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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 1588]
Zuellig interest aims to frustrate Agria offer: Wrightson
Wednesday, 16 March 2011, 9:09 am | BusinessDesk
(BusinessDesk) – PGG Wrightson Ltd., the rural services company, says Hong Kong investor Zuellig Group’s interest looks like an attempt to foil Chinese seed and agricultural researcher Agria Corp.’s takeover bid. More >>
Milk powder prices slump 8.2% in Fonterra online auction
Wednesday, 16 March 2011, 8:54 am | BusinessDesk
March 16 (BusinessDesk) – The average price of milk powder shed 8.2% in Fonterra Cooperative Group’s latest online auction, snapping its stellar run-up to record prices in the last sale two weeks ago. More >>
NZ dollar falls to 6-mth low as Japan nuclear crisis worsens
Wednesday, 16 March 2011, 8:47 am | BusinessDesk
March 16 (BusinessDesk) - The New Zealand dollar fell to its lowest level against the greenback in six months, as Tokyo’s nuclear crisis continued to erode investor appetite for higher yielding, or riskier, assets. More >>
MARKET CLOSE: NZ stocks fall on Japan fears; Air NZ leads
Tuesday, 15 March 2011, 6:09 pm | BusinessDesk
March 15 (BusinessDesk) - New Zealand shares fell, with the index giving up all of its gains this year as uncertainties surrounding Japanese repatriation of funds saw investors keep to the sidelines. Air New Zealand Ltd. led declines after slashing ... More >>
Godfrey Hirst shuts Bromley plant after quake, cut 220 jobs
Tuesday, 15 March 2011, 3:05 pm | BusinessDesk
March 15 (BusinessDesk) – Godfrey Hirst NZ Ltd., the Australian-owned carpet maker that snapped up the distressed Feltex assets in 2007, will close down its Bromley factory after the plant suffered extensive damage from last month’s earthquake. More >>
Origin Energy taps shareholders for A$2.3B
Tuesday, 15 March 2011, 2:08 pm | BusinessDesk
by Jonathan Underhill March 15 (BusinessDesk) - Origin Energy Ltd., which acquired energy assets from the New South Wales state government to become Australia’s biggest electricity retailer, has tapped shareholders for A$2.3 billion to help refinance ... More >>
Westpac sees credit losses up to $100M on ChCh quake
Tuesday, 15 March 2011, 12:43 pm | BusinessDesk
March 15 (BusinessDesk) – Westpac Banking Corp.’s local lender is facing credit losses of up to $100 million on last month’s Christchurch earthquake, which killed at least 166 people and caused as much as $15 billion worth of damage. More >>
Trust Co. completes $42M Guardian Trust acquisition
Tuesday, 15 March 2011, 12:12 pm | BusinessDesk
March 15 (BusinessDesk) –Trust Co., the ASX-listed trustee, has completed its $42 million acquisition of New Zealand Guardian Trust Ltd., which will add some $37 million of revenue in the current financial year. More >>
Satara posts FY loss on one-time charges, falling sales
Tuesday, 15 March 2011, 11:42 am | BusinessDesk
March 15. (BusinessDesk) - Satara Co-operative Group, the kiwifruit grower which pulled out if its merger with Eastpak Ltd. late last year, posted an annual loss on falling revenue and one-off costs. More >>
ASB taps parent’s HR, marketing head Chapman as new CEO
Tuesday, 15 March 2011, 10:44 am | BusinessDesk
March 15 (BusinessDesk) – ASB Bank Ltd., the local unit of Commonwealth Bank of Australia, has tapped the parent’s head of human resources, marketing and communications for its new chief executive More >>
Air NZ says Christchurch, Japan quakes erase profit growth
Tuesday, 15 March 2011, 10:38 am | BusinessDesk
Air NZ says Christchurch, Japan disasters will wipe out second-half profit; shares tumble 8.4% More >>
Reinsurers face US$775M hit from trans-Tasman disasters
Tuesday, 15 March 2011, 10:13 am | BusinessDesk
March 15 (BusinessDesk) – Global reinsurers are facing losses of as much as US$775 million after last month’s Christchurch earthquake, and Cyclone Yasi devastated Australia’s Queensland in January. More >>
Stocks to watch: AIR, ANO, EBO, NZO, NZR, OGC, SAT
Tuesday, 15 March 2011, 9:52 am | BusinessDesk
March 15 (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 >>
Downer EDI faces A$10 mln hit after second Chch quake
Tuesday, 15 March 2011, 9:07 am | BusinessDesk
by Paul McBeth March 15 (BusinessDesk) – Australasian engineering firm Downer EDI Ltd. expects the latest Christchurch earthquake to knock A$10 million off earnings this year as the New Zealand government redirects infrastructure spending to repairing ... More >>
No need to regulate size of Fonterra share trading: chairman
Monday, 14 March 2011, 6:27 pm | BusinessDesk
March 14 (BusinessDesk) – Proposals to regulate the size of the fund holding tradable Fonterra Cooperative Group shares are unnecessary and could risk the success of the dairy cooperative’s 'Trading Among Farmers' initiative, says chairman Henry van ... More >>
MARKET CLOSE: NZ stocks fall with drop in Japanese equities
Monday, 14 March 2011, 5:59 pm | BusinessDesk
March 14 (BusinessDesk) - New Zealand stocks fell, as investors shunned higher yielding, or riskier, assets amid fears that the catastrophic disaster in Japan could sap recent momentum on global equity markets. Tower Ltd. paced decliners while New Zealand Refining ... More >>
NZ’s disaster insurance ‘less than a billion’: Key
Monday, 14 March 2011, 5:50 pm | BusinessDesk
March 14 (BusinessDesk) – The Earthquake Commission has less than $1 billion of disaster insurance available following the September and February Canterbury earthquakes, Prime Minister John Key said today. More >>
Reserve Bank wants big banks to be prepared for failure
Monday, 14 March 2011, 5:42 pm | BusinessDesk
March 14 (BusinessDesk) – The Reserve Bank wants banks with at least $1 billion in retail funding to be prepared for failure. More >>
NZ stocks expensive versus global peers, Axa Global says
Monday, 14 March 2011, 4:40 pm | BusinessDesk
March 14 (BusinessDesk) – New Zealand stocks are too expensive for the returns they offer compared to equities in other markets, says fund manager Axa Global Investors. More >>
AMP Office cuts 2012 guidance on debt costs, tax rules
Monday, 14 March 2011, 2:43 pm | BusinessDesk
March 14 (BusinessDesk) – AMP NZ Office Ltd., the property investor that shed its trust structure last year, has lowered its 2012 earnings guidance as it deals with rising debt costs, changes in tax rules, and a rent review. More >>
