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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 689]
UPDATE: RBNZ misses opportunity to lean on kiwi
Thursday, 10 December 2015, 12:46 pm | BusinessDesk
Dec. 10 (BusinessDesk) - Reserve Bank governor Graeme Wheeler provoked a jump in the kiwi dollar, even while saying a strong currency was unhelpful, because his quarter point cut to the official cash rate came with a comment that rates were now about ... More >>
Takeovers Panel moves against rules-dodging 'side deals'
Thursday, 10 December 2015, 11:31 am | BusinessDesk
Dec. 10 (BusinessDesk) - The Takeovers Panel, which aims to ensure fair and equitable corporate takeovers, wants to prevent co-bidders for a company from skirting requirements under the Takeovers Code. More >>
Kiwis worry financial advisers will push products for fees
Thursday, 10 December 2015, 10:44 am | BusinessDesk
Dec. 10 (BusinessDesk) - A quarter of respondents in a survey of New Zealanders using the www.sorted.org.nz website said they were worried a financial adviser might try to sell them a product that wasn't right for them or they didn't need. More >>
RBNZ cuts OCR to 2.5%, softens wording about further cuts
Thursday, 10 December 2015, 9:30 am | BusinessDesk
Dec. 10 (BusinessDesk) - Reserve Bank Governor Graeme Wheeler cut the official cash rate a quarter-point, softening his language about the potential for further rate cuts while saying the strength in the kiwi dollar was "unhelpful". The ... More >>
Fonterra holds farmgate milk price forecast for 2015/16
Thursday, 10 December 2015, 8:56 am | BusinessDesk
Dec. 10 (BusinessDesk) - Fonterra Cooperative Group, the world’s largest dairy exporter, has maintained its forecast farmgate milk price of $4.60 per kilogram of milk solids for the 2015/16 season, banking on global dairy prices improving in the ... More >>
NZ dollar holds steady as traders await RBNZ decision
Thursday, 10 December 2015, 8:22 am | BusinessDesk
Dec. 10 (BusinessDesk) - The New Zealand dollar was little changed ahead of the Reserve Bank meeting today where Governor Graeme Wheeler is expected to reduce the benchmark interest rate. More >>
While you were sleeping: Deal talk checks losses
Thursday, 10 December 2015, 7:01 am | BusinessDesk
Dec. 10 (BusinessDesk) - Shares of DuPont surged, helping to offset partially overall negative sentiment, after a Wall Street Journal report that the company was in advanced merger talks with Dow Chemical. More >>
MARKET CLOSE: NZ shares rise, led by Xero and Spark
Wednesday, 9 December 2015, 5:57 pm | BusinessDesk
MARKET CLOSE: NZ shares rise led by Xero, Spark; property stocks advance on rate cut prospect More >>
Bill English: No big "spend-up" on return to surplus
Wednesday, 9 December 2015, 5:36 pm | BusinessDesk
Dec. 9 (BusinessDesk) - The New Zealand government lacks the "tailwinds" of inflation that have helped drive tax revenue and fill the Crown coffers in previous economic cycles, meaning budget surpluses are likely to be smaller and there won't ... More >>
NZ dollar treads water ahead of RBNZ review, Fonterra update
Wednesday, 9 December 2015, 5:13 pm | BusinessDesk
Dec. 9 (BusinessDesk) - The New Zealand dollar was little changed ahead of the Reserve Bank's policy review tomorrow, which is expected to deliver another rate cut, and an update from Fonterra Cooperative Group on its forecast payout to farmers. More >>
Update: Serco's $300 mln Mt Eden prison contract ended
Wednesday, 9 December 2015, 4:44 pm | BusinessDesk
Update: Serco's $300 mln Mt Eden prison contract ended (Adds comment from Finance Minister Bill English, Corrections chief Ray Smith) More >>
Miraka offers 20c bonus to suppliers under excellence scheme
Wednesday, 9 December 2015, 4:31 pm | BusinessDesk
Dec. 9 (BusinessDesk) - Miraka, a minnow in New Zealand's multi-billion dollar export dairy processing industry, has introduced a new farming excellence programme that will pay a premium of 20 cents per kilogram of milk solids above the base milk price. More >>
NZ needs innovation policy refresh after Aussie 'ideas boom'
Wednesday, 9 December 2015, 3:04 pm | BusinessDesk
Dec. 9 (BusinessDesk) - Australia’s new innovation statement, announced this week, has leap-frogged it ahead of New Zealand, which needs a policy refresh to stay competitive, say kiwi science and innovation commentators. More >>
New Contact chairman confuses company, Pryke steps down
Wednesday, 9 December 2015, 1:38 pm | BusinessDesk
Dec. 9 (BusinessDesk) - Contact Energy shareholders met for the company's annual meeting in Wellington, disgruntled by a 5 percent earnings downgrade and an 8 percent slump in the share price this week, only to have their new chairman-elect confuse ... More >>
Serco loses contract to run Mt Eden remand prison
Wednesday, 9 December 2015, 12:47 pm | BusinessDesk
Dec. 9 (BusinessDesk) - The Corrections Department is cancelling the 10-year $300 million contract for management of the Mt Eden Correctional Facility held by multi-national services provider Serco following a string of scandals earlier this year involving ... More >>
Kiwi flavour to new weaning food to soothe sleeping tots
Wednesday, 9 December 2015, 12:09 pm | BusinessDesk
Dec. 9 (BusinessDesk) - An Otago University research project to develop a weaning food fed to toddlers in the evening that will allow them to get a better night’s sleep, will use 100 percent New Zealand-sourced dietary fibres. More >>
Complectus continues acquisition spree with NZTS
Wednesday, 9 December 2015, 11:52 am | BusinessDesk
Dec. 9 (BusinessDesk) - Complectus, which owns trustee firm Perpetual Guardian, has bought New Zealand Trustee Services (NZTS) as it continues its purchasing spree of supervision firms that began with the acquisition of Perpetual Trust in 2013. More >>
Fitch details reasons for Fonterra ratings downgrade
Wednesday, 9 December 2015, 10:54 am | BusinessDesk
Dec. 9 (BusinessDesk) - Fitch Ratings says there were two key reasons it downgraded Fonterra Cooperative Group’s credit rating in October, stemming from when the dairy exporter shored up the financial health of farmer-shareholders after dairy prices ... More >>
Wellington extends special housing area
Wednesday, 9 December 2015, 10:35 am | BusinessDesk
Dec. 9 (BusinessDesk) - Wellington has extended its special housing areas into three new zones with a view to add 330 new houses, the bulk of which has been slated for an expansion to the Port Nicholson Settlement Block Trust-owned Shelly Bay which ... More >>
Productivity Commission seeks 'blue skies' views on planning
Wednesday, 9 December 2015, 10:16 am | BusinessDesk
Dec. 9 (BusinessDesk) - The Productivity Commission is seeking "blue skies" thinking on New Zealand's urban planning rules, publishing an issues paper that will inform an investigation that government ministers hint could evolve into replacing ... More >>
