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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 1218]
NZ manufacturing expands at fastest pace in 8 months
Thursday, 14 February 2013, 10:53 am | BusinessDesk
Feb. 14 (BusinessDesk) – New Zealand manufacturing grew at the fastest pace in eight months in January, with the strongest growth in Canterbury/Westland probably reflecting demand for building materials, but employment in the sector is shrinking. More >>
NZ dollar gains vs. pound on BoE view of weak growth
Thursday, 14 February 2013, 9:16 am | BusinessDesk
Feb. 14 (BusinessDesk) – The New Zealand dollar rose against the British pound, touching a post-float high, after Bank of England Governor Mervyn King said economic growth is likely to remain weak even as inflation stays above the central bank’s ... More >>
Emulex secures 88% acceptance rate in Endace bid
Thursday, 14 February 2013, 9:01 am | BusinessDesk
Feb. 14 (BusinessDesk) - American computer network provider Emulex Corp says it had received acceptances for 88.4 percent of the shares of New Zealand-based, London AIM exchange-listed Endace, and will extend its offer to Feb. 26 to allow it to mop ... More >>
Lempriere reaches 90% of Wool Services International
Thursday, 14 February 2013, 8:51 am | BusinessDesk
Feb. 14 (BusinessDesk) - Australian wool merchant Lempriere has reached the 90 percent target of Wool Services International, allowing it to mop-up the remaining shares. More >>
While you were sleeping: S&P 500 touches high
Thursday, 14 February 2013, 7:50 am | BusinessDesk
Feb 14 (BusinessDesk) – While the Standard & Poor's 500 Index touched a fresh five-year high shortly after opening, it failed to hold those gains as investors sought to assess the impact of President Barack Obama's second-term initiatives. More >>
LIC lifts first-half profit 7.3%, farmers keep investing
Wednesday, 13 February 2013, 6:27 pm | BusinessDesk
Feb. 13 (BusinessDesk) - Livestock Improvement Corp, which compensated some farmers for selling bull semen that caused 'hairy calf' mutations, increased first-half profit 7.3 percent as dairy farmers raised their herd investment, even as farmgate prices ... More >>
MARKET CLOSE: NZ shares mixed; Sky City gains on dividend
Wednesday, 13 February 2013, 6:06 pm | BusinessDesk
Feb. 13 (BusinessDesk) – New Zealand shares were mixed; SkyCity Entertainment Group rose after earnings met estimates and it lifted its dividend, while Summerset Group fell amid speculation its biggest shareholder will trim its stake. More >>
NZ dollar slips vs. yen as Japanese recovery, BOJ loom
Wednesday, 13 February 2013, 5:22 pm | BusinessDesk
Feb. 13 (BusinessDesk) - The New Zealand dollar slipped against the yen ahead of Japanese economic growth figures and a Bank of Japan meeting tomorrow, after a Group of Seven nations’ statement indicated concern about excessive movements in Japan's ... More >>
Z Energy, Norske Skog seek aid for sawdust-to-crude plant
Wednesday, 13 February 2013, 4:50 pm | BusinessDesk
Feb. 13 (BusinessDesk) - Z Energy and Norske Skog, which operates a paper mill at Kawerau, are seeking majority government funding for a proposed $50 million demonstration plant to turn wood waste into transport fuels. More >>
NZ sharemarket to unleash demand for an extra $2B this year
Wednesday, 13 February 2013, 3:58 pm | BusinessDesk
Feb. 13 (BusinessDesk) - Fund manager AMP Capital, which manages $16 billion, expects a string of investment opportunities on the New Zealand sharemarket will suck up to $2 billion in new funds from investors this year, reversing the trend of the last ... More >>
Goodman Fielder 1H profit more than doubles on asset sales
Wednesday, 13 February 2013, 2:15 pm | BusinessDesk
Feb. 13 (BusinessDesk) – Goodman Fielder, the biggest food company in Australia and New Zealand, said first-half earnings more than doubled on gains from asset sales while revenue fell with the rise of supermarket inhouse baking and grocery brands. More >>
Treasury keeps 1H forecasts intact, sees kiwi staying high
Wednesday, 13 February 2013, 1:18 pm | BusinessDesk
Feb. 13 (BusinessDesk) - The Treasury reckons its December forecasts for economic growth are still intact as New Zealand continues its gradual recovery, though the headwind of a strong kiwi dollar is likely to endure into next year. More >>
MIDDAY UPDATE: Rakon tumbles on cut to guidance
Wednesday, 13 February 2013, 12:22 pm | BusinessDesk
Feb. 13 (BusinessDesk) –Shares of Rakon sank 32 percent to a record low 26 cents after the former local tech darling cut its annual earnings guidance for the second time since December, blaming increasing price competition in the smart device market. More >>
ASB Bank 1H cash profit rises 7% on wider margins, lending
Wednesday, 13 February 2013, 12:02 pm | BusinessDesk
Feb. 13 (BusinessDesk) – ASB Bank, the local unit of Commonwealth Bank of Australia, posted a 7 percent gain in first-half cash profit on increased mortgage and business lending saw growth in interest income outpace operating expenses. More >>
UPDATE: Rakon shares tumble to record low after guidance cut
Wednesday, 13 February 2013, 10:36 am | BusinessDesk
Feb. 13 (BusinessDesk) – Shares of Rakon tumbled about 24 percent to a record low after the former local tech darling cut its annual earnings guidance for the second time since December, blaming increasing price competition in the smart device market. More >>
SkyCity 1H profit falls 16%, dividend lifted to 10 cents
Wednesday, 13 February 2013, 10:15 am | BusinessDesk
SkyCity first-half profit falls 16% on lower IB win rate, year-earlier Rugby World Cup More >>
Rakon cuts annual earnings guidance again
Wednesday, 13 February 2013, 9:38 am | BusinessDesk
Feb. 13 (BusinessDesk) - Former local tech darling Rakon has cut its annual earnings guidance for the second time since December, blaming increasing price competition in the smart device market. More >>
Raisama quits Kakapo farm-in partnership with NZOG
Wednesday, 13 February 2013, 9:05 am | BusinessDesk
Feb. 13 (BusinessDesk) - ASX-listed Raisama Energy has backed out of its 10 percent interest in the Kakapo oil and gas prospect in Taranaki, preferring opportunities in Asia instead. More >>
NZ dollar rises on G-7’s statement stumble
Wednesday, 13 February 2013, 8:53 am | BusinessDesk
Feb. 13 (BusinessDesk) – The New Zealand dollar rallied above 84 US cents after a Group of Seven leading nations' official said the body was concerned about excessive moves in the yen, leading to broad selling of the greenback and lifting so-called ... More >>
While you were sleeping: Earnings optimism
Wednesday, 13 February 2013, 7:42 am | BusinessDesk
Feb 13 (BusinessDesk) – Wall Street advanced amid better-than-expected earnings from companies including Avon Products as investors await fresh clues on President Barack Obama's plans to fuel the recovery of the world's largest economy in his State ... More >>
