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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 1621]
MARKET CLOSE: NZ stocks rise; NZX gains, PPL falls
Wednesday, 22 December 2010, 6:03 pm | BusinessDesk
Dec. 22 (BusinessDesk) - New Zealand stocks rose as a pre-Christmas rally on global equity markets helped support investor appetite for local shares. NZX Ltd. paced gainers on its own exchange, while Pumpkin Patch fell. More >>
Ngati Porou agrees to settle for $110 million
Wednesday, 22 December 2010, 5:41 pm | BusinessDesk
Dec. 22 (BusinessDesk) – Members of New Zealand’s second-largest iwi (tribe), Ngati Porou, have voted overwhelmingly to support a $110 million cash settlement of all historical claims under the Treaty of Waitangi. More >>
Hong Kong's Natural Dairy backers fail 'good character' test
Wednesday, 22 December 2010, 5:35 pm | BusinessDesk
Dec. 22 (BusinessDesk) - The backers for Natural Dairy (NZ) Holdings of Hong Kong have failed the 'good character' test of New Zealand's foreign investment regulator, which rejected an application to buy the Crafar farms. More >>
Geologistics fined $2.5 mln in air cargo cartel case
Wednesday, 22 December 2010, 2:53 pm | BusinessDesk
Dec. 22 (BusinessDesk) – Geologistics International (Bermuda) Ltd., the second American freight company to reach a settlement over an alleged air cargo cartel, has been fined $2.5 million for its role in fixing freight forwarding prices. More >>
Kiwis lift spending in Christmas run-up, though pace slows
Wednesday, 22 December 2010, 2:46 pm | BusinessDesk
Dec. 22 (BusinessDesk) - New Zealanders spent more in the first 21 days of December than they did last year though the pace of growth has slowed in the past three months, according to Paymark. More >>
McDouall Stuart fined, censured by NZX
Wednesday, 22 December 2010, 1:24 pm | BusinessDesk
Dec. 22 (BusinessDesk) – McDouall Stuart Securities Ltd., the brokerage that outsourced its trading and settlement in protest over NZX Ltd.’s rising fees, has been fined a total of $83,000 and publicly censured for breaching stock exchange rules in the ... More >>
Telecom bosses to lose credit cards in new efficiency drive
Wednesday, 22 December 2010, 1:15 pm | BusinessDesk
Dec. 22 (BusinessDesk) – Telecom Corp.’s entire executive team has cut up its corporate credit cards, as the company starts an efficiency drive that chief executive Paul Reynolds is telling staff will put an end to the company “waffling around.” More >>
Infratil to close bond offer early, mulls another issue
Wednesday, 22 December 2010, 1:08 pm | BusinessDesk
Dec. 22 (BusinessDesk) – Infratil Ltd. said it will close an offer of 2016 bonds in January, four months earlier than planned, due to strong demand and is mulling a further issue of 2017 debt. More >>
NZ current account gap widens less than expected
Wednesday, 22 December 2010, 12:42 pm | BusinessDesk
Dec. 22 (BusinessDesk) – New Zealand’s current account deficit widened less than expected in the third quarter, though the gap is set to widen in 2011 as economic recovery spurs imports and profits for foreign-owned companies. More >>
Surviving finance companies looking healthier: KPMG
Wednesday, 22 December 2010, 12:27 pm | BusinessDesk
by Jason Krupp Dec. 22 (BusinessDesk) - New Zealand's non-bank finance companies have recovered significantly after the collapse in the property sector, the domestic recession and the global financial crisis savaged the industry and saw heavyweights ... More >>
Lyttelton Port flags improved first-half profit
Wednesday, 22 December 2010, 11:15 am | BusinessDesk
Dec. 22 (BusinessDesk) – Lyttelton Port Co., South Island’s biggest port, expects first-half profit to be an improvement on last year in spite of the damage caused by the September earthquake. More >>
Charlie's wins Hong Kong supermarket order
Wednesday, 22 December 2010, 10:41 am | BusinessDesk
Dec. 22 (BusinessDesk) - Juice and soft-drinks company Charlie's Group says it has received its first order from Hong Hong's largest food retailer PARKnSHOP. More >>
St Laurence investors to get 9c payment next month: receiver
Wednesday, 22 December 2010, 9:45 am | BusinessDesk
Dec. 21 (BusinessDesk) – Investors in failed financier St Laurence Ltd. will get the first 9 cents-in-the-dollar repayment next month after receivers sold its interest in National Property Trust and recovered some loans. Still, receivers Barry Jordan ... More >>
Southbury borrowed $103.9M from South Canterbury: receiver
Wednesday, 22 December 2010, 9:38 am | BusinessDesk
Dec. 22 (BusinessDesk) – Southbury Corp., the parent of South Canterbury Finance Ltd., owed $103.9 million to the failed lender at the time of its receivership, according to the receivers. More >>
Stocks to watch: ABA, AIR, NZO, SKY, SPY, TWR
Wednesday, 22 December 2010, 9:33 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 falls ahead of current account, GDP
Wednesday, 22 December 2010, 9:14 am | BusinessDesk
Dec. 22 (BusinessDesk) – The New Zealand dollar fell ahead of third-quarter balance of payments and gross domestic product, and amid the prospect of more sovereign rating downgrades in Europe. More >>
MARKET CLOSE: NZ stocks rise; Retailers, F&P Appliances lead
Tuesday, 21 December 2010, 5:57 pm | BusinessDesk
Dec. 21 (BusinessDesk) - New Zealand stocks rose, led by retailers in the final week of the peak pre-Christmas shopping season. Fisher & Paykel Appliances Holdings paced gainers, while New Zealand Refining Co. fell. More >>
Solid Energy sells tiddler coal mine to Aussie outfit
Tuesday, 21 December 2010, 5:20 pm | BusinessDesk
Dec. 21 (BusinessDesk) – State-owned coal-miner Solid Energy Ltd. has sold a small, recently closed underground coal mine to Australian-based Crusader Coal Ltd., raising prospects of a small number of new mining jobs on the West Coast of the South Island. More >>
SmartPay raises $2.3 mln in discounted share offer
Tuesday, 21 December 2010, 5:15 pm | BusinessDesk
Dec. 21 (BusinessDesk) – SmartPay Ltd., the EFTPOS services company that bought distressed Provenco-Cadmus assets, raised $2.3 million through a series of discounted private placements, and has secured a $2 million funding line. More >>
Five Star Finance directors sentenced, two get prison
Tuesday, 21 December 2010, 3:48 pm | BusinessDesk
Dec. 21 (BusinessDesk) – Three Five Star Finance directors were sentenced today, with two of them getting prison sentences and the other a home detention order. More >>
