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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 556]
Precinct Properties lifts annual profit
Thursday, 18 August 2016, 10:53 am | BusinessDesk
Aug. 18 (BusinessDesk) - Precinct Properties New Zealand, the listed commercial property investor, increased annual profit 13 percent and lifted its guidance as it shifted its weighting to Auckland, where it sees long-term growth. More >>
Port of Tauranga full-year profit falls 2.3%
Thursday, 18 August 2016, 10:25 am | BusinessDesk
Aug. 18 (BusinessDesk) - Port of Tauranga posted a 2.3 percent decline in full-year profit, missing some estimates, while announcing plans to return $140 million to shareholders over four years and a five-for-one share split to boost liquidity. More >>
UPDATE: Spark profit dips 1.3% on tax expense
Thursday, 18 August 2016, 10:11 am | BusinessDesk
Aug. 18 (BusinessDesk) - Spark New Zealand posted a 1.3 percent drop in annual profit in the face of a bigger tax bill and weaker revenue, although the country's biggest telecommunications company promised to make another special dividend payment in 2017. More >>
Skellerup annual profit slides 6%
Thursday, 18 August 2016, 9:52 am | BusinessDesk
Aug. 18 (BusinessDesk) - Skellerup Holdings' annual profit fell 6 percent as weaker demand for products in its agricultural business weighed on improved earnings from its industrial unit. More >>
China's dairy imports jumped 26% in June year
Thursday, 18 August 2016, 9:47 am | BusinessDesk
Aug. 18 (BusinessDesk) - China's imports of dairy products jumped 26 percent in the 12 months ended June 30 while growth in European Union milk production slowed for a third month in May, signs that the global dairy market may be starting to return ... More >>
Spark profit dips 1.3% on tax expense, weaker revenue
Thursday, 18 August 2016, 9:06 am | BusinessDesk
Aug. 18 (BusinessDesk) - Spark New Zealand posted a 1.3 percent drop in annual profit in the face of a bigger tax bill and weaker revenue, although the country's biggest telecommunications company promised to make another special dividend payment in 2017. More >>
NZ dollar holds above 72 US cents after Fed minutes
Thursday, 18 August 2016, 8:50 am | BusinessDesk
The New Zealand dollar was little changed above 72 US cents after minutes of the last Federal Reserve meeting showed US policymakers divided on the timing of rate hikes, while domestic indicators added to the case for a strong kiwi. More >>
Kiwi startup Little Island starts coconut milk exports
Thursday, 18 August 2016, 8:38 am | BusinessDesk
Aug. 18 (BusinessDesk) - Kiwi food and beverage company Little Island Coconut Creamery is moving into exports of coconut milk, kicking off in Australia and then expanding into the US state of California early next year to take advantage of a global trend ... More >>
NZ seeks credibility in early climate pact ratification
Thursday, 18 August 2016, 8:35 am | BusinessDesk
Aug. 18 (BusinessDesk) - New Zealand is seeking a place at the negotiating table by ratifying by the end of November the global climate change accord agreed in Paris last year, fearing loss of influence over crucial rule-making if it doesn’t do ... More >>
MARKET CLOSE: NZ shares gain, NZX falls
Thursday, 18 August 2016, 8:02 am | BusinessDesk
Aug. 17 (BusinessDesk) - New Zealand shares rose on Fletcher Building's positive annual earnings and outlook, while NZX dropped after posting first-half results that included costs of its legal battle with Ralec. More >>
While you were sleeping: US rates on hold
Thursday, 18 August 2016, 7:45 am | BusinessDesk
Aug. 18 (BusinessDesk) - US Treasuries rose while Wall Street fluctuated, paring earlier losses, after minutes from the July Federal Reserve meeting showed US policy makers might be less in a rush to raise interest rates than thought. More >>
NZD climbs after weak US CPI, strong dairy auction
Wednesday, 17 August 2016, 5:19 pm | BusinessDesk
The New Zealand dollar climbed after figures showed the US consumer price index was flat last month while the price of whole milk powder jumped to a 10-month high overnight. More >>
Michael Hill forks out $30.3 million to end NZ tax battle
Wednesday, 17 August 2016, 5:18 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Listed jewellery retailer Michael Hill International is paying out $30.3 million to the New Zealand Inland Revenue Department to settle a long-running tax battle over the transfer of the group’s intellectual property ... More >>
Mortgage fraudsters sentenced to prison, home detention
Wednesday, 17 August 2016, 4:44 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Four people found guilty of mortgage fraud have been sentenced for scamming seven banks using forged documents and aliases in a $9.2 million scheme involving 11 Auckland properties between July 2007 and December 2010. More >>
Fletcher forecasts strong earnings uplift
Wednesday, 17 August 2016, 3:32 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Building and construction company Fletcher Building is forecasting a strong uplift in underlying earnings for 2017 in the range of $720 million to $760 million, mainly on the back of a boom in Auckland residential construction. More >>
New Talisman places share shortfall, raising $1.77 mln
Wednesday, 17 August 2016, 3:23 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Coromandel gold-mining prospector New Talisman Gold Mines has raised $1.77 million through the issue of new shares following a shortfall in its May rights issue. More >>
Pumpkin Patch seeks flexibility from banks
Wednesday, 17 August 2016, 2:51 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Pumpkin Patch has maintained its earnings guidance for the year ended July 31, and said it had seen a "pleasing second half performance", though it's still considering further restructuring and is looking for more "flexibility" ... More >>
March Construction ordered to pay rent for dirt pile
Wednesday, 17 August 2016, 2:45 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Queenstown-based construction company March Construction must pay for leaving about 268,000 cubic metres of ground material on land it didn't own, having bought the material in an attempt to get a hold over well-known developer ... More >>
Kiwi Property plans $80 mln office tower for Sylvia Park
Wednesday, 17 August 2016, 12:22 pm | BusinessDesk
Aug. 17 (BusinessDesk) - Kiwi Property Group, the country's biggest listed property investor, plans to build an $80 million office tower as part of a broader development of the Sylvia Park retail centre in Auckland. More >>
Fletcher Building profit up 71%: CEO pay rises 17%
Wednesday, 17 August 2016, 11:50 am | BusinessDesk
Aug. 17 (BusinessDesk) - Fletcher Building chief executive Mark Adamson received a 17 percent pay rise this year to $4.72 million while the building and construction company reported a 71 percent gain in full-year profit and met its earnings guidance. More >>
