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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 1597]
NZ bond yields fall as post-quake rate cut calls grow
Thursday, 24 February 2011, 6:09 pm | BusinessDesk
by Paul McBeth Feb. 24 (BusinessDesk) – The Debt Management Office sold its two-year bonds at a lower interest rate in today’s auction as speculation mounts that the Reserve Bank of New Zealand will cut interest rates in response to the Christchurch ... More >>
T&G takes over Nelson orchard
Thursday, 24 February 2011, 5:58 pm | BusinessDesk
Feb. 24 (BusinessDesk) – Pipfruit grower and marketer Turners & Growers Ltd. is to purchase the remaining shares it does not already own in a major orcharding operation at Riwaka, near Nelson. More >>
Ebos lifts earnings 13% after sale of scientific unit
Thursday, 24 February 2011, 5:30 pm | BusinessDesk
Feb. 24 (BusinessDesk) - Ebos Group posted earnings growth from continuing operations of 9.7% in the first half after selling its scientific assets to take a one-time gain. More >>
Fiona Mackenzie tapped for NZX head of strategy
Thursday, 24 February 2011, 4:12 pm | BusinessDesk
Feb. 24 (BusinessDesk) – Fiona Mackenzie, who led NZX Ltd.’s development of its dairy futures market, has been tapped for a wider role as head of strategy, taking in oversight of the bourse operator’s finances, new business opportunities and ... More >>
Hallestein taps finance director Popplewell for top job
Thursday, 24 February 2011, 2:15 pm | BusinessDesk
Feb. 24 (BusinessDesk) – Clothing retailer Hallenstein Glasson Holdings has tapped long-serving finance director Graeme Popplewell to take the top job after Stephen Timms resigned yesterday. More >>
S&P says quake will hit insurers' earnings, ratings stable
Thursday, 24 February 2011, 1:14 pm | BusinessDesk
Feb. 24 (BusinessDesk) - Standard & Poor's Rating Services says general insurers will acutely feel the effects of Christchurch's latest 6.3 magnitude earthquake, although no ratings downgrades are expected at this time. More >>
Quake will impact Budget, direction won’t change: Key
Thursday, 24 February 2011, 12:48 pm | BusinessDesk
Feb. 24 (BusinessDesk) – Prime Minister John Key expects Christchurch’s 6.3 magnitude earthquake will weigh on this year’s budget, but it won’t deter the government from pursuing its austerity measures. More >>
Vital Healthcare rental income swelled by Australian assets
Thursday, 24 February 2011, 11:49 am | BusinessDesk
Feb. 24 (BusinessDesk) – Vital Healthcare Property Trust, which invests in specialist medical properties, posted a 3.3% gain in first-half operating earnings as its expansion into Australian helped lift rental income. The trust confirmed its full-year guidance. More >>
Kiwibank first-half profit slumps 41% as bad debts triple
Thursday, 24 February 2011, 11:05 am | BusinessDesk
Feb. 24 (BusinessDesk) – Kiwibank Ltd., the state-owned lender, reported a 41% slump in first-half profit as it tripled the charge it faces on businesses not repaying their loans. More >>
Auckland Airport 1H profit rises 21%, beats estimates
Thursday, 24 February 2011, 10:49 am | BusinessDesk
Feb. 24 (BusinessDesk) - Auckland International Airport, the country's busiest gateway, posted 21% rise in first-half profit, ahead of market expectations, on increased visitors from Asia, improved airfield pricing and higher retail sales. More >>
Port of Tauranga posts record 1H profit, lifts FY guidance
Thursday, 24 February 2011, 10:32 am | BusinessDesk
Feb. 24 (BusinessDesk) – Port of Tauranga Ltd., the country’s biggest export port, said first-half profit rose 23% to a record and lifted its forecast for the full year as rampant Chinese growth fuels demand for raw materials. More >>
Tenon 1H profit tumbles 50% as US housing recovery awaited
Thursday, 24 February 2011, 10:08 am | BusinessDesk
Feb. 24 (BusinessDesk) – Tenon Ltd., whose wood mouldings are sold through U.S. home improvement chains Lowe’s Cos. and Home Depot Inc., reported a 50% drop in first-half profit as the American housing lull continues. More >>
Air NZ 'normalised' 1H earnings rise 50%
Thursday, 24 February 2011, 9:58 am | BusinessDesk
Feb. 24 (BusinessDesk) – Air New Zealand Ltd. reported a 50% lift in normalised first-half profit to $96 million, on a 9% revenue lift and improving load factors for both passengers and freight. More >>
Nuplex 1H profit falls 10% on raw material costs, currency
Thursday, 24 February 2011, 9:52 am | BusinessDesk
Feb. 24 (BusinessDesk) - Resins company Nuplex Industries said first-half net profit fell 10%, reflecting adverse currency movements, rising raw materials prices and a $1.8 million settlement with the New Zealand Securities Commission More >>
Stocks to watch: BPL, CHA, DGL, FBU, LPC, NZO, NPX, NZX, OIC
Thursday, 24 February 2011, 9:52 am | BusinessDesk
Feb. 24 (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 >>
Tourism Holdings forecasts FY loss as European booking drop
Thursday, 24 February 2011, 9:45 am | BusinessDesk
Feb. 24 (BusinessDesk) – Tourism Holdings, the campervan rental company, forecast a full-year loss of $4 million, reflecting a slump in European bookings and costs related to the acquisition of the Road Bear business in the U.S. More >>
Lyttelton Port says most operations to be back in 10 days
Thursday, 24 February 2011, 9:13 am | BusinessDesk
Feb. 24 (BusinessDesk) - Lyttelton Port Co. says its port facilities sustained further damage as a result of the 6.3 magnitude earthquake which struck Christchurch, but will have most of its operations running within 10-days. More >>
NZ dollar extends loss as bets rise for OCR cut
Thursday, 24 February 2011, 9:06 am | BusinessDesk
Feb. 24 (BusinessDesk) – The New Zealand extended its loss, hitting a new two-month low, as the 6.3 magnitude earthquake in Christchurch has the market pricing in a 50% chance of the central bank cutting interest rates. More >>
Seeka 9-month earnings beat forecast, takes a hit on Psa
Wednesday, 23 February 2011, 6:42 pm | BusinessDesk
Feb. 23 (BusinessDesk) – Seeka Kiwifruit Industries beat expectations in its nine-month earnings, even as it took a hit on the Italian Psa vine bacteria. More >>
MARKET CLOSE: NZ stocks bounce back after quake; Tower gains
Wednesday, 23 February 2011, 5:58 pm | BusinessDesk
Feb. 23 (BusinessDesk) - New Zealand stocks rose, paring some of their losses after yesterday’s 6.3 magnitude earthquake in Christchurch. Tower Ltd. lead gainers after saying its exposure will be capped by reinsurance arrangements, while Kathmandu Holdings ... More >>
