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BusinessDesk - Latest News [Page 1513]

Air NZ tests waters for $150 mln bond issue

Friday, 19 August 2011, 1:31 pm | BusinessDesk

Aug. 19 (BusinessDesk) – National carrier Air New Zealand Ltd. is signalling its intention to raise up to $150 million in five-year bonds next month. More >>

Fletcher-led group wins $1.3B Waterview Connection contract

Friday, 19 August 2011, 1:27 pm | BusinessDesk

Aug. 19 (BusinessDesk) – A group led by Fletcher Building Ltd. has won the government contract to building the $1.3 billion Waterview Connection project, which links up Auckland’s Western Ring Route. More >>

Telecom underlying profit rises 2% on cost-cuts, mobile

Friday, 19 August 2011, 1:00 pm | BusinessDesk

Aug. 19 (BusinessDesk) – Telecom Corp. shares gained, even as the broader market sold off, after the country’s biggest phone company posted a 2% increase in underlying profit on cost cuts and higher mobile earnings. More >>

ANZ Bank’s NZ unit more than doubles third-quarter earnings

Friday, 19 August 2011, 12:53 pm | BusinessDesk

Aug.19 (BusinessDesk) – Australia & New Zealand Banking Group more than doubled third-quarter underlying profit from New Zealand, where it is the biggest lender, after slashing its impairment charge for bad loans and boosting interest income. More >>

Midday update: Shares fall on U.S. growth fears, Telecom up

Friday, 19 August 2011, 11:43 am | BusinessDesk

Aug 19 (BusinessDesk) – New Zealand shares followed the trend of last night’s global equities rout, with the benchmark NZX50 index falling 1.07% to 32509.95 shortly before midday. Some 39 stocks fell, led by Goodman Fielder Ltd., which took a A$300 ... More >>

High NZ dollar sees record number of kiwis travel

Friday, 19 August 2011, 11:31 am | BusinessDesk

Aug. 19 (BusinessDesk) - The strength of the New Zealand dollar saw a record number of kiwis pack their bags and head on overseas trips in July, while the high currency crimped the number of inbound visitors. More >>

Maiden profit of $7.1 million for Heartland

Friday, 19 August 2011, 11:15 am | BusinessDesk

Aug 19 (BusinessDesk) – Heartland New Zealand Ltd., the finance company aiming to become a bank, posted a maiden annual profit of $7.1 million, after booking $6.8 million in one-time charges for its first year of operation, NZX listing costs, and ... More >>

Goodman Fielder FY profit missed forecast on baking charge

Friday, 19 August 2011, 10:37 am | BusinessDesk

Aug.19 (BusinessDesk) – Goodman Fielder Ltd., the Australasian food manufacturer, said profit in its latest year missed its forecast because of a A$300 million impairment charge against its baking division. More >>

NZ shares fall 1.3% at open after global rout

Friday, 19 August 2011, 10:12 am | BusinessDesk

Aug. 19 (BusinessDesk) – New Zealand shares fell 1.3% on the open, joining a global rout on speculation the U.S. is heading back into recession. Fletcher Building and Pumpkin Patch paced the slide. More >>

Michael Hill profit gains 33% as sales rise, US loss shrinks

Friday, 19 August 2011, 10:02 am | BusinessDesk

Aug. 19 (BusinessDesk) – Michael Hill International, the jewellery chain bearing its founder’s name, said full-year profit jumped by about a third as sales recovered in Australia, New Zealand and Canada, and the company stemmed its losses in the U.S. More >>

Telecom writes down copper network by $257M, profit down 57%

Friday, 19 August 2011, 9:44 am | BusinessDesk

Aug. 19 (BusinessDesk) – Telecom Corp., which plans to carve itself in two to tap government funding for a national broadband network, wrote down the value of its ageing copper lines by $257 million, more than halving the company’s annual profit. More >>

Stocks to watch: AMP, APN, MHI, POT, PLU, TEL, TUA, WFD

Friday, 19 August 2011, 9:26 am | BusinessDesk

Stocks to watch: AMP, APN, MHI, POT, PLU, TEL, TUA, WFD Aug. 19 (BusinessDesk) – The following stocks may be active on the New Zealand exchange after developments since the close of trading. All prices are in New Zealand dollars unless specified. More >>

Telecom lifts underlying earnings on more cost savings

Friday, 19 August 2011, 8:44 am | BusinessDesk

Aug. 19 (BusinessDesk) – Telecom Corp., which plans to split itself up in order to tap government funding for a national broadband network, lifted underlying earnings 2.1% as it continued its cost-cutting programme. More >>

NZ dollar drops 1.3% vs USD as global sharemarkets sink

Friday, 19 August 2011, 8:29 am | BusinessDesk

Aug. 19 (BusinessDesk) - The New Zealand dollar dropped 1.3% against the greenback after a raft of weak U.S. economic data saw global equities plummet with investors fleeing for the safety of bonds and gold. More >>

South Africans to be RWC big spenders, Aussies the cheapest

Thursday, 18 August 2011, 6:23 pm | BusinessDesk

Aug. 18 (BusinessDesk) – About 14,000 visitors from Africa are expected to be the biggest spenders at the Rugby World Cup when it kicks off next month, while our nearest neighbours will be the cheapest. More >>

Hanover investors face dilution in Allied bonus issue

Thursday, 18 August 2011, 6:21 pm | BusinessDesk

Aug. 18 (BusinessDesk) – Investors in the Hanover and United Finance companies are facing further losses in their near-worthless Allied Farmers Ltd. shares as the company prepares to compensate its original shareholders from before the unsuccessful ... More >>