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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 559]
NZ Super Fund gets A+ for responsible investment by UNPRI
Friday, 12 August 2016, 4:52 pm | BusinessDesk
Aug. 12 (BusinessDesk) - The New Zealand Superannuation Fund has again scored an A+ rating for governance and strategy around responsible investment in the latest benchmarking report by the United Nations-supported Principles for Responsible Investment. More >>
Vector wins again in tax dispute over $53 mln payment
Friday, 12 August 2016, 4:40 pm | BusinessDesk
Aug. 12 (BusinessDesk) - Vector has won for a second time against the Inland Revenue Department over its tax treatment for a $53 million payment made by grid operator Transpower. More >>
Silver Fern shareholders vote 80.4% in favour of sale
Friday, 12 August 2016, 4:23 pm | BusinessDesk
Silver Fern shareholders vote 80.4% in favour of sale to Shanghai Maling at special meeting More >>
UPDATE: Steel & Tube shares rise to two-week high
Friday, 12 August 2016, 3:20 pm | BusinessDesk
Aug. 12 (BusinessDesk) - Steel & Tube Holdings stock rose to a two-week high after it posted full-year earnings that beat guidance and lifted its dividends, as the contribution from new acquisitions and cost savings helped offset weaker prices ... More >>
NZ wool prices drop at auction as stronger currency bites
Friday, 12 August 2016, 3:00 pm | BusinessDesk
Aug. 12 (BusinessDesk) - New Zealand wool prices declined at yesterday's auction as a stronger local currency made the country's exports less attractive. More >>
Banks get an extra month to meet new lending restrictions
Friday, 12 August 2016, 2:33 pm | BusinessDesk
Aug. 12 (BusinessDesk) - The Reserve Bank won't impose new lending restrictions for highly-leveraged investment purchases until the start of October, giving lenders an extra month to clear their backlog of pre-approvals. More >>
Sweeter film subsidy lured $88 million Disney movie to NZ
Friday, 12 August 2016, 2:07 pm | BusinessDesk
Aug. 12 (BusinessDesk) - The makers of "Pete's Dragon" say the 5 percent production grant available on top of an existing 20 percent incentive in New Zealand drove their decision to base the $88 million Disney feature film here. More >>
Futures prices signal lift
Friday, 12 August 2016, 1:22 pm | BusinessDesk
Aug. 12 (BusinessDesk) - The price for New Zealand's key dairy product, whole milk powder, looks set for a second strong uplift at the GlobalDairyTrade auction next week, according to traders who are pricing in an increase on the NZX futures market. More >>
Goodfellows' Amalgamated Dairies sells down Sanford stake
Friday, 12 August 2016, 1:20 pm | BusinessDesk
Aug. 12 (BusinessDesk) - Amalgamated Dairies, the investment vehicle for the Goodfellow family, has sold down its stake in fishing company Sanford at a 2.3 percent discount to where they trading at the time. More >>
Insurance Council will consider ousting Youi
Friday, 12 August 2016, 12:27 pm | BusinessDesk
Aug. 12 (BusinessDesk) - The board of the Insurance Council of New Zealand will next month consider terminating the membership of South African-owned insurer Youi NZ after it agreed to plead guilty to 15 charges relating to misleading sales practices. More >>
Accessible Properties Chosen for Tauranga social housing
Friday, 12 August 2016, 11:59 am | BusinessDesk
Aug. 12 (BusinessDesk) - Accessible Properties, a unit of the IHC New Zealand charitable trust supporting people with intellectual disabilities, has beaten out private sector bids to be the preferred provider to run a social housing portfolio involving 1,124 ... More >>
NZ retail sales volumes rise at fastest pace in a decade
Friday, 12 August 2016, 11:57 am | BusinessDesk
Aug. 12 (BusinessDesk) - New Zealand second-quarter retail sales volumes rose at the fastest pace in close to a decade, beating economist expectations. More >>
Manufacturing slows in July, building work still strong
Friday, 12 August 2016, 11:50 am | BusinessDesk
Aug. 12 (BusinessDesk) - New Zealand's manufacturing activity expanded at a slower pace in July although the country's booming construction sector continues to support industrial production. More >>
Turners may sell $30M of 2-year convertible bonds
Friday, 12 August 2016, 11:49 am | BusinessDesk
Aug. 12 (BusinessDesk) - Turners Group, the financial services firm that has $23 million of convertible bonds set to convert to shares on Sept. 30, said it is contemplating a new offer of up to $30 million of the securities to ensure it has funds available ... More >>
Serco's criticism of Mt Eden report 'wholly unwarranted'
Friday, 12 August 2016, 11:34 am | BusinessDesk
High Court judge Karen Clark has dismissed Serco's application for a judicial review of the Department of Corrections investigation into organised fighting at Mount Eden Correctional Facility, saying the private prison operator's criticisms were "wholly ... More >>
Synlait Milk says annual profit more than doubled
Friday, 12 August 2016, 11:14 am | BusinessDesk
Aug. 12 (BusinessDesk) - Synlait Milk, the NZX-listed dairy company, says annual profit more than doubled on sales of higher-margin products. More >>
Steel & Tube underlying profit falls 9.3%
Friday, 12 August 2016, 11:06 am | BusinessDesk
Aug. 12 (BusinessDesk) - Steel & Tube Holdings, whose shares have recovered from a 15-year low in the past two months, posted a 9.3 percent decline in full-year underlying profit as it faced increased costs including for substandard products and "intense" ... More >>
Metro Glass crosses Tasman with Aust Glass acquisition
Friday, 12 August 2016, 10:34 am | BusinessDesk
Aug. 12 (BusinessDesk) - Metro Performance Glass, which holds more than half of New Zealand's glass processing market, has made a move across the Tasman with the purchase of Australian Glass Group for A$43.1 million. More >>
NZ dollar falls as traders ponder future interest rate
Friday, 12 August 2016, 9:24 am | BusinessDesk
Aug. 12 (BusinessDesk) - The New Zealand dollar fell back to where it was before yesterday's interest rate cut on expectations a strong currency will ensure the Reserve Bank remains determined to narrow the country's interest rate advantage over its ... More >>
While you were sleeping: Macy’s, Kohl’s soar
Friday, 12 August 2016, 7:42 am | BusinessDesk
Aug. 12 (BusinessDesk) - Wall Street rose to records as shares of Macy’s and Kohl’s rallied, while oil prices gained amid fresh Saudi Arabia comments on talks about curbing output. More >>
