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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 1554]
Horizon Energy earnings flat, flags cost of regulated prices
Monday, 30 May 2011, 4:08 pm | BusinessDesk
May 30 (BusinessDesk) - Horizon Energy Distribution Ltd., the electricity distribution company, has posted a net profit on par with lasts year's results, but warned that future profitability could threatened by price regulation changes. More >>
Telecom credit rating put on watch by Fitch over demerger
Monday, 30 May 2011, 4:02 pm | BusinessDesk
May 30 (BusinessDesk) – Telecom Corp., which last week won the lion’s share of the government’s $1.35 billion fund to roll-out a national broadband network, has had its credit rating put on rating watch negative by Fitch Ratings over the prospect ... More >>
Allied Farmers looks outside for ex-Hanover assets manager
Monday, 30 May 2011, 3:22 pm | BusinessDesk
May 30 (BusinessDesk) – Allied Farmers Ltd., which has seen shareholder value destroyed in its unsuccessful bid to take on the Hanover and United Finance loan books, wants an external party to wind down the ex-Hanover assets. More >>
NZ dollar outlook: Kiwi likely to hit fresh post-float high
Monday, 30 May 2011, 2:51 pm | BusinessDesk
May 30 (BusinessDesk) - The New Zealand dollar, having peaked at a fresh 26-year against the greenback, is likely to extend its gains as confidence in the local economy continues to grow while the U.S. currency continues to slide. More >>
NZ Post to miss profit targets
Monday, 30 May 2011, 1:47 pm | BusinessDesk
May 30 (BusinessDesk) – The Christchurch earthquake will wipe $35 million to $40 million off the New Zealand Post group’s profit, reflecting increased provisioning for bad debts at Kiwibank, reconstruction costs, and reduced economic activity in ... More >>
NPT loss widens after quake erodes Chch asset values
Monday, 30 May 2011, 1:41 pm | BusinessDesk
May 30 (BusinessDesk) – NPT Ltd., the property investor that brought its management contact in-house to slash costs, reported a wider full-year loss after recognising a drop in the value of Christchurch properties damaged in the earthquake. More >>
NZ dollar rises to post-float high
Monday, 30 May 2011, 1:11 pm | BusinessDesk
May 30 (BusinessDesk) - The New Zealand dollar rose to its highest level against the greenback since it floated in March 1985 on improving risk sentiment and talk of Asian funds’ interest in assets such as government bonds. More >>
Kiwibank books $25M charge on Christchurch quake
Monday, 30 May 2011, 1:03 pm | BusinessDesk
May 30 (BusinessDesk) – Kiwibank Ltd., the state-owned lender, booked a $25 million impairment charge from the February earthquake in Christchurch, which sapped earnings in the third quarter. More >>
UPDATED: Telecom sells 3-year deal to resell Sky TV services
Monday, 30 May 2011, 12:45 pm | BusinessDesk
May 30 (BusinessDesk) - Sky Network Television Ltd. said it has signed a three-year deal with Telecom Corp. to resell all of Sky's television services. More >>
Hallenstein reports lower 3Q sales; shares plunge
Monday, 30 May 2011, 12:24 pm | BusinessDesk
May 30 (BusinessDesk) - Retailer Hallenstein Glasson Holdings said New Zealand's exceptionally mild winter and having seven of its Christchurch stores still closed are behind a 2.4% fall in group sales in the 17 weeks ended May 29 compared with ... More >>
Telecom sells three-year deal to resell Sky TV services
Monday, 30 May 2011, 12:02 pm | BusinessDesk
May 30 (BusinessDesk) - Sky Network Television Ltd. said it has signed a three-year deal with Telecom Corp. to resell all of Sky's television services. More >>
NZ trade surplus hits record $1.1 bln in April
Monday, 30 May 2011, 11:17 am | BusinessDesk
NZ trade surplus hits record $1.1 bln in April on demand for raw materials More >>
Stocks to watch: CEN, MVN, PHB, SLG, TEL, TWR
Monday, 30 May 2011, 9:26 am | BusinessDesk
May 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 >>
Methven profit slumps 39% after top British customer fails
Monday, 30 May 2011, 9:17 am | BusinessDesk
May 30 (BusinessDesk) – Methven Ltd., the tapware manufacturer, reported a 39% slump in profit after taking a $2 million charge on the collapse of its biggest British client. More >>
NZ dollar gains as greenback weakens on sputtering US growth
Monday, 30 May 2011, 8:29 am | BusinessDesk
May 30 (BusinessDesk) - The New Zealand dollar rose against the greenback after weaker U.S. housing market figures stoked speculation the pace of recovery is slowing in the world's biggest economy. More >>
World Week Ahead: Global growth shows signs of softening
Monday, 30 May 2011, 7:46 am | BusinessDesk
May 30 (BusinessDesk) - U.S. employment and manufacturing figures this week may continue the recent trend of weaker-than-expected global data that has weighed on equity markets. More >>
ASB New Zealand’s strongest bank, by a whisker
Friday, 27 May 2011, 6:05 pm | BusinessDesk
May 27 (BusinessDesk) – The international credit rating agency Moody’s Investors Services says New Zealand’s financially strongest bank is the ASB. More >>
Auckland’s Healy brothers make $8.6M tilt for Irongate fund
Friday, 27 May 2011, 5:57 pm | BusinessDesk
May 27 (BusinessDesk) – Auckland property investors Ross and Ken Healy are making a tilt to takeover St John Balanced Property Fund Ltd., and have already bought 19.9% from failed property investor Irongate Property Ltd. More >>
MARKET CLOSE: NZ stocks mixed; F&P Appliances leads gainers
Friday, 27 May 2011, 5:43 pm | BusinessDesk
May 27 (BusinessDesk) - New Zealand stocks closed the week mixed, with Fisher & Paykel Appliances Holdings leading gainers after the company returned to profit, while Telecom Corp. fell after Standard & Poor's flagged a possible downgrade ... More >>
TSB profit drops 22% on tight margins, lending growth slows
Friday, 27 May 2011, 4:31 pm | BusinessDesk
May 27 (BusinessDesk) – TSB Bank Ltd., which touts its 100% local ownership as a point of difference, posted a 22% decline in profit on tighter interest rate margins and lower new lending growth. More >>
