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BusinessDesk - Latest News [Page 1481]

Midday update: Kiwi dollar falls; Germany downplays progress

Tuesday, 18 October 2011, 11:59 am | BusinessDesk

Oct. 18 (BusinessDesk) – The New Zealand dollar fell back below 80 U.S. cents after Germany's finance minister doused hopes a regional summit this month would resolve Europe's debt crisis. More >>

Methanex, Kea go 50-50 in Taranaki oil play

Tuesday, 18 October 2011, 11:00 am | BusinessDesk

Oct. 18 (BusinessDesk) – Canadian methanol producer Methanex has confirmed it will fund half the cost of an exploration well in Kea Petroleum’s offshore Taranaki licence area. More >>

GuocoLeisure first-quarter profit climbs 44%

Tuesday, 18 October 2011, 9:55 am | BusinessDesk

Oct. 18 (BusinessDesk) – GuocoLeisure, the company once known as Brierley Investments, posted a 44 percent jump in first-quarter profit as higher oil and gas prices boosted its Bass Strait royalties and gained a one-time payment after a dispute was settled. More >>

Bollard warns against over regulation in response to quakes

Tuesday, 18 October 2011, 9:35 am | BusinessDesk

Oct. 18 (BusinessDesk) - New Zealand needs to avoid a costly regulatory over-reaction to the Christchurch earthquakes, though the central bank will intervene in the foreign exchange market if needed in response to a large earthquake in Wellington, said Reserve ... More >>

Where there’s a wool there’s a way F212 presumes

Tuesday, 18 October 2011, 9:13 am | BusinessDesk

Perhaps the most remarkable thing about the four new product ideas for use of coarse New Zealand wool that Fahrenheit 212 has come up with is that, as such, the core ideas aren’t new. More >>

NZ dollar slips below 80 US cents on German Finance Minister

Tuesday, 18 October 2011, 8:28 am | BusinessDesk

Oct. 18 (BusinessDesk) - The New Zealand dollar fell below above 80 U.S. cents overnight as German finance minister Wolfgang Schaeuble warned that this weekend’s summit “would not produce a miracle cure” for the euro zone's sovereign debt crisis. More >>

Lombard prosecution no more than a ‘post-mortem’: defence

Monday, 17 October 2011, 5:59 pm | BusinessDesk

Oct. 17 (BusinessDesk) – The lawyer for the directors of Lombard Finance told the Wellington High Court their prosecution was nothing more than a “post-mortem” of the failed lender, and that they did not mislead investors in its 2007 prospectus, ... More >>

MARKET CLOSE: NZ shares rise in light trading; GFF gains

Monday, 17 October 2011, 5:42 pm | BusinessDesk

Oct. 17 (BusinessDesk) –New Zealand shares rose in subdued trading amid concerns the annual meeting season will deliver further profit downgrades after three companies lowered their guidance last week. Goodman Fielder led gainers and Rakon fell. More >>

SMELLIE ON SMEs: Falling under a bus

Monday, 17 October 2011, 5:34 pm | BusinessDesk

Oct. 17 (BusinessDesk) – One thing small businesses are both very good and very bad at is doing everything themselves. Owners with a skill in one area can quickly find themselves becoming the de facto strategist, accountant, legal adviser, human ... More >>

NZ dollar holds above 80 US cents on European optimism

Monday, 17 October 2011, 4:51 pm | BusinessDesk

Oct. 17 (BusinessDesk) - The New Zealand dollar held above 80 U.S. cents, having soared late on Friday in the US, on optimism Europe’s leaders will manage to tackle debt problems in the region that have threatened to derail global growth. More >>

F&P Appliances grants MD Broadhurst incentive options

Monday, 17 October 2011, 3:53 pm | BusinessDesk

Oct. 17 (BusinessDesk) - Fisher & Paykel Appliances has put in place a long-term incentive plan designed to ensure managing director Stuart Broadhurst stays in the business “and will continue his focus on achieving the objective of long-term shareholder ... More >>

NZOG commits another $5mln to Pike River

Monday, 17 October 2011, 3:28 pm | BusinessDesk

Oct. 17 (BusinessDesk) – The largest shareholder in the Pike River coal mine, New Zealand Oil & Gas, has committed a further $5 million to help meet mine stabilisation costs after the receivers warned they had exhausted their working capital. More >>

Energy Mad reaches $5M IPO target after extending deadline

Monday, 17 October 2011, 2:13 pm | BusinessDesk

Oct. 17 (BusinessDesk) – Energy Mad, which makes and markets energy-efficient light bulbs, has raised the $5 million sought in its initial public offering after extending the deadline for the sale by two weeks. More >>

Lombard directors can’t shirk responsibility, Crown says

Monday, 17 October 2011, 2:02 pm | BusinessDesk

Oct. 17 (BusinessDesk) – The directors of failed lender Lombard Finance & Investments can’t shirk their responsibility for the firm’s overexposure to property development and weak financial position, the Crown prosecutor says. More >>

Rio Tinto’s Bluff smelter up for sale

Monday, 17 October 2011, 1:13 pm | BusinessDesk

Oct. 17 (BusinessDesk) – New Zealand’s largest single electricity user, the Rio Tinto aluminium smelter at Bluff, is for sale along with 12 other aluminium producing assets in the giant Australian minerals company’s portfolio. More >>

Wellington Airport names Steve Sanderson as new CEO

Monday, 17 October 2011, 1:04 pm | BusinessDesk

Oct. 17 (BusinessDesk) – Wellington International Airport, which is controlled by listed utility investor Infratil, has tapped Steve Sanderson as its new chief executive starting next year, a role he currently holds at Queenstown Airport. More >>

Midday update: “Frank, constructive” talks on Rena

Monday, 17 October 2011, 12:36 pm | BusinessDesk

Oct. 17 (BusinessDesk) – Transport Minister Steven Joyce held a “frank but constructive” meeting this morning in Tauranga with Mediterranean Shipping Corporation, the European shipping company that chartered the wrecked container ship, Rena. The meeting followed ... More >>