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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 1625]
Electricity reforms drive wholesale price spike
Wednesday, 15 December 2010, 5:01 pm | BusinessDesk
Dec. 15 (BusinessDesk) – The unprecedented pre-Christmas spike in wholesale electricity prices is down to generators pricing stored water for hydro-electricity more conservatively than in the past because they fear being required to pay customers to save power ... More >>
Crane stock surges on Fletcher takeover
Wednesday, 15 December 2010, 3:35 pm | BusinessDesk
Dec. 15 (BusinessDesk) – Shares of Crane Group Ltd., the Australian plumbing supply chain and plastic piping company, soared after Fletcher Building Ltd. announced an A$740 million takeover offer at a premium to expand across the Tasman. More >>
Singapore’s Wilmar gains NZ clearance for Sucragen purchase
Wednesday, 15 December 2010, 3:20 pm | BusinessDesk
Dec. 15 (BusinessDesk) – Wilmar International Ltd., the world’s biggest palm oil trader, has won approval from the Overseas Investment Office for the local component of its bid to buy Australian sugar interests. More >>
Hotchin’s assets frozen in ‘preventative’ move by regulator
Wednesday, 15 December 2010, 2:39 pm | BusinessDesk
Dec. 15 (BusinessDesk) – The Securities Commission has won a High Court order freezing assets associated with former Hanover Finance boss Mark Hotchin. More >>
ACCC gives thumbs up to SGX-ASX tie-up
Wednesday, 15 December 2010, 12:17 pm | BusinessDesk
Dec. 15 (BusinessDesk) – The proposed A$8.4 billion merger of the Australian Stock Exchange and Singapore Stock Exchange has got past its first hurdle after being given the thumbs-up by Australia’s antitrust watchdog. More >>
Fletcher agrees to buy Australia’s Crane Group for A$740M
Wednesday, 15 December 2010, 11:39 am | BusinessDesk
Dec. 15 (BusinessDesk) – Fletcher Building Ltd. agreed to acquire Australia’s Crane Group Ltd. for A$870 million in stock and cash, gaining a network of plumbing supply outlets and the Iplex plastic pipeline systems business. More >>
Financial weakness restrains kiwi vs Australian dollar
Wednesday, 15 December 2010, 11:04 am | BusinessDesk
Dec. 15 (BusinessDesk) – New Zealand’s historically poor savings record and reliance on offshore funding has helped push the kiwi dollar down to decade-lows against its Australian counterpart, according to Westpac Banking Corp. research. More >>
Waikato, Ruapehu declared drought zones
Wednesday, 15 December 2010, 10:55 am | BusinessDesk
Dec. 15 (BusinessDesk) – The Waikato region and Ruapehu District have been declared medium-level drought zones, with some farmers already making comparisons to the ‘big dry’ of 2007-2008, says Agriculture Minister David Carter. More >>
Regulator drops probe after 2degrees, Vodafone cut deal
Wednesday, 15 December 2010, 9:51 am | BusinessDesk
Dec. 15 (BusinessDesk) – The Commerce Commission has dropped its probe into national mobile roaming services after phone operators Two Degrees Mobile Ltd. and Vodafone NZ Ltd. cut a deal for the minnow’s customers to access the rival network. More >>
Stocks to watch: DGL, FBU, HGL, RBD, SKL, TEL
Wednesday, 15 December 2010, 9:41 am | BusinessDesk
Dec. 15 (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 >>
Fletcher Building stock halted pending material announcement
Wednesday, 15 December 2010, 9:25 am | BusinessDesk
Dec. 15 (BusinessDesk) – Shares of Fletcher Building Ltd., New Zealand’s biggest construction company, were halted pending a statement. More >>
NZ dollar rises as US spending, Fed view lifts risk appetite
Wednesday, 15 December 2010, 9:14 am | BusinessDesk
Dec. 15 (BusinessDesk) – The New Zealand dollar rose as investors’ appetite for riskier, or higher-yielding, assets improved amid stronger consumer spending in the U.S. and the Federal Reserve maintained its policy position. More >>
SCF receiver gets other Dairy Holdings shareholders on board
Wednesday, 15 December 2010, 9:10 am | BusinessDesk
Dec. 15 (BusinessDesk) - The receiver of South Canterbury Finance Ltd. has reached an agreement with four shareholders of Dairy Holdings Ltd. to put their 62.5% stake in the South Island farming group up for sale. More >>
Botany by-election on March 5 after Wong walks away
Tuesday, 14 December 2010, 3:04 pm | BusinessDesk
Botany by-election on March 5 after Wong walks away Dec. 14 (BusinessDesk) – Prime Minister John Key has set the date for the Botany by-election after former Cabinet Minister Pansy Wong walked away from Parliament amid increasing pressure over her ... More >>
Restoring solid economy will take till 2020, says English
Tuesday, 14 December 2010, 2:29 pm | BusinessDesk
Dec. 14 (BusinessDesk) – It will take New Zealand another 10 years of careful economic management before it will be able to withstand shocks of the kind experienced over the last three, says Finance Minister Bill English. More >>
English claims surprise at size of Crown asset base
Tuesday, 14 December 2010, 2:18 pm | BusinessDesk
Dec. 14 (BusinessDesk) – New Zealand taxpayers own assets worth a total of $223 billion, and can expect that total to rise to above $250 billion within the next five years, according to the first ever Investment Statement to be released by the ... More >>
Economy to run “below potential” for next 5 years: Treasury
Tuesday, 14 December 2010, 2:03 pm | BusinessDesk
Dec. 14 (BusinessDesk) – New Zealand’s weak economic recovery will see the country performing below its true potential for another five years, although the gap will narrow and be “approximately closed by 2015,” say the latest Treasury forecasts. More >>
Govt faces $12.6 bln debt hole over the next five years
Tuesday, 14 December 2010, 1:07 pm | BusinessDesk
Dec. 14 (BusinessDesk) – The government faces a $12.6 billion debt hole over the next five years as ballooning cash deficits grow faster than the Crown’s borrowing programme. More >>
Prospects for NZ covered bond market encouraging: Moody’s
Tuesday, 14 December 2010, 12:27 pm | BusinessDesk
Dec. 14 (BusinessDesk) - The signs are encouraging a covered bond market will develop in New Zealand, providing bank's with a useful funding tool which may cost them less then their senior secured or unsecured debt, says Moody's Investors Service. More >>
NZ retail spending tapers off post-GST hike
Tuesday, 14 December 2010, 11:50 am | BusinessDesk
Dec. 14 (BusinessDesk) – New Zealanders were more reluctant to open their wallets in October after the government hiked goods and services tax to 15% and kiwis focussed on repaying debt. More >>
