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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 1084]
BNZ boss skeptical on LVR policy
Thursday, 31 October 2013, 1:05 pm | BusinessDesk
Oct. 31 (BusinessDesk) – Bank of New Zealand chief executive Andrew Thorburn is sceptical the Reserve Bank’s new loan to value ratio lending restrictions will work when they are trying to lean against a physical shortage of available housing. More >>
MIDDAY UPDATE: NZ central bank keeps interest rate unchanged
Thursday, 31 October 2013, 12:31 pm | BusinessDesk
Oct. 31 (BusinessDesk) – The nation’s central bank kept its official cash rate at a record-low 2.5 percent as expected this morning, with financial markets focused on the prospects for rate hikes next year. More >>
NZ home building consents rise 1.4% in September
Thursday, 31 October 2013, 12:01 pm | BusinessDesk
Oct. 31 (BusinessDesk) – New Zealand home building consents rose in September, driven by rebuilding in earthquake damaged Christchurch. More >>
BNZ earnings up almost 20%; dairy, kiwifruit debt a worry
Thursday, 31 October 2013, 11:59 am | BusinessDesk
Oct. 31 (BusinessDesk) – Bank of New Zealand increased its statutory net profit for the year to Sept. 30 by 19.8 percent, to $695 million, although the more reliable guide to its underlying business shows cash earnings rose a more modest 6.3 percent ... More >>
GeoOp latest tech darling as shares soar on NZAX debut
Thursday, 31 October 2013, 11:46 am | BusinessDesk
Oct. 31 (BusinessDesk) – GeoOp, whose software allows small businesses to manage their workforce, soared 140 percent in its debut on the NZAX after it sold shares in a private offering, raising $10 million to fund its global growth. More >>
Freightways 1st-quarter profit rises 7%, affirms FY growth
Thursday, 31 October 2013, 11:09 am | BusinessDesk
Oct. 31 (BusinessDesk) - Freightways, New Zealand’s largest listed courier and data management company, said earnings grew 7 percent in its first quarter, driven by increased sales from express packages, putting it on track for full-year profit ... More >>
Bank of New York Mellon emerges with 8.1% stake in Meridian
Thursday, 31 October 2013, 11:06 am | BusinessDesk
Oct 31 (BusinessDesk) – Bank of New York Mellon Corp, which has US$1.5 trillion of assets under management, has bought 8.1 percent of Meridian Energy after New Zealand’s government sold 49 percent of the nation’s largest energy electricity retailer ... More >>
Renaissance shares surge on education unit sale
Thursday, 31 October 2013, 10:17 am | BusinessDesk
Oct. 31 (BusinessDesk) – Struggling Apple products retailer Renaissance Corp is to realise around $14 million from the sale of its design school, but its Yoobee brand of Apple-only stores is “no longer viable,” chairman Colin Giffney says. More >>
CORRECT: RBNZ keeps OCR unchanged; kiwi initially spikes
Thursday, 31 October 2013, 10:12 am | BusinessDesk
Oct. 31 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at a record-low 2.5 percent as expected though the kiwi dollar spiked higher as traders initially deemed his language less dovish than they had expected. More >>
RBNZ keeps OCR unchanged; kiwi initially spikes
Thursday, 31 October 2013, 10:02 am | BusinessDesk
Oct. 31 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at a record-low 2.5 percent as expected though the kiwi dollar spiked higher as traders initially deemed his language less dovish than they had expected. More >>
NZ Energy Corp completes TWN acquisitions
Thursday, 31 October 2013, 9:22 am | BusinessDesk
Oct 31 (BusinessDesk) – Taranaki oil and gas explorer and producer New Zealand Energy Corp has finally closed the deal to buy onshore petroleum licences and processing facilities from Origin Energy in a deal that at times looked capable of failure. More >>
RBNZ keeps OCR unchanged; strong kiwi provides flexibility
Thursday, 31 October 2013, 9:15 am | BusinessDesk
Oct. 31 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at a record-low 2.5 percent, while rates are set to rise next yeah though persistent strength in the New Zealand dollar would give him “greater flexibility” ... More >>
NZ dollar holds ahead of RBNZ review as greenback advances
Thursday, 31 October 2013, 8:32 am | BusinessDesk
Oct 31 (BusinessDesk) – The New Zealand dollar held its ground ahead of a Reserve Bank decision on interest rates today after the Federal Reserve was more upbeat than expected in its assessment of the world’s largest economy, prompting US dollar ... More >>
While you were sleeping: Fed maintains stimulus
Thursday, 31 October 2013, 7:49 am | BusinessDesk
Oct. 31 (BusinessDesk) - The Federal Reserve kept its US$85 billion-a-month of bond buying in place as expected, saying it wants more signs of the world’s biggest economy is picking up, given recent weak data and the budget impasse in Washington. More >>
40 new jobs at Trade Me as site and app development pick up
Wednesday, 30 October 2013, 6:03 pm | BusinessDesk
Oct. 30 (BusinessDesk) – Trade Me expects to invest more in the next year to inject higher growth into its general items auctions and expand its new goods offerings, chief executive Jon Macdonald told the annual shareholders’ meeting in Wellington. More >>
MARKET CLOSE: NZ shares rise as Meridian adds to confidence
Wednesday, 30 October 2013, 5:54 pm | BusinessDesk
Oct. 30 (BusinessDesk) – New Zealand shares rose as Meridian Energy extended gains on its second day of trading, helping lift sentiment in a market with fewer calls on its cash. Telecom, Fletcher Building and Sky Network Television advanced. More >>
Skellerup sees annual earnings lift of up to 21% in 2014
Wednesday, 30 October 2013, 5:52 pm | BusinessDesk
Skellerup sees annual earnings lift of up to 21% in 2014 on gains in industrial rubber unit More >>
NZ dollar drops after report on credit rating
Wednesday, 30 October 2013, 5:21 pm | BusinessDesk
Oct. 30 (BusinessDesk) - The New Zealand dollar dropped in late trading after a Moody’s Investors Service executive discussed stripping the country of its Aaa credit rating, and ahead of the Reserve Bank and Federal Reserve reviews which are both expected ... More >>
Official advice favours Fiordland monorail project
Wednesday, 30 October 2013, 4:05 pm | BusinessDesk
Oct. 30 (BusinessDesk) – Conservation Minister Nick Smith is reserving judgment on official advice he has released cautiously supporting the proposed 29 kilometre, six metre-wide monorail, a key element in a $200 million Queenstown to Lake Te Anau ... More >>
NZX upgraded to ‘hold’ from ‘sell’ by brokerage Craigs
Wednesday, 30 October 2013, 2:37 pm | BusinessDesk
Oct 30 (BusinessDesk) – NZX, the stock exchange operator whose shares have lagged behind its own benchmark index in the past year, was upgraded to ‘hold’ from ‘sell’ by brokerage Craigs Investment Partners. More >>
