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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 1595]
Stocks to watch: BPL, FPA, GFF, HBY, LPC, NZX, PGC, SGL, TUR
Tuesday, 1 March 2011, 9:43 am | BusinessDesk
March 1 (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 >>
WDT's $14.8m loss wipes out most of 2010 capital raisings
Tuesday, 1 March 2011, 9:34 am | BusinessDesk
March 1 (BusinessDesk) - Wellington Drive Technologies posted a $14.8 million net loss for calendar 2010, wiping out most of the $16.1 million of new capital it raised during the year. More >>
Ferrier to step down as CEO of Fonterra in 2nd half of year
Tuesday, 1 March 2011, 9:00 am | BusinessDesk
March 1 (BusinessDesk) – Andrew Ferrier is to step down as chief executive of Fonterra Cooperative Group in the second half of the year as eight years at the helm of New Zealand’s biggest company. More >>
NZ dollar holds above 75 US cts amid Middle East tensions
Tuesday, 1 March 2011, 8:58 am | BusinessDesk
March 1 (BusinessDesk) – The New Zealand dollar held above 75 U.S. cents as tensions in the Middle East continued to weigh on the greenback amid concerns over oil supply. More >>
Earthquake flattens already weak economic outlook: NZIER
Tuesday, 1 March 2011, 8:05 am | BusinessDesk
March 1 (BusinessDesk) – The economy will now barely grow at all in 2011, because of a “noxious mix” of spiking global petrol and food prices along with the impact of the second Christchurch earthquake, says the New Zealand Institute of Economic ... More >>
Pyne Gould posts 1H loss; last result before Marac split
Monday, 28 February 2011, 6:09 pm | BusinessDesk
Feb. 28 (BusinessDesk) – Pyne Gould Corp. reported a first-half loss in its last result before the spin-off of Marac Finance, after the firm wrote-down the value of its stake in PGG Wrightson, recognised costs for the restructuring and increased ... More >>
Keith Turner to replace Ralph Waters as F&P Appliances chair
Monday, 28 February 2011, 6:05 pm | BusinessDesk
Feb. 28 (BusinessDesk) – Fisher & Paykel Appliances Holdings has tapped former Meridian Energy chief Keith Turner to replace outgoing chairman Ralph Waters, as it prepares for a weak full-year result. More >>
Govt pledges initial $120 million to save Christchurch jobs
Monday, 28 February 2011, 6:04 pm | BusinessDesk
Feb. 28 (BusinessDesk) – The Government expects to spend between $100 million and $120 million in six weeks of emergency payments to help Christchurch businesses survive and workers keep their jobs while it constructs longer term plans to deal with last ... More >>
MARKET CLOSE: NZ stocks rise; NZX leads gainers, CEN falls
Monday, 28 February 2011, 5:50 pm | BusinessDesk
Feb. 28 (BusinessDesk) - New Zealand stocks rose, with NZX ltd. leading gainers after its diversification into new markets saw full-year pretax earnings jump by almost 20%. Contact Energy Ltd. fell ahead of its yet-to-announced rights issue. More >>
Turners & Growers FY profit drops 34% on tax expense
Monday, 28 February 2011, 5:14 pm | BusinessDesk
Feb. 28 (BusinessDesk) – Turners & Growers Ltd., the fruit and vegetable exporter controlled by Guinness Peat Group, posted a 34% drop in full-year profit after a tax expense that wiped out growth in operating earnings. More >>
Hellaby more than doubles 1H profit, ‘green shoots' sparse
Monday, 28 February 2011, 4:55 pm | BusinessDesk
Feb. 28 (BusinessDesk) - Hellaby Holdings, which has investments in auto-parts, shoes, packaging and construction equipment, more than doubled first-half net profit despite seeing few “green shoots,” reflecting its successful restructuring. More >>
Business confidence on the up before earthquake
Monday, 28 February 2011, 3:53 pm | BusinessDesk
Business confidence on the up before earthquake Feb. 28 (BusinessDesk) – New Zealand business confidence took a turn for the better before last week’s 6.3 magnitude earthquake struck Christchurch, as the primary sector took advantage of strong commodity ... More >>
Coal price jump underpins strong first half for Solid Energy
Monday, 28 February 2011, 3:25 pm | BusinessDesk
Feb. 28 (BusinessDesk) – State-owned coal miner Solid Energy New Zealand Ltd. made a net profit of $45.2 million in the six months ended Dec. 31, reflecting a surge in the global price of high quality coking coal. More >>
Goodman Fielder fattens margin in 1H as sales fall
Monday, 28 February 2011, 2:15 pm | BusinessDesk
Feb. 28 (BusinessDesk) – Goodman Fielder Ltd., the Australasian food company with brands ranging from Vogel’s bread to Meadow Fresh milk and yoghurt, posted a 3.1% gain in first-half profit on improved margins for fats and oils, baking and home ... More >>
Lyttelton Port serves force majeure notice on Solid Energy
Monday, 28 February 2011, 1:29 pm | BusinessDesk
Feb. 28 (BusinessDesk) – Lyttelton Port Co. has served state-owned coal miner Solid Energy New Zealand Ltd. with a force majeure notice following the 6.3 magnitude Christchurch earthquake. More >>
NZ Dollar Outlook: Kiwi may fall as quake costs become known
Monday, 28 February 2011, 12:45 pm | BusinessDesk
Feb. 28 (BusinessDesk) – The New Zealand dollar may extend its losses this week as the cost of the 6.3 magnitude earthquake in Christchurch becomes clearer. More >>
Hill family's partial bid for jeweller succeeds
Monday, 28 February 2011, 12:11 pm | BusinessDesk
Feb. 28 (BusinessDesk) – The family of Michael Hill International’s founder has succeeded in its latest bid to gain a controlling stake in the jewellery retailer, in spite of the independent valuer’s report saying there was no compelling reason ... More >>
NZ posts trade surplus of $11M as exports rise
Monday, 28 February 2011, 12:02 pm | BusinessDesk
Feb. 28 (BusinessDesk) – New Zealand reported a small trade surplus in January, as record global prices for food commodities underpinned exports, which will be a key pillar of growth over the next 12 months. More >>
Downer to raise A$279M, reports A$103.8M net loss
Monday, 28 February 2011, 11:37 am | BusinessDesk
Feb. 28 (BusinessDesk) - Downer EDI will raise about A$279 million (NZ$377.6 million) from shareholders as it reported a A$103.8 million first-half net loss. More >>
NZX posts earnings growth on expanded services, shares rise
Monday, 28 February 2011, 10:43 am | BusinessDesk
Feb. 28 (BusinessDesk) – NZX Ltd., the stock exchange operator, posted a 19% gain in full-year pretax earnings, helped by increased revenue from energy and commodities, and sales of agricultural information. The company’s shares jumped 5.6%. More >>
