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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 1313]
Dotcom wins access to evidence to prevent 'unfair hearing'
Thursday, 16 August 2012, 5:24 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Megaload founder Kim Dotcom has won access to extradition evidence held by the US government to prevent him facing an "unfair trial" in the High Court in Auckland today. More >>
NZ dollar little changed as patchy US data keeps QE3 alive
Thursday, 16 August 2012, 5:12 pm | BusinessDesk
Aug. 16 (BusinessDesk) - The New Zealand dollar was little changed as ‘patchy’ US data keeps markets prepped for the Federal Reserve to print more money, helping boost equities across the Asia Pacific. More >>
SkyCity says sorry for late filing over director appointment
Thursday, 16 August 2012, 4:09 pm | BusinessDesk
Aug. 16 (BusinessDesk) - SkyCity Entertainment Group, the casino operator in talks with the New Zealand government to build a convention centre in Auckland, has apologised to the Australian stock exchange over a late filing of a director's appointment, ... More >>
From The Farm: What’s in our food?
Thursday, 16 August 2012, 3:28 pm | BusinessDesk
I didn’t know Fonterra added permeate to its milk to ensure consistency of protein across the season until I read it in the NZ Herald. This by-product of milk production has no known health risks and is being voluntarily phased out in Australia. Would ... More >>
Feltex class action funder Gavigan 'essential' to suit
Thursday, 16 August 2012, 2:04 pm | BusinessDesk
Aug 16 (BusinessDesk) - Tony Gavigan, the former Fay Richwhite investment banker who secured foreign backing for the class suit against the directors of failed carpet maker Feltex, is essential to the lawsuit and shouldn't be removed as the funder, ... More >>
Renaissance's CEO Rendell to leave company
Thursday, 16 August 2012, 1:44 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Renaissance Corp, which used to have a monopoly on New Zealand sales of Apple products, said chief executive Shaun Rendell will leave the company on Aug. 31 after accepting a position with another business. More >>
Wool Services says 'marginal' FY earnings to miss guidance
Thursday, 16 August 2012, 1:30 pm | BusinessDesk
Aug. 16 (BusinessDesk) - New Zealand Wool Services International, the wool scouring and exporting business whose majority shareholding is up for grabs, said full-year earnings will miss guidance because of a “sharp decline” in the wool market. More >>
Solid Energy forecasts $200M slump in sales, launches review
Thursday, 16 August 2012, 12:47 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Solid Energy, the state-owned coal miner being prepared for partial sale, said revenue will tumble about $200 million this year in the face of "extremely challenging" market conditions, with weaker prices and a ... More >>
Rockgas in 'extended decline' since Origin sale to Contact
Thursday, 16 August 2012, 12:39 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Contact Energy's Rockgas LPG business has been in an "extended period of decline" since Contact bought the business for $156 million in a related party transaction with its majority shareholder, ASX-listed Origin Energy, five years ... More >>
MIDDAY UPDATE: Pumpkin Patch beats estimates
Thursday, 16 August 2012, 12:27 pm | BusinessDesk
Aug.16 (BusinessDesk) - Pumpkin Patch, the children’s clothing chain, said full-year profit before one-time items was about $10.1 million, beating estimates as bank debt and inventory levels fell and online sales rose. The stock jumped 11 percent. More >>
Goodman Fielder scotches reports of approach from Wilmar
Thursday, 16 August 2012, 12:18 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Goodman Fielder, the food ingredients manufacturer whose brands include Edmonds baking products and Vogel’s bread, has scotched media reports it has received an offer from the world's largest palm oil processor, Wilmar International. More >>
Pumpkin Patch profit beats estimates at $10.1M; stock jumps
Thursday, 16 August 2012, 12:12 pm | BusinessDesk
Aug. 16 (BusinessDesk) - Pumpkin Patch, the children’s clothing chain, said full-year profit before one-time items was about $10.1 million, beating estimates as bank debt and inventory levels fell and online sales rose. The stock jumped 11 percent. More >>
Feltex lawsuit backer to disclose general terms of funding
Thursday, 16 August 2012, 11:51 am | BusinessDesk
Aug. 16 (BusinessDesk) - UK-based Harbour Litigation Funding has agreed to disclose general terms of its funding agreement with litigants suing directors of Feltex in a class action suit, the Court of Appeal heard today. More >>
NZ manufacturing slips into contraction in July: PMI
Thursday, 16 August 2012, 11:27 am | BusinessDesk
Aug. 16 (BusinessDesk) - New Zealand manufacturing sector slipped into contraction in July, falling to its lowest level in three months, according to the BNZ-BusinessNZ performance of manufacturing index (PMI). More >>
Billionaire James Packer emerges as holder of Trade Me
Thursday, 16 August 2012, 10:37 am | BusinessDesk
Aug. 16 (BusinessDesk) - Ellerston Capital, a fund manager controlled by Australian billionaire James Packer’s family interests, has emerged as a substantial holder of shares in New Zealand online auction site Trade Me. More >>
Turners Auctions’ 1H profit jumps 19% on earthquake recovery
Thursday, 16 August 2012, 10:19 am | BusinessDesk
Aug. 16 (BusinessDesk) - Vehicle auctioneer Turners Auctions' first-half net profit jumped 19 percent as it recovered from earthquake-related disruption in Christchurch last year. More >>
No appeal decision until sentencing, Sanford's Barratt says
Thursday, 16 August 2012, 10:01 am | BusinessDesk
Aug 16 (BusinessDesk) - Sanford managing director Eric Barratt said the Auckland-based fishing company won’t decide whether to appeal a guilty verdict in a US court of dumping oil waste in waters around American Samoa and falsifying records until after ... More >>
NZ dollar gains as weak US data stokes QEIII talk
Thursday, 16 August 2012, 9:04 am | BusinessDesk
Aug. 16 (BusinessDesk) - The New Zealand dollar rose for the first time in a week after weak US manufacturing and tepid inflation figures stoked speculation the Federal Reserve will unveil plans for a third round of asset purchases at the central bankers' ... More >>
While you were sleeping: Equities in a holding pattern
Thursday, 16 August 2012, 7:39 am | BusinessDesk
August 16 (BusinessDesk) – Wall Street was mixed after a report showed a surprise contraction for manufacturing in the New York area in August. More >>
Dairy product prices rise 7.8% in GDT auction
Thursday, 16 August 2012, 7:09 am | BusinessDesk
Dairy product prices rise 7.8% in third-biggest gain in two years at GDT sale More >>
