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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 1569]
NZ dollar drops below 80 U.S. cents as commodities slip
Wednesday, 4 May 2011, 8:31 am | BusinessDesk
May 4 (BusinessDesk) - The New Zealand dollar fell below 80 U.S. cents against the greenback, as a correction in global risk appetites saw the price of raw materials slip for a second day, dragging equity markets lower. More >>
Milk powder prices barely budge in Fonterra auction
Wednesday, 4 May 2011, 7:53 am | BusinessDesk
May 4 (BusinessDesk) – The average price of milk powder was little changed for a second straight sale in Fonterra Cooperative Group’s latest online auction. More >>
MARKET CLOSE: NZ stocks fall; APN leads decliners, KMD gains
Tuesday, 3 May 2011, 5:50 pm | BusinessDesk
May 2 (BusinessDesk) - New Zealand stocks fell for a second day, with the dip in risk appetites on Wall Street helping to dampen a positive start on the local market. APN News & Media Ltd. led decliners after the effects of the Queensland floods ... More >>
RBA holds rate at 4.75%, high currency contains inflation
Tuesday, 3 May 2011, 5:41 pm | BusinessDesk
Australian central bank holds key rate at 4.75%, saying high dollar helping contain inflation More >>
Irongate runs out of time to find cash, calls in receiver
Tuesday, 3 May 2011, 5:17 pm | BusinessDesk
May 3 (BusinessDesk) – Irongate Property Ltd., one of the remaining units of the St Laurence group that escaped receivership, says it won’t be able to meet a bond payment in two weeks and has requested receivership. More >>
NZ government lifts bond sale target a third time, to $20B
Tuesday, 3 May 2011, 4:40 pm | BusinessDesk
May 3 (BusinessDesk) – New Zealand’s government has extended this year’s bond programme for a third time in as many months, and is now aiming to raise as much as $20 billion. More >>
APN, Fairfax warn of lower profits
Tuesday, 3 May 2011, 4:09 pm | BusinessDesk
May 3 (BusinessDesk) - New Zealand's two major newspaper publishers are warning of lower profits, partly due to the impact of Christchurch's earthquakes on the already weak New Zealand economy. More >>
Direct Capital buys Hubbard’s stake in Scales for $44 mln
Tuesday, 3 May 2011, 4:00 pm | BusinessDesk
May 3 (BusinessDesk) – Direct Capital has agreed to buy South Canterbury Finance Ltd.’s 79.7% holding in Scales Corp. from the receivers for $44 million. More >>
NZ should buddy up with Australia to build financial hub
Tuesday, 3 May 2011, 1:59 pm | BusinessDesk
May 3 (BusinessDesk) – New Zealand should join forces with Australia in building a financial services hub in the Asia-Pacific to take advantage of fast-growing nations in the region, according to a new report. More >>
Bathurst to raise A$55M in placement, buy Buller blocks
Tuesday, 3 May 2011, 1:29 pm | BusinessDesk
May 3 (BusinessDesk) - Bathurst Resources Ltd. plans to raise A$55 million selling shares to institutional investors at a 10% discount, using the funds to develop and expand its Buller Plateau coal mining interests. More >>
NZ modest first quarter wage growth no pressure on RBNZ
Tuesday, 3 May 2011, 12:01 pm | BusinessDesk
May 3 (BusinessDesk) - New Zealand salary and wage rates rose at a slower pace in the first quarter compared with the second half of last year, with the slow pace of economic recovery dragging on employee earnings. More >>
ANZ Bank’s NZ profit climbs 24% on lending recovery
Tuesday, 3 May 2011, 11:34 am | BusinessDesk
May 3 (BusinessDesk) – Australia & New Zealand Banking Group reported a 23% increase in profit from New Zealand, where it is the biggest lender, on a recovery in commercial and retail earnings and lower credit impairments. More >>
Dairy sector debt remains a worry, despite commodities boom
Tuesday, 3 May 2011, 11:05 am | BusinessDesk
May 3 (BusinessDesk) – High debt levels in the New Zealand dairy industry remain one of the greatest concerns for the banking sector, despite historically high prices for agricultural exports and a dramatic slowdown in lending to the rural sector in ... More >>
Telecom overstates value of network assets again: regulator
Tuesday, 3 May 2011, 10:22 am | BusinessDesk
May 3 (BusinessDesk) – Telecom Corp., which is trying to win the lion’s share of government funding to roll-out a nationwide broadband network, has overstated the value of its network assets for a second straight year, according to the antitrust ... More >>
Kathmandu on track for full-year profit boost; shares climb
Tuesday, 3 May 2011, 10:18 am | BusinessDesk
May 3 (BusinessDesk) - Kathmandu Holdings, the outdoor clothing and equipment retailer, says it is on track to deliver full-year profit growth after strong third quarter sales at its Australian and New Zealand outlets. The company’s shares rose 4.1% ... More >>
Stocks to watch: BTU, OGC, OMG, PGC, SKC, TEL
Tuesday, 3 May 2011, 9:38 am | BusinessDesk
May 3 (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 >>
PGC may distribute remaining Wrightson stake to shareholders
Tuesday, 3 May 2011, 9:33 am | BusinessDesk
May 3 (BusinessDesk) – Pyne Gould Corp., the wealth manager that’s divesting its stake in Building Society Holdings, may distribute its remaining 8.7% stake in PGG Wrightson Ltd. after a successful bid for control from China’s Agria Corp. More >>
NZ dollar pares gains as stocks, commodities slip; RBA looms
Tuesday, 3 May 2011, 8:37 am | BusinessDesk
May 3 (BusinessDesk) - The New Zealand dollar pared gains against the greenback as demand for growth currencies fell after equities and commodities eased downwards, ahead of the Reserve Bank of Australia’s meeting this afternoon. More >>
MARKET CLOSE: NZ stocks fall, following ASX lower
Monday, 2 May 2011, 5:52 pm | BusinessDesk
May 2 (BusinessDesk) - New Zealand stocks fell, taking their lead from Australia where a slide in resource companies dragged the benchmark index lower. Pyne Gould Corp. paced decliners, while SkyCity Entertainment Group rose. More >>
Fonterra to upgrade its tanker fleet
Monday, 2 May 2011, 5:22 pm | BusinessDesk
May 2 (BusinessDesk) – Fonterra Cooperative Group, the world’s biggest dairy exporter, is spending $27 million upgrading its truck fleet in a move to reduce its diesel consumption by two million litres in their first season of operation. More >>
