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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 1484]
Power’s securities law overhaul attracts secret submissions
Wednesday, 12 October 2011, 3:05 pm | BusinessDesk
Oct. 12 (BusinessDesk) – A haul of 72 submissions, from a who’s who of the nation’s most powerful businesses, has been filed on fundamental reforms to decades-old securities legislation – four of them private. More >>
Rena charterer urged to take responsibility for standards
Wednesday, 12 October 2011, 1:00 pm | BusinessDesk
Oct. 12 (BusinessDesk) - Mediterranean Shipping Co. should take responsibility for standards on vessels it charters and not distance itself from the grounding of the MV Rena off the Tauranga coast, an industry observer said. More >>
Auckland drives nationwide increase in property values
Wednesday, 12 October 2011, 12:53 pm | BusinessDesk
Oct. 12 (BusinessDesk) – Auckland propped up New Zealand property values for another month in September as the market continues to slowly recover from its downward spiral over the past few years. More >>
Midday update: Profit warning knocks Fletcher from top spot
Wednesday, 12 October 2011, 12:19 pm | BusinessDesk
Oct. 12 (BusinessDesk) – Fletcher Building Ltd. dropped from its status as New Zealand’s largest listed company by market capitalisation as a profit warning based on weak Australasian conditions and uncertainties on earthquake reconstruction knocked ... More >>
NZ housing recovery slows in September: REINZ
Wednesday, 12 October 2011, 12:00 pm | BusinessDesk
Oct. 12 (BusinessDesk) –New Zealand’s housing market recovery slowed last month, with a smaller-than-expected pick-up in new spring sales. More >>
Wellington Drive grants manufacturing licence to Ziehl-Abegg
Wednesday, 12 October 2011, 11:28 am | BusinessDesk
Oct. 12 (BusinessDesk) – Wellington Drive technologies Ltd., the unprofitable maker of energy-efficient refrigeration motors, has granted a manufacturing and distribution licence to German customer Ziehl-Abegg AG as part of a deal to change the terms of ... More >>
Fletcher Building shares tumble on weak outlook for 2012
Wednesday, 12 October 2011, 11:24 am | BusinessDesk
Oct. 12 (BusinessDesk) – Fletcher Building Ltd. shares tumbled, wiping more than half a billion dollars off the company’s market value, after it said earnings growth will stall this year, with no signs of a pick up in Australia or New Zealand. More >>
Locals give NZ accommodation a lift in August
Wednesday, 12 October 2011, 11:24 am | BusinessDesk
Oct. 12 (BusinessDesk) – Local travellers swelled New Zealand’s accommodation numbers for a second month in August, as international visitors’ guest nights tapered away for a 12th month. More >>
Lanzatech links with Swedes, Virgin Atlantic and Boeing
Wednesday, 12 October 2011, 10:34 am | BusinessDesk
Oct. 12 (BusinessDesk) – Bio-fuels pioneer Lanzatech New Zealand Ltd. is accelerating its path into the aviation fuel market by partnering with a Swedish company to convert ethanol to aviation bio-fuel for use by global airline Virgin Atlantic and plane ... More >>
Fewer NZ business insolvencies, Australian failures rising
Wednesday, 12 October 2011, 10:00 am | BusinessDesk
Oct. 12 (BusinessDesk) – Credit checking agency Dun & Bradstreet says New Zealand is now experiencing one of the lowest rates of business insolvency among developed countries it monitors, but that a surge in Australian business failures means kiwi ... More >>
Fletcher says 1H profit to fall 10%, FY growth to stall
Wednesday, 12 October 2011, 9:51 am | BusinessDesk
Oct. 12 (BusinessDesk) – Fletcher Building Ltd., the biggest company on the NZX 50 Index, said first-half profit will fall 10% and earnings growth will stall in the full year on weak residential construction and potential delays in the rebuild ... More >>
Cavalier 1Q sales slump 20%, cans dividend reinvestment plan
Wednesday, 12 October 2011, 8:58 am | BusinessDesk
Oct. 12 (BusinessDesk) – Cavalier Corp., the carpet maker which is in the process of laying off some 42 staff at its nationwide yarn operations, has canned this year’s dividend reinvestment plan after the recent turbulence in financial markets saw its ... More >>
New Zealand dollar drifts as markets await Slovakian vote
Wednesday, 12 October 2011, 8:18 am | BusinessDesk
Oct. 11 (BusinessDesk) – The New Zealand dollar dipped below 78 U.S. cents in overnight trading but started local trading today above that figure as investors monitoring the European sovereign debt crisis focused on the vote in Slovakia to approve the ... More >>
MARKET CLOSE: NZX50 drifts higher, another big day for APN
Tuesday, 11 October 2011, 6:05 pm | BusinessDesk
MARKET CLOSE: NZ stocks drift higher, another big day for APN Oct. 11 (BusinessDesk) – New Zealand stocks staged a mild rally in trading on the NZX today, after a weak start on Monday. More >>
NZ dollar holds gains as markets pin new hope on Europe
Tuesday, 11 October 2011, 5:06 pm | BusinessDesk
Oct. 11 (BusinessDesk) – The New Zealand dollar held above 78 U.S. cents in local trading as markets kept their hopes alive for a European deal to resolve the region’s burgeoning debt crisis. More >>
ANZ pay freeze includes NZ senior execs
Tuesday, 11 October 2011, 3:28 pm | BusinessDesk
Oct. 11 (BusinessDesk) – A leaked Australian head office memo announcing a senior executive pay freeze at the ANZ Bank applies equally to the bank’s New Zealand operation, including the National Bank, ANZ New Zealand has confirmed. More >>
Michael Hill lifts 1Q sales 6.5% as US sales surge
Tuesday, 11 October 2011, 3:08 pm | BusinessDesk
Oct. 11 (BusinessDesk) - Jeweller Michael Hill International Ltd. said first-quarter revenue rose 6.5% in New Zealand dollar terms, boosted by a surge in U.S. sales. More >>
Power to head Westpac NZ’s high wealth customer bank
Tuesday, 11 October 2011, 3:07 pm | BusinessDesk
Oct. 11 (BusinessDesk) – Outgoing Justice and Commerce Minister Simon Power has been tapped to head up Westpac Private Bank, which looks after the lender’s high net wealth clients. More >>
Fonterra targets India, Greens sympathise with local farmers
Tuesday, 11 October 2011, 1:44 pm | BusinessDesk
Oct. 12 (BusinessDesk) - Fonterra is investigating setting up dairy farms in India, the world's second-most populous country, while the Green Party is sympathising with efforts by Indian farmers to protect their domestic agriculture. More >>
Bendon snaps up Aussie undie brands
Tuesday, 11 October 2011, 1:32 pm | BusinessDesk
Oct. 11 (BusinessDesk) – Lingerie maker Bendon Group has bought three new brands from Australia’s Gazal Corp. just two months after expatriate millionaire Eric Watson’s Cullen Group relinquished the day-to-day management of the local manufacturer. More >>
