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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 1425]
MIDDAY UPDATE: NZ dollar gains vs. euro, greenback
Wednesday, 1 February 2012, 12:04 pm | BusinessDesk
Feb. 1 (BusinessDesk) – The New Zealand dollar held near a record high versus the euro and touched a 4 ½-month high against the greenback as a mixed outlook for the global economy polished the appeal of the relatively high-yielding kiwi. More >>
South Port’s surplus crane sold to the Bahamas for US$1.13M
Wednesday, 1 February 2012, 11:44 am | BusinessDesk
Feb. 1 (BusinessDesk) – South Port New Zealand, which operates the nation’s southern-most port at Bluff, has sold its surplus mobile harbor crane to a Bahamas-based company for US$1.13 million. More >>
NZ dollar reaches new high vs. euro, 4 ½-month high vs. US$
Wednesday, 1 February 2012, 9:25 am | BusinessDesk
Feb. 1 (BusinessDesk) – The New Zealand dollar rose to a new high against the euro and touched a 4 ½-month high versus the greenback as the nation’s resilient economy and relatively appealing interest rates lured investors in the face of mixed global ... More >>
NZ Post drags down Kiwibank credit rating outlook
Wednesday, 1 February 2012, 9:20 am | BusinessDesk
Feb. 1 (BusinessDesk) –State-owned Kiwibank has had the outlook on its credit rating dragged down by the “ongoing structural decline” of parent New Zealand Post’s delivery business, according to Standard & Poor’s. More >>
While you were sleeping: Disappointment on Wall Street
Wednesday, 1 February 2012, 7:17 am | BusinessDesk
Feb. 1 (BusinessDesk) - Wall Street declined after reports on house prices, consumer confidence and business activity missed the mark, as did earnings by Exxon Mobil. More >>
Key struggles to explain Maori rights under asset-sale plan
Tuesday, 31 January 2012, 5:50 pm | BusinessDesk
Jan. 31 (BusinessDesk) – Prime Minister John Key is struggling to articulate his claim that Maori rights under the Treaty of Waitangi can be preserved under its plans to partially privatise electricity and coal companies. More >>
MARKET CLOSE: NZ shares fall; F&P Healthcare, Fletcher lead
Tuesday, 31 January 2012, 5:43 pm | BusinessDesk
Jan. 31 (BusinessDesk) - New Zealand shares fell, pushing the NZX 50 Index down from a 2 1/2-month high as a rising kiwi dollar weighed on exporters such as Fisher & Paykel Healthcare while weak housing data underlined the tough operating environment ... More >>
NZ dollar rises as Greek talks ‘back on track’
Tuesday, 31 January 2012, 5:20 pm | BusinessDesk
Jan. 31 (BusinessDesk) – The New Zealand dollar rose in local trading on renewed speculation Greece will reach a debt-swap agreement with bondholders stoking investors’ appetite for riskier, or higher-yielding assets, just as a dimming fiscal outlook ... More >>
Douglas failed in role as Lombard chairman, Crown says
Tuesday, 31 January 2012, 5:01 pm | BusinessDesk
Jan. 31 (BusinessDesk) – Douglas Graham failed in his role as chairman of Lombard Finance & Investments by not taking a more active role in getting to know the property development business as the lender ultimately failed, the Crown prosecutor ... More >>
Woolworths plans to sell Dick Smith, will close 100 stores
Tuesday, 31 January 2012, 5:00 pm | BusinessDesk
Jan. 31 (BusinessDesk) - Australian retailer Woolworths plans to restructure its specialty consumer electronics chain Dick Smith, including closing up to 100 stores in Australia and New Zealand, with a view to eventually selling it. More >>
Kerr waives 90% acceptance condition in Pyne offer
Tuesday, 31 January 2012, 3:56 pm | BusinessDesk
Jan. 31 (BusinessDesk) – George Kerr’s Australasian Equity Partners No. 1 LP waived the 90 percent minimum acceptance condition of its takeover offer for Pyne Gould Corp and extended the closing date by two weeks. More >>
Lombard Finance directors’ duty not ‘delegable’, Crown says
Tuesday, 31 January 2012, 2:08 pm | BusinessDesk
Jan. 31 (BusinessDesk) – The directors of failed lender Lombard Finance & Investments should have picked up on and relayed the lender’s precarious position to investors in the lead-up to its collapse, the Crown prosecutor says. More >>
NZX taps relative unknown to replace Weldon as CEO
Tuesday, 31 January 2012, 1:06 pm | BusinessDesk
Jan. 31 (BusinessDesk) – NZX has tapped a relative unknown to replace Mark Weldon as the stock exchange operator gears up to expand its presence in agricultural commodity markets. More >>
MIDDAY UPDATE: Fyfe quits Air NZ; Bennett tapped as NZX CEO
Tuesday, 31 January 2012, 12:12 pm | BusinessDesk
Jan. 31 (BusinessDesk) – Air New Zealand chief executive, Rob Fyfe, who helped buffer the national carrier from a turbulent global airline industry, announced he will leave the company at the end of 2012 after six years at its helm. More >>
NZ building consents fell to record low in 2011
Tuesday, 31 January 2012, 11:56 am | BusinessDesk
Jan. 31 (BusinessDesk) – New Zealand building consents fell to a record low in 2011, underlining a slump in activity that has hurt earnings at construction firms including Fletcher Building. More >>
Fyfe to leave Air NZ at end of year, ahead of selldown
Tuesday, 31 January 2012, 10:34 am | BusinessDesk
Fyfe to leave Air NZ at end of year, clearing way for new CEO during selldown More >>
Fletcher buys remaining 50% of Homapal for 30M euros
Tuesday, 31 January 2012, 9:57 am | BusinessDesk
Jan. 31 (BusinessDesk) – Fletcher Building’s Formica laminates business has agreed to buy the 50 percent of Germany’s Homapal Plattenwerk it doesn’t already own for 30 million euros. More >>
NZ Super Fund claws back some lost ground in December
Tuesday, 31 January 2012, 9:42 am | BusinessDesk
Jan. 31 (BusinessDesk) – The New Zealand Superannuation Fund, which was set up to help pre-fund a ballooning pension bill for baby boomers, clawed back some of its losses in December, in a tough first half to its current financial year. More >>
NZX names Weldon’s successor
Tuesday, 31 January 2012, 9:34 am | BusinessDesk
Jan. 31 (BusinessDesk) – The New Zealand Stock Exchange has announced Tim Bennett will replace Mark Weldon as its chief executive, effective May. 7. More >>
Mondrian Investment sells down holding in F&P Healthcare
Tuesday, 31 January 2012, 9:30 am | BusinessDesk
Jan. 31 (BusinessDesk) – Mondrian Investment Partners, a fund manager whose mandates include a share of the UK's Pension Protection Fund, sold down its stake in Fisher & Paykel Healthcare in the biggest transaction in the stock for 15 months. More >>
