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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 1515]
NZ dollar gains as buyers return after selloff
Wednesday, 17 August 2011, 8:34 am | BusinessDesk
Aug. 17 (BusinessDesk) - The New Zealand dollar rose against the greenback, with strong buying interest in the kiwi after yesterday's heavy selloff helping the currency to sidestep the pullback in risk appetite on global equity markets. More >>
Fonterra dairy prices fall 0.9%, led by whole milk powder
Wednesday, 17 August 2011, 7:13 am | BusinessDesk
Aug. 17 (BusinessDesk) – Average prices of dairy products recorded their smallest decline in five sales at Fonterra Cooperative Group’s latest online auction, with whole milk powder leading the slide. More >>
MARKET CLOSE: NZ stocks rise on offshore momentum
Tuesday, 16 August 2011, 5:52 pm | BusinessDesk
Aug. 16 (BusinessDesk) - New Zealand stocks rose for a fourth session with the exchange riding out positive momentum on Wall Street as the Standard & Poor's 500 Index regained all the value lost since the U.S. credit rating downgrade. Telecom Corp. ... More >>
Taxpayers won’t see Nomura’s price for SCF loans until Dec
Tuesday, 16 August 2011, 5:17 pm | BusinessDesk
by Paul McBeth Aug. 18 (BusinessDesk) - Taxpayers will have to wait until December to find out how much they’ve lost on the core loans belonging to the failed South Canterbury Finance Ltd. More >>
Shell picks up the challenge of the Great South Basin
Tuesday, 16 August 2011, 3:14 pm | BusinessDesk
Aug. 16 (BusinessDesk) – Global oil giant Shell’s New Zealand arm is to take a half-share in two exploration licences in the fabled Great South Basin, in deep water to the south of New Zealand. More >>
Nomura buys SCF ‘good bank’ assets valued at $123 mln
Tuesday, 16 August 2011, 1:38 pm | BusinessDesk
Aug. 16 (BusinessDesk) – Japanese investment bank Nomura Holdings has bought the so-called ‘good bank’ assets of failed lender South Canterbury Finance Ltd. More >>
Westpac wrong to hold funds in Hamilton case, court says
Tuesday, 16 August 2011, 12:46 pm | BusinessDesk
Aug. 16 (BusinessDesk) – The Supreme Court has told lender Westpac New Zealand Ltd. it was wrong to withhold client funds amid suspicions over where the money was going and it will have to pay interest and costs. More >>
Midday update: EQC retains AAA credit rating
Tuesday, 16 August 2011, 12:18 pm | BusinessDesk
Aug 16 (BusinessDesk) – The Earthquake Commission has retained its AAA credit rating from the rating agency Standard & Poor’s, despite uncertainty about how well it would cope if another major disaster occurred. However, the EQC is also finding ... More >>
Westpac’s NZ unit outperforms Australian parent in 3Q
Tuesday, 16 August 2011, 11:21 am | BusinessDesk
Aug. 16 (BusinessDesk) – Westpac Banking Corp.’s New Zealand unit had a strong third quarter, outperforming the Australian parent as it grabbed market share and lifted customer lending. More >>
EQC a better bet than the U.S. economy, says S&P
Tuesday, 16 August 2011, 10:45 am | BusinessDesk
Aug. 16 (BusinessDesk) – New Zealand’s Earthquake Commission has maintained its AAA financial strength and issuer credit ratings from the international credit rating agency, Standard & Poor’s, which downgraded American sovereign debt to AA+ ... More >>
Stocks to watch: FRE, IFT, PGW, SKT, RBD, TUR, VCT, XRO
Tuesday, 16 August 2011, 9:29 am | BusinessDesk
Aug. 16 (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 >>
NZ dollar fall as upbaet investors grab stocks, Aus $
Tuesday, 16 August 2011, 8:31 am | BusinessDesk
Aug. 16 (BusinessDesk) - The New Zealand dollar fell against all major currencies last night as investors returned to stock markets with gusto and largely ignored trading in the kiwi. More >>
Chinese economy vital for NZ right now: Key
Monday, 15 August 2011, 6:15 pm | BusinessDesk
by Pattrick Smellie Aug 15 (BusinessDesk) – The Chinese economy is the most important indicator for the domestic economy now, because of its direct impact on growth in Australia, New Zealand’s largest trading partner, says Prime Minister John Key. More >>
Xero, Next Window, Open Cloud big winners in tech grants
Monday, 15 August 2011, 6:02 pm | BusinessDesk
Aug 15 (BusinessDesk) – Xero Ltd., the New Zealand online accounting software entrepreneur, is the big NZX-listed company beneficiary, taking $4.04 million of $50 million of funding announced under the government’s Technology Grants Scheme. More >>
PGG Wrightson debt holders agree to finance unit’s sale
Monday, 15 August 2011, 5:57 pm | BusinessDesk
Aug. 15 (BusinessDesk) – PGG Wrightson Ltd.’s bond and debenture holders have agreed to the sale of its finance unit to Heartland New Zealand Ltd. More >>
MARKET CLOSE: NZ stocks rise on rebound rally; Telecom leads
Monday, 15 August 2011, 5:53 pm | BusinessDesk
Aug. 15 (BusinessDesk) - New Zealand stocks rose, with the exchange joining regional markets in rebound rally following the recent rout on global equity markets. Telecom Corp. led gainers and APN News & Media Ltd. fell. More >>
Constant regulatory 'tweaking' irks foreign funders: Vector
Monday, 15 August 2011, 3:28 pm | BusinessDesk
Aug 15 (BusinessDesk) – Potential foreign lenders to network monopolies such as Vector Ltd. are being put off by “constant tweaking” of the regulated pricing regime administered by the Commerce Commission, the Wellington High Court heard this ... More >>
Offshore ironsands explorer doubles resource estimate
Monday, 15 August 2011, 3:01 pm | BusinessDesk
Aug. 15 (BusinessDesk) - Offshore ironsands explorer TransTasman Resources Ltd. says it has confirmed “inferred” and “indicated” resources of around 200 million tonnes to the internationally recognised JORC code standard in its southern Taranaki ... More >>
NZ dollar outlook: Kiwi may gain as equity markets recover
Monday, 15 August 2011, 1:57 pm | BusinessDesk
Aug. 15 (BusinessDesk) - The New Zealand dollar may rise this week, as equity markets recover from a three-week selloff following the U.S. credit rating downgrade, although the risk of further volatility remains high with European policymakers scheduled ... More >>
Midday update: Company earnings season kicks off
Monday, 15 August 2011, 12:03 pm | BusinessDesk
Aug. 15 (BusinessDesk) – Earnings season on the stock exchange kicked off in earnest with the exchange operator NZX and courier firm Freightways starting the week. More >>
