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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 1464]
Write-downs hurt KIP but 1H distributable earnings up 9.1%
Wednesday, 16 November 2011, 12:42 pm | BusinessDesk
Nov. 16 (BusinessDesk) - Kiwi Income Property Trust's first-half net profit fell to just $1.5 million from $13.7 million in the previous first half after write-downs in the value of its properties but distributable profit was up 9.1 percent. More >>
T&G appoint KordaMentha to assess German takeover bid
Wednesday, 16 November 2011, 12:18 pm | BusinessDesk
Nov. 16 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Guinness Peat Group, has appointed independent advisor KordaMentha to assess on a $216.5 million takeover bid from Germany’s BayWa AG. More >>
Midday update: Slack debtors picking up their act
Wednesday, 16 November 2011, 12:15 pm | BusinessDesk
Nov. 16 (BusinessDesk) – Late—paying debtors are still, on average, making creditors wait a fortnight beyond due date for payment, but have improved their payment rates to the best seen since the global financial crisis in 2008, according to credit bureau ... More >>
High Court rejects airlines’ bid to overturn appeal pledge
Wednesday, 16 November 2011, 12:10 pm | BusinessDesk
Nov. 16 (BusinessDesk) – The High Court has turned down a bid by the eight airlines accused of fixing air cargo prices to appeal the first part of the antitrust regulator’s case, saying they must honour their pledge to wait until the second part of the trial ... More >>
WSI plans to raise capital after High Court decision
Wednesday, 16 November 2011, 11:38 am | BusinessDesk
Nov. 16 (BusinessDesk) - New Zealand Wool Services International is planning to raise fresh capital once the High Court has decided whether or not Cavalier has clearance to make a bid for WSI. More >>
NZ businesses get quicker at paying bills but still tardy
Wednesday, 16 November 2011, 11:25 am | BusinessDesk
Nov.16 (BusinessDesk) - New Zealand businesses are paying their bills at near the fastest pace since the global financial crisis though most are still making creditors wait an least an extra two weeks, according to a new survey. More >>
Costs, regulation to spur NZ insurance mergers: AM Best
Wednesday, 16 November 2011, 11:00 am | BusinessDesk
Nov. 16 (BusinessDesk) – Increased regulation of New Zealand’s insurance market and the rising costs of securing reinsurance cover will probably lead to a spate of mergers in the market, according to AM Best. More >>
Wild ride for Allied Farmers shareholders not over
Wednesday, 16 November 2011, 10:58 am | BusinessDesk
Wild ride for Allied Farmers shareholders not over as stock drops below post-consolidation value More >>
NZ dollar falls to 4-week low in face of tepid Europe growth
Wednesday, 16 November 2011, 9:28 am | BusinessDesk
NZ dollar falls to 4-week low as tepid European growth, rising bond yields dent sentiment More >>
Fonterra dairy product prices rise 2.6% in latest auction
Wednesday, 16 November 2011, 7:15 am | BusinessDesk
Fonterra dairy product prices rise 2.6% in latest auction, biggest increase since June 1 More >>
Clear Grain exchange duo kept in the dark over NZX damages
Tuesday, 15 November 2011, 6:46 pm | BusinessDesk
Nov. 15 (BusinessDesk) – NZX hasn’t detailed the amount of damages it is seeking from the sellers of the Clear Grain Exchange if the stock exchange wins the right to pursue legal action against them in New Zealand, the High Court in Wellington ... More >>
NZ dollar sinks to 5-mth low vs A$ on RBA minutes
Tuesday, 15 November 2011, 6:06 pm | BusinessDesk
Nov. 15 (BusinessDesk) – The New Zealand dollar fell to a five-month low versus its Australian counterpart after the Reserve Bank of Australia’s minutes from its last board meeting showed this month’s rate cut was a close call. More >>
MARKET CLOSE: NZ shares rise, led by Hallenstein, retailers
Tuesday, 15 November 2011, 5:44 pm | BusinessDesk
Nov. 15 (BusinessDesk) - New Zealand shares rose, led by Hallenstein Glasson Holdings and other retailers after figures this week showed a jump in third-quarter spending, helped by the Rugby World Cup. Rakon fell to a record low after posting a first-half ... More >>
Farm sales surge, says REINZ
Tuesday, 15 November 2011, 4:41 pm | BusinessDesk
Nov. 15 (BusinessDesk) - New Zealand farm sales nearly doubled in the three months ended October 2011, compared with a year earlier, according to the Real Estate Institute of NZ (REINZ). More >>
RBA's decision to cut rates was a close call, minutes show
Tuesday, 15 November 2011, 2:36 pm | BusinessDesk
Nov. 15 (BusinessDesk) - The Reserve Bank of Australia's decision to cut interest rates on Nov. 4 was a close call, the minutes from its Nov. 1 board meeting released today show. More >>
Newspapers still resonate with NZ business owners: survey
Tuesday, 15 November 2011, 2:29 pm | BusinessDesk
Nov. 15 (BusinessDesk) - New Zealand business owners rank 13th in a worldwide survey of newspaper readership though they lag behind those in other countries for surfing the net at work. More >>
Clear ‘reneging’ on contract by opposing NZ hearing
Tuesday, 15 November 2011, 1:56 pm | BusinessDesk
Nov. 15 (BusinessDesk) – Clear Grain Exchange’s opposition to NZX’s legal action in the local courts amounts to “reneging” on its contract, the High Court in Wellington heard today. More >>
Doug Graham lost pension savings in Lombard failure
Tuesday, 15 November 2011, 1:35 pm | BusinessDesk
Nov. 15 (BusinessDesk) – Former Cabinet Minister Doug Graham told the High Court he lost his own retirement savings when Lombard Finance & Investments failed and his best efforts weren’t enough to safeguard the funds of other investors. More >>
Updated: Target Comvita posts strong first half
Tuesday, 15 November 2011, 1:13 pm | BusinessDesk
Nov.15 (BusinessDesk) Honey products company Comvita has announced a stronger than expected first half as directors urge shareholders to reject the $71.6 million offer to buy the company by Cerebos New Zealand. More >>
Midday update: Comvita posts strong first half
Tuesday, 15 November 2011, 12:33 pm | BusinessDesk
Nov. 15 (BusinessDesk) – Manuka honey healthcare products maker Comvita has announced a $4.4 million turnaround in its first half results, which directors will use to press home their opposition to the takeover bid launched by Cerebos New Zealand. ... More >>
