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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 1479]
National Finance’s Ludlow gets six years in jail
Thursday, 20 October 2011, 1:49 pm | BusinessDesk
Oct. 20 (BusinessDesk) – National Finance 2000 boss Trevor Ludlow was sentenced to six years imprisonment in the Auckland District Court today after being found guilty of theft and false accounting charges. More >>
Midday update: NZ forests perform well for Harvard Uni
Thursday, 20 October 2011, 12:10 pm | BusinessDesk
Oct. 20 (BusinessDesk) – Boston’s Harvard University has seen strong returns from its global natural resources portfolio, including its majority ownership of the central North Island’s Kaingaroa pine plantation forests. More >>
Harvard reports good return from NZ forest investments
Thursday, 20 October 2011, 11:22 am | BusinessDesk
Oct. 20 (BusinessDesk) - Harvard Management, the manager of Harvard University's US$32 billion endowment, made an 18.8 percent annual return on its natural resource portfolio, which includes majority ownership of the cutting rights to the Kaingaroa ... More >>
Pike assets bid not anti-competitive: Solid Energy
Thursday, 20 October 2011, 11:04 am | BusinessDesk
Oct. 20 (BusinessDesk) – Solid Energy says a High Court decision overturning its gaining of leases for coal-handling facilities built for the Pike River mine was “pretty even-handed” and did not support the receivers’ view that its actions ... More >>
Australian low-ball bidder to give investors 'fair warning'
Thursday, 20 October 2011, 10:22 am | BusinessDesk
Oct. 20 (BusinessDesk) – Australian businessman John Armour, whose Stock & Share Trading made a raft of low-ball bids for stricken finance company debentures last year, has promised to give investors fair warning in any future bids. More >>
NYE revellers can leave cash at home as wristbands arrive
Thursday, 20 October 2011, 10:14 am | BusinessDesk
Oct. 20 (BusinessDesk) – Kiwis planning a big night out on New Year’s Eve will be able to leave their cash at home for at least two festivals, with organisers bringing technology to New Zealand for the first time that loads credits onto wristbands. More >>
Costamare got yield of 32% buying secondhand ships like Rena
Thursday, 20 October 2011, 9:10 am | BusinessDesk
Oct. 20 (BusinessDesk) - Costamare Inc. has told investors it purchased secondhand container ships, including the MV Rena, at a good time and is making a yield of 32 percent on them, company documents show. More >>
NZ dollar falls amid pessimism over Euro-zone plan for debt
Thursday, 20 October 2011, 8:31 am | BusinessDesk
Oct. 20 (BusinessDesk) – The New Zealand dollar fell as stock markets declined and optimism waned ahead of this weekend’s European Union summit, which investors hope will sort out the region’s burgeoning debt woes and fragile banking system. More >>
From the Farm: Landcorp vs. Fay
Thursday, 20 October 2011, 7:56 am | BusinessDesk
Landcorp CEO Chris Kelly says he is just chasing profits with his offer to manage the Crafar farms for Shanghai Pengxin Group, should it gain Overseas Investment Office clearance to buy the properties. More >>
Lifeline for Windflow as underwriter emerge
Wednesday, 19 October 2011, 6:14 pm | BusinessDesk
Oct. 19 (BusinessDesk) – Embattled New Zealand wind turbine manufacturer Windflow Technology has pulled off a last minute reprieve, securing underwriting from a shareholder for any shortfall still remaining when its share purchase plan closes tomorrow evening. More >>
MARKET CLOSE: NZ shares rise; Fletcher rises from 2 1/2Y low
Wednesday, 19 October 2011, 6:09 pm | BusinessDesk
MARKET CLOSE: NZ shares rise; Fletcher rises from 2 1/2-year low, Rakon gains More >>
NZ dollar grinds lower as investors await European summit
Wednesday, 19 October 2011, 5:26 pm | BusinessDesk
Oct. 19 (BusinessDesk) – The New Zealand dollar edged lower in local trading as investors shied away from making any bold moves ahead of this weekend’s European Union summit. More >>
Blackstone's trans-Tasman head used to run Cullen Fund
Wednesday, 19 October 2011, 5:01 pm | BusinessDesk
Oct. 19 (BusinessDesk) – Former NZ Superannuation Fund chief Paul Costello has been tapped to oversee US private equity firm Blackstone’s trans-Tasman operations. More >>
Government dawdles on upping oil industry’s pollution charge
Wednesday, 19 October 2011, 4:58 pm | BusinessDesk
Oct. 19 (BusinessDesk) – The oil industry has been pressing the government for the last five years to change the way it charges for oil pollution clean-ups, says John Pfahlert, the executive director for the peak body for the local industry, the ... More >>
Internal Affairs enters 20th Century, targets spam faxes
Wednesday, 19 October 2011, 4:32 pm | BusinessDesk
Oct. 19 (BusinessDesk) – The Department of Internal Affairs has taken a great leap backwards and announced unsolicited advertising received by fax will count as spam. More >>
SFO launches probe into Auckland investment adviser
Wednesday, 19 October 2011, 4:07 pm | BusinessDesk
Oct. 19 (BusinessDesk) – The Serious Fraud Office has launched an investigation into Investment Solutions, an Auckland-based investment adviser, amid suspicions funds weren’t used as instructed. More >>
ANZ National, Westpac govt-guaranteed debt rating cut: Fitch
Wednesday, 19 October 2011, 4:02 pm | BusinessDesk
Oct. 19 (BusinessDesk) – Fitch Ratings cut the debt ratings on government-guaranteed bonds issued by ANZ National Bank and Westpac Banking Corp to reflect last month’s downgrade of New Zealand’s sovereign rating. More >>
Rena insurers to ‘meet their obligations in full’: Costamare
Wednesday, 19 October 2011, 3:04 pm | BusinessDesk
Oct. 19 (BusinessDesk) – Insurers for the container vessel Rena have promised to “meet its owner’s obligations in full,” according to a statement from the ship’s owners, Costamare Inc. More >>
Living Cell taps Japanese funding to continue research
Wednesday, 19 October 2011, 2:50 pm | BusinessDesk
Oct. 19 (BusinessDesk) – Living Cell Technologies, the ASX listed New Zealand diabetes treatment researcher, has secured A$25 million in funding from Japan’s Otsuka Pharmaceutical Factory to continue its work. More >>
Credit unions tout ‘trustworthiness’ after big bounce-back
Wednesday, 19 October 2011, 1:40 pm | BusinessDesk
Oct 19 (BusinessDesk) – New Zealand’s 21 credit unions are touting their relative trustworthiness in a bid to drum up new members in the wake of the sector’s recovery from the global financial crisis. More >>
