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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 1099]
Xero first-half sales gain 84 percent, cash falls to $55M
Thursday, 3 October 2013, 10:33 am | BusinessDesk
Oct. 3 (BusinessDesk) – Xero, the cloud-based accounting firm whose shares have soared 150 percent this year, said first-half sales almost doubled as it continued to chase customer growth ahead of profits. More >>
GPG completes $1.4 bln in asset sales, turns focus to Coats
Thursday, 3 October 2013, 9:44 am | BusinessDesk
Oct. 3 (BusinessDesk) – Guinness Peat Group has completed its two-and-a-half year asset divestment programme with the sale of its stake in Tower, realising a total of $1.4 billion, and will now focus on UK threadmaker Coats. More >>
Oil major Mitsui quits Tui oilfield stake
Thursday, 3 October 2013, 9:38 am | BusinessDesk
Oct. 3 (BusinessDesk) – Japan’s Mitsui group has quit its only substantial interest in New Zealand oil and gas production, selling its 35 percent stake in the Tui oil field to its partners in the venture, New Zealand Oil & Gas, AWE, and Pan Pacific ... More >>
NZ dollar jumps as Wheeler ties LVR failure to higher rates
Thursday, 3 October 2013, 8:53 am | BusinessDesk
NZ dollar jumps after Wheeler warns rates may rise more rapidly if LVR limits fail More >>
While you were sleeping: Wall Street drops, bonds rise
Thursday, 3 October 2013, 6:35 am | BusinessDesk
Oct 3 (BusinessDesk) – Wall Street fell, while US Treasuries gained, as the American government entered its second day of a partial shutdown because of the failure to reach agreement over the budget. More >>
Woodward Partners research values Meridian shares at $1.81
Wednesday, 2 October 2013, 6:10 pm | BusinessDesk
Oct. 2 (BusinessDesk) – The first of two independent research reports commissioned by the New Zealand stock exchange operator, NZX, on the Meridian Energy partial privatisation values the company’s shares at $1.81 apiece, some 21 cents above the capped price ... More >>
MARKET CLOSE: NZ shares up in absence of US budget progress
Wednesday, 2 October 2013, 6:06 pm | BusinessDesk
Oct. 2 (BusinessDesk) – New Zealand shares rallied along with other regional bourses, as equity investors appeared to shrug off the US federal budget impasse for want of new information. More >>
NZ’s tepid productivity drives down ‘neutral’ interest rates
Wednesday, 2 October 2013, 5:59 pm | BusinessDesk
Oct. 2 (BusinessDesk) – Neutral interest rates in New Zealand, the theoretical level of borrowing costs that neither stimulates nor restricts the economy, have fallen in recent years and the nation’s weak productivity growth is the most likely ... More >>
NZ dollar extends slide on US budget impasse
Wednesday, 2 October 2013, 5:18 pm | BusinessDesk
Oct. 2 (BusinessDesk) – The New Zealand dollar extended its slide as the US government shutdown and looming debt ceiling deadline sapped investors’ risk appetite and demand for growth-linked currencies such as the kiwi. More >>
NZ Energy Corp secures funding with director’s assistance
Wednesday, 2 October 2013, 4:34 pm | BusinessDesk
Oct. 2 (BusinessDesk) – New Zealand Energy Corp has cobbled together the financial backing it needs to complete the long-delayed purchase of gas assets from Origin Energy, including a C$1 million contribution from an unnamed director to get it over ... More >>
Wiggs extends Punakaiki Fund offer by 3 weeks
Wednesday, 2 October 2013, 3:15 pm | BusinessDesk
Oct. 2 (BusinessDesk) - Internet commentator Lance Wiggs has extended his Punakaiki Fund offer by about three weeks and cut proposed management and directors’ fees on signs the IPO would miss its minimum target of $5 million. More >>
Abano shareholders clamour for discounted stock
Wednesday, 2 October 2013, 1:54 pm | BusinessDesk
Oct. 2 (BusinessDesk) - Abano Healthcare Group, which is resisting a potential takeover bid from a shareholder, met its $9.25 million capital raising target in a heavily oversubscribed share purchase plan as investors clamoured for the discounted stock. More >>
NZ commodity prices rise for third month, closing on record
Wednesday, 2 October 2013, 1:18 pm | BusinessDesk
Oct. 2 (BusinessDesk) – New Zealand commodity prices rose for a third month, edging closer to the record set in April, led by a jump in the price of wool to an 18-month high. More >>
AWF adds professionals to blue collar workforce; shares rise
Wednesday, 2 October 2013, 12:12 pm | BusinessDesk
Oct. 2 (BusinessDesk) – AWF Group shares rose to the highest in more than two months after New Zealand’s largest provider of temporary staff agreed to buy Madison Group for as much as $36 million to add recruitment of professionals to its core business ... More >>
Fulton Hogan FY profit bounces back on record sales
Wednesday, 2 October 2013, 12:08 pm | BusinessDesk
Oct. 2 (BusinessDesk) - Fulton Hogan, the privately-held construction firm that gets 60 percent of revenue in Australia, reported a bounce back in full-year profit on record sales and a lack of year-earlier charges for a then-troubled highway project. More >>
Fonterra confirms dispute with Danone, denies liability
Wednesday, 2 October 2013, 11:44 am | BusinessDesk
Oct. 2 (BusinessDesk) – Fonterra Cooperative Group said it is in talks with Danone after its recall of whey protein concentrate hurt sales of Karicare infant formula made by the French dairy company’s Nutricia unit. More >>
Z Energy a "buy" as fuels sector competition sags
Wednesday, 2 October 2013, 10:09 am | BusinessDesk
Oct 2 (BusinessDesk) – Z Energy is on track to beat its pre-float prospectus earnings forecasts and is rated a “buy” up to $4.21 a share, says Deutsche Bank, a lead manager in the mid-August Z listing whose research is now public after a statutory ... More >>
Blue collar specialist AWF adds white collar with Madison
Wednesday, 2 October 2013, 9:57 am | BusinessDesk
Oct 2 (BusinessDesk) – AWF Group, New Zealand’s largest provider of temporary staff, has agreed to buy Madison Group for as much as $36 million to expand into the recruitment of professional workers from its core business of recruiting labourers. More >>
NZ dollar weakens as US shutdown seen as temporary
Wednesday, 2 October 2013, 8:59 am | BusinessDesk
NZ dollar weakens on expectation US government partial shutdown will be temporary By Tina Morrison More >>
While you were sleeping: Optimism reigns in shutdown
Wednesday, 2 October 2013, 7:27 am | BusinessDesk
Oct 2 (BusinessDesk) – Stocks gained, while US Treasuries and gold fell, amid expectations that the US government's partial shutdown over lawmakers' failure to agree on a federal budget will be short-lived and the impact on the economy limited. More >>
