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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 1537]
New Christchurch takes shape as Koreans back golf academy
Friday, 1 July 2011, 5:45 pm | BusinessDesk
July 1 (BusinessDesk) – A group of Korean investors, understood to include pension funds and other institutional investors, is backing a $160 million Christchurch golf course, academy and housing development that plays perfectly into the fact that thousands ... More >>
Fonterra uses change of ownership clause to buy back RD1
Friday, 1 July 2011, 3:31 pm | BusinessDesk
July 1 (BusinessDesk) – Fonterra Cooperative Group has exercised a pre-emptive right to buy the 50% of rural supplies chain RD1 that it doesn’t already own after its Australian partner was acquired by Canada’s Agrium. More >>
NZ corporates gilding the lily with wooly earnings numbers
Friday, 1 July 2011, 3:15 pm | BusinessDesk
July 1 (BusinessDesk) – New Zealand companies used 214 different measures of profit in 2010, risking leaving investors in a state of confusion about what’s being stripped out or added to the bottom line to paint a better picture, according to Deloitte’s ... More >>
Trusting trustees to watch over your investment
Friday, 1 July 2011, 3:04 pm | BusinessDesk
July 1 (BusinessDesk) – With almost any investment you care to name, outside of the family home, you’re inevitably leaving your money in the hands of strangers. More >>
PGC’s $14M bridging loan to EPIC to protect fund’s wind-down
Friday, 1 July 2011, 2:38 pm | BusinessDesk
July 1 (BusinessDesk) – Pyne Gould Corp., which divested its Marac finance unit in the Heartland New Zealand Ltd. merger, will put up $14 million to refinance a related fund as it winds itself down. More >>
Auckland Airport names Judy Nicholl as aeronautics chief
Friday, 1 July 2011, 1:16 pm | BusinessDesk
July 1 (BusinessDesk) - Auckland International Airport Ltd. named Judy Nicholl as permanent manager of aeronautical operations, a business that generated 12% sales growth in the first half. More >>
Midday update: Olam blocked from Farming Systems takeover
Friday, 1 July 2011, 12:04 pm | BusinessDesk
July 1 (BusinessDesk) – Activist New Zealand shareholders have stymied Singaporean investor Olam International Ltd.’s plans to make a full takeover for New Zealand Farming Systems Uruguay Ltd. More >>
PGC to stump up $14 mln to cover asset management unit loan
Friday, 1 July 2011, 11:37 am | BusinessDesk
July 1 (BusinessDesk) – Pyne Gould Corp., which divested its Marac finance unit in the Heartland New Zealand Ltd. merger, wants to put up $14 million as part of a refinancing package for funds managed by its asset management unit. More >>
Federated Farmers elects Bruce Wills as president
Friday, 1 July 2011, 11:30 am | BusinessDesk
July 1 (BusinessDesk) - Bruce Wills has been elected as the new president of rural lobby group Federated Farmers at its annual meeting in Rotorua today. More >>
NZ disasters wipe out Transpacific Industries' profit
Friday, 1 July 2011, 10:08 am | BusinessDesk
July 1 (BusinessDesk) - Queensland-based Transpacific Industries Group is blaming natural disasters in New Zealand for the bulk of write-downs between A$225 million and A$250 million. More >>
Stocks to watch: AIR, NZS, NZO, OGC, TUR, TWR
Friday, 1 July 2011, 9:43 am | BusinessDesk
July 1 (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 >>
Rugby World Cup ticket sales hit $200 mln
Friday, 1 July 2011, 9:31 am | BusinessDesk
Rugby World Cup ticket sales hit $200 mln July 1 (BusinessDesk) – More than 900,000 tickets to this year’s Rugby World Cup have been sold for some $200 million as people lined up for the eight games taken out of Christchurch in the wake of the ... More >>
Farming Systems' shareholders stymie Olam full takeover
Friday, 1 July 2011, 9:11 am | BusinessDesk
by Jason Krupp July 1 (BusinessDesk) - A group of activist shareholders has won out against Olam International Ltd., after the Singaporean food group failed to acquire the 90% stake it needs in the South American dairy operator to trigger compulsory ... More >>
NZ dollar slips from post-float high
Friday, 1 July 2011, 8:27 am | BusinessDesk
July 1 (BusinessDesk) - The New Zealand dollar slipped from a post-float high though its slide was capped by optimism Greece will avoid defaulting on its debt. More >>
Law Commission wants crackdown on trustee exemption clauses
Friday, 1 July 2011, 7:46 am | BusinessDesk
June 30 (BusinessDesk) – The Law Commission wants a crackdown on trustees’ ability to dodge responsibility when they fail in their duties, and is calling for submissions on a wide-ranging review of trust law. More >>
While you were sleeping: US economy, Greece hum along
Friday, 1 July 2011, 7:46 am | BusinessDesk
(BusinessDesk) July 1 - Investors on Wall Street drew confidence from a report signalling better-than-expected strength in the U.S. economy and Greece’s progress toward garnering support for more funding to stave off default. More >>
MARKET CLOSE: NZ stocks rise; NZ Refining leads gainers
Thursday, 30 June 2011, 5:53 pm | BusinessDesk
June 30 (BusinessDesk) - New Zealand stocks rose, with the upbeat sentiment after the Greek austerity vote flowing through to regional markets. New Zealand Refining Co. led gainers, while Tower Ltd. fell. More >>
Impact of bank rules on farm lending rate exaggerated: RBNZ
Thursday, 30 June 2011, 5:06 pm | BusinessDesk
June 30 (BusinessDesk) - New rules requiring New Zealand banks to carry more capital for rural sector lending will have little effect on interest rates to farm borrowers, since banks have already increased their interest rate margins to reflect growing ... More >>
Private equity fund seeks US bridgehead for hi-tech firms
Thursday, 30 June 2011, 4:39 pm | BusinessDesk
June 30 (BusinessDesk) – New Zealand private equity fund Endeavour Capital is teaming with Crown-owned science agency Industrial Research Ltd. to build a bridgehead in Florida for high-value manufacturing opportunities based, at least in part, on New ... More >>
NZ dollar charts new post-float high above 83 US cents
Thursday, 30 June 2011, 4:18 pm | BusinessDesk
June 30 (BusinessDesk) - The New Zealand dollar rose to a new post-float high on optimism Greece will succeed in imposing austerity measures aimed at eliciting the financial aid needed to avoid default on its debt. More >>
