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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 1620]
Agria teams with China’s New Hope for control of Wrightson
Friday, 24 December 2010, 9:26 am | BusinessDesk
Dec. 24 (BusinessWire) – China-based Agria Corp. and New Hope Group have teamed up to seek control of PGG Wrightson, New Zealand’s biggest rural services company, in a $141 million partial takeover. More >>
NZ dollar weakness on stalled economy brings out buyers
Friday, 24 December 2010, 9:18 am | BusinessDesk
Dec. 24 (BusinessDesk) – The New Zealand dollar held above 74 U.S. cents as buyers looked for bargains going into the New Year after government data showed the country narrowly dodged a double-dip recession through the middle of the year. More >>
Auckland Airport's November traffic stoked by China, Korea
Thursday, 23 December 2010, 6:15 pm | BusinessDesk
Dec. 23 (BusinessDesk) - Auckland International Airport Ltd.'s overseas passenger traffic rose 3.8% in November, driven by visitors from China and South Korea. More >>
Vector mulls appeal options on regulated pricing decision
Thursday, 23 December 2010, 5:59 pm | BusinessDesk
Dec. 23 (BusinessDesk) – Vector Ltd., the Auckland electricity and gas distribution company, is considering its options for challenging the Commerce Commission’s final decisions on natural monopolies’ allowable rates of return. More >>
MARKET CLOSE: NZ shares rise; Freightways paces gainers
Thursday, 23 December 2010, 5:51 pm | BusinessDesk
Dec. 23 (BusinessDesk) - New Zealand stocks rose for a second session after weaker-than-expected third-quarter economic growth figures failed to dent investor appetite for higher-yielding stocks. Freightways Ltd. paced gainers on the exchange while Vector Ltd. fell. More >>
Kirkcaldie’s commits to upgrading historic Wellington office
Thursday, 23 December 2010, 5:45 pm | BusinessDesk
Dec. 23 (BusinessDesk) – Kirkcaldie & Stains Ltd., the Wellington retailer and property owner, is to spend $5.5 million next year on refurbishing the Harbour City Tower building, next door to its flagship department store in Wellington’s ... More >>
NZ Farming Systems pays out PGG Wrightson, shares fall
Thursday, 23 December 2010, 5:18 pm | BusinessDesk
Dec. 23 (BusinessDesk) – NZ Farming Systems Uruguay Ltd., which was forced to tap majority shareholders Olam International for US$50 million this week, has paid out former manager PGG Wrightson Ltd. More >>
Abano extends Wellington pathology contracts by $75mln
Thursday, 23 December 2010, 4:56 pm | BusinessDesk
Dec. 23 (BusinessDesk) – Abano Healthcare Group, the specialist healthcare clinic investor, has extended its pathology contracts in the Greater Wellington region for another three years. More >>
Electricity Authority kicks spot price inquiry into New Year
Thursday, 23 December 2010, 2:08 pm | BusinessDesk
by Pattrick Smellie Dec. 23 (BusinessDesk) – Major electricity users hoping for answers before Christmas on the in wholesale market spot prices have jumped so high will have to wait until the new year, the Electricity Authority said today. More >>
Dorchester Pacific convinces 15% of noteholders to take cash
Thursday, 23 December 2010, 1:04 pm | BusinessDesk
Dec. 23 (BusinessDesk) – Dorchester Pacific Ltd., the finance company that persuaded investors to give it a third chance to restructure itself, has convinced 15% of noteholders to take a deeply discounted cash offer. More >>
Telstra writes off A$138 million of Chinese mobile business
Thursday, 23 December 2010, 12:01 pm | BusinessDesk
Dec. 23 (BusinessDesk) - Telstra Corp., Australia’s biggest phone company, will write about A$138 million (NZ$186.2 million) off its China-based Octave mobile business. More >>
ComCom raises transparency bar for New Zealand airports
Thursday, 23 December 2010, 11:50 am | BusinessDesk
Dec. 23 (BusinessDesk) - The Commerce Commission today published its information disclosure requirements for airports, a move aimed at boosting operating transparency and competition among the Auckland, Wellington, and Christchurch gateways. More >>
Sagging NZ economy will keep brake on rate hikes
Thursday, 23 December 2010, 11:44 am | BusinessDesk
Dec. 22 (BusinessDesk) – New Zealand’s sagging economy, which narrowly avoided another recession in the third quarter, will probably force the Reserve Bank to sit on interest rate hikes for longer. More >>
BNZ, Air NZ to fly banks and travel agencies together
Thursday, 23 December 2010, 11:13 am | BusinessDesk
Dec. 23 (BusinessDesk) - Bank of New Zealand and Air New Zealand are to team up on a co-location trial from the middle of next year. More >>
NZ economy contracts in 3rd qtr, growth revised down in 2Q
Thursday, 23 December 2010, 10:55 am | BusinessDesk
Dec. 23 (BusinessDesk) – New Zealand’s economy contracted in the third quarter and growth in the second quarter was revised down to a wafer-thin 0.1%, showing the nation came close to a double-dip recession this year. Gross domestic product shrank ... More >>
ComCom sets draft regulations on mobile termination
Thursday, 23 December 2010, 10:28 am | BusinessDesk
Dec. 23 (BusinessDesk) - The Commerce Commission today released its preliminary draft regulations on mobile termination access services, calling for lower wholesale voice and text pricing to encourage competition in New Zealand's cellular market. More >>
Hubbard’s Southbury Group owed $84.7 mln to SCF
Thursday, 23 December 2010, 9:46 am | BusinessDesk
Dec. 22 (BusinessDesk) - Timaru businessman Allan Hubbard’s Southbury Group, the ultimate parent of South Canterbury Finance Ltd., owed $84.7 million to the failed lender, according the receiver’s first report. More >>
Stocks to watch: AIA, CEN, FBU, IFT, RAK, SCY
Thursday, 23 December 2010, 9:41 am | BusinessDesk
Dec. 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 >>
NZ dollar holds above 74 cts before GDP, sinks vs AUD
Thursday, 23 December 2010, 9:27 am | BusinessDesk
Dec. 23 (BusinessDesk) – The New Zealand dollar held above 74 U.S. cents ahead of today’s third-quarter gross domestic product data, while rising commodity prices picked up the Australian dollar and pushed the cross-rate to a fresh 10-year low. More >>
Fletcher Building seeks NZ clearance to buy Crane Group
Thursday, 23 December 2010, 9:20 am | BusinessDesk
Dec. 23 (BusinessDesk) – Fletcher Building Ltd., undeterred by Crane Group’s rejection of it’s a$740 million takeover bid, has sought New Zealand antitrust clearance to acquire the business. More >>
