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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 1080]
MIDDAY UPDATE: Chorus copper pricing muddle gets worse
Thursday, 7 November 2013, 12:25 pm | BusinessDesk
Nov. 7 (BusinessDesk) – Shares in Chorus plumbed a new low today as an already complicated muddle over whether or not its copper line services will have their prices cut got even more complicated. More >>
Chorus shares hit record low on anxiety over price cuts
Thursday, 7 November 2013, 12:24 pm | BusinessDesk
Nov. 7 (BusinessDesk) – Chorus shares sank to a record low as investors are left to speculate on how the government will respond to regulated price cuts the network company says will undermine its finances and its role as builder of the national ... More >>
Z wary of chasing cheap fuel 'swichers', lifts margins
Thursday, 7 November 2013, 12:23 pm | BusinessDesk
Nov. 7 (BusinessDesk) - Z Energy chief executive Mike Bennetts says he’s wary of a new type of customer happy to hunt for the biggest discount at the pump, and that the service station has no plans to chase them. More >>
Govt looks to soften tax treatment of black hole R&D spend
Thursday, 7 November 2013, 11:46 am | BusinessDesk
Nov. 7 (BusinessDesk) – Current tax treatments on capitalised expenditure for research and development are creating a tax deductibility “black hole” which is likely to be discouraging firms from investing and innovating. More >>
Postie Plus reports wider annual loss on inventory charge
Thursday, 7 November 2013, 11:17 am | BusinessDesk
Nov. 7 (BusinessDesk) – Postie Plus Group, the worst performer on the New Zealand stock exchange this year, said its annual loss was wider than previously stated as it wrote down the value of its inventory even more. More >>
MediaWorks phoenix ready to rise, minus The Simpsons
Thursday, 7 November 2013, 10:07 am | BusinessDesk
Nov. 7 (BusinessDesk) – Struggling broadcaster MediaWorks will take on a new life tomorrow after a recapitalisation exercise that will reduce the company’s debt from more than $700 million to around $100 million while radically altering its television ... More >>
Govet to analyse Chorus before mulling UFB options
Thursday, 7 November 2013, 9:59 am | BusinessDesk
Nov. 7 (BusinessDesk) – The government has ordered up arm’s length analysis of Chorus’s financial position and its ability to deliver the national ultra-fast broadband network before deciding whether it needs to bridge a funding gap that may ... More >>
Z Energy 1H earnings rise 7% on improving margins
Thursday, 7 November 2013, 9:26 am | BusinessDesk
Nov. 7 (BusinessDesk) - Z Energy, the service station chain floated by Infratil and the New Zealand Super Fund in August, lifted first-half earnings by 7 percent as it gave up volume for stronger margins, and affirmed its guidance for the full year. More >>
AA, founders sells 55 percent of Bookabach site to HomeAway
Thursday, 7 November 2013, 9:16 am | BusinessDesk
Nov. 7 (BusinessDesk) – The New Zealand Automobile Association has sold its stake in online holiday home booking site Bookabach to HomeAway, a global vacation rental home company based Austin, Texas. More >>
NZ dollar rises above 84 US cents after stronger jobs data
Thursday, 7 November 2013, 8:59 am | BusinessDesk
NZ dollar rises above 84 US cents after stronger labour market data signals rate hikes next year More >>
While you were sleeping: Dow advances to record
Thursday, 7 November 2013, 7:19 am | BusinessDesk
Nov 7 (BusinessDesk) – The Dow Jones Industrial Average rose to a record as investors bet that the latest economic and jobs reports will confirm weak growth and prompt the US Federal Reserve to maintain its monetary stimulus into the new year. More >>
MARKET CLOSE: NZX 50 sets new record; Xero, Ryman rise
Wednesday, 6 November 2013, 6:01 pm | BusinessDesk
Nov. 6 (BusinessDesk) – New Zealand’s benchmark NZX 50 Index set a record high for a second day as Xero continued to soar and Ryman Healthcare paced a rally in retirement village operators. Chorus fell as ratings agencies said they may cut its ... More >>
Govt unveils New Zealand Story toolkit for export businesses
Wednesday, 6 November 2013, 5:28 pm | BusinessDesk
Nov. 6 (BusinessDesk) – Hobbits, yacht design and international celebrity chef Peter Gordon join the obligatory mountain peaks and coastal visas in a new toolkit of material designed to allow New Zealand businesses to tell a consistent story about ... More >>
NZ dollar gains as jobs growth beats forecasts
Wednesday, 6 November 2013, 5:13 pm | BusinessDesk
Nov. 6 (BusinessDesk) - The New Zealand dollar rose near a two-week high after strong jobs growth in the September quarter fuelled expectations the Reserve Bank will have more reasons to hike interest rates next year. More >>
TrustPower 1H earnings fall 8% amid lower generation
Wednesday, 6 November 2013, 3:53 pm | BusinessDesk
Nov. 6 (BusinessDesk) - TrustPower, the utility controlled by Infratil, reported an 8 percent decline in first-half underlying earnings as the power company faced lower hydro-generation and thinner margins in a competitive retail environment. The ... More >>
S&P joins Moody’s in reviewing Chorus credit rating
Wednesday, 6 November 2013, 3:52 pm | BusinessDesk
Nov. 6 (BusinessDesk) – Standard & Poor’s has joined Moody’s Investors Service in putting Chorus’s credit rating on review following the regulator’s decision to cut the price the network company can charge for access to its ageing ... More >>
Chorus credit rating on review for downgrade by Moody’s
Wednesday, 6 November 2013, 1:30 pm | BusinessDesk
Nov. 6 (BusinessDesk) – Chorus’s credit rating has been placed on review for a possible downgrade by Moody’s Investors Service following the regulator’s decision to cut the price the network company can charge for access to its ageing copper lines. More >>
Briscoe 3Q sales rise 6.2%, forecasts FY profit to gain
Wednesday, 6 November 2013, 12:53 pm | BusinessDesk
Nov. 6 (BusinessDesk) - Briscoe Group, the homeware and sporting goods retail chain, said third quarter sales rose 6.2 percent amid discounting, and it expects to boost full-year profit. More >>
MIDDAY UDPATE: Local jobs growth booms in retail, hospo
Wednesday, 6 November 2013, 12:11 pm | BusinessDesk
Nov. 6 (BusinessDesk) – New Zealand’s jobs growth boomed in the September quarter as more people signed up for work in retail and hospitality and the construction sector remained strong. More >>
UPDATED: Strength of NZ labour market stokes rate hike talk
Wednesday, 6 November 2013, 11:19 am | BusinessDesk
Nov. 6 (BusinessDesk) - New Zealand’s jobless rate fell more than expected in the third quarter as companies took on workers, stoking speculation strength in the labour market will feed inflation and give the central bank more reason to hike interest ... More >>
