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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 1160]
MIDDAY UPDATE: SFO charges Ross over $400M Ponzi scheme
Thursday, 13 June 2013, 12:15 pm | BusinessDesk
June 13 (BusinessDesk) – The Serious Fraud Office has levelled five charges against failed fund manager David Ross, of Ross Asset Management, over an alleged $400 million Ponzi scheme. More >>
RAM’s David Ross charged over alleged $400 mln Ponzi scheme
Thursday, 13 June 2013, 11:10 am | BusinessDesk
June 13 (BusinessDesk) - Failed fund manager David Ross of Ross Asset Management has been charged with running a $400 million Ponzi scheme by the Serious Fraud Office. More >>
UPDATED: RBNZ to keep OCR on hold this year
Thursday, 13 June 2013, 10:23 am | BusinessDesk
June 13 (BusinessDesk) – Reserve Bank governor Graeme Wheeler said he’s likely to keep the official cash rate at 2.5 percent through 2013, repeating his view that the kiwi dollar is overvalued and that he stands ready to intervene again if needed. More >>
Pyne Gould FY profit to be about $30 mln after asset sales
Thursday, 13 June 2013, 10:01 am | BusinessDesk
June 13 (BusinessDesk) - Pyne Gould, the asset management firm controlled by George Kerr, says it will return to profit this year on gains from assets sales after an impairment-driven loss in 2012. More >>
Hallenstein forecasts up to 12% drop in FY profit
Thursday, 13 June 2013, 9:41 am | BusinessDesk
June 13 (BusinessDesk) – Hallenstein Glasson Holdings, the clothing chain, said full-year profit may drop as much as 12 percent after a slow start to winter hurt returns from its Glasson stores in Australia, where rivals have cut prices aggressively. More >>
RBNZ mulls risks of housing, currency dilemma
Thursday, 13 June 2013, 9:13 am | BusinessDesk
June 13 (BusinessDesk) - The Reserve Bank is in a conundrum in dealing with an over-valued currency and property market where surging prices are starting to look like a bubble, either of which could force its hand to move interest rates. More >>
RBNZ to keep OCR at 2.5% in 2013 on housing-currency tension
Thursday, 13 June 2013, 9:09 am | BusinessDesk
June 13 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent and expects to stay put for the rest of the year as he balances the competing tensions of an “overvalued” currency and an overheating property ... More >>
NZ dollar gains as US dollar weakens, RBNZ looms
Thursday, 13 June 2013, 8:42 am | BusinessDesk
June 13 (BusinessDesk) – The New Zealand dollar rose before the Reserve Bank’s policy statement as investors weighed the prospects for a gradual reduction in momentary stimulus in the US and the greenback dropped against most major currencies. More >>
While you were sleeping: Equities extend slide
Thursday, 13 June 2013, 7:34 am | BusinessDesk
June 13 (BusinessDesk) – Wall Street fell as investors found little to soothe their nervousness over a potential downgrade of the US Federal Reserve's bond-buying program. More >>
MARKET CLOSE: NZ shares fall; Ebos ex-rights, retailers drop
Wednesday, 12 June 2013, 5:57 pm | BusinessDesk
June 12 (BusinessDesk) – New Zealand shares fell, as Ebos Group went ex the rights to buy shares in its offer, Warehouse Group led most retailers lower and a brokerage reportedly removed Trade Me from its favoured portfolio. More >>
NZ dollar little changed before MPS
Wednesday, 12 June 2013, 5:16 pm | BusinessDesk
June 12 (BusinessDesk) - The New Zealand dollar was little changed in local trading as investors await Reserve Bank governor Graeme Wheeler’s response to a 6.1 percent slide in the currency against the greenback since his last review. More >>
RESEND: Business gains from lower kiwi may be short lived
Wednesday, 12 June 2013, 4:47 pm | BusinessDesk
RESEND: NZ business gains from lower kiwi this year may be short lived, survey shows More >>
NZ current account gap not a threat to stability: Mahklouf
Wednesday, 12 June 2013, 3:19 pm | BusinessDesk
June 12 (BusinessDesk) - New Zealand’s deteriorating balance of payments won’t threaten the country’s economic stability and isn’t unsustainable, according to Treasury secretary Gabriel Makhlouf. More >>
NZ business gains from lower kiwi in 2012 may be short lived
Wednesday, 12 June 2013, 3:15 pm | BusinessDesk
June 11 (BusinessDesk) – Companies expecting to benefit from a lower New Zealand dollar may get only a short reprieve as the kiwi appreciates towards the end of the year buoyed by the prospect of an improving economy and higher interest rates, according ... More >>
Auck Council slams housing bill’s affront to local democracy
Wednesday, 12 June 2013, 2:51 pm | BusinessDesk
June 12 (BusinessDesk) – The government’s proposed legislation to fast-track housing development in Auckland undermines local democracy, lacks adequate appeal provisions and is silent on the housing accord agreed between the city and the Beehive, ... More >>
NZ government is targeting 'super profits' from land banking
Wednesday, 12 June 2013, 1:50 pm | BusinessDesk
June 12 (BusinessDesk) – New Zealand’s government wants to trim “super profits” from land banking which it says is the biggest impediment to housing affordability in Auckland. More >>
NZ guest nights fall 10% in April on early Easter
Wednesday, 12 June 2013, 1:04 pm | BusinessDesk
June 12 (BusinessDesk) – New Zealand guest nights spent in short-term commercial accommodation fell in April, mainly reflecting an earlier-than-usual Easter holiday, with stays in holiday parks tumbling from a five-year high in March. More >>
New records for Auckland and Canterbury house prices in May
Wednesday, 12 June 2013, 12:37 pm | BusinessDesk
New records for Auckland and Canterbury house prices in best May sales for six years More >>
Chorus’s Ratcliffe lashes UBA regulatory process
Wednesday, 12 June 2013, 12:34 pm | BusinessDesk
June 12 (BusinessDesk) – New Zealand’s ultra-fast broadband initiative is threatened by a regulatory process that is “weird” to foreign investors, could ultimately be redundant, and is producing the opposite of the intended effect of splitting Telecom ... More >>
Opus backs down, promises to consult on JV capital plan
Wednesday, 12 June 2013, 12:14 pm | BusinessDesk
June 12 (BusinessDesk) – Opus International Consultants, the NZX-listed engineering consultancy, has relented on plans to seek approval to make capital contributions to a Middle East joint venture in perpetuity. More >>
