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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 1623]
A2 taps AMP, Freedom Foods to fund Australian plant
Monday, 20 December 2010, 10:57 am | BusinessDesk
Dec. 20 (BusinessDesk) - A2 Corp., the specialist milk products manufacturer, has tapped investors AMP Capital Investors (New Zealand) and Freedom Foods Group for almost $4 million via a share placement to help fund construction of a processing ... More >>
Metlifecare agrees to sell Merivale village for $26 mln
Monday, 20 December 2010, 10:48 am | BusinessDesk
Dec. 20 (BusinessDesk) - Metlifecare Ltd. agreed to sell its Merivale Retirement Village in Christchurch to a group of private South Island investors for $26 million, using the proceeds to repay debt. More >>
Broadband speeds improving with local loop unbundling
Monday, 20 December 2010, 10:24 am | BusinessDesk
Dec. 20 (BusinessDesk) – Broadband speeds are about 20% faster when accessed through unbundled local loop services than through Telecom Corp.’s regular wholesale offering, according to the regulator’s latest six-monthly update. More >>
Family of Michael Hill renews push to take control
Monday, 20 December 2010, 10:23 am | BusinessDesk
Dec. 20 (BusinessDesk) – The family of Michael Hill International’s founder has renewed its attempt to take control of the jewellery chains, offering a 6% premium to take its holding to 50.2% from 47.6%. More >>
Stocks to watch: NZO, NZR, PGG, SCT, TEL, TLS, XRO
Monday, 20 December 2010, 9:48 am | BusinessDesk
Dec. 17 (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 below 74 cents on Ireland, Euro debt woes
Monday, 20 December 2010, 9:22 am | BusinessDesk
Dec. 20 (BusinessDesk) – The New Zealand dollar fell back below 74 U.S. cents as Moody’s Investors Service slashed Ireland’s credit rating five notches, sparking fresh concerns about Europe’s sovereign debt crisis. More >>
WEEKLY SPORTS DIGEST: Ashes now anyone's
Monday, 20 December 2010, 7:45 am | BusinessDesk
20/12/10 Executive sport summary – An overview of the major sporting events – Results, key moments and talking points – Everything you need to know to foot it at the water cooler this week. More >>
World Week Ahead: Bulls firmly in charge
Monday, 20 December 2010, 7:39 am | BusinessDesk
Dec. 20 (BusinessDesk) - A five-level slashing of Ireland’s debt rating. Expanded mortgage and insider trading probes in the U.S. Intensified sabre rattling between North and South Korea. More >>
NZ to post meagre growth in 3rd qtr as construction drags
Monday, 20 December 2010, 7:32 am | BusinessDesk
Dec. 20 (BusinessDesk) - New Zealand may have recorded meagre economic growth in the third quarter in the face of a weak construction sector, patchy manufacturing and sluggish consumer spending. More >>
MARKET CLOSE: NZ stocks rise; NZ Refining leads on outlook
Friday, 17 December 2010, 5:58 pm | BusinessDesk
Dec. 17 (BusinessDesk) - New Zealand stocks rose, led by New Zealand Refining Co. after the country's only oil refinery doubled its profit forecast on the back of an unexpected rise in refining margins, while Fisher & Paykel Appliances Holdings ... More >>
NZ gains traction on access to Malaysia’s halal market
Friday, 17 December 2010, 5:43 pm | BusinessDesk
Dec. 17 (BusinessDesk) – New Zealand may be gaining traction in restoring access to Malaysia’s $666 million imported halal meat market after agreeing to set out the ways the local meat industry will comply with the Muslim nation’s religious ... More >>
Regulator bans Ira NRG investment statement
Friday, 17 December 2010, 4:50 pm | BusinessDesk
Dec. 17 (BusinessDesk) – The Securities Commission has banned Ira NRG NZ Ltd.’s investment statement, quashing the illegal sale of any shares in the company. More >>
Half-year loss pressures Pulse as power prices spike
Friday, 17 December 2010, 2:39 pm | BusinessDesk
Dec. 17 (BusinessDesk) – Independent electricity retailer Pulse Utilities Ltd. added a further $2.35 million to accumulated losses now totalling $25.9 million, in the six months to Sept. 30, reflecting tight winter trading margins and fast customer ... More >>
Suncorp sells NZ Guardian Trust for $42 mln
Friday, 17 December 2010, 12:56 pm | BusinessDesk
Dec. 17 (BusinessDesk) – Suncorp Group, the Australian insurer that owns Asteron and Vero, has sold New Zealand Guardian Trust Co. for $42 million in a bid to streamline its business. More >>
Wrightson cuts guidance on loss of NZS, outlook for farming
Friday, 17 December 2010, 12:51 pm | BusinessDesk
Dec. 17 (BusinessDesk) - PGG Wrightson Ltd. has cut its full year earnings guidance, with the slower recovery in the agricultural sector, the disposal of the NZ Farming Systems Ltd. management contract and increased debt provisioning weigh on performance. ... More >>
Global freight-forwarder fined $1.15 mln for NZ price-fixing
Friday, 17 December 2010, 12:44 pm | BusinessDesk
Dec. 17 (BusinessDesk) – EGL Inc., one of two American freight companies to reach a settlement over the alleged air cargo cartel, faces a $1.15 million fine for its role in fixing freight forwarding prices. More >>
NZ Refining says profit rebounded this year as margins grow
Friday, 17 December 2010, 12:23 pm | BusinessDesk
Dec. 17 (BusinessDesk) – New Zealand Refining Co., New Zealand’s only oil refinery, said its gross refining margins are higher than expected this year, which will contribute to a rebound in annual profit. The shares rallied on the news. More >>
Property lingers at low point, but green shoots emerging
Friday, 17 December 2010, 11:13 am | BusinessDesk
Dec. 17 (BusinessDesk) - New Zealand's property market may still have languished in decline in November, but green shoots are starting to emerge with improvements in price, volume and days to sell, according to an industry analysis. More >>
Meridian takes flick at reforms as asset swap confirmed
Friday, 17 December 2010, 11:06 am | BusinessDesk
Dec. 17 (BusinessDesk) – A major plank of the government’s electricity reforms is in place, with state-owned Meridian Energy, Genesis Energy and MightyRiverPower confirming they had signed new contracts that will back all three companies’ expansion ... More >>
Genesis Energy mulls $300 million bond offer
Friday, 17 December 2010, 10:35 am | BusinessDesk
Dec. 17 (BusinessDesk) – Genesis Energy Ltd., the state-owned electricity generator and retailer, is seeking expressions of interest in a $300 million unsecured, subordinated capital bonds issue to the New Zealand public. More >>
