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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 1654]
Rubicon’s ArborGen plans to raise US$75M in IPO
Monday, 4 October 2010, 9:58 am | BusinessDesk
Oct. 4 (BusinessDesk) - ArborGen Inc. the tree seedling company that’s 33% owned by New Zealand’s Rubicon Ltd., plans to raise US$75 million in a U.S. initial public offering. More >>
Stocks to watch: AIR, ALF, FPA, GFF, HGL, LPC, NZX
Monday, 4 October 2010, 9:43 am | BusinessDesk
Oct. 4 (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 climbs to 10-month high on US QE
Monday, 4 October 2010, 9:27 am | BusinessDesk
Oct. 4 (BusinessDesk) – The New Zealand dollar rose to a 10-month high after the Chicago and New York Federal Reserve presidents said more action was needed to bring down America’s unemployment rate, raising the prospect of more quantitative easing ... More >>
Take no action on Tower offer, says Fidelity Life
Friday, 1 October 2010, 7:13 pm | BusinessDesk
by Jonathan Underhill Oct. 1 (BusinessDesk) – Fidelity Life Assurance Co. told shareholders to take no action on an unsolicited takeover offer from Tower Ltd. that uses a weighted average of recent trades as the basis of its offer. More >>
MARKET CLOSE: NZ stocks rise; APT, KIP gain
Friday, 1 October 2010, 5:59 pm | BusinessDesk
Oct. 1 (BusinessDesk) – New Zealand stocks rose for the first time in four sessions, as renewed appetite for property sector stocks lifted the market into positive territory. AMP NZ Office Trust, Kiwi Income Property and Goodman Property Trust led gains on ... More >>
Air NZ’s credit rating boosted on govt support
Friday, 1 October 2010, 3:08 pm | BusinessDesk
Oct. 1 (BusinessDesk) – Air New Zealand Ltd., the national carrier, has been upgraded to an investment grade Baa3 credit rating by Moody’s Investors Service due to its implied government support. More >>
Angel investor Movac forms partnership with Govt
Friday, 1 October 2010, 2:10 pm | BusinessDesk
Oct. 1 (BusinessDesk) – Wellington angel investor group Movac has formed a partnership with the New Zealand Venture Investment Fund to access up to $4 million of government funding for development of promising young companies. More >>
Investors in frozen Hubbard funds to get 3% in Oct
Friday, 1 October 2010, 2:01 pm | BusinessDesk
Oct. 1 (BusinessDesk) – Investors in Aorangi Securities Ltd., one of Allan Hubbard’s frozen investment vehicles, will get a 3 cent payment in the dollar this month as the statutory managers prepare to sell some of its low-hanging assets. More >>
Fonterra’s farmers buy further $61M of dry shares
Friday, 1 October 2010, 1:42 pm | BusinessDesk
Oct. 1 (BusinessDesk) – Almost three-quarters of Fonterra Cooperative Group’s farmer-shareholders have purchased an additional 13.5 million ‘dry’ shares over and above the milk production share backing required to supply milk to the co-operative. More >>
Tower makes surprise $118M offer for Fidelity Life
Friday, 1 October 2010, 1:38 pm | BusinessDesk
Oct. 1 (BusinessDesk) – Tower Ltd., 35% owned by Guinness Peat Group, has made a $118 million cash and scrip takeover offer for Fidelity Life Assurance Co., lifting its share of New Zealand’s life insurance market. More >>
Rents rise as capital gains diminish, TradeMe says
Friday, 1 October 2010, 1:05 pm | BusinessDesk
Rents are on the rise nationally, says auction site TradeMe, as the supply of rental properties continues to decline and residential property investors chase cashflow rather than capital gains. More >>
Allied Farmers accounts fail to convince auditor
Friday, 1 October 2010, 11:30 am | BusinessDesk
Oct. 1 (BusinessDesk) – Allied Farmers Ltd.’s auditor gave only a qualified sign-off on the failed financier’s annual accounts, saying it doesn’t have enough evidence that the company can continue as a going concern. More >>
Hellaby shareholders snap up discounted rights
Friday, 1 October 2010, 10:52 am | BusinessDesk
Oct. 1 (BusinessDesk) – Hellaby Holdings shareholders oversubscribed for the rights issue at a deep discount, allowing the diversified group to strengthen its balance sheet and contemplate acquisitions. More >>
Lyttelton Port calls off merger talks with Otago
Friday, 1 October 2010, 10:33 am | BusinessDesk
Sept. 29 (BusinessDesk) –Lyttelton Port Co., the South Island’s biggest port, abandoned two-years of merger talks with rival Port Otago Ltd. because it is preoccupied with rebuilding after the Canterbury earthquake. More >>
Stocks to watch: ALF, MGL, GFF, PRC, RAK, TEL, THL
Friday, 1 October 2010, 9:37 am | BusinessDesk
Oct. 1 (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 as upbeat US data stokes greenback
Friday, 1 October 2010, 9:27 am | BusinessDesk
Oct. 1 (BusinessDesk) – The New Zealand dollar fell after upbeat U.S. data soothed concerns about further quantitative easing by the Federal Reserve and stoked investors’ appetite for the greenback. More >>
NZ business confidence falls to 15-month
Thursday, 30 September 2010, 4:12 pm | BusinessDesk
Sept. 30 (BusinessDesk) – New Zealand business confidence extended its downward spiral to a 15-month low as firms hunker down for a slow and tepid recovery, according to the National Bank Business Outlook, out today. More >>
Lion Nathan buys back Auckland redevelopment site
Thursday, 30 September 2010, 4:11 pm | BusinessDesk
Sept. 30 (BusinessDesk) – Brewing company Lion Nathan Pty has bought back the site of its former Newmarket, Auckland, brewery after the AMP Capital Investors investment fund that took full control failed to secure capital funding for redevelopment. More >>
Goodman Fielder mulls $250 mln bond
Thursday, 30 September 2010, 1:55 pm | BusinessDesk
Sept. 30 (BusinessDesk) – Goodman Fielder Ltd., the dual-listed food ingredients manufacturer, is looking to raise as much as $250 million in a new NZX-listed bond to repay bank debt. More >>
Pike gains $25M short-term facility from NZOG
Thursday, 30 September 2010, 1:16 pm | BusinessDesk
Sept. 30 (BusinessDesk) – Pike River Coal Ltd., whose long-serving chief executive Gordon Ward leave next month, said it has agreed terms with 29% owner NZ Oil & Gas for a $25 million short-term working capital facility that allows it to complete ... More >>
