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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 1538]
AMI more than doubles reinsurance cover
Thursday, 30 June 2011, 3:59 pm | BusinessDesk
June 30 (BusinessDesk) – AMI Insurance Ltd., which sought government support after the Christchurch earthquakes were expected to drain its reserves, has secured $1.3 billion in reinsurance cover for the next year. More >>
TVNZ board seat for 'swipe-card' lobbyist Barrie Saunders
Thursday, 30 June 2011, 3:28 pm | BusinessDesk
June 30 (BusinessDesk) – Headline-attracting Wellington PR shop Saunders Unsworth has scored again, with the appointment of principal Barrie Saunders to the board of state-owned Television New Zealand Ltd. More >>
Genesis, Solid Energy face restructuring for sale: Treasury
Thursday, 30 June 2011, 3:00 pm | BusinessDesk
June 30 (BusinessDesk) – State-owned enterprises Genesis Energy Ltd. and Solid Energy Ltd. may be restructured to boost their appeal in the event of partial privatisation, according to the Treasury. More >>
NZ business confidence climbs for 3rd month
Thursday, 30 June 2011, 1:51 pm | BusinessDesk
June 30 (BusinessDesk) – New Zealand business confidence gained for a third month as the rural sector starts seeing money flow in on the record-high commodity prices producers are enjoying. More >>
Irongate investors to get 67c-83c in the dollar: receivers
Thursday, 30 June 2011, 12:09 pm | BusinessDesk
June 30 (BusinessDesk) – Debenture holders in Irongate Property Ltd. may have to write off as much as a third of their investment, according to the failed property investor’s receivers. More >>
Cushing family ups stake in Kirkcaldies to 17%
Thursday, 30 June 2011, 12:06 pm | BusinessDesk
June 30 (BusinessDesk) – Selwyn and David Cushing increased their stake in upscale Wellington department store Kirkcaldie & Stains Ltd. to 17.1%, though the businessmen aren’t contemplating a full takeover and haven’t yet decided whether to take ... More >>
Midday update: Supreme Court mulls personal tax avoidance
Thursday, 30 June 2011, 11:47 am | BusinessDesk
June 30 (BusinessDesk) – The use of private companies and family trusts to reduce personal income tax hangs in the balance as five Supreme Court judges consider their decision on a landmark tax avoidance appeal. More >>
NZ building contents rise in May on Christchurch housing
Thursday, 30 June 2011, 11:22 am | BusinessDesk
June 30 (BusinessDesk) - New Zealand building consents rose for a third straight month in May, helped by early efforts to supply temporary housing to Christchurch residents displaced by the earthquakes. More >>
UPDATED: NZOG CEO resignation "not linked" to Pike River
Thursday, 30 June 2011, 10:48 am | BusinessDesk
June 30 (BusinessDesk) – The chief executive of New Zealand Oil & Gas Ltd., David Salisbury, has announced his resignation for “personal reasons”, but the company says there is no link between the unexpected departure and the imminent start ... More >>
Govt spending still a risk to monetary policy, RBNZ says
Thursday, 30 June 2011, 10:16 am | BusinessDesk
June 30 (BusinessDesk) – Government spending is still on Reserve Bank Governor Alan Bollard’s mind, even after Finance Minister Bill English stripped all new expenditure out of his programme in this year’s budget. More >>
NZ Oil & Gas CEO Salisbury resigns ahead of Pike inquiry
Thursday, 30 June 2011, 10:08 am | BusinessDesk
June 30 (BusinessDesk) – David Salisbury, chief executive of New Zealand Oil & Gas Ltd., has announced his resignation for “personal reasons”, just days before the start of hearings of the Pike River coal mine commission of inquiry. More >>
Stocks to watch: ARG, CAV, IFT, LPC, PGW, STH, TWR
Thursday, 30 June 2011, 9:39 am | BusinessDesk
June 30 (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 >>
Wrightson back in wool business with full control of WPI
Thursday, 30 June 2011, 9:10 am | BusinessDesk
June 30 (BusinessDesk) – PGG Wrightson Ltd., the rural services company that agreed to sell its finance unit this week, will take control of Wool Partners International from tomorrow, signalling it is back in the wool business. More >>
Lyttelton Port struggles to secure natural disaster cover
Thursday, 30 June 2011, 9:03 am | BusinessDesk
June 30 (BusinessDesk) - Lyttelton Port Co., the South Island's busiest port, says it's struggling to secure natural disaster insurance coverage ahead of the expiry on its existing policy tomorrow. More >>
NZ dollar rises as risk appetites climb on Greek vote
Thursday, 30 June 2011, 8:28 am | BusinessDesk
June 30 (BusinessDesk) - The New Zealand dollar rose as investors' appetite for higher yielding, or riskier, assets surged as Greece's parliament passed the first of two austerity measures. More >>
While you were sleeping: Greece steps back from default
Thursday, 30 June 2011, 7:37 am | BusinessDesk
(BusinessDesk) June 30 - With Greece clearing another hurdle toward meeting requirements that will provide the debt-laden country with access to more funds needed to avoid default, investors on both sides of the Atlantic celebrated. More >>
MARKET CLOSE: NZ shares fall, led by Tower, Cavalier
Wednesday, 29 June 2011, 5:49 pm | BusinessDesk
by Jonathan Underhill June 29 (BusinessDesk) – New Zealand shares fell, heading for a monthly slide of more than 3%, as fears of rising reinsurance costs weighed on insurers such as Tower Ltd., and Cavalier Corp. dropped after a rival appealed ... More >>
GPG installs director on Tower board
Wednesday, 29 June 2011, 5:38 pm | BusinessDesk
June 29 (BusinessDesk) – Guinness Peat Group, the investment company formerly led by Ron Brierley, has installed Mike Allen as a director on insurer Tower Ltd.’s board. More >>
Godfrey Hirst appeals approval for wool scouring monopoly
Wednesday, 29 June 2011, 5:36 pm | BusinessDesk
June 29 (BusinessDesk) –New Zealand’s largest carpet maker, Godfrey Hirst NZ Ltd., is appealing against the recently granted approval for Cavalier Wool Holdings to create a monopoly in local wool scouring. The Australian-owned manufacturer’s ... More >>
Smiths City's annual profit rises 15.1% despite sales fall
Wednesday, 29 June 2011, 4:37 pm | BusinessDesk
June 29 (BusinessDesk) - Smiths City Group lifted annual earnings 15.1% even as sales fall 2.4% as it dealt with the fall-out of the Canterbury earthquakes. More >>
