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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 1471]
PGC no longer a dividend stock, needs capital to grow: Kerr
Thursday, 3 November 2011, 4:52 pm | BusinessDesk
Pyne Gould no longer a dividend stock, needs capital to grow, Kerr says in takeover offer More >>
Comvita buys Waikata-based apiary company
Thursday, 3 November 2011, 4:32 pm | BusinessDesk
Nov. 3 (BusinessDesk) - Honey products company Comvita said it has bought Te Awamutu-based apiary Waikato Honey Products for an undisclosed sum to increase its supply of Manuka honey. More >>
UPDATED: ANZ cost cutting in NZ brings channels into focus
Thursday, 3 November 2011, 4:17 pm | BusinessDesk
Nov. 3 (BusinessDesk) - Australia and New Zealand Banking Group, with a $1 billion annual profit under its belt in New Zealand, said it is working on significant cost reductions including channel rationalisation. More >>
Industrial Research gets transformative $150M grant
Thursday, 3 November 2011, 1:44 pm | BusinessDesk
Nov. 3 (BusinessDesk) – Industrial Research Ltd., the crown research institute with concentrated chemistry, physics, mathematics and applied engineering skills, is to receive a $150 million cash injection over five years to boost its science ... More >>
Canada's NorthWest takes 9.6% stake in Vital Healthcare
Thursday, 3 November 2011, 1:30 pm | BusinessDesk
Nov. 3 (BusinessDesk) – Canadian private real estate firm NorthWest Value Partners has taken a 9.6 percent stake in the OnePath NZ managed-Vital Healthcare Property Trust. More >>
Lyttelton Port battles insurer, cruise ship numbers plunge
Thursday, 3 November 2011, 1:24 pm | BusinessDesk
Nov. 3 (BusinessDesk) - Lyttelton Port of Christchurch's lead insurer is disputing the port's latest insurance claim from the earthquakes that devastated the city, and the port will welcome just three cruise ships this summer, down from 64 last ... More >>
Allied Farmers shareholders prepare to welcome bond holders
Thursday, 3 November 2011, 12:40 pm | BusinessDesk
Nov. 3 (BusinessDesk) – Allied Farmers, the ailing finance company with a bloated 2.04 billion of shares valued at $6.1 million, is preparing to convert twice its market capitalisation worth of bonds into equity while attempting to shrink its overall ... More >>
UPDATE: ANZ New Zealand boosts profit 25%; loan book shrinks
Thursday, 3 November 2011, 12:32 pm | BusinessDesk
Nov. 3 (BusinessDesk) - Australia and New Zealand Banking Group reported a 25 percent rise in annual profit in New Zealand, beating the $1 billion barrier even as lending contracted. More >>
MIDDAY UPDATE: Unemployment unexpectedly rises, kiwi drops
Thursday, 3 November 2011, 12:14 pm | BusinessDesk
Nov. 3 (BusinessDesk) – New Zealand’s unemployment rate unexpectedly rose to 6.6 percent in the third quarter, damping hopes that the figures would provide evidence of a jump in casual workers taken on to cater for the wave of Rugby World Cup tourists. More >>
SFO drops Greywolf mining probe
Thursday, 3 November 2011, 11:32 am | BusinessDesk
Nov. 3 (BusinessDesk) – The Serious Fraud Office has dropped its probe into Australian explorer and miner Greywolf Resources, saying it’s too hard to chase people overseas when the public interest isn’t high enough. More >>
NZ dollar drops after jobless rate unexpectedly gains
Thursday, 3 November 2011, 11:13 am | BusinessDesk
Nov. 3 (BusinessDesk) - The New Zealand dollar fell about half a US cent after the unemployment rate rose in the third quarter and employment growth was weaker than expected. More >>
NZ jobless rate unexpectedly creeps up to 6.6%
Thursday, 3 November 2011, 10:55 am | BusinessDesk
Nov. 3 (BusinessDesk) – New Zealand’s unemployment rate unexpectedly rose in the third quarter, with little evidence the start of the Rugby World Cup drove an increase in casual workers to service the wave of tourists. More >>
Conyngham, clothes designer, leaves Pumpkin Patch board
Thursday, 3 November 2011, 10:48 am | BusinessDesk
Nov. 3 (BusinessDesk) - Pumpkin Patch design guru Chrissy Conyngham is stepping down from the board at the annual meeting on Nov. 22. More >>
ANZ New Zealand annual profit rises 25% as bad debts fall
Thursday, 3 November 2011, 10:40 am | BusinessDesk
Nov. 3 (BusinessDesk) - Australia and New Zealand Banking Group reported a 25 percent rise in annual profit in New Zealand, beating the $1 billion barrier with the help of a 59 percent fall in bad debts. More >>
NZX trading in debt securities tumbles 41% in October
Thursday, 3 November 2011, 10:14 am | BusinessDesk
Nov. 3 (BusinessDesk) – Trading on NZX’s $15.5 billion debt market tumbled 41 percent last month, amounting to just 0.5 percent of its capitalisation, according to the exchange’s operating figures. More >>
NZ Dollar falls as Fed disappoints, more EU woes
Thursday, 3 November 2011, 8:33 am | BusinessDesk
Nov. 3 (BusinessDesk) - The New Zealand dollar fell nearly 1 US cent after a bond auction was pulled in Europe and the Federal Open Market Committee’s statement provided little clarity for markets. More >>
Contact Energy mulls $150 mln bond issue
Wednesday, 2 November 2011, 5:55 pm | BusinessDesk
Nov. 2 (BusinessDesk) – Contact Energy is mulling a bond issue to raise up to $150 million to push out its funding maturities and give it greater flexibility. More >>
Westpac NZ sees credit growth in 2012, bigger market share
Wednesday, 2 November 2011, 5:52 pm | BusinessDesk
Nov. 2 (BusinessDesk) – Westpac Banking’s New Zealand unit is picking Christchurch’s rebuild to underpin growth in credit next year and the lender aims to snatch market share from rivals, chief executive George Frazis says. More >>
NZ dollar extends losses amid renewed fears in Europe
Wednesday, 2 November 2011, 5:46 pm | BusinessDesk
Nov. 2 (BusinessDesk) – The New Zealand dollar extended its decline after markets were spooked by Greece’s plans to put its bail-out from the rest of Europe to a public referendum. More >>
MARKET CLOSE: NZ shares join global rout on Greek bravado
Wednesday, 2 November 2011, 5:41 pm | BusinessDesk
Nov. 2 (BusinessDesk) - New Zealand shares fell, joining a global rout in equities sparked by Greek Prime Minister George Papandreou's surprise announcement on a referendum on austerity measures, which could derail Europe's efforts to contain its debt crisis. ... More >>
