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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 1309]
Tenon seeks acquisitions, sees US recovery, loses US$11M
Thursday, 23 August 2012, 8:35 am | BusinessDesk
Aug. 23 (BusinessDesk) - Timber mouldings maker Tenon believes it is past the bottom of a five-year US housing market downturn and is in better shape for a recovery than when the slump began, despite posting a loss of US$11 million for the year to June ... More >>
While you were sleeping: Fed bolsters hope for help
Thursday, 23 August 2012, 7:43 am | BusinessDesk
August 23 (BusinessDesk) – Wall Street recovered from earlier losses amid indications US Federal Reserve policy makers are leaning towards injecting a boost of energy into the languishing economy "fairly soon". More >>
MARKET CLOSE: NZ shares fall, led by Fletcher, Trade Me
Wednesday, 22 August 2012, 5:56 pm | BusinessDesk
Aug. 22 (BusinessDesk) - New Zealand shares fell, led by Fletcher Building and Trade Me after they missed earnings estimates. PGG Wrightson gained following a return to profit. More >>
F&P Healthcare lifts bottom of FY profit guidance range
Wednesday, 22 August 2012, 5:37 pm | BusinessDesk
Aug 22 (BusinessDesk) - Fisher & Paykel Healthcare, which makes respirators and sleep apnea products, raised the bottom-end of its forecast for annual earnings on stronger first-half trading and after revising its assumption for the New Zealand ... More >>
NZ dollar falls with stocks on doubts about QE3 signal
Wednesday, 22 August 2012, 5:31 pm | BusinessDesk
Aug. 22 (BusinessDesk) - The New Zealand dollar fell in the local trading session as stocks across Asia declined amid speculation the Federal Open Market Committee’s latest meeting minutes won’t talk up the prospects of more asset purchases. More >>
Steigrad breaking no rules with overseas jaunt during appeal
Wednesday, 22 August 2012, 4:55 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Peter Steigrad, director of failed lender Bridgecorp, is on a court-approved trip to trip Europe half way through an appeal of his nine-month home detention sentence. More >>
Quickflix seeks funding to grow Australasian presence
Wednesday, 22 August 2012, 4:43 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Quickflix, the ASX-listed streaming and on-demand video supplier, has engaged advisers to kick off discussion on how to attract new investment to help it grow its presence on both sides of the Tasman. More >>
Oil drilling plans over next 2 yrs on 'unprecedented' scale
Wednesday, 22 August 2012, 3:06 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Almost 90 new oil exploration and production wells are planned in New Zealand over the next two years in a programme that independent analysts Edison Investment Research say will cost oil and gas companies as much as $2.3 billion. More >>
SFO appeals Capital + Merchant verdict
Wednesday, 22 August 2012, 2:32 pm | BusinessDesk
Aug. 22 (BusinessDesk) - The Serious Fraud Office will appeal the not guilty verdicts of two former directors of failed lender Capital + Merchants Finance involving a Palmerston North development known as "The Hub Properties." More >>
Vero aims to settle half of all quake claims in coming year
Wednesday, 22 August 2012, 2:10 pm | BusinessDesk
Vero aims to settle half of all quake claims in coming year as the Suncorp NZ unit returns to profit More >>
Trade Me shares dip after earnings on ‘muted’ outlook
Wednesday, 22 August 2012, 1:44 pm | BusinessDesk
Aug 22 (BusinessDesk) – Shares of Trade Me, the online auction site spun off by Fairfax Media in December, dropped after its inaugural results as a listed company showed annual sales growth lagged behind estimates and it gave “muted” comments ... More >>
New Fletcher CEO Adamson to extend cost review
Wednesday, 22 August 2012, 1:03 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Mark Adamson, who takes over as chief executive of Fletcher Building on Oct. 1, will extend the company’s strategic review of its businesses, with a particular focus on long-run steel, as it tries to drive down costs in the ... More >>
NZOG rekindles interest in onshore oil and gas exploration
Wednesday, 22 August 2012, 12:24 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Recent successes in onshore oil exploration are pushing New Zealand Oil & Gas to assess bidding for exploration blocks or farm-ins with existing players in its quest for a more diverse earnings stream than its traditional ... More >>
MIDDAY UPDATE: Fletcher's earnings fall 12%
Wednesday, 22 August 2012, 11:59 am | BusinessDesk
Aug. 22 (BusinessDesk) - Fletcher Building, New Zealand’s biggest construction and building products company, reported a 12 percent drop in annual earnings before one-time charges on sales growth fuelled by the first full-year contribution from ... More >>
Pacific Brands FY loss widens on writedown, CEO leaves
Wednesday, 22 August 2012, 11:54 am | BusinessDesk
Aug. 22 (BusinessDesk) - Pacific Brands, the Australian apparel company with brands including Bonds, Sheridan, Stussy and Mossimo, widened its annual loss after writing down goodwill by A$502.7 million and said chief executive Sue Morphet will leave ... More >>
Fatter floating rate margins help Kiwibank to triple profit
Wednesday, 22 August 2012, 11:47 am | BusinessDesk
Aug. 22 (BusinessDesk) - State-owned Kiwibank more than tripled annual profit as it reaped the rewards from fatter margins in the drift to floating mortgage rates, and halved the charge on earnings caused by bad debts. More >>
NZ Experience FY profit falls 3.6% on park upgrade
Wednesday, 22 August 2012, 11:12 am | BusinessDesk
Aug. 22 (BusinessDesk) - New Zealand Experience, which owns Auckland's Rainbow’s End amusement park, posted a 3.6 percent fall in full-year profit after a one-time charge to upgrade its facilities offset stronger sales. More >>
NZ Oil & Gas back to profit after Pike River disaster
Wednesday, 22 August 2012, 10:36 am | BusinessDesk
Aug. 22 (BusinessDesk) - New Zealand Oil & Gas posted a full-year profit of $19.9 million as it puts behind it the disastrous foray into the Pike River coal project that saw it plunge to a $76.5 million loss the previous year. More >>
Trade Me beats forecast on classified sales, smartphone aps
Wednesday, 22 August 2012, 9:59 am | BusinessDesk
Aug. 22 (BusinessDesk) - Trade Me, the online auction site spun off by Fairfax Media in December, beat its prospectus forecast for earnings on classified sales growth and the roll out of new smart phone applications. More >>
Fletcher Building FY earnings drop 12% before $132M charges
Wednesday, 22 August 2012, 9:53 am | BusinessDesk
Aug 22 (BusinessDesk) - Fletcher Building, New Zealand’s biggest construction and building products company, reported a 12 percent drop in annual earnings before one-time charges on sales growth fuelled by the first full-year contribution from Australia’s ... More >>
