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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 1148]
Rakon sells 80% of Chinese plant to trim debt, takes charge
Friday, 5 July 2013, 1:02 pm | BusinessDesk
Rakon sells 80% of Chinese factory to reduce debt, writes off $32 million on investment More >>
MIDDAY UPDATE: Ross case pushed back to Aug.22
Friday, 5 July 2013, 12:11 pm | BusinessDesk
July 5 (BusinessDesk) - Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, where his case was adjourned until Aug. 22 while the receiver for his failed firm disclosed ... More >>
Ross family paintings sold for $199k
Friday, 5 July 2013, 10:47 am | BusinessDesk
July 5 (BusinessDesk) - The receiver for accused Ponzi scheme operator David Ross sold about $199,000 of family paintings and is looking at the family-owned properties as he tries to unravel the affairs of Ross Asset Management. More >>
David Ross case kicked to August 22
Friday, 5 July 2013, 10:45 am | BusinessDesk
July 5 (BusinessDesk) – Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, just enough time for his counsel to seek adjournment until Aug. 22 for substantive ... More >>
NZ govt operating deficit smaller than expected
Friday, 5 July 2013, 10:14 am | BusinessDesk
July 5 (BusinessDesk) - The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. More >>
BUSINESS BREAKDOWN: Ponzi pilot heads to court
Friday, 5 July 2013, 9:19 am | BusinessDesk
July 5 (BusinessDesk) – New Zealand’s own version of the Bernie Madoff Ponzi scheme trial kicks off in the Wellington District Court this morning, as former financial adviser David Ross faces charges alleging “fictitious transactions” involving ... More >>
Strategic receiver extends deadline for directors’ deal
Friday, 5 July 2013, 9:16 am | BusinessDesk
July 5 (BusinessDesk) - The receiver for Strategic Finance has pushed out its deadline to cut a deal with the directors of the failed lender as it begins talking to a third party about settling a potential claim. More >>
NZ dollar surges against British pound, euro
Friday, 5 July 2013, 8:42 am | BusinessDesk
July 5 (BusinessDesk) – The New Zealand dollar surged against the British pound and the euro after central banks there highlighted their easing bias, increasing demand for the higher yielding local currency as rates in New Zealand are set to ... More >>
While you were sleeping: ECB boosts stocks, bonds
Friday, 5 July 2013, 6:57 am | BusinessDesk
July 5 (BusinessDesk) – European stocks climbed as both the European Central Bank and the Bank of England reassured investors that interest rates will remain low to help their respective economies. More >>
MARKET CLOSE: NZ shares gain, led by Xero, NZX
Thursday, 4 July 2013, 5:54 pm | BusinessDesk
July 4 (BusinessDesk) – New Zealand shares rose as most equity markets edged up ahead of the US Independence Day holiday on signs of US employment growth. Xero rose to a new record and NZX climbed while Freightways fell after a profit warning. More >>
NZ dollar gains as sell-off over Fed tapering slows down
Thursday, 4 July 2013, 5:20 pm | BusinessDesk
July 4 (BusinessDesk) - The New Zealand dollar gained as investors slowed the liquidation of their trans-Tasman holdings, embarked on amid growing expectations the Federal Reserve will start unwinding its bond buying programme. More >>
Telecom lures customers to faster services in EPL deal
Thursday, 4 July 2013, 4:36 pm | BusinessDesk
July 4 (BusinessDesk) - Telecom Corp, the country’s biggest phone company, is hoping to drive customers on to faster broadband services with a deal to offer discounted online access to the English Premier League football. More >>
Genesis gains consent for Wairarapa mega-wind farm
Thursday, 4 July 2013, 4:36 pm | BusinessDesk
July 4 (BusinessDesk) – Genesis Energy has secured resource consents for what would be the largest wind farm in New Zealand, a 286 turbine development in a remote part of the Wairarapa. More >>
Fonterra contacted by Chinese regulator over milk probe
Thursday, 4 July 2013, 4:04 pm | BusinessDesk
July 4 (BusinessDesk) - Fonterra Cooperative Group, the world’s biggest dairy exporter, has been contacted by the China National Development and Reform Commission as part of an investigation into milk powder prices in the world’s most populous nation. More >>
Broadband policy may face repeated political intervention
Thursday, 4 July 2013, 2:42 pm | BusinessDesk
July 4 (BusinessDesk) – The regime governing New Zealand’s ultra-fast broadband roll-out risks “the real probability of repeated political intervention as those in public office exercise their legislated powers to safeguard taxpayer investments ... More >>
From the Farm: Selling Aussie dollars
Thursday, 4 July 2013, 2:31 pm | BusinessDesk
July 4 (BusinessDesk) - In New Zealand dollar terms, local primary producers got the highest prices in two years in June, based on the ANZ Commodity Price Index. More >>
Brookfield Multiplex NZ liquidator eyes payment to parent
Thursday, 4 July 2013, 12:55 pm | BusinessDesk
July 4 (BusinessDesk) – The liquidators of Brookfield Multiplex Constructions (NZ) say it made an $8.5 million payment to its parent while insolvent and they’re mulling options to recover the distribution More >>
MIDDAY UPDATE: Xero tops $2 bln as shares rise 3.9%
Thursday, 4 July 2013, 12:18 pm | BusinessDesk
July 4 (BusinessDesk) – Cloud-based accounting software maker Xero has become a $2 billion company after its share price climbed 3.9 percent today to a new high of $17.40. More >>
Xero cracks $2 bln value, lifting Drury’s fortune to $388M
Thursday, 4 July 2013, 11:34 am | BusinessDesk
July 4 (BusinessDesk) - Xero, the cloud-based accounting software firm, has doubled its market capitalisation in just four months, rising above $2 billion today, having still to turn a profit. More >>
Freightways profit to increase 6% in 2013 and 2014
Thursday, 4 July 2013, 10:12 am | BusinessDesk
July 4 (BusinessDesk) – Freightways, the courier and data management company, said profit before one-time items rose 6 percent in 2013 and similar profit growth is expected in 2014, lagging analyst estimates of 10 percent growth in the coming year. ... More >>
