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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 1578]
Tower sees value in AMI's branch network, staff: Flanagan
Sunday, 10 April 2011, 12:20 pm | BusinessDesk
10 April (BusinessDesk) - Tower Ltd., the insurer that is 35% owned by Guinness Peat Group, says the appeal of buying of rival AMI Insurance includes gaining a branch network. More >>
MARKET CLOSE: NZ stocks fall; Telecom paces decliners
Friday, 8 April 2011, 5:51 pm | BusinessDesk
April 8 (BusinessDesk) - New Zealand stocks fell for the third day, with Telecom Corp. pacing decliners as ongoing uncertainty surrounding government's ultrafast broadband network continue to weigh on the stock. Pyne Gould Corp. rose. More >>
Top credit rating likely for Hide’s City Hall piggy-bank
Friday, 8 April 2011, 4:54 pm | BusinessDesk
April 8 (BusinessDesk) – The proposed new local government collective borrower will probably achieve a top credit rating, ensuring it can raise funds at the lowest possible cost, according to fund manager AMP Capital. More >>
Waitaki dams to cost Genesis $821mln plus a big repair bill
Friday, 8 April 2011, 3:53 pm | BusinessDesk
April 8 (BusinessDesk) – Repairs to the Tekapo A and B hydro power stations will cost Genesis Energy Ltd. more than the $821 million it will pay to its fellow state-owned electricity provider Meridian Energy Ltd. More >>
NZ government treads cautiously on market reforms for water
Friday, 8 April 2011, 2:55 pm | BusinessDesk
April 8 (BusinessDesk) –Environment Minister Nick Smith has laid out a five-year plan for freshwater management reform as the government-appointed Land and Water Forum reports “a general sense of anxiety about the use of economic instruments” ... More >>
OMV wins conditions change for Great South Basin prospect
Friday, 8 April 2011, 12:38 pm | BusinessDesk
April 8 (BusinessDesk) – Austrian oil company OMV has won a crucial change to the conditions of its exploration licences for an area in New Zealand’s Great South Basin, where hopes of a major oil and gas find have been high for years, but without ... More >>
NZ exporters, manufacturers pessimistic as quake saps sales
Friday, 8 April 2011, 11:54 am | BusinessDesk
April 8 (BusinessDesk) – New Zealand exporters and producers were more pessimistic last month after the February earthquake in Christchurch weighed on their ability to hawk their wares offshore. More >>
Goodman Fielder faces tough times: chairman
Friday, 8 April 2011, 10:25 am | BusinessDesk
April 8 (BusinessDesk) - Food manufacturer Goodman Fielder Ltd. “continues to confront commodity cost pressures and significant price volatility,” according to chairman Max Ould. More >>
Fisher Funds' Huljich purchase won’t include executives
Friday, 8 April 2011, 10:05 am | BusinessDesk
April 8 (BusinessDesk) –Fisher Funds Ltd.’s purchase of Huljich Wealth Management’s KiwiSaver business won’t include any executives of the target company, says principal Carmel Fisher. More >>
Stocks to watch: ABA, AIR, GFF, OGC, RBD, TWR
Friday, 8 April 2011, 9:45 am | BusinessDesk
April 8 (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 >>
Endace taps global markets, earnings surge
Friday, 8 April 2011, 9:28 am | BusinessDesk
April 8 (BusinessDesk) – Endace Ltd., the company which commercialised cyber-security research done by Waikato University, more than doubled pre-tax earnings after expanding its global sales team. More >>
NZ dollar gains as ECB hikes rates, commodity prices rise
Friday, 8 April 2011, 8:31 am | BusinessDesk
April 8 (BusinessDesk) - The New Zealand dollar rose after the European Central Bank hiked interest rates to combat rising inflation and commodity prices continued to track upwards. More >>
MARKET CLOSE: Tower leads decliners in mixed NZX trading
Thursday, 7 April 2011, 5:55 pm | BusinessDesk
April 7 (BusinessDesk) - New Zealand stocks were mixed, as investors continued to consolidate their positions after 15 straight days of gains and the New Zealand announced a half billion dollar support package for general insurer AMI. More >>
Fourth onshore Taranaki oil find for TAG
Thursday, 7 April 2011, 4:58 pm | BusinessDesk
April 7 (BusinessDesk) – Onshore oil and gas explorer TAG Oil Ltd. has made its fourth Taranaki oil discovery in five months, with another success from its Sidewinder exploration campaign. More >>
Air NZ taps Unilever Canada chief for international airline
Thursday, 7 April 2011, 3:52 pm | BusinessDesk
April 7 (BusinessDesk) – Air New Zealand Ltd. has tapped the chief executive of Unilever Canada to head up its international airline business. More >>
Goldman Sachs eyes full control of local business
Thursday, 7 April 2011, 12:35 pm | BusinessDesk
April 7 (BusinessDesk) - Goldman Sachs Group, the New York-based investment bank, has announced it is looking to take full control of the Australian and New Zealand joint venture Goldman Sachs & Partners Australia Group. More >>
AMI issues $500M of unpaid preference shares to government
Thursday, 7 April 2011, 11:29 am | BusinessDesk
April 7 (BusinessDesk) – AMI Insurance Ltd. says there is “a good chance” it will be able to meet earthquake claims from its own resources though because the full impact can’t be quantified yet it may have to call on a government rescue ... More >>
Restaurant Brands boosts profit 24% on KFC, shares rise
Thursday, 7 April 2011, 10:52 am | BusinessDesk
April 7 (BusinessDesk) – Restaurant Brands NZ Ltd., the fast food franchise operator, posted a 24% gain in full-year profit as demand at its KFC stores continued to underpin earnings. More >>
UPDATED: English says claims costs could reach $1 bln
Thursday, 7 April 2011, 10:33 am | BusinessDesk
April 7 (BusinessDesk) – New Zealand’s government could face claims costs of as much as $1 billion though the scale remains unclear, Finance Minister Bill English said today, after announcing support of up to $500 million for AMI Insurance Ltd. More >>
NZ government agrees to $500M bail-out package for AMI
Thursday, 7 April 2011, 10:14 am | BusinessDesk
April 7 (BusinessDesk) – New Zealand’s government has agreed to inject as much as $500 million of equity into AMI Insurance Ltd. after the two Christchurch earthquakes drained its reserves. More >>
