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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 516]
RESEND: KiwiRail sees some green shoots
Friday, 28 October 2016, 10:36 pm | BusinessDesk
Oct. 28 (BusinessDesk) - KiwiRail's statement of corporate intent projects a drop in revenue for 2017 but chief executive Peter Reidy sees some bright spots for the state-subsidised railway, including the potential pickup in coal volumes and the ... More >>
MARKET CLOSE: NZ shares drop
Friday, 28 October 2016, 10:34 pm | BusinessDesk
Oct. 28 (BusinessDesk) - New Zealand shares fell, led by Trade Me Group while Summerset Group gained on its positive earnings outlook. More >>
Pumpkin Patch receivers to close seven stores
Friday, 28 October 2016, 4:46 pm | BusinessDesk
Oct. 28 (BusinessDesk) - The receivers of failed retail chain Pumpkin Patch will close seven stores over the next week-and-a-half with 57 staff to lose their jobs. More >>
Youi braces for $350,000 penalty on dodgy sales tactics
Friday, 28 October 2016, 2:34 pm | BusinessDesk
Oct. 28 (BusinessDesk) - South African-owned insurer Youi NZ expects to pay a $350,000 fine for breaking the law with misleading sales tactics. More >>
Chinese investor faces hurdles to develop NZ dairy factory
Friday, 28 October 2016, 2:27 pm | BusinessDesk
Oct. 28 (BusinessDesk) - Milk New Zealand, the local unit of Chinese investor Shanghai PengXin Group, is facing new hurdles with its New Zealand investment plans after being knocked back by the government last year over its proposed $88 million purchase ... More >>
KiwiRail sees some green shoots in outlook for coal volumes
Friday, 28 October 2016, 1:24 pm | BusinessDesk
Oct. 28 (BusinessDesk) - KiwiRail's statement of corporate intent projects a drop in revenue for 2017 but chief executive Peter Reidy sees some bright spots for the state-subsidised railway, including the potential pickup in coal volumes and the ... More >>
Augusta seeks to oust NPT board after rebuff
Friday, 28 October 2016, 1:22 pm | BusinessDesk
Oct. 28 (BusinessDesk) - Augusta Capital, which bought 9.3 percent of listed property investor NPT a month ago, wants to spill NPT's board after being rebuffed with an offer to buy the company's management contract and facilitate a $329 million acquisition. More >>
Countdown sales rise with looks to Christmas for profit
Friday, 28 October 2016, 1:02 pm | BusinessDesk
Oct. 28 (BusinessDesk) - Sales at Countdown supermarkets rose 1.9 percent in the first quarter of the 2017 financial year, which Australian parent Woolworths attributed to a focus on low prices. More >>
Binns hopes Tiwai smelter will stay, 'but not at any cost'
Friday, 28 October 2016, 11:21 am | BusinessDesk
Oct. 28 (BusinessDesk) - Meridian chief executive Mark Binns says the South Island electricity generator and retailer wants to see the Tiwai Point aluminium smelter stay, “but not at any cost”. More >>
Pyne Gould fined $300k by NZX for late reporting
Friday, 28 October 2016, 11:08 am | BusinessDesk
Oct. 28 (BusinessDesk) - Pyne Gould Corp, the investment group that plans to target 'distressed assets', has been fined $300,000 by the NZ Markets Disciplinary Tribunal for repeated late filings of annual and interim financial information. More >>
OceanaGold 3Q profit soars
Friday, 28 October 2016, 10:09 am | BusinessDesk
Oct. 28 (BusinessDesk) - OceanaGold Corp third-quarter profit soared 345 percent as the gold miner expanded its operations and didn't have a repeat of the previous year's impact from the shutdown of the Didipio mine for maintenance. More >>
AWF Madison lifts 1H profit
Friday, 28 October 2016, 10:07 am | BusinessDesk
Oct. 28 (BusinessDesk) - AWF Madison Group, the country's largest contract labour company, lifted first-half profit 15 percent, which it said reflected improved productivity that has continued into the second half. More >>
Fonterra assesses impact of big drop in milk production
Friday, 28 October 2016, 10:06 am | BusinessDesk
Oct. 28 (BusinessDesk) - Fonterra Cooperative Group is assessing the impact of a big drop in milk production this month on its contract book and future production plans. More >>
Intueri puts dive school up for sale
Friday, 28 October 2016, 10:04 am | BusinessDesk
Oct. 28 (BusinessDesk) - Intueri Education Group lowered its 2016 earnings guidance, saying deeper cost cuts and the decision to sell its dive school aren't enough to offset weaker enrollments and one-time restructuring costs. More >>
Summerset expects annual earnings to rise as much as 46%
Friday, 28 October 2016, 9:09 am | BusinessDesk
Oct. 28 (BusinessDesk) - Summerset Group says earnings will rise by as much as 46 percent this year as the retirement village company benefits from strong sales in a nation with an ageing population. More >>
NZ dollar drops as rising US bond yields help lift greenback
Friday, 28 October 2016, 9:08 am | BusinessDesk
Oct. 28 (BusinessDesk) - The New Zealand dollar fell as rising US Treasury bond yields help drive up the greenback. More >>
New fund lets savers avoid arms, tobacco, nuclear investment
Friday, 28 October 2016, 8:46 am | BusinessDesk
Oct. 27 (BusinessDesk) - KiwiSaver providers will be able to offer a low-cost international shares fund that excludes tobacco as well as controversial and nuclear weapons from the portfolio by the end of the year. More >>
Chorus chair challenges telcos on slow VDSL uptake
Friday, 28 October 2016, 8:44 am | BusinessDesk
Oct. 28 (BusinessDesk) - Some 400,000 internet users in New Zealand are on a slower form of internet connection than is available, with almost no cost involved in changing to the faster version, says Patrick Strange, the chairman of telecommunications infrastructure ... More >>
While you were sleeping: US rate bets firm
Friday, 28 October 2016, 7:57 am | BusinessDesk
Oct. 28 (BusinessDesk) - Wall Street was mixed, while US Treasuries slid, as the latest economic data cemented bets the Federal Reserve will raise its key interest rate in December. More >>
Bank margins to remain under pressure BNZ's Healy says
Friday, 28 October 2016, 2:08 am | BusinessDesk
Oct. 27 (BusinessDesk) - A moderation in New Zealand property prices is unlikely to ease up the pressure on lenders' margins as banks continue to compete for customers in a country enjoying strong inbound migration, a robust labour market and low interest ... More >>
