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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 1297]
NZ dollar holds above 80 US as ECB action spurs equities
Friday, 7 September 2012, 5:14 pm | BusinessDesk
Sept. 7 (BusinessDesk) - The New Zealand dollar held above 80 US cents after the European Central Bank's bond buying programme to build the region's financial stability spurred a rally in global equity markets, and ahead of US employment figures. More >>
Rakon says director fees frozen pending $25M ebitda target
Friday, 7 September 2012, 3:41 pm | BusinessDesk
Sept. 7 (BusinessDesk) - Rakon’s board of directors won’t get an individual fee increase until the company’s pretax earnings almost double to $25 million and managing director Brent Robinson has agreed to a pay freeze on the same terms, chairman Bryan ... More >>
North Shore adviser Cherry pleads guilty to $5M fraud
Friday, 7 September 2012, 3:39 pm | BusinessDesk
Sept. 7 (BusinessDesk) - Albany-based financial adviser Evan Cherry pleaded guilty to four charges out of seven levelled against him in a $5 million fraud in the North Shore District Court today. More >>
MONEY TALKS: Sometimes the bad guys have a point
Friday, 7 September 2012, 3:05 pm | BusinessDesk
I'm hardly the biggest fan of Bridgecorp's board - Rod Petricevic and Rob Roest did a lot between them to destroy the fragile confidence New Zealanders had in investing, while the rest of the failed lender's directors acted like gumbies to say the least ... More >>
Labour insider John Pagani moves to NZOG
Friday, 7 September 2012, 1:20 pm | BusinessDesk
Sept. 7 (BusinessDesk) - Long-time Labour Party political adviser John Pagani has left parliament to become external relations manager for New Zealand Oil & Gas. More >>
Climate change deniers shot down in NIWA challenge
Friday, 7 September 2012, 1:12 pm | BusinessDesk
Sept. 7 (BusinessDesk) - A lobby group set up to challenge claims that humans are causing climate change has lost a High Court challenge to National Institute of Water and Atmospheric Research data showing rising temperatures in New Zealand between ... More >>
MIDDAY UPDATE: Bollard to lead APEC Secretariat
Friday, 7 September 2012, 12:17 pm | BusinessDesk
Sept. 7 (BusinessDesk) - Reserve Bank Governor Alan Bollard, who delivers his final monetary policy statement next week, has been confirmed as the next leader of the Asia Pacific Economic Cooperation's Secretariat. More >>
Outgoing RBNZ Governor Bollard confirmed to lead APEC
Friday, 7 September 2012, 11:18 am | BusinessDesk
Sept. 7 (BusinessDesk) - Reserve Bank Governor Alan Bollard, who delivers his final monetary policy statement next week, has been confirmed as the next leader of the Asia Pacific Economic Cooperation's Secretariat. More >>
Investors await Christmas for proof of Warehouse turnaround
Friday, 7 September 2012, 11:14 am | BusinessDesk
Sept 7 (BusinessDesk) – Investors want to see how Warehouse Group fares over the peak Christmas season before judging its turnaround strategy, after the biggest retailer on the NZX 50 Index met guidance with a 14 percent drop in 2012 earnings. The stock ... More >>
No Ecan election until 2016 as commissioners' term extended
Friday, 7 September 2012, 10:47 am | BusinessDesk
Sept. 7 (BusinessDesk) - Cantabrians will go another election without voting for their regional council after the government extended the rule of commissioners it installed to oversee water management in a region recovering from last year's earthquakes. More >>
Fonterra gains clearance to buy NZ Dairies
Friday, 7 September 2012, 10:38 am | BusinessDesk
Sept. 7 (BusinessDesk) - Fonterra Cooperative Group, the world’s biggest dairy exporter, has been given antitrust approval to buy the South Canterbury milk processing assets of New Zealand Dairies, the Russian-owned company that went into receivership ... More >>
Hart's Reynolds Group has rating cut to B3 by Moody's
Friday, 7 September 2012, 10:17 am | BusinessDesk
Sept. 7 (BusinessDesk) - Reynolds Group Holdings’ credit rating was cut one notch as the packaging company owned by New Zealand billionaire Graeme Hart works to integrate last year's US$4.5 billion acquisition of Graham Packaging and keep its US$18 billion ... More >>
Warehouse FY earnings fall 14% as margins shrink
Friday, 7 September 2012, 9:41 am | BusinessDesk
Sept. 7 (BusinessDesk) - Warehouse Group, the biggest retailer on the NZX 50 Index, reported a 14 percent drop in full-year earnings, meeting its own guidance, and said it expects retailing to face "mixed" trading conditions in 2013. More >>
Newly-listed VMob to raise $5M in private placement
Friday, 7 September 2012, 9:17 am | BusinessDesk
Sept. 7 (BusinessDesk) - Vmob, the smart-phone voucher application firm that listed on the NZAX last week, is on the prowl for fresh capital and wants to raise up to $5 million in a private placement, with a share purchase plan to follow. More >>
NZ dollar gains as ECB's Draghi sets bond buying programme
Friday, 7 September 2012, 8:33 am | BusinessDesk
Sept. 7 (BusinessDesk) - The New Zealand dollar rose after European Central Bank President Mario Draghi announced a bond-purchase plan to cap borrowing costs in the area’s most-indebted nations, stoking optimism the region will get through its ... More >>
While you were sleeping: ECB gives Draghi green light
Friday, 7 September 2012, 7:24 am | BusinessDesk
Sept 7 (BusinessDesk) – The European Central Bank came through on President Mario Draghi's pledge to do whatever it takes to preserve the euro and detailed new, unlimited bond-buying plans to help keep a lid on borrowing costs of euro zone members. More >>
Avis to buy Chch-based Apex Rentals for US$29M plus fleet
Thursday, 6 September 2012, 5:49 pm | BusinessDesk
Sept. 6 (BusinessDesk) - Avis Budget Group, which operates the global Avis and Budget car rental brands, has agreed to buy Christchurch-based Apex Car Rentals for US$29 million cash plus the book value of its 4,000-strong fleet. More >>
MARKET CLOSE: NZ shares rise, led by Air NZ, Infratil, NZOG
Thursday, 6 September 2012, 5:40 pm | BusinessDesk
Sept. 6 (BusinessDesk) - New Zealand shares rose, led by Air New Zealand, Infratil and NZ Oil & Gas on optimism the European Central Bank is going to act to support the European economy, helping underpin demand for so-called growth assets. More >>
Briscoe lifts 1H profit, dividend, flags gain in FY earnings
Thursday, 6 September 2012, 5:25 pm | BusinessDesk
Sept. 6 (BusinessDesk) - Briscoe Group, the homeware and sports goods retailer, posted a 29 percent gain in first-half profit and forecast an improved full-year result, saying it has widened margins and lifted sales in the face of subdued consumer confidence. More >>
NZ dollar gains as Australian jobless rate falls, ECB looms
Thursday, 6 September 2012, 5:23 pm | BusinessDesk
Sept. 6 (BusinessDesk) - The New Zealand dollar gained in ‘thin’ trading after Australia's unemployment rate unexpectedly fell and as investors prepare for the European Central Bank meeting. More >>
