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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 1451]
Rakon stock at record low in face of high kiwi, more rivalry
Thursday, 8 December 2011, 11:07 am | BusinessDesk
Dec. 7 (BusinessDesk) – Shares of Rakon have sunk to a record low on concern increased competition and the strength of the New Zealand dollar are eroding its ability to lift earnings, prompting brokers to warn their clients to “steer clear”. More >>
Manufacturing takes another fall
Thursday, 8 December 2011, 11:04 am | BusinessDesk
Dec. 8 (BusinessDesk) – New Zealand manufacturing remained in the doldrums in the three months to September, with Statistics New Zealand measuring declining output for the second quarter in a row and noting three years of activity at around current ... More >>
Chatham Rise dredging project signs research vessel
Thursday, 8 December 2011, 10:56 am | BusinessDesk
Dec. 8 (BusinessDesk) – Plans to mine phosphate from the offshore ocean floor of the Chatham Rise are a step closer with the signing of a US$1.2 million seismic survey-style evaluation for the target area identified by NZX-listed Chatham Rock Phosphate. More >>
UPDATED: Bollard to slowly hike interest rates from mid-2012
Thursday, 8 December 2011, 10:20 am | BusinessDesk
Dec. 8 (BusinessDesk) – Reserve Bank Governor Alan Bollard will probably start a slow track of interest rate hikes through the middle of next year as Europe’s sovereign debt woes only have a mild impact on the local economy. More >>
Eurozone woes heighten risk for sharper downturn, RBNZ says
Thursday, 8 December 2011, 9:07 am | BusinessDesk
Dec. 8 (BusinessDesk) – New Zealand could be in for a torrid time if European legislators can’t reach agreement to sort out their debt woes at tomorrow’s leaders’ summit, the Reserve Bank says in this morning’s monetary policy statement. More >>
Bollard holds OCR at 2.5%, pushes out timing of rates hikes
Thursday, 8 December 2011, 9:05 am | BusinessDesk
Bollard holds OCR at 2.5%, pushes out timing of rates hikes amid global uncertainty More >>
NZ dollar weakens ahead of OCR review, as EU summit looms
Thursday, 8 December 2011, 8:36 am | BusinessDesk
Dec. 8 (BusinessDesk) – The New Zealand dollar fell ahead of the Reserve Bank’s review of monetary policy, seen keeping interest rates at a record low and painting a picture of a deteriorating global outlook. More >>
While you were sleeping: Pre-summit nerves
Thursday, 8 December 2011, 7:18 am | BusinessDesk
Dec. 8 (BusinessDesk) - Investors seemed reluctant to place big bets before the European Union summit starting tomorrow as they await concrete evidence their optimism about committed action by the region's policy makers toward solving its fiscal crisis is ... More >>
Sky TV expects small losses from Igloo JV with TVNZ
Wednesday, 7 December 2011, 6:07 pm | BusinessDesk
Dec. 7 (BusinessDesk) - Sky Network Television has released financial information on its Igloo joint venture with Television New Zealand which shows its 51 percent share of the venture will lose it $1.6 million after tax in the year ending June ... More >>
MARKET CLOSE: NZ shares fall as Chorus, TEL dominate
Wednesday, 7 December 2011, 6:01 pm | BusinessDesk
Dec. 7 (BusinessDesk) - New Zealand shares fell, with trading volumes again dominated by Telecom and network company Chorus following their split. Rakon fell to a record low and Contact Energy led decliners. More >>
NZ dollar rises above 78 US cts ahead of RBNZ decision
Wednesday, 7 December 2011, 5:26 pm | BusinessDesk
NZ dollar rises above 78 US cts ahead of RBNZ decision, EU leaders’ summit looms More >>
SFO, FMA prosecute five South Canterbury Finance people
Wednesday, 7 December 2011, 5:22 pm | BusinessDesk
Dec. 7 (BusinessDesk) The Serious Fraud Office and the Financial Markets Authority will prosecute five individuals involved in South Canterbury Finance after completing a criminal investigation into the failed finance company. More >>
Reeves never thought of disclosing Lombard’s cash position
Wednesday, 7 December 2011, 4:24 pm | BusinessDesk
Dec. 7 (BusinessDesk) – Lombard Finance & Investments chief executive Michael Reeves never thought to include the lender’s cash position in the amended prospectus when it was put out to investors in December 2007. More >>
US Justice Dept indicts Sanford on pollution and obstruction
Wednesday, 7 December 2011, 2:14 pm | BusinessDesk
Dec. 7 (BusinessDesk) – Fishing company Sanford has been indicted on seven counts related to discharges from its vessel San Nikunau and for obstruction of justice, according to a statement from the US Department of Justice. More >>
Lombard and Lehman Bros were targeting Hanover, court hears
Wednesday, 7 December 2011, 2:04 pm | BusinessDesk
Dec. 7 (BusinessDesk) – Lombard Finance & Investments and Lehman Brothers were working together to buy the loan books of distressed New Zealand finance companies before they both collapsed in 2008. More >>
Canterbury University grapples with bonds quake fall-out
Wednesday, 7 December 2011, 12:38 pm | BusinessDesk
Dec. 6 (BusinessDesk) –University of Canterbury will rely on its implicit government guarantee to meet payments to investors on its unrated 10-year bonds after the earthquakes scared off students, seriously denting the university’s finances. More >>
Midday update: Global dairy prices continue to firm
Wednesday, 7 December 2011, 12:21 pm | BusinessDesk
Dec. 7 (BusinessDesk) – Average prices for globally traded dairy products rose for the second time in a row in this morning’s globalDairytrade auction, with a second 2.6 percent increase taking prices to the highest since July. Dairy prices ... More >>
Heartland NZ credit rating outlook lifted to ‘stable’ by S&P
Wednesday, 7 December 2011, 10:01 am | BusinessDesk
Dec. 7 (BusinessDesk) – Heartland New Zealand, which took on PGG Wrightson’s finance unit this year, has been given a ‘stable’ outlook for its investment grade credit rating by Standard & Poor’s. The ratings company affirmed the ... More >>
Chorus-free Telecom begins capital structure review
Wednesday, 7 December 2011, 9:56 am | BusinessDesk
Dec. 7 (BusinessDesk) – Telecom is to review its capital structure to ensure it retains an ‘A-band’ credit rating following its demerger from Chorus, which owns most of the telecommunications infrastructure previously held by the combined company. More >>
‘Good range’ of bids for Serepisos’ former HQ
Wednesday, 7 December 2011, 9:51 am | BusinessDesk
Dec. 7 (BusinessDesk) – Receivers for the collapsed property empire of Terry Serepisos report they received a “good range of competitive tenders” for the Wellington property developer’s former headquarters, the ASB Tower in central Wellington. More >>
