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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 29]
MARKET CLOSE: NZ shares climb as rate cut stokes demand
Wednesday, 7 August 2019, 8:49 pm | BusinessDesk
MARKET CLOSE: NZ shares climb as rate cut stokes demand for yield stocks; Mercury gains More >>
RBNZ says rate cut, govt largesse will jump-start economy
Wednesday, 7 August 2019, 8:33 pm | BusinessDesk
Aug. 7 (BusinessDesk) - New Zealand's central bank is confident its 50 basis point rate cut coupled with the government's spending programme will be enough to jump-start the economy, but economists are sceptical. More >>
UPDATE: ASB lifts annual profit 8%
Wednesday, 7 August 2019, 8:31 pm | BusinessDesk
Aug. 7 (BusinessDesk) - ASB Bank’s chief executive says she’s more focused on forward business conditions than on resting on the laurels of producing an 8 percent annual profit increase at the same time as the Australian parent reported an 8 percent ... More >>
NZ dollar tanks after RBNZ slashes rates to fire economy
Wednesday, 7 August 2019, 8:30 pm | BusinessDesk
Aug. 7 (BusinessDesk) - The New Zealand dollar tanked after the Reserve Bank surprised the market by cutting its official cash rate by 50 points rather than the 25 points most were expecting. More >>
Govt officials eye default KiwiSaver settings
Wednesday, 7 August 2019, 5:42 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Ministry of Business, Innovation and Employment and Treasury officials want feedback on whether the government should alter default KiwiSaver provider settings to promote responsible investment. More >>
UPDATE: RBNZ slashes cash rate to 1%, dollar tumbles
Wednesday, 7 August 2019, 5:41 pm | BusinessDesk
Aug. 7 (BusinessDesk) - The Reserve Bank slashed the official cash rate by 50 basis points to 1 percent due to a softer outlook for employment and inflation, slower economic growth and weaker global conditions. The New Zealand dollar tumbled. More >>
FIRST CUT: RBNZ cuts OCR by 50 basis points to 1%
Wednesday, 7 August 2019, 5:13 pm | BusinessDesk
Aug. 7 (BusinessDesk) - The Reserve Bank slashed the official cash rate by 50 basis points to 1 percent due to a softer outlook for employment and inflation, slower economic growth and weaker global conditions. The New Zealand dollar tumbled. More >>
Tilt faces court action over 2016 South Australia blackout
Wednesday, 7 August 2019, 3:52 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Tilt Renewables is among four wind farm operators being taken to court by Australian authorities for their part in a blackout of South Australia’s electricity network in September 2016. More >>
Suncorp NZ stars with 76% profit growth
Wednesday, 7 August 2019, 3:12 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Suncorp Group's New Zealand unit was a standout for the Australasian bank and insurer, as premium growth and fewer claims helped boost local profit 76 percent while earnings plummeted across the Tasman. More >>
Air NZ share price supported by solid dividend yield
Wednesday, 7 August 2019, 2:59 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Air New Zealand’s solid dividend yield is likely to underpin its share price in the medium term but, with few upside catalysts for earnings outside of fuel prices, Jarden analysts are neutral on the stock. More >>
ASB lifts annual profit 8% but underlying growth subdued
Wednesday, 7 August 2019, 2:14 pm | BusinessDesk
Aug. 7 (BusinessDesk) - ASB Bank lifted annual net profit 8.2 percent, including the one-off profit from selling Paymark, but says the underlying rate was more subdued than in previous years. More >>
Fonterra to sell down Beingmate stake on market
Wednesday, 7 August 2019, 1:17 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Fonterra Cooperative Group plans to sell down its 18.8 percent shareholding in Beingmate Baby & Child Food Co on market after failing to find a buyer for the entire stake. More >>
Record gas volumes traded amid increased uncertainty
Wednesday, 7 August 2019, 1:09 pm | BusinessDesk
Aug. 7 (BusinessDesk) - Volumes traded on the spot gas market jumped to a record last month as industrial users locked in supplies for the rest of the year. More >>
Dairy product prices fall for fifth time in six auctions
Wednesday, 7 August 2019, 11:05 am | BusinessDesk
Aug. 7 (BusinessDesk) - Dairy product prices declined at the Global Dairy Trade auction, sliding for the fifth time in the past six auctions amid an increase of volume on offer. More >>
NZ dollar under pressure ahead of widely expected rate cut
Wednesday, 7 August 2019, 11:03 am | BusinessDesk
Aug. 7 (BusinessDesk) - The New Zealand dollar remained under pressure after a soft dairy auction and ahead of the central bank’s rate decision. More >>
Auckland house price slide continues
Wednesday, 7 August 2019, 10:51 am | BusinessDesk
Aug. 7 (BusinessDesk) - Falling house prices in Auckland continue to keep a lid on national house price inflation although some regions are still posting double-digit price increases. More >>
MARKET CLOSE: NZ market dives on escalating trade war
Tuesday, 6 August 2019, 8:58 pm | BusinessDesk
Aug. 6 (BusinessDesk) - The New Zealand share market took a hit in a day of red on signs China may use its currency to stand up to the US in the two countries’ escalating trade war. More >>
NZ dollar falls after short-lived bounce on strong jobs data
Tuesday, 6 August 2019, 8:57 pm | BusinessDesk
Aug. 6 (BusinessDesk) - The New Zealand dollar weakened after a short-lived bounce on stronger-than-expected employment numbers. Economists don’t expect the data will prevent the Reserve Bank from cutting its official cash rate tomorrow. More >>
Spark signs up 150 schools to show Rugby World Cup for free
Tuesday, 6 August 2019, 7:02 pm | BusinessDesk
Aug. 6 (BusinessDesk) - Less than seven weeks out from the Rugby World Cup, Spark says it is offering New Zealanders as many opportunities as possible to watch the tournament, including through 150 rural schools. More >>
Comvita says auditor KPMG verified inventory value
Tuesday, 6 August 2019, 6:46 pm | BusinessDesk
Aug. 6 (BusinessDesk) - Comvita chair Neil Craig says a key message the company had wanted to convey in its latest earnings downgrade last week was that the valuation of its inventory is worth the $110 million it is valued at. More >>
