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BusinessDesk - Latest News [Page 1215]

SkyCity deal tainted by sloppy process, decision OK: A-G

Tuesday, 19 February 2013, 3:40 pm | BusinessDesk

Feb. 19 (BusinessDesk) - The government's decision to go-ahead with a deal offering land and regulatory concessions to SkyCity Entertainment Group for a $350 million convention centre was tainted by sloppy processes, though the final sign-off was ... More >>

Weak shoe sales help Hellaby first-half profit fall 21%

Tuesday, 19 February 2013, 3:26 pm | BusinessDesk

Feb 19 (BusinessDesk) – Hellaby Holdings, the diversified investment company, posted a 21 percent drop in first-half profit on weaker earnings from its shoe stores and higher corporate costs, and forecast a decline in annual profit. More >>

MIDDAY UPDATE: Contact Energy shares rally on upbeat profit

Tuesday, 19 February 2013, 12:18 pm | BusinessDesk

Feb. 19 (BusinessDesk) - Shares of Contact Energy climbed 2.6 percent to $5.21 after the biggest power company on the NZX boosted its first-half profit against the backdrop of dwindling margins. More >>

APN’s NZ shares plunge to record low on board exodus

Tuesday, 19 February 2013, 11:37 am | BusinessDesk

APN’s NZ shares plunge to record low on board exodus; ahead of ASX trading More >>

Precinct 1H operating income falls 1.5% as costs rise

Tuesday, 19 February 2013, 11:19 am | BusinessDesk

Feb. 19 (BusinessDesk) - Precinct Properties New Zealand, formerly known as AMP NZ Office, posted a 1.5 percent decline in first-half net operating income as costs rose and occupancy fell. It lifted its first-half dividend for the first time since ... More >>

Comvita flags 15% FY profit drop on honey costs

Tuesday, 19 February 2013, 10:08 am | BusinessDesk

Feb. 19 (BusinessDesk) - Comvita, which produces health products from manuka honey and olive leaves, expects a 15 percent fall in annual profit because of expensive honey, supply shortages and tough trading conditions in the UK and Australia. More >>

Solid first half for Contact, despite retail margins squeeze

Tuesday, 19 February 2013, 9:56 am | BusinessDesk

Feb. 19 (BusinessDesk) - Contact Energy's first-half profit rose 29 percent to $88 million as the impact of low wholesale electricity prices offset flat demand and shrinking margins on retail electricity sales. More >>

Diligent halted pending report on executive options

Tuesday, 19 February 2013, 9:26 am | BusinessDesk

Feb. 19 (BusinessDesk) – Diligent Board Member Services was halted from trading on the NZX pending a report into stock options granted to chief executive Alessandro Sodi and other employees that may force the company to restate earnings. More >>

Telecom, Vodafone, Telstra team up on new trans-Tasman cable

Tuesday, 19 February 2013, 9:25 am | BusinessDesk

Feb. 19 (BusinessDesk) - New Zealand's dominant mobile and landline phone companies Telecom and Vodafone New Zealand are teaming up with Australian rival Telstra to look building a new trans-Tasman submarine cable to lift the nation's internet links ... More >>

APN boss, independent directors go as INM flexes muscle

Tuesday, 19 February 2013, 8:57 am | BusinessDesk

Feb. 19 (BusinessDesk) - APN News & Media's chief executive and three independent directors are out the door after the media group's cornerstone investor flexed its muscles to oppose a planned capital raising aimed at repaying some A$480 million ... More >>

NZ dollar near 2 ½-year high vs. AUD before RBA minutes

Tuesday, 19 February 2013, 8:49 am | BusinessDesk

Feb. 19 (BusinessDesk) – The New Zealand dollar traded near a 2 ½ year high against its Australian counterpart before minutes of the Reserve Bank of Australia’s last policy meeting that may hint at further easing across the Tasman. More >>

While you were sleeping: More signs of EU weakness

Tuesday, 19 February 2013, 7:41 am | BusinessDesk

Feb 19 (BusinessDesk) – Equities in Europe fell as European Central Bank President Mario Draghi warned of "further weakness" in the region's economy. More >>

MARKET CLOSE: NZ shares gain as Fletcher, Telecom rebound

Monday, 18 February 2013, 5:35 pm | BusinessDesk

Feb. 18 (BusinessDesk) – New Zealand shares rose as Fletcher Building and Telecom bounced back from Friday’s selloff when investors were selling liquid stocks to participate in the Auckland International Airport selldown. NZX and Freightways fell ... More >>

NZ dollar to pursue recent highs as investors favour kiwi

Monday, 18 February 2013, 5:33 pm | BusinessDesk

Feb. 18 (BusinessDesk) - The New Zealand dollar is set to test its recent highs as a string of upbeat economic data attracts investors looking for growth. More >>

UPDATE: BNZ 1Q profit falls on derivative revaluations

Monday, 18 February 2013, 4:25 pm | BusinessDesk

Feb. 18 (BusinessDesk) - Bank of New Zealand first-quarter profit sank 56 percent after the local unit of National Australia Bank took bigger impairment charges on its loan book and wrote down the value of financial instruments. Loan growth bolstered ... More >>

NZ Dollar Outlook: Kiwi may re-test highs as NZ shines

Monday, 18 February 2013, 2:31 pm | BusinessDesk

Feb. 18 (BusinessDesk) – The New Zealand dollar, down from last week’s giddy heights, may re-test its recent highs as the relative strength of the economy draws offshore funds and investors wait to hear what the central bank governor tells harried ... More >>