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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 1522]
MARKET CLOSE: NZX50 falls on global growth fears; APN drops
Tuesday, 2 August 2011, 5:52 pm | BusinessDesk
Aug. 2 (BusinessDesk) - New Zealand stocks fell as concerns over the faltering pace of global growth on the back of a spate of weak manufacturing data doused any post U.S. debt deal enthusiasm. APN News & Media Ltd. led decliners, while Kathmandu ... More >>
Ryman buys land for 26th village in Howick
Tuesday, 2 August 2011, 5:01 pm | BusinessDesk
Aug. 2 (BusinessDesk) - Retirement village builder and operator Ryman Healthcare plans its 26th retirement village will be established in the Howick suburb of Auckland. More >>
NZ dollar gains against Aust currency as RBA holds rate
Tuesday, 2 August 2011, 4:58 pm | BusinessDesk
Aug. 2 (BusinessDesk) – The New Zealand jumped to a 12-month high against the Australian currency after the Reserve Bank of Australia kept its benchmark rate at 4.75%. More >>
ComCom still considering abuse of market power by Fonterra
Tuesday, 2 August 2011, 4:53 pm | BusinessDesk
Aug. 2 (BusinessDesk) – The Commerce Commission found no cause to recommend Fonterra be regulated under Part 4 of the Commerce Act but hasn’t yet reached a decision on Part 2 complaints that the dairy giant misused its market power. More >>
CEO Milliner falls victim to Mercer Group strategic review
Tuesday, 2 August 2011, 1:21 pm | BusinessDesk
Aug. 2 (BusinessDesk) - Howard Milliner has taken up the offer to resign as chief executive of Mercer Group, the unprofitable stainless steel fabricator that has been conducting a strategic review under new chairman Garry Diack. More >>
Hart’s US$18.2 bln debt mountain has rating agencies edgy
Tuesday, 2 August 2011, 12:39 pm | BusinessDesk
Aug. 2 (BusinessDesk) – The prospect of an US$18.19 billion mountain of debt on Graeme Hart’s packaging empire has rating agencies nervous with both Moody’s Investors Service and Standard & Poor’s paying more attention to the risks ... More >>
Midday update: No milk price inquiry as wages lag inflation
Tuesday, 2 August 2011, 12:09 pm | BusinessDesk
Aug. 2 (BusinessDesk) – The government’s competition watchdog, the Commerce Commission, says there is no case for price controls on New Zealand domestic milk supplies, but Prime Minister John Key says an inter-departmental inquiry into milk pricing will ... More >>
Vital Healthcare to lift forex cover
Tuesday, 2 August 2011, 11:36 am | BusinessDesk
Aug. 2 (BusinessDesk) - Vital Healthcare Property Trust will increase is foreign exchange hedging to between 90% and 100% of the value of its net assets in Australia. More >>
Kiwi Income sells Wellington, Palmerston North properties
Tuesday, 2 August 2011, 11:32 am | BusinessDesk
Aug. 2 (BusinessDesk) - Kiwi Income Property Trust, the country's biggest listed property investment vehicle, sold two properties, with the non-core assets "logical candidates for capital recycling". More >>
Electricity Authority intervenes to encourage competition
Tuesday, 2 August 2011, 11:30 am | BusinessDesk
Aug. 2 – The Electricity Authority is to commandeer funds normally shared among industry participants to create a new protection against sky-high wholesale market spot price spikes like those that hit the market on Saturday, March 26. More >>
NZ wages growth fails to keep pace with inflation
Tuesday, 2 August 2011, 10:58 am | BusinessDesk
Aug. 2 (BusinessDesk) – New Zealand wages grew at a slower pace than headline inflation, helping support the central bank’s view that the jump in the consumer price index shouldn’t be used as a reason to hike pay rates. More >>
Grace falls short of control for Tourism Holdings
Tuesday, 2 August 2011, 10:48 am | BusinessDesk
Aug. 2 (BusinessDesk) – Switzerland-based investor John Grace’s offer for control of Tourism Holdings Ltd. has closed short of his target after an independent valuation said the campervan rental company was worth more. More >>
Kathmandu full-year earnings rise as much as 36%
Tuesday, 2 August 2011, 10:23 am | BusinessDesk
August 2 (BusinessDesk) - Kathmandu Holdings Ltd., the outdoor equipment chain, said full-year pretax earnings rose between 31% and 36% on new store openings, favourable weather and better inventory management. The shares gained after the announcement. More >>
Telecom and Vodafone bury the hatchet in TSO dispute
Tuesday, 2 August 2011, 9:57 am | BusinessDesk
Aug. 2 (BusinessDesk) – A long-running legal battle between the countries two largest telcos has been settled out of court, Telecom New Zealand and Vodafone announced. More >>
Stocks to watch: IRG, HNZ, PGC, TLS, TWR, XRO
Tuesday, 2 August 2011, 9:32 am | BusinessDesk
Aug. 2 (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 >>
Heartland NZ on track for $6 mln to $8 mln maiden profit
Tuesday, 2 August 2011, 9:29 am | BusinessDesk
Heartland NZ on track for $6 mln to $8 mln maiden profit Aug. 2 (BusinessDesk) – Heartland New Zealand Ltd., the lender formed from the merger of Marac Finance and the Canterbury and Southern Cross building societies, says its maiden profit target ... More >>
Commerce Commission rules out price control inquiry for milk
Tuesday, 2 August 2011, 9:06 am | BusinessDesk
August 2 (BusinessDesk) – New Zealand’s antitrust regulator has ruled out price controls for the nation’s domestic milk, saying enough rivalry exists between the two main supermarket chains while for wholesale milk, Fonterra and Goodman Fielder ... More >>
NZ dollar falls as weak factory data saps confidence
Tuesday, 2 August 2011, 8:21 am | BusinessDesk
Aug. 2 (BusinessDesk) - The New Zealand dollar fell against the greenback after poor manufacturing data out of the U.K. and U.S. doused the upbeat mood of global markets seen after officials in Washington agreed on a deal to lift the debt ceiling. More >>
MARKET CLOSE: NZ stocks rise on U.S. debt deal, led by FPA
Monday, 1 August 2011, 6:03 pm | BusinessDesk
MARKET CLOSE: NZ stocks rise on U.S. debt deal; F&P Appliances leads gainers, Goodman Fielder falls More >>
Fulton Hogan CEO Bill Perry dies suddenly
Monday, 1 August 2011, 3:51 pm | BusinessDesk
August 1 (BusinessDesk) – Bill Perry, chief executive of Fulton Hogan Ltd., died suddenly last weekend, the closely held construction company said. More >>
