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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 1163]
MIDDAY UPDATE: Air NZ cuts deal in cargo cartel case
Friday, 7 June 2013, 12:14 pm | BusinessDesk
June 7 (BusinessDesk) – Air New Zealand has agreed to pay $7.5 million to settle its long-running case with the Commerce Commission over the air cargo cartel, and is waiting on the High Court to decide the final terms. More >>
Air NZ agrees to settle cartel case, upbeat on earnings
Friday, 7 June 2013, 11:56 am | BusinessDesk
June 7 (BusinessDesk) – Air New Zealand, the national carrier, agreed to pay $7.5 million to settle a long-running dispute with the antitrust regulator on alleged agreements with other airlines on fuel and security surcharges on air cargo. More >>
Belgrave’s Stephen Smith jailed for 4 years over $18M fraud
Friday, 7 June 2013, 11:26 am | BusinessDesk
June 7 (BusinessDesk) - Former Belgrave Finance director Stephen Smith has been sentenced to four years in jail after pleading guilty to 25 charges for his role in an $18 million fraud relating to the collapse of the lender in 2008. More >>
TeamTalk cuts annual earnings guidance
Friday, 7 June 2013, 10:32 am | BusinessDesk
June 7 (BusinessDesk) - TeamTalk, the owner of the CityLink fibre-optic broadband service, cut earnings guidance for a second time and is reviewing its management structure to try to bed in its Farmside Group acquisition. More >>
Cooks Food agrees to buy global rights to Esquires Coffee
Friday, 7 June 2013, 10:09 am | BusinessDesk
June 7 (BusinessDesk) – Cooks Food Group, a shell company whose shares haven’t traded the past four months, agreed to buy the franchise rights for Esquires Coffee Houses in many parts of the world. More >>
Reading NZ gets box office boost from Christchurch complex
Friday, 7 June 2013, 9:26 am | BusinessDesk
June 7 (BusinessDesk) - Reading New Zealand, the local unit of the California-based cinema complex owner, got an earnings boost from re-opening its quake-damaged Christchurch centre last year, lifting its box-office takings. More >>
Wrightson taps Livestock Improvement’s Dewdney as CEO
Friday, 7 June 2013, 9:22 am | BusinessDesk
June 7 (BusinessDesk) – Livestock Improvement Corp, which helped China’s Agria take control of PGG Wrightson in 2011 with a $10 million loan, is now providing its chief executive to run the New Zealand rural services company. More >>
NZ dollar gains in volatile trading ahead of US jobs figures
Friday, 7 June 2013, 8:50 am | BusinessDesk
June 7 (BusinessDesk) – The New Zealand dollar gained in volatile trading as investors eye US job figures today for signs of a recovery in the world’s largest economy. More >>
While you were sleeping: Eyes on US jobs
Friday, 7 June 2013, 7:28 am | BusinessDesk
June 7 (BusinessDesk) – The official May US jobs report tomorrow is the key focus for Wall Street as the guessing game about the timing of a potential downward adjustment to the Federal Reserve's quantitative easing program remains centre stage. More >>
MARKET CLOSE: NZ shares mixed; Fonterra down as farmers sell
Thursday, 6 June 2013, 5:57 pm | BusinessDesk
June 6 (BusinessDesk) – New Zealand shares were mixed. Fonterra Shareholders’ Fund units fell after a restriction ended on farmers selling and MightyRiverPower dropped to a post-float low, while Chorus rose from a record low. More >>
CORRECT: Scales Corp posts $13.6M profit for 2012
Thursday, 6 June 2013, 5:56 pm | BusinessDesk
June 6 (BusinessDesk) - Scales Corp, the fruit and vegetable logistics group controlled by investment firm Direct Capital, reported a return to profit in calendar 2012 and affirmed its intention to start paying dividends after reducing debt by about 50 ... More >>
Kiwi under 79 US cts as investors turn back on South Pacific
Thursday, 6 June 2013, 5:14 pm | BusinessDesk
June 6 (BusinessDesk) - The New Zealand dollar touched below 79 US cents for the first time since July last year as investors continued to spurn the trans-Tasman currencies with US employment figures on Friday set to firm up views on whether the ... More >>
Economy based on ‘harvesting water’ funds NZ's aspirations
Thursday, 6 June 2013, 4:35 pm | BusinessDesk
June 6 (BusinessDesk) – New Zealand is essentially an economy driven by the ability to “harvest water” through milk, agricultural and forest production yet kiwis expect the social and political structures of a developed country, according to research ... More >>
$70M IPO for Jade spin-off Wynyard Group
Thursday, 6 June 2013, 4:16 pm | BusinessDesk
June 6 (BusinessDesk) - Wynayrd Group, the security software maker spun off from Jade Software, wants to raise up to $70 million in a listing on the stock exchange next month to take control of its intellectual property and fund its growth aspirations. More >>
Bathurst jumps another hurdle on path to mining Denniston
Thursday, 6 June 2013, 12:51 pm | BusinessDesk
June 6 (BusinessDesk) - Bathurst Resources has beaten off another appeal by environmental groups seeking to stop it mining for coal on the Denniston Plateau on the West Coast. More >>
Scales Corp posts $13.6M profit for 2012, cuts debt by 50%
Thursday, 6 June 2013, 12:51 pm | BusinessDesk
June 6 (BusinessDesk) - Scales Corp, the fruit and vegetable logistics group controlled by investment firm Direct Capital, reported a return to profit in calendar 2012 and affirmed its intention to start paying dividends after reducing debt by about 50 ... More >>
MIDDAY UPDATE: Auckland’s surging house prices take a breath
Thursday, 6 June 2013, 12:49 pm | BusinessDesk
June 6 (BusinessDesk) - Auckland house price growth stalled for a second month in May as buyers baulked at rising prices, according to Barfoot & Thompson, the city’s biggest realtor. More >>
Kraft Foods NZ pays $40 million dividend to parent Mondelez
Thursday, 6 June 2013, 12:20 pm | BusinessDesk
June 6 (BusinessDesk) – Kraft Foods Investments (New Zealand), which makes Cadbury chocolate, paid its first dividend of $40 million to its parent company after being taken over in 2010, financial statements show. More >>
Housing NZ chair Jackson quits over Fletcher conflict
Thursday, 6 June 2013, 12:15 pm | BusinessDesk
June 6 (BusinessDesk) - Housing New Zealand chairman Alan Jackson has handed in his resignation over the potential for a conflict of interest with his directorship with construction firm Fletcher Building. More >>
Air NZ lifts stake in Virgin Australia to 23%, may creep up
Thursday, 6 June 2013, 11:00 am | BusinessDesk
June 6 (BusinessDesk) - Air New Zealand has agreed to lift its holding in Virgin Australia to about 23 percent from 19.99 percent in a series of off-market transactions and indicated it may seek to hold as much as 26 percent. More >>
