trade surplus for the month of February as Chinese demand for local primary products continued to soar. More >>
Kiwi bio-fuels pioneer LanzaTech raises a further US$60 mln
Thursday, 27 March 2014, 10:46 am | BusinessDesk
March 27 (BusinessDesk) – New Zealand-founded bio-fuels innovator LanzaTech has attracted US$60 million in its latest capital-raising round, including a US$20 million commitment from Japanese industrial conglomerate Mitsui, which will join the LanzaTech ... More >>
Bridgecorp receiver still eyeing third party claims
Thursday, 27 March 2014, 10:20 am | BusinessDesk
March 27 (BusinessDesk) - The receivers for Bridgecorp are still actively pursuing potential claims against third parties, having cut an $18.9 million deal with the directors and insurer of the failed lender. More >>
Synlait Milk lowers FY forecast on infant formula volumes
Thursday, 27 March 2014, 9:30 am | BusinessDesk
March 27 (BusinessDesk) – Synlait Milk, whose shares are up 81 percent from its initial public offering, lowered its full-year profit forecast, saying regulatory changes in China and Fonterra Cooperative Group’s whey protein recall are denting ... More >>
NZ dollar drops vs. A$ after upbeat RBA governor speech
Thursday, 27 March 2014, 8:55 am | BusinessDesk
NZ dollar drops to three-week low vs. A$ after upbeat speech from RBA’s Stevens More >>
While you were sleeping: US equities decline
Thursday, 27 March 2014, 7:40 am | BusinessDesk
March 27 (BusinessDesk) – Wall Street slid amid reports showing weakness in the outlook for US business spending, renewing concern the colder-than-usual winter might have slowed the pace of recovery in the world’s largest economy after all. More >>
MARKET CLOSE: NZ shares fall; investors eye Genesis IPO
Wednesday, 26 March 2014, 5:52 pm | BusinessDesk
March 26 (BusinessDesk) – New Zealand shares fell as investors made room in their portfolios ahead of the government’s Genesis Energy initial public offer next month. Property stocks paced the fall as rising interest rates made the sector’s yield ... More >>
NZ dollar holds gains as investors eye US recovery
Wednesday, 26 March 2014, 5:35 pm | BusinessDesk
March 26 (BusinessDesk) - The New Zealand dollar held gains in local trading as a lack of hard economic data this week has investors waiting for signs of recovery in the US. More >>
IAG gets ACCC tick on Wesfarmers’ insurance takeover
Wednesday, 26 March 2014, 4:25 pm | BusinessDesk
March 26 (BusinessDesk) – Insurance Australia Group, New Zealand’s largest general insurer, has gained approval from Australian Competition and Consumer Commission for its A$1.845 billion purchase of Wesfarmers’ insurance underwriting business. More >>
Pengxin picks up former Fonterra executive Romanos: report
Wednesday, 26 March 2014, 3:16 pm | BusinessDesk
March 26 (BusinessDesk) – Shanghai Pengxin has hired Gary Romano, who resigned from Fonterra Cooperative Group last year during the botulism scare, to oversee the Chinese company’s overseas operations including its New Zealand farms, the NZ Herald ... More >>
Nuplex cut to ‘hold’ at Craigs on Australia downturn
Wednesday, 26 March 2014, 2:49 pm | BusinessDesk
March 26 (BusinessDesk) – Nuplex Industries was winded by a steeper-than-expected cyclical downturn in Australia’s manufacturing sector, says Craigs Investment Partners, which cut the specialty chemicals manufacturer to ‘hold’ from ‘buy’ following ... More >>
Carter Holt fined $1.85M for timber price fixing
Wednesday, 26 March 2014, 2:24 pm | BusinessDesk
March 26 (BusinessDesk) – Carter Holt Harvey, the wood company owned by Graeme Hart’s Rank Group, was fined $1.85 million by the High Court for price fixing in the Auckland commercial timber market. More >>
Silver Fern sells Napier tannery to Lowe
Wednesday, 26 March 2014, 2:18 pm | BusinessDesk
March 26 (BusinessDesk) – Silver Fern Farms has sold its Napier rendering plant to Lowe Corp for an undisclosed sum in a deal which will see New Zealand’s biggest meat processor and marketer outsource all of its North Island hide and pelt production ... More >>
Auckland’s Vend taps Peter Thiel and others for US$20 mln
Wednesday, 26 March 2014, 2:07 pm | BusinessDesk
Auckland’s Vend taps Peter Thiel and others for US$20 mln to fund growth More >>
NZ government to sell full 49% of Genesis Energy
Wednesday, 26 March 2014, 1:05 pm | BusinessDesk
March 26 (BusinessDesk) – The government will sell 49 percent of Genesis Energy in the last of its scheduled asset sales after feedback from institutions and brokers gave it confidence it didn’t need to reduce the size of the selldown. More >>
Regrettable tactics in NZX vs grain exchange case: judge
Wednesday, 26 March 2014, 12:16 pm | BusinessDesk
March 26 (BusinessDesk) - Justice Robert Dobson has ticked off Ralec, the sellers of the Australian Clear Grain Exchange, and local stock market operator NZX for litigation tactics distracting from the substantive issues of their long-running dispute. More >>
