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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 1246]
NZ official jobless rate overstates labour market woes: RBNZ
Thursday, 6 December 2012, 9:16 am | BusinessDesk
New Zealand's unemployment rate of 7.3 percent overstates the weakness of the country's labour market, which has been tapering off through the latter half of this year, the Reserve Bank says. The bank's latest forecast is more downbeat about the level ... More >>
RBNZ wary of pick-up in housing market
Thursday, 6 December 2012, 9:14 am | BusinessDesk
Dec. 6 (BusinessDesk) - The Reserve Bank is keeping a watchful eye on the country's property market, which has started heating up as low mortgage rates and easier lending criteria encourage first-home buyers. More >>
Kiwi dollar 'significant headwind' for economy, Wheeler says
Thursday, 6 December 2012, 9:09 am | BusinessDesk
Dec. 6 (BusinessDesk) - The persistent strength of the New Zealand dollar has been a "significant headwind" to the economy as it erodes export earnings and encourages local consumers to buy foreign-made goods, according to Reserve Bank governor ... More >>
RBNZ's Wheeler keeps OCR at 2.5%, still focused on inflation
Thursday, 6 December 2012, 9:05 am | BusinessDesk
Dec. 6 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, as expected, saying monetary policy is still focused on future inflation and that he's looking for any sign of more softening in prices. More >>
NZ dollar gains ahead of MPS on weak EU data, Wall St up
Thursday, 6 December 2012, 8:41 am | BusinessDesk
Dec. 6 (BusinessDesk) - The New Zealand dollar rose against most of its trading peers after weaker economic data in the euro zone and glimmers of hope in stalled Washington talks over the fiscal cliff, which helped lift equities. More >>
While you were sleeping: Citigroup slashes jobs, Wall St up
Thursday, 6 December 2012, 7:45 am | BusinessDesk
Dec. 6 (BusinessDesk) – Citigroup chief executive Michael Corbat has wasted little time in cost cutting since taking over the helm of America’s third-largest bank from Vikram Pandit in October. More >>
MARKET CLOSE: NZ shares fall for third day; OceanaGold drops
Wednesday, 5 December 2012, 6:08 pm | BusinessDesk
Dec. 5 (BusinessDesk) – New Zealand shares fell, led by OceanaGold, after the gold miner sold shares at a discount to repay debt. Chorus halted its two-day, 18.5 percent slump driven by the threat of regulated prices. More >>
Hubbard investors set for distributions early next year
Wednesday, 5 December 2012, 6:01 pm | BusinessDesk
Dec. 5 (BusinessDesk) - Investors in Hubbard Management Funds are likely to get their initial distributions in the first three months of next year after the High Court settled on how to split the funds. More >>
NZ dollar holds gains as RBNZ rate review looms
Wednesday, 5 December 2012, 5:10 pm | BusinessDesk
Dec. 5 (BusinessDesk) - The New Zealand dollar held its overnight gains in the local trading session as traders prepare for Reserve Bank governor Graeme Wheeler's maiden monetary policy statement, where he's expected to keep interest rates on hold. More >>
UPDATE A2 to raise $20M to speed up UK, Chinese aspirations
Wednesday, 5 December 2012, 4:10 pm | BusinessDesk
Dec. 5 (BusinessDesk) - A2 Corp, which markets milk products with a protein variant claimed to have health benefits, plans to raise $20 million in a placement in a bid to accelerate growth in its UK joint venture and Chinese infant formula businesses. More >>
EQC defends Fletcher Building's role in Canterbury repairs
Wednesday, 5 December 2012, 2:51 pm | BusinessDesk
Dec. 5 (BusinessDesk) - Fletcher Building, the country's biggest listed company, isn't abusing its position as the Earthquake Commission's go-to guy for home repairs in Canterbury, and is providing "satisfactory value for money." More >>
A2 to raise $20M in placement, big shareholders sell down
Wednesday, 5 December 2012, 2:46 pm | BusinessDesk
A2 to raise $20M in placement, big shareholders sell down to allow main board listing More >>
EQC reinsurance costs treble, leaving Crown vulnerable
Wednesday, 5 December 2012, 1:09 pm | BusinessDesk
Dec. 5 (BusinessDesk) - The Earthquake Commission's reinsurance premiums have more than tripled since the Christchurch earthquakes, leaving the Crown vulnerable to a big bill if the country's hit by another major event. More >>
MIDDAY UPDATE: Building activity jumps, Fonterra eyes plant
Wednesday, 5 December 2012, 12:18 pm | BusinessDesk
Dec. 5 (BusinessDesk) - The volume of building activity recorded its biggest gain in 10 years in the third quarter, led by construction work in Canterbury and the upper North Island. More >>
Fonterra seeks consent to build new drier at Pahiatua
Wednesday, 5 December 2012, 11:55 am | BusinessDesk
Dec. 5 (BusinessDesk) - Fonterra Cooperative Group, the world’s biggest exporter of dairy products, is seeking consents to build a new milk powder plant at Pahiatua, more than doubling output from the site and mopping up surplus milk in the lower ... More >>
NZ building activity has biggest gain in 10 years
Wednesday, 5 December 2012, 11:28 am | BusinessDesk
Dec. 5 (BusinessDesk) – The volume of building activity recorded its biggest gain in 10 years in the third quarter, led by construction work in Canterbury and the upper North Island. More >>
Hallenstein sales up 7% in first four months of year
Wednesday, 5 December 2012, 10:58 am | BusinessDesk
Hallenstein says sales rose 7% in first 4 months of year, profit ahead of 2012 More >>
Lower tax take hits government finances
Wednesday, 5 December 2012, 10:25 am | BusinessDesk
Dec. 5 (BusinessDesk) - The New Zealand government's operating deficit was wider than forecast in the first four months of the financial year as the Crown clipped a smaller tax take on consumer spending and wages. More >>
Postie Plus sees further potential breaches of bank terms
Wednesday, 5 December 2012, 10:25 am | BusinessDesk
Dec. 5 (BusinessDesk) - Postie Plus Group, the retailer forced to renegotiate terms of its loans with Bank of New Zealand in October, says it has identified further potential covenant breaches and will be back in talks with its lender. More >>
Equity trading jumps in NZX cash market
Wednesday, 5 December 2012, 10:13 am | BusinessDesk
Dec. 5 (BusinessDesk) – Share trading on the NZX jumped by more than a fifth in November, a month that saw the benchmark NZX 50 Index rally to near its highest level in five years, helped by KiwiSaver contributions and offshore demand for higher yields. More >>
