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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 1596]
Stocks to watch: APN, ANZ, CEN, CUE, FBU, PGC, SKC, VCT
Monday, 28 February 2011, 9:39 am | BusinessDesk
Feb. 28 (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 >>
NZ dollar holds above 75 US cts on global oil supplies
Monday, 28 February 2011, 9:21 am | BusinessDesk
Feb. 28 (BusinessDesk) – The New Zealand dollar held above 75 U.S. cents amid international efforts to secure the global oil supply as Libyan unrest continues to escalate. More >>
World Week Ahead: From Buffett to Bernanke
Monday, 28 February 2011, 9:11 am | BusinessDesk
From the devastation of the Christchurch earthquake to the turmoil across northern Africa and through the Middle East to electoral changes in Ireland and protests in Wisconsin, there's little time for reflection. More >>
Bill Birch steps down as chairman of Brent King's IRG
Friday, 25 February 2011, 6:34 pm | BusinessDesk
Bill Birch steps down as chairman of Brent King's IRG Feb. 25 (BusinessDesk) - Bill Birch, the former finance minister, will step down as chairman of Investment Research Group, the firm that recently invited Marvin Yee onto its board as an independent. More >>
Forex losses, Bass Strait exit costs hit Cue
Friday, 25 February 2011, 6:31 pm | BusinessDesk
Feb. 15 (BusinessDesk) – Dual-listed oil explorer Cue Energy Ltd. said reduced production receipts underpinned an 84% drop in net profit after tax to A$1.33 million. More >>
MARKET CLOSE: NZ stocks fall; Nuplex leads decliners
Friday, 25 February 2011, 6:22 pm | BusinessDesk
Feb. 25 (BusinessDesk) - New Zealand stocks fell for a second session, with Nuplex Industries Ltd. leading decliners for a second day after the company's half-year results fell short of market expectations. Guinness Peat Group paced gainers after ... More >>
Colonial Motor Co prospers on fleet replacement surge
Friday, 25 February 2011, 4:59 pm | BusinessDesk
by Paul McBeth Feb. 25 (BusinessDesk) – Businesses buying cars again in the second half of last year gave Colonial Motor Co. a 48% lift in half-year profit to Dec. 31. More >>
Zuellig emerges as potential new bidder for PGG Wrightson
Friday, 25 February 2011, 3:56 pm | BusinessDesk
Feb. 25 (BusinessDesk) – Zuellig Group, the owner of local tractor distributor CB Norton Distributers Ltd., has emerged as a potential new bidder for a stake in rural services company PGG Wrightson Ltd. More >>
ANZ National lifts 1Q earnings 6.2% as bad debts fall
Friday, 25 February 2011, 1:18 pm | BusinessDesk
Feb. 25 (BusinessDesk) – ANZ National Bank Ltd., the country’s biggest lender, lifted first-quarter profit 6.2% as it slashed its charge on bad debts by 80%. More >>
APN full-year profit climbs 1.2% on NZ publishing
Friday, 25 February 2011, 1:17 pm | BusinessDesk
Feb. 25 (BusinessDesk) – APN News & Media Ltd., publisher of the New Zealand Herald newspaper, reported a 1.2% increase in full-year profit, led by its NZ Media arm and growth in earnings from outdoor advertising. More >>
Contact wins consent for renewable power station
Friday, 25 February 2011, 1:02 pm | BusinessDesk
Feb. 26 (BusinessDesk) – Contact Energy Ltd. has all but final consent for the third-largest renewable energy project ever to be contemplated in New Zealand, winning board of inquiry draft approval for a 504 Megawatt wind farm on remote coastline ... More >>
S&P maintains EQC's rating; says govt help will be needed
Friday, 25 February 2011, 11:36 am | BusinessDesk
S&P maintains Earthquake Commission's rating; says govt help will be needed to fund claims More >>
NZ Post slashes first-half dividend by two-thirds
Friday, 25 February 2011, 11:18 am | BusinessDesk
Feb. 25 (BusinessDesk) – New Zealand Post Group, the state-owned postal service, slashed its first-half dividend to the government by two-thirds as its reported profit more than halved. More >>
Fletcher's Crane bid clears last regulatory hurdle in NZ
Friday, 25 February 2011, 10:27 am | BusinessDesk
Feb. 25 (BusinessDesk) - Fletcher Building Ltd's proposed takeover of Crane Group has cleared its last regulatory hurdle after New Zealand's Commerce Commission approved the acquisition of the Australia-based pipe maker. More >>
Vector posts 2.8% drop in 1H profit, spruiks fibre bid
Friday, 25 February 2011, 10:17 am | BusinessDesk
Feb. 25 (BusinessDesk) – Auckland gas and electricity network monopoly Vector Ltd. posted a 2.8% decline in first-half profit to $98.5 million, partly reflecting a decline in retail gas distribution volumes as legacy contracts wind down. More >>
Metlifecare 1H profit plunges 89% on property revaluations
Friday, 25 February 2011, 10:05 am | BusinessDesk
Feb. 25 (BusinessDesk) – Metlifecare Ltd., which sold its Merivale Retirement Village for $26 million in December, said first-half profit plunged 89% on revaluations to its property portfolio. More >>
Farming Systems accidently breaches bond covenant
Friday, 25 February 2011, 9:56 am | BusinessDesk
Feb. 25 (BusinessDesk) - NZ Farming Systems Uruguay Ltd., the South American dairy operator, said it has inadvertently breached a bond covenant which could force it redeem some of the US$30 million bonds is has on issue in Uruguay. More >>
Stocks to watch: AIA, AIR, EBO, GPG, HLG, MET, NPX, NZS, NZX
Friday, 25 February 2011, 9:46 am | BusinessDesk
Stocks to watch: AIA, AIR, EBO, GPG, HLG, MET, NPX, NZS, NZX, PGC, SKL, TWR, VCT More >>
Guinness Peat returns to profit as Coats recovers
Friday, 25 February 2011, 9:34 am | BusinessDesk
Feb. 25 (BusinessDesk) – Guinness Peat Group, the investment group planning to pay $158 million to shareholders this year as it winds down, returned to profit in 2010 as its Coats thread-making unit emerged from losses. More >>
NZ dollar near 6-month TWI low on quake and Libya
Friday, 25 February 2011, 9:16 am | BusinessDesk
Feb. 25 (BusinessDesk) – The New Zealand dollar fell near a six-month low on a trade-weighted basis as the 6.3 magnitude earthquake in Christchurch continues to take its toll, while a looming civil war in Libya has stoked a flight to so-called ... More >>
