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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 1407]
MARKET CLOSE: NZ shares gain; Fletcher rises
Wednesday, 29 February 2012, 6:17 pm | BusinessDesk
Feb. 29 (BusinessDesk) - New Zealand shares rose, pacing a Asia-wide rally. Fletcher Building climbed 3.2 percent after government figures showed a jump in building consents while Auckland International Airport fell after posting first-half earnings. More >>
New look Pyne Gould narrows 1H loss, wavers on 2012 guidance
Wednesday, 29 February 2012, 5:56 pm | BusinessDesk
Feb. 29 (BusinessDesk) – Pyne Gould Corp, which has been taken over by majority shareholders George Kerr and Baker Street Capital, narrowed its first-half loss under a radically different structure from a year earlier, but has wavered on guidance ... More >>
Lyttelton Port returns to 1H profit on increased trade flows
Wednesday, 29 February 2012, 5:40 pm | BusinessDesk
Feb. 29 (BusinessDesk) - Lyttelton Port, which was forced to take a $23 million charge on earthquake damage last year, returned to first half profit on record trade volumes even as the regions earthquakes continue. More >>
NZ Farming Systems ekes out US$367,000 1H profit
Wednesday, 29 February 2012, 5:32 pm | BusinessDesk
Feb. 29 (BusinessDesk) - NZ Farming Systems Uruguay, the South American dairy farmer that was bailed out by Singaporean owner Olam International, eked out a small profit in the first half on higher milk sales and a one-time accounting gain on he value ... More >>
NZ dollar gains on upbeat business confidence, building data
Wednesday, 29 February 2012, 5:09 pm | BusinessDesk
Feb. 29 (BusinessDesk) – The New Zealand dollar gained in local trading after upbeat building and business confidence data stoked investors’ appetite for the currency, and ahead of the European Central Bank’s financing programme for the region’s ... More >>
Allied Farmers narrows loss; Hanover millstone remains
Wednesday, 29 February 2012, 4:49 pm | BusinessDesk
Feb. 29 (BusinessDesk) – Allied Farmers, which unsuccessfully tried to transform itself into a major lender, narrowed its first-half loss as it continues to eke out value from the remains of the Hanover and United Finance assets it bought in 2009. More >>
Metro GlassTech writes off $179.1M as lenders take control
Wednesday, 29 February 2012, 3:52 pm | BusinessDesk
Feb. 29 (BusinessDesk) – Metro GlassTech, the building glass manufacturer, wrote off $179.1 million as debts mounted, prompting its lenders to take over the company. More >>
Harvey Norman's NZ 1H earnings fall on weak retailing
Wednesday, 29 February 2012, 3:11 pm | BusinessDesk
Feb. 29 (BusinessDesk) - Harvey Norman, Australia's largest electrical goods retailer, said sales and operating earnings fell in New Zealand in the first half, reflecting a combination of natural disasters and the “challenging retail climate.” More >>
Third guilty plea entered in Motor Trade Finance fraud
Wednesday, 29 February 2012, 2:56 pm | BusinessDesk
Feb. 29 (BusinessDesk) – A further guilty plea has been made by one of the defendants charged with defrauding Dunedin-based Motor Trade Finance following an investigation by the Serious Fraud Office. More >>
SMELLIE ON SME’s: Are you a workaholic?
Wednesday, 29 February 2012, 2:10 pm | BusinessDesk
Feb. 28 (BusinessDesk) – How often do you find yourself working all hours of the day and night, including the weekends, to make your business successful? More >>
NZ business confidence recovers in early 2012: National Bank
Wednesday, 29 February 2012, 2:04 pm | BusinessDesk
Feb. 29 (BusinessDesk) – New Zealand business confidence regathered momentum at the start of the year, with a pick-up in the construction sector leading the way, according the National Bank’s Business Outlook survey. More >>
Genesis Research posts $500,000 FY loss before takeover
Wednesday, 29 February 2012, 12:47 pm | BusinessDesk
Feb. 29 (BusinessDesk) - Genesis Research and Development said its annual loss narrowed to $500,000 from $2 million in 2010 after the company suspended operations in May 2010 and laid off all staff. More >>
Gains on derivatives boost ANZ Q1, lending falls
Wednesday, 29 February 2012, 12:47 pm | BusinessDesk
Feb. 29 (BusinessDesk) – ANZ National Bank, the country’s biggest lender, lifted first-quarter profit 60 percent as it recognised gains in the value of its derivatives, though it lost ground in its loan book. More >>
KiwiRail to miss FY earnings target even as freight picks up
Wednesday, 29 February 2012, 12:36 pm | BusinessDesk
Feb. 29 (BusinessDesk) – KiwiRail, the state-owned railroad, said full-year earnings will miss the target in its statement of corporate intent as improved freight volumes are offset by challenges in the remainder of its businesses. More >>
MIDDAY UPDATE: Treasury tight lipped on fiduciary duties
Wednesday, 29 February 2012, 12:08 pm | BusinessDesk
Feb. 29 (BusinessDesk) – The Treasury is keeping mum on its advice over the fiduciary duties of government-appointed directors for the state-owned enterprises to maximise returns for minority shareholders. More >>
Wellington Drive embarks on cost cutting as losses continue
Wednesday, 29 February 2012, 12:00 pm | BusinessDesk
Feb. 29 (BusinessDesk) – Wellington Drive Technologies, the unprofitable maker of energy-efficient motors, said it has embarked on a drive to slash costs and lift cash flow. The net loss was $14.7 million in calendar 2011, little-changed from $14.8 ... More >>
Treasury mum on advice on duties of sold-down SOE directors
Wednesday, 29 February 2012, 11:38 am | BusinessDesk
Feb. 29 (BusinessDesk) – The Treasury is keeping mum on its advice over the fiduciary duties of government-appointed directors for the state-owned enterprises to maximise returns for minority shareholders. More >>
NZ January building consents rise 8.3%, led by Christchurch
Wednesday, 29 February 2012, 11:25 am | BusinessDesk
Feb. 29 (BusinessDesk) – New Zealand home building consents rose last month, with the biggest increase in Canterbury, reflecting rebuilding efforts in Christchurch after the devastating earthquakes. More >>
Transpower pays first dividend in 7 years
Wednesday, 29 February 2012, 10:26 am | BusinessDesk
Feb. 29 (BusinessDesk) – Transpower New Zealand, owner and operator of the national power grid, will pay its first dividend in seven years even as profits fell 4 percent in midst of a grid upgrade. More >>
Kupe earnings contribute to 125% jump in Genesis 1H profit
Wednesday, 29 February 2012, 10:10 am | BusinessDesk
Feb. 29 (BusinessDesk) – Genesis Energy, the state-owned gas and electricity company, reported a 125 percent increase in first-half net profit, reflecting increasing earnings from its share of the Kupe oil and gas field, the addition of new hydro stations ... More >>
