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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 1601]
Irongate still awaiting deed waiver from Perpetual
Friday, 18 February 2011, 2:01 pm | BusinessDesk
Feb. 18 (BusinessDesk) - Irongate Property Ltd., one of the units of the St Laurence group that escaped receivership, said its trustee is still refusing to grant it a waiver for two breaches of the property manager’s trust deed. More >>
Farmer-owned strong wool cooperative plan fails to fire
Friday, 18 February 2011, 1:52 pm | BusinessDesk
Feb. 18 (BusinessDesk) - The proposed 100% farmer-owned Wool Partners Cooperative intended to take ownership and control of 50% of New Zealand’s strong wool clip through to the market, has failed to get off the ground. More >>
Fletcher extends Crane offer by 2 wks, holding reaches 27.7%
Friday, 18 February 2011, 1:41 pm | BusinessDesk
Fletcher extends offer for Crane by 2 weeks as holding creeps up to 27.7% More >>
Borders, Whitcoulls placed into voluntary administration
Friday, 18 February 2011, 12:56 pm | BusinessDesk
Feb. 18 (BusinessDesk) - The future of Whitcoulls and Borders hangs in the balance after Australian parent Redgroup Retail Pty Ltd. placed the ailing booksellers into voluntary administration having taken a hammering from online competitors. More >>
OceanaGold profit falls almost 20%
Friday, 18 February 2011, 11:06 am | BusinessDesk
OceanaGold profit falls almost 20% on higher costs of sales, hedging, stronger currency Feb. 18 (BusinessDesk) - OceanaGold Corp., the Macraes and Reefton mine operator, reported an 18.5% decline in net profit, as higher costs of sales, the stronger New ... More >>
Port of Tauranga expands Auckland “inland port”
Friday, 18 February 2011, 11:00 am | BusinessDesk
Port of Tauranga expands Auckland “inland port” Feb. 18 (BusinessDesk) - Port of Tauranga is to establish a new container packing and unpacking facility in Auckland next to its MetroPort operation at Southdown. More >>
Stocks to watch: ABA, AIA, FBU, MHI, NEW, NZR, NZS, OGC, VCT
Friday, 18 February 2011, 10:03 am | BusinessDesk
Feb. 16 (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 gains as renewed risk appetite sinks greenback
Friday, 18 February 2011, 9:19 am | BusinessDesk
Feb. 18 (BusinessDesk) - The New Zealand dollar rose, as increased risk appetite saw investors leave their safe haven positions in the U.S. dollar in favour of growth sensitive currencies such as the New Zealand and Australian dollars. More >>
MARKET CLOSE: NZ stocks rise; Abano leads gainers, NZR falls
Thursday, 17 February 2011, 5:58 pm | BusinessDesk
Feb. 17 (BusinessDesk) - New Zealand stocks rose to their highest level since June 2008, led by Abano Healthcare Group after it said there was no material explanation for the recent decline in its share price. New Zealand Refining Co. fell after it ... More >>
Auckland Airport to fight disclosure rules
Thursday, 17 February 2011, 5:22 pm | BusinessDesk
Feb. 17 (BusinessDesk) - Auckland International Airport Ltd., New Zealand's busiest gateway, says it will appeal the Commerce Commission's new disclosure requirements aimed at boosting transparency and competition among the country's three main airports. More >>
NZ Refining profit jumps, shares fall on spending plans
Thursday, 17 February 2011, 5:19 pm | BusinessDesk
Feb. 17 (BusinessDesk) – Investors reacted poorly to expansion plans and a return to dividends by New Zealand Refining Ltd., the nation’s only oil refinery, despite a 145% increase in net profit in 2010. More >>
NZ consumer confidence drops in February, kiwis gloomier
Thursday, 17 February 2011, 5:08 pm | BusinessDesk
Feb. 17 (BusinessDesk) – New Zealand consumer confidence dropped in February, wiping out the previous month's sunny-season gains, with kiwis increasingly wary about buying major household items and turning gloomier on the outlook for the economy. More >>
Ron Brierley sees period of ‘increasing madness’ at GPG
Thursday, 17 February 2011, 2:38 pm | BusinessDesk
by Jonathan Underhill Feb. 17 (BusinessDesk) – Ron Brierley, who stepped aside as chairman of Guinness Peat Group in December after 20 years at the helm, fears the under-performing investment firm is entering a period of “increasing madness” ... More >>
Labour backs coal-fired NZ steel mill to process ironsands
Thursday, 17 February 2011, 2:36 pm | BusinessDesk
Feb. 17 (BusinessDesk) – A Labour-led government would support the processing of offshore ironsands into high-grade steel at a coal-fired steel mill in New Zealand, says Labour’s energy and economic development spokesman David Parker. More >>
Genesis Energy first-half profit falls 74%
Thursday, 17 February 2011, 2:30 pm | BusinessDesk
Feb. 17 (BusinessDesk) –State-owned electricity generator Genesis Energy posted a 73% fall in first-half profit to $17 million on increased depreciation and borrowing costs related to its stake in the Kupe gas field, eroded wholesale electricity margins, ... More >>
Farming Systems sees 2 more years of losses, capital raising
Thursday, 17 February 2011, 2:21 pm | BusinessDesk
Feb. 17 (BusinessDesk) – NZ Farming Systems Uruguay Ltd., the South American farm developer, expects earnings will stay in the red for another two years before turning positive, and wants to raise up to US$110 million to implement its new business plan. More >>
Super Fund returns rise in January, move closer to benchmark
Thursday, 17 February 2011, 1:21 pm | BusinessDesk
Feb. 17 (BusinessDesk) – The New Zealand Superannuation Fund made a $257 million return in January, as the investment vehicle set up to help pre-fund an ageing population’s pension gets closer to meeting its target benchmark. More >>
Lignite projects worth billions a year, Solid Energy says
Thursday, 17 February 2011, 1:16 pm | BusinessDesk
Feb. 17 (BusinessDesk) – State-owned coal miner Solid Energy Ltd. says its plans to convert low-energy lignite coal reserves to fertiliser and diesel would be profitable already today, even without being given free carbon credits to cover the huge increase ... More >>
Canterbury University bond payments unaffected by writedown
Thursday, 17 February 2011, 12:41 pm | BusinessDesk
Feb. 17 (BusinessDesk) - The University of Canterbury's ability to make interest payments on its NZDX-listed bonds won’t be hampered by a $25 million writedown on the value of property damaged in the Sept. 4 earthquake. More >>
Qantas beefs up trans-Tasman fleet as 1H earnings surge
Thursday, 17 February 2011, 12:19 pm | BusinessDesk
Feb. 17 (BusinessDesk) - Australian airline Qantas Airways Ltd. is beefing up its aircraft fleet including leasing five additional B737-800 planes which will operate primarily on Australian domestic routes but will also fly the Tasman. More >>
