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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 232]
Stuff cuts 24 jobs as it closes community, rural titles
Wednesday, 16 May 2018, 7:16 pm | BusinessDesk
May 16 (BusinessDesk) - Media group Stuff will cut 24 jobs when it closes 15 community and rural titles in its shift to digital, after failing to find buyers for the publications. More >>
PharmaZen forecasts 44% jump in 2018 sales
Wednesday, 16 May 2018, 7:14 pm | BusinessDesk
May 16 (BusinessDesk) - PharmaZen, a Christchurch-based manufacturer of plant and animal-based health supplements, is forecasting a 44 percent increase in sales this year and a jump in earnings as the company brings a new plant online. More >>
First Union prepares to do battle with other employers
Wednesday, 16 May 2018, 6:50 pm | BusinessDesk
May 16 (BusinessDesk) - A major union in the finance, retail, manufacturing and industrial space has come out fighting for low-paid staff expected to work for nothing. This follows an Employment Court decision last week that furniture and appliance store ... More >>
CORRECT: Bank of New Zealand rings in executive changes
Wednesday, 16 May 2018, 6:48 pm | BusinessDesk
May 16 (BusinessDesk) - Bank of New Zealand chief executive Angela Mentis is ringing in more changes among her leadership team, with the heads of product development and customer service set to depart at the start of July. More >>
Waste Management rode NZ's economic growth in 2017
Wednesday, 16 May 2018, 5:11 pm | BusinessDesk
Waste Management rode NZ's economic growth in 2017, lifting sales; recycling became more tenuous More >>
New employment law would stop Affco serial litigation: Union
Wednesday, 16 May 2018, 5:10 pm | BusinessDesk
The Meat Workers Union says changes to New Zealand's employment law would let them prevent Talleys-owned meat processor Affco from barring unions and taking bargaining to court, a tactic which costs the workers' advocate half a million dollars a year ... More >>
Sumitomo Forestry's NZ unit posts record annual profit
Wednesday, 16 May 2018, 3:37 pm | BusinessDesk
May 16 (BusinessDesk) - Sumitomo Forestry NZ, the local unit of the Japanese timber conglomerate, posted a record profit last year after buying the timber plantations of US forestry investor Hancock in 2016 to secure more supply for its wood processing ... More >>
BNZ rings in executive changes in product, customer service
Wednesday, 16 May 2018, 3:03 pm | BusinessDesk
May 16 (BusinessDesk) - Bank of New Zealand chief executive Angela Mentis is ringing in more changes among her leadership team, with the heads of product development and customer service set to depart at the start of July. More >>
Trustpower cut to 'underperform' by First NZ
Wednesday, 16 May 2018, 2:56 pm | BusinessDesk
May 16 (BusinessDesk) - Trustpower got a mixed review from research analysts, with First New Zealand Capital downgrading the stock to 'underperform' as above-normal rainfall slows and retail margins shrink, while rival Morningstar affirmed its view ... More >>
A2 Milk stock slumps 20% as margin outlook disappoints
Wednesday, 16 May 2018, 1:58 pm | BusinessDesk
May 16 (BusinessDesk) - A2 Milk Co shares shed about a fifth of their value after a trading update today disappointed investors optimistic about the milk marketing firm's outlook, dragging down production partner Synlait Milk and weighing on the ... More >>
Fletcher completes $750M equity raising with sale of shares
Wednesday, 16 May 2018, 12:47 pm | BusinessDesk
May 16 (BusinessDesk) - Fletcher Building has reached its $750 million equity raising target after selling 20.2 million shares under its retail shortfall bookbuild, at a premium price to the entitlement offer but a discount to the trading price of the ... More >>
TeamTalk sells remaining Farmside stake to Vodafone for $3 m
Wednesday, 16 May 2018, 12:37 pm | BusinessDesk
May 16 (BusinessDesk) - TeamTalk, the Wellington-based telecommunications minnow, has sold its remaining 30 percent stake in rural broadband division Farmside to Vodafone New Zealand for $3 million, after the country's biggest mobile operator exercised ... More >>
Wellington tops Asia-Pacific for commercial investment
Wednesday, 16 May 2018, 12:35 pm | BusinessDesk
May 15 (BusinessDesk) - Wellington city’s strong demand for commercial real estate and lack of available space put it at the top of the latest Royal Institute of Chartered Surveyors’ Asia Pacific market update. More >>
A2 Milk forecasts FY revenue of $900M-$920M
Wednesday, 16 May 2018, 12:21 pm | BusinessDesk
May 16 (BusinessDesk) - A2 Milk Co forecast a surge in full-year sales and said its gross margin in the second half has stayed in line with its first half, as expected. More >>
NZX sells Farmers Weekly to former owners
Wednesday, 16 May 2018, 12:10 pm | BusinessDesk
May 16 (BusinessDesk) - NZX has sold its rural newspaper Farmers Weekly to its former owners Dean and Cushla Williamson for an undisclosed sum, with the new entity taking on all 15 staff. More >>
NZ dollar extends slide after strong US data
Wednesday, 16 May 2018, 12:09 pm | BusinessDesk
The New Zealand dollar fell to a new five-month low as upbeat US economic figures including retail sales and US Treasury bond yields at seven-year highs overshadowed the positive effects of rising dairy prices. More >>
Wall St drop after US retail sales data
Wednesday, 16 May 2018, 11:00 am | BusinessDesk
May 16 (BusinessDesk) - US Treasuries dropped, as did Wall Street, as the latest retail sales data underpinned bets the Federal Reserve will hike its target interest rate at its June meeting and might have to step up the pace of interest rate increases. More >>
Dairy product prices gain for the second time in 7 auctions
Wednesday, 16 May 2018, 10:13 am | BusinessDesk
May 16 (BusinessDesk) - Dairy product prices rose at the Global Dairy Trade auction, gaining for the second time in the most recent seven events amid better-than-expected gains for anhydrous milkfat and skim milk powder. More >>
Fletcher raises $132M in retail entitlement offer
Tuesday, 15 May 2018, 8:48 pm | BusinessDesk
May 15 (BusinessDesk) - Fletcher Building said it completed the retail component of its one-for-4.46 pro-rata entitlement offer, raising about $132 million and leaving a shortfall of about $97 million to be made up from the retail shortfall bookbuild. More >>
MARKET CLOSE: Shares dip, Air NZ and Mercury fall
Tuesday, 15 May 2018, 8:35 pm | BusinessDesk
MARKET CLOSE: NZ shares dip from record, Air NZ and Mercury fall while Synlait, Fletcher rise More >>
