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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 1599]
MARKET CLOSE: NZ stocks fall after quake; Pyne Gould leads
Tuesday, 22 February 2011, 5:58 pm | BusinessDesk
Feb. 22 (BusinessDesk) – New Zealand stocks fell as a second earthquake struck the South Island city of Christchurch. Pyne Gold Corp. lead decliners after its corporate headquarters was destroyed in the quake, while Steel & Tube Holdings rose. More >>
Pyne Gould stock sinks to a record low as quake levels HQ
Tuesday, 22 February 2011, 5:19 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Shares of Pyne Gould Corp. sank to a record low close, as the investment company’s headquarters collapsed in the 6.3 magnitude earthquake that struck Christchurch today. More >>
Tower says Christchurch quake claims likely to top $5 mln
Tuesday, 22 February 2011, 5:12 pm | BusinessDesk
Feb. 22 (BusinessDesk) - Tower Ltd. says 'significant damage' from Christchurch's latest earthquake is likely to trigger its reinsurance arrangements under which the claims costs payable by the insurer are capped at $5 million. More >>
Rating agency expects quake will hit NZ govt finances
Tuesday, 22 February 2011, 4:15 pm | BusinessDesk
Feb. 22 (BusinessDesk) – International credit rating agency Standard & Poor’s says it's too early to assess the impact of today's Christchurch earthquake. More >>
Nightmare looms for under-insured Cantabrians
Tuesday, 22 February 2011, 3:55 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Christchurch homes and businesses that were under-insured for last September’s earthquake will be particularly hard-hit by the 6.3 magnitude earthquake that hit the city this afternoon just before 1 p.m. More >>
Quake causing nationwide EFTPOS delays
Tuesday, 22 February 2011, 3:53 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Retailers across New Zealand may face delays in processing EFTPOS transactions after the latest earthquake to hit Christchurch disrupts Telecom Corp.’s network. More >>
One-year inflation expectations fall significantly: RBNZ
Tuesday, 22 February 2011, 3:31 pm | BusinessDesk
Feb. 22 (BusinessDesk) - One-year inflation expectations fell significantly while interest rates are expected to rise by year-end, the Reserve Bank of New Zealand's latest survey shows. More >>
Quake’s economic impact depends most on govt response
Tuesday, 22 February 2011, 3:24 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Canterbury’s rebuilding has been “pushed back till further notice,” but the overall economic impact of the second major quake to hit the South Island’s largest city will depend on the quality of the response from ... More >>
Fonterra hikes milk forecast 60 cts, beating expectations
Tuesday, 22 February 2011, 2:48 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Fonterra Cooperative Group, the world’s biggest dairy exporter, lifted its forecast pay-out to farmers by 60 cents, beating expectations and bringing the total payment to as much as $8 a kilogram of milk solids. More >>
Synlait snaps up Oceania milk contracts, consents
Tuesday, 22 February 2011, 2:18 pm | BusinessDesk
Feb. 22 (BusinessDesk) – Synlait Milk Ltd., the dairy company that turned to a Chinese investor after failing to attract local interest, has agreed to acquire the assets of Oceania Dairy Ltd., another fledgling start-up in Canterbury that couldn’t ... More >>
NZ dollar tumbles as Christchurch hit by 6.3 quake
Tuesday, 22 February 2011, 2:10 pm | BusinessDesk
Feb. 22 (BusinessDesk) – The New Zealand dollar shed more than 1% of its value after Christchurch was hit by a 6.3 magnitude earthquake, adding to the repair bill in the country’s second-biggest city. More >>
Kiwi drops as a new big quake hits Canterbury
Tuesday, 22 February 2011, 1:19 pm | BusinessDesk
Kiwi drops as a new big quake hits Canterbury Feb. 22 (BusinessDesk) – An earthquake measuring 6.3 magnitude rocked Christchurch and the Canterbury region at 12.51 p.m. today. The kiwi dollar dropped almost half a US cent from US76.32 cents immediately ... More >>
Downer EDI restructures to cut costs
Tuesday, 22 February 2011, 12:33 pm | BusinessDesk
Feb. 22 (BusinessDesk) - Downer EDI Ltd., the Australian engineering company, is restructuring a number of operations into a single division, Downer Australia, to cut costs. More >>
Tourist spending falls to 5-year low in 2010
Tuesday, 22 February 2011, 12:03 pm | BusinessDesk
Tourist spending falls to 5-year low in 2010 as strong kiwi saps buying power More >>
Key stakes election on major welfare shake-up
Tuesday, 22 February 2011, 12:01 pm | BusinessDesk
Feb. 22 (BusinessDesk) – The most radical shake-up of the social welfare system in a generation would see 100,000 fewer people on benefits by 2021 by abolishing existing unemployment, domestic purposes, sickness, and invalid benefits in favour ... More >>
Postie Plus shares fall 2.5% as CFO resigns
Tuesday, 22 February 2011, 11:38 am | BusinessDesk
Feb. 22 (BusinessDesk) - Postie Plus Group, the clothing retailer, announced John Burnell will step down as chief financial officer and company secretary effective from Feb. 25. The shares fell 3.5% to 28 cents. More >>
Diligent cash-flow positive in 2010
Tuesday, 22 February 2011, 10:28 am | BusinessDesk
Feb. 22 (BusinessDesk) - Startup software company Diligent Board Member Services was cash-flow positive and halved its operating loss in calendar 2010, thanks to surging sales. More >>
Contact presses ‘go’ on Te Mihi, earnings flat
Tuesday, 22 February 2011, 10:03 am | BusinessDesk
Feb. 22 (BusinessDesk) – Contact Energy Ltd. is to spend $623 million to construct the 159 Megawatt Te Mihi geothermal power plant, partially replacing the 52 year-old Wairakei power station, and will turn to shareholders for part of the funding. More >>
Stocks to watch: AIA, BTU, CCC, CEN, FRE, PFI, WSI
Tuesday, 22 February 2011, 9:55 am | BusinessDesk
Feb. 22 (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 >>
Cavotec unveils plan to quit the NZX, boosts profit 69%
Tuesday, 22 February 2011, 9:45 am | BusinessDesk
Feb. 22 (BusinessDesk) – Cavotec MSL Holdings, which posted a 69% jump in annual profit today, has proposed shareholders swap their stock for units in a Swiss-based holding company that will list in Stockholm. The engineering group that owns MoorMasters ... More >>
