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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 1567]
SmartPay plans 10-for-1 share consolidation
Friday, 6 May 2011, 12:29 pm | BusinessDesk
May 6 (BusinessDesk) - Eftpos company SmartPay Ltd. plans to consolidate every 10 of its shares into one on May 20 as part of becoming dual-listed on NZX and ASX. More >>
Burger Fuel sells Iraqi rights to unit of RaAli Group
Friday, 6 May 2011, 12:20 pm | BusinessDesk
May 6 (BusinessDesk) – Burger Fuel Worldwide Ltd. has sold the Iraqi rights to local conglomerate RaAli Group, extending its footprint in the Middle East to a fourth territory and expanding the demand for the halal-killed New Zealand beef used in ... More >>
Telecom withdraws international voice business from sale
Friday, 6 May 2011, 11:26 am | BusinessDesk
May 6 (BusinessDesk) – Telecom Corp., the country’s biggest phone company, has withdrawn its international voice business from sale after failing to attract a suitable price. More >>
South Port lifts full-year guidance on China log trade
Friday, 6 May 2011, 10:04 am | BusinessDesk
May 6 (BusinessDesk) - South Port New Zealand Ltd., which operates the nation’s southern-most port at Bluff, has raised its full-year profit guidance for a third time, reflecting volumes of logs destined for China, fertiliser for Southland farms ... More >>
Stocks to watch: APN, AIA, CEN, MVN, OGC, SPY, TEL
Friday, 6 May 2011, 9:32 am | BusinessDesk
May 6 (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 >>
Telecom trims capex guidance as XT, FTTN build nears end
Friday, 6 May 2011, 9:27 am | BusinessDesk
May 6 (BusinessDesk) – Telecom Corp., which is aiming to win a major slice of the government’s ultra-fast broadband rollout, cut forecast capital spending as it nears completion of its XT mobile network and fibre-to-the-node. More >>
NZ dollar falls against greenback as commodities drop
Friday, 6 May 2011, 8:29 am | BusinessDesk
May 6 (BusinessDesk) - The New Zealand dollar fell its lowest against the U.S. currency in almost a month, as investors fled their commodity positions amid fears the fragile global economic recovery may be sputtering, denting demand for commodity linked currencies ... More >>
Strategic Finance receiver trims likely returns
Friday, 6 May 2011, 8:20 am | BusinessDesk
May 6 (BusinessDesk) – Investors in failed lender Strategic Finance Ltd. are facing a smaller return with the receiver cutting 9 cents in the dollar from the top end of the prospective recovery range. More >>
Auckland international arrivals unaffected by ChCh quake
Thursday, 5 May 2011, 5:56 pm | BusinessDesk
May 5 (BusinessDesk) – International visitor arrivals through Auckland were static in March at 568,696, compared to the same month a year earlier, suggesting no immediate impact from the Feb. 22 earthquake on tourists’ willingness to visit New Zealand. More >>
MARKET CLOSE: NZ stocks rise; Contact gains, MVN drops
Thursday, 5 May 2011, 5:52 pm | BusinessDesk
May 5 (BusinessDesk) - New Zealand stocks rose, with Contact Energy Ltd. pacing gainers after its 1-for-9 pro rata renounceable rights offer started trading today. Methven Ltd. fell after its biggest British client went into administration. More >>
Pessimism 'past its use by date,' says BNZ CEO Thorburn
Thursday, 5 May 2011, 5:16 pm | BusinessDesk
May 5 (BusinessDesk) – Signs of economic recovery are becoming increasingly firm, with a range of sectors strong enough to begin reinvesting for higher growth, says Bank of New Zealand chief executive Andrew Thorburn. More >>
Financial stability of growing importance: Bollard
Thursday, 5 May 2011, 4:42 pm | BusinessDesk
May 5 (BusinessDesk) – Reserve Bank Governor Alan Bollard says he is paying more attention to financial stability when deciding interest rate policy because the global financial crisis challenged the bank's sole focus on consumer prices. The central ... More >>
Hanover’s Hotchin suing APN, Brian Gaynor for defamation
Thursday, 5 May 2011, 3:44 pm | BusinessDesk
Hanover’s Hotchin suing APN, Brian Gaynor for defamation May 5 (BusinessDesk) – Hanover Finance Ltd. director Mark Hotchin is suing New Zealand Herald publisher APN New Zealand Ltd. and business commentator Brian Gaynor for defamation. More >>
Methven shares drop 10% as UK client calls in administrators
Thursday, 5 May 2011, 2:44 pm | BusinessDesk
May 5 (BusinessDesk) – Shares in Methven Ltd. tumbled 10% after the tapware manufacturer said its biggest British client has gone into administration. More >>
Solid Energy offers commitments to Pike River families
Thursday, 5 May 2011, 2:06 pm | BusinessDesk
May 5 (BusinessDesk) – Any buyer for the wrecked Pike River underground coal mine should be required to attempt recovery of the remains of the 29 miners who died in explosions there last November, and “address the situation of the unsecured West ... More >>
Vodafone slams “extreme” CommComm mobile termination order
Thursday, 5 May 2011, 12:48 pm | BusinessDesk
by Paul McBeth May 5 (BusinessDesk) – Vodafone New Zealand Ltd. says today’s Commerce Commission decision forcing a nearly fivefold cut in mobile termination rates is “extreme” and “significantly below cost.” More >>
Canterbury retail sales bounce back, Paymark data shows
Thursday, 5 May 2011, 12:48 pm | BusinessDesk
May 5 (BusinessDesk) - The number of payments made with electronic cards increased 5.3% in April compared to the same month of 2010, as Canterbury businesses in particular returned to trade. More >>
Agria completes Wrightson acquisition
Thursday, 5 May 2011, 12:12 pm | BusinessDesk
May 5 (BusinessDesk) - Agria Corp. has completed its $144 million partial acquisition of PGG Wrightson Ltd., giving it control of the rural services company five months after its bid was launched. Wrightson shares fell 4% to 48 cents. More >>
Rangatira exits another investment as Te Kairanga sells
Thursday, 5 May 2011, 12:00 pm | BusinessDesk
May 5 (BusinessDesk) – Rangatira Ltd., the Wellington-based investment company, has exited its third investment in the past six months by agreeing to sell its 34% stake in unprofitable winemaker Te Kairanga Wines Ltd. More >>
NZ dollar gains after jobless rate undershoots forecasts
Thursday, 5 May 2011, 11:36 am | BusinessDesk
May 5 (BusinessDesk) - The New Zealand dollar gained after government figures showed the unemployment rate dropped to 6.6% in the first quarter, narrowly beating market expectations. More >>
