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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 1566]
MARKET CLOSE: NZ stocks rise; Rakon paces gainers, PGC falls
Monday, 9 May 2011, 5:52 pm | BusinessDesk
May 9 (BusinessDesk) - New Zealand stocks rose for a fourth session, with Rakon Ltd. leading gainers after the technology company scooped top honours at the NZ Hi-Tech Awards. Pyne Gould Corp. fell. More >>
Key sidesteps allegations on Solid Energy’s Pike bid tactics
Monday, 9 May 2011, 5:25 pm | BusinessDesk
May 9 (BusinessDesk) –Solid Energy Ltd.’s tactics in bidding for the Pike River Coal mine assets are a commercial matter and not for government involvement, despite allegations the state-owned coal miner is trying to undermine Pike's value before ... More >>
Select committee sees merit in insolvency officers' register
Monday, 9 May 2011, 5:17 pm | BusinessDesk
May 9 (BusinessDesk) – The Parliament’s Commerce select committee has agreed with submitters that liquidators and receivers should be registered to prevent incompetence rather than banning those who fail in their duties. More >>
Budget 2011: Government proposes $400M water cleanup fund
Monday, 9 May 2011, 5:10 pm | BusinessDesk
May 9 (BusinessDesk) - The government has proposed setting up a $400 million fresh water cleanup fund involving the Land and Water Forum, iwi and officials. More >>
NZ Dollar Outlook: Kiwi may fall as commodities weaken
Monday, 9 May 2011, 2:42 pm | BusinessDesk
May 9 (BusinessDesk) - The New Zealand dollar may fall against the greenback this week, with the downward shift in risk sentiment set to continue playing out on global equity and commodity markets. More >>
Whimp agrees to let confused investors off the hook
Monday, 9 May 2011, 2:19 pm | BusinessDesk
May 9 (BusinessDesk) – Christchurch businessman Bernard Whimp is willing to let investors out of the deferred payment plan he locked them into and allowed him to take 10 years to pay for their shares. More >>
Rakon scoops top honours at Hi-Tech Awards
Monday, 9 May 2011, 1:17 pm | BusinessDesk
May 9 (BusinessDesk) - Rakon Ltd., which manufactures electronic components used in cellphones and GPS units, has scooped the top prize at the NZ Hi-Tech Awards, and has been recognised as New Zealand's leading technology company over the past ... More >>
Allied Farmers completes Clearwater sale for $4.7M
Monday, 9 May 2011, 12:23 pm | BusinessDesk
May 9 (BusinessDesk) - Allied Farmers Ltd., which has been reduced to a ‘penny-dreadful’ stock after putting too high a value on loans acquired from Hanover Finance, has completed the sale of property at Clearwater, near Christchurch, and will use the ... More >>
Spotless Group spurns buyout firm’s offer at 28% premium
Monday, 9 May 2011, 11:24 am | BusinessDesk
May 9 (BusinessDesk) – Spotless Group Ltd., a global provider of services including laundry, cleaning and maintenance, has spurned a takeover approach from a private equity firm that was pitched at a 28% premium to the last trading price of the shares. More >>
Stocks to watch: BTU, BFW, SKC, SPY, SPT, TEL, TUR
Monday, 9 May 2011, 9:34 am | BusinessDesk
May 9 (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 rises on strong U.S. employment
Monday, 9 May 2011, 8:31 am | BusinessDesk
May 9 (BusinessDesk) - The New Zealand dollar rose against the greenback after better-than-expected payroll numbers in the U.S. bolstered investors’ appetite for higher yielding, or riskier, assets. The euro dropped 3% after a press report said Greece was looking ... More >>
WEEKLY SPORTS DIGEST: United beats Chelsea, Vettel wins F-1
Monday, 9 May 2011, 7:45 am | BusinessDesk
09/05/11 Executive sport summary – An overview of the major sporting events – Results, key moments and talking points – Everything you need to know to foot it at the water cooler this week. More >>
World Week Ahead: A measure of optimism
Monday, 9 May 2011, 7:24 am | BusinessDesk
(BusinessDesk) May 9 – The week is beginning on a slightly more optimistic note after the U.S. economy added more jobs than expected last month and the price of oil has been hammered to lower levels. More >>
Whimp ordered to put warning signs on low-ball offers
Friday, 6 May 2011, 6:12 pm | BusinessDesk
May 6 (BusinessDesk) New Zealand’s new super-regulator, the Financial Markets Authority, has ordered Bernard Whimp to display warning signs on any more low-ball offers he makes for New Zealand listed securities. More >>
MARKET CLOSE: NZ stocks rise; Telecom paces gainers
Friday, 6 May 2011, 5:53 pm | BusinessDesk
May 6 (BusinessDesk) - New Zealand stocks rose for a third day, with Telecom Corp. pacing gainers after trimming its forecast capital spending because its nearing completion of its XT mobile network and fibre-to-the-node programme. Methven Ltd. fell. More >>
Carter Holt paper assets up for sale, Reuters reports
Friday, 6 May 2011, 5:32 pm | BusinessDesk
May 6 (BusinessDesk) – Graeme Hart, New Zealand’s richest man, is looking to sell Carter Holt Harvey Ltd.’s pulp, paper and packaging assets on both sides of the Tasman to meet a looming debt payment, Reuters reported. More >>
Methven says Focus failure will cut profit by $1.3M-$1.7M
Friday, 6 May 2011, 5:26 pm | BusinessDesk
Methven says Focus (DIY) failure will cut profit by $1.3M-$1.7M plus $400k charge More >>
Bathurst lines up China’s Citic to sell Buller coal
Friday, 6 May 2011, 4:53 pm | BusinessDesk
May 6 (BusinessDesk) - Bathurst Resources Ltd. signed an agreement with Chinese government-owned Citic Group to take 30% of the coal production from the mining company’s Buller development on the West Coast. More >>
Electricity Authority strikes down Genesis price spike
Friday, 6 May 2011, 3:56 pm | BusinessDesk
The Electricity Authority will reverse unprecedentedly high electricity prices charged on March 26, saying actions by Genesis Energy threatened “to undermine confidence in, and … damage the integrity and reputation of the wholesale electricity market.” More >>
Antitrust regulator appeals ruling striking out Visy claims
Friday, 6 May 2011, 3:55 pm | BusinessDesk
May 6 (BusinessDesk) – The Commerce Commission is appealing a High Court decision reducing the number of claims in a cartel case it is pursuing against Australian cardboard box manufacturer Visy Board Pty. More >>
