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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 1058]
Carter Holt, Fletcher fixed prices for Auckland timber
Friday, 20 December 2013, 4:30 pm | BusinessDesk
Dec. 20 (BusinessDesk) –Carter Holt Harvey, owned by Graeme Hart’s Rank Group, and Fletcher Building, the country’s biggest listed company, admitted to the Commerce Commission that they agreed to fix prices for structural timber for some commercial ... More >>
DoC to seek independent financial view on monorail economics
Friday, 20 December 2013, 4:08 pm | BusinessDesk
Dec. 20 (BusinessDesk) – Conservation Minister Nick Smith has ordered an independent financial review of the controversial Fiordland Experience monorail project, ahead of a final decision on whether to allow the project to proceed over DoC land in the ... More >>
Christchurch labour costs increase, driven by construction
Friday, 20 December 2013, 2:57 pm | BusinessDesk
Dec 20 (BusinessDesk) – The cost of labour in Christchurch is increasing, especially in the construction industry, driven by a tight labour market with low unemployment and strong demand due to the earthquake rebuild, according to the latest September ... More >>
Ross Asset liquidators look to claw back $3.8 mln paid out
Friday, 20 December 2013, 2:19 pm | BusinessDesk
Ross Asset liquidators look to claw back $3.8 mln paid out to three investors More >>
Contact mulls $225M bond issue to refinance 2014 maturities
Friday, 20 December 2013, 1:47 pm | BusinessDesk
Dec. 20 (BusinessDesk) - Contact Energy, the second biggest listed power company on the New Zealand stockmarket, is looking at issuing a $225 million retail bond to help refinance $534 million of maturities coming next May. More >>
Mad Butcher owner buys stake in Burger King patty supplier
Friday, 20 December 2013, 1:44 pm | BusinessDesk
Dec. 20 (BusinessDesk) - Veritas Investments, which bought the Mad Butcher franchisor business in March this year, will spend at least $3.4 million in cash and shares for a half-stake in the meat patty supplier for the local Burger King franchise. More >>
Gallagher Group to quit Tru-Test stake for Aussie expansion
Friday, 20 December 2013, 1:12 pm | BusinessDesk
Dec. 20 (BusinessDesk) - Gallagher Group, the privately held agricultural equipment firm, will exit its 12 percent stake in rival Tru-Test Corp as a condition of grabbing a value brand across the Tasman by buying Australian firm Country Electronics. More >>
Smiths City boosts 1H profit 13%, shares gain
Friday, 20 December 2013, 1:07 pm | BusinessDesk
Dec. 20 (BusinessDesk) - Smiths City, the Christchurch-based retailer, boosted first-half profit 13 percent even as its revenue dipped in the face of a competitive retail environment. More >>
NZ net migration holds up in November
Friday, 20 December 2013, 11:29 am | BusinessDesk
Dec. 20 (BusinessDesk) - New Zealand’s inbound migration remained elevated in November as new migrants kept arriving and fewer locals drifted across the Tasman. More >>
‘Breath-taking incompetence’ alleged as EPA restarts clock
Friday, 20 December 2013, 11:23 am | BusinessDesk
Dec 20 (BusinessDesk) – The Environmental Protection Authority is being accused of “breathtaking incompetence” for glitches and non-publication of some 18 documents relied on by the public in making submissions on the first application ever received ... More >>
Alliance Group takeover talks end with rival Blue Sky
Friday, 20 December 2013, 11:20 am | BusinessDesk
Dec. 20 (BusinessDesk) –Meat cooperative Alliance Group’s talks about a potential takeover of rival South Island processor Blue Sky Meats have ended when Blue Sky withdrew after a failure to agree on key terms. More >>
ComCom could deliver $750M to consumers after win: Franks
Friday, 20 December 2013, 9:49 am | BusinessDesk
Dec. 20 (BusinessDesk) – The Commerce Commission should act swiftly to capitalise on the High Court’s findings in its favour on monopoly network pricing to deliver consumer benefits worth perhaps $750 million over the next six years, says Wellington ... More >>
Telecom NZ mulls sale of 60% stake in Cook Islands JV
Friday, 20 December 2013, 9:35 am | BusinessDesk
Dec. 20 (BusinessDesk) – Telecom Corp, New Zealand’s biggest telecommunications company, is considering selling its 60 percent stake in its Telecom Cook Islands joint venture. More >>
Abano 1H profit at top of forecast range
Friday, 20 December 2013, 9:21 am | BusinessDesk
Dec. 20 (BusinessDesk) - Abano Healthcare, the healthcare investor which last month fended off its third takeover bid in the past five years, reported first-half profit at the top of its forecast range, even as a weak Australian dollar trimmed revenue ... More >>
Auckland Airport’s North Queensland Airport Group refinances
Friday, 20 December 2013, 8:57 am | BusinessDesk
Dec. 20 (BusinessDesk) – North Queensland Airport Group, which is a quarter owned by Auckland International Airport, has refinanced A$587 million of maturing bank facilities, including A$88 million for future capital expenditure needs. More >>
NZ dollar weakens after Fed ‘tapering’ announcement
Friday, 20 December 2013, 8:40 am | BusinessDesk
Dec. 20 (BusinessDesk) – The New Zealand dollar weakened following a volatile day after the Federal Reserve said it would start tapering its asset purchase programme while local data continued to point to a strengthening economy which will push up ... More >>
While you were sleeping: Wall Street slips from record
Friday, 20 December 2013, 7:40 am | BusinessDesk
Dec 20 (BusinessDesk) – The Dow Jones Industrial Average was steady, after earlier in the session climbing to a record high, as investors digested mixed economic data and the Federal Reserve’s decision to begin easing its pace of bond-buying. More >>
Greenpeace’s Anadarko challenge fails on technical grounds
Thursday, 19 December 2013, 7:42 pm | BusinessDesk
Dec. 19 (BusinessDesk) – The High Court has brushed aside a Greenpeace challenge to the way the Environmental Protection Authority treated Texan oil company Anadarko’s application to drill exploration wells in deep water off Taranaki and South Canterbury. More >>
MARKET CLOSE: NZ shares rise as Fed under-delivers
Thursday, 19 December 2013, 5:45 pm | BusinessDesk
Dec. 19 (BusinessDesk) – New Zealand shares rose, with the NZX 50 Index clawing back most of yesterday’s selloff, after the Federal Reserve announced a smaller than expected reduction in stimulus and figures showed economic growth that beat ... More >>
UPDATE Lyttelton Port shares close at record on quake payout
Thursday, 19 December 2013, 5:27 pm | BusinessDesk
Dec. 19 (BusinessDesk) - Shares in Lyttelton Port Co closed at a record high since the South Island’s biggest port listed in mid-1996 after the company reached a settlement with its three insurers for a $438.3 million payout plus GST. More >>
