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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 877]
Silver Fern Farms returns to profit, mulls capital raise
Wednesday, 24 December 2014, 11:22 am | BusinessDesk
Dec. 24 (BusinessDesk) - Silver Fern Farms, New Zealand’s biggest meat processor and marketer, has returned to profit after two years of losses while it considers raising around $100 million in new equity next year to repay debt. More >>
Millennium & Copthorne signs $31M deal for Aust subsidiary
Wednesday, 24 December 2014, 10:38 am | BusinessDesk
Dec. 24 (BusinessDesk) - Millennium & Copthorne Hotels New Zealand, one of New Zealand’s largest hotel operators, has entered into a $31 million conditional agreement with the Singaporean private investment group, Tai Tak Group, to buy the remaining ... More >>
Sealegs fined $8,000 by NZX over shortfall of independents
Wednesday, 24 December 2014, 10:08 am | BusinessDesk
Dec. 24 (BusinessDesk) - Sealegs Corp, the amphibious vehicle maker, has been fined $8,000 and publicly censured by the New Zealand Markets Disciplinary Tribunal after failing to maintain the minimum number of independent directors on its board. More >>
ASB Bank pays $3.2 mln in interest rate swap deal
Wednesday, 24 December 2014, 9:29 am | BusinessDesk
Dec. 24 (BusinessDesk) - ASB Bank has agreed to pay $3.2 million in the latest settlement with the Commerce Commission on the sale of interest rate swaps to farmers between 2005 and 2009. More >>
Augusta buys $58.5 mln retail property for syndication
Wednesday, 24 December 2014, 9:08 am | BusinessDesk
Dec. 24 (BusinessDesk) - Augusta Capital, the listed property investor and fund manager, has bought the Southgate Centre retail site in Auckland's Takanini, which it plans to put on the market for syndication. More >>
NZ dollar falls as US economy grows more than expected
Wednesday, 24 December 2014, 8:52 am | BusinessDesk
Dec. 24 (BusinessDesk) - The New Zealand dollar fell after data showed the US economy grew more than expected in the third quarter, stoking demand for the greenback on heightened expectations the Federal Reserve will start hiking interest rates. More >>
While you were sleeping: US growth accelerates
Wednesday, 24 December 2014, 7:43 am | BusinessDesk
Dec. 24 (BusinessDesk) - Wall Street rose, pushing both the Dow and the S&P 500 to record highs, after a report showed the US economy expanded more than forecast in the third quarter, growing at the fastest pace since 2003, bolstering optimism ... More >>
MARKET CLOSE: NZ shares rise, led by GPG, Xero
Tuesday, 23 December 2014, 5:31 pm | BusinessDesk
Dec. 23 (BusinessDesk) - New Zealand shares extended recent gains led by Guinness Peat Group and Xero as investors bought into companies that have been sold off this year seeking opportunities in a low interest rate environment. Kathmandu Holdings ... More >>
NZ dollar gains vs. A$ as falling commodity prices weigh
Tuesday, 23 December 2014, 5:02 pm | BusinessDesk
Dec. 23 (BusinessDesk) - The New Zealand dollar rose above 95 Australian cents as falling oil prices weigh on the Australian economy, whose exports are largely hard commodities such as iron ore and precious metals. More >>
IAG lifts expected Canterbury quake claim costs by up to $1B
Tuesday, 23 December 2014, 1:46 pm | BusinessDesk
Dec. 23 (BusinessDesk) - Insurance Australia Group, New Zealand's biggest general insurer, expects as much as $1 billion more in final claims from the 2010 and 2011 Canterbury earthquakes that levelled the country's second biggest city due to an ... More >>
Chorus signs new UFB agreements with Downer, Transfield
Tuesday, 23 December 2014, 1:31 pm | BusinessDesk
Dec. 23 (BusinessDesk) - Chorus, the telecommunications network operator, has entered into new service agreements with Downer and Transfield Services to build part of its government-subsidised ultrafast broadband network. More >>
Profitability rises across all winery sizes in 2014: report
Tuesday, 23 December 2014, 12:56 pm | BusinessDesk
Dec. 23 (BusinessDesk) - The turnaround in the New Zealand wine industry has continued this year with improved profitability across wineries of all sizes, according to the 9th annual financial benchmarking survey released by Deloitte and New Zealand ... More >>
Supreme Court upholds validity of Dotcom search warrants
Tuesday, 23 December 2014, 12:39 pm | BusinessDesk
Dec. 23 (BusinessDesk) - The Supreme Court has ruled the search warrants executed in the high-profile arrest of internet entrepreneur Kim Dotcom were valid, although Chief Justice Sian Elias was a dissenting voice on the bench. More >>
Wgtn Hilton project relocates after land price standoff
Tuesday, 23 December 2014, 12:37 pm | BusinessDesk
Dec. 23 (BusinessDesk) - A proposed $125 million Hilton Hotel and convention centre in Wellington will relocate to port-owned land near the central railway station after what is believed to have been a standoff over the price of the original site. More >>
NZ Refining signs platinum sale and lease back deal
Tuesday, 23 December 2014, 12:29 pm | BusinessDesk
Dec. 23 (BusinessDesk) - New Zealand Refining, which operates the Marsden Point refinery, has entered into a sale and lease back agreement for industrial platinum with Bank of Nova Scotia which it anticipates will cut annual costs by about $500,000. More >>
Endace reports US$22.5 mln FY loss, gets letter of support
Tuesday, 23 December 2014, 11:49 am | BusinessDesk
Endace reports US$22.5 mln FY loss, gets letter of support from US parent More >>
NZ trade deficit narrows in November on rising meat exports
Tuesday, 23 December 2014, 11:36 am | BusinessDesk
Dec. 23 (BusinessDesk) - New Zealand posted its smallest November trade deficit in four years, beating economist forecasts, as falling dairy prices were offset by a rise in meat exports. More >>
Pernod Ricard cuts deal over convertible note tax dispute
Tuesday, 23 December 2014, 11:01 am | BusinessDesk
Dec. 23 (BusinessDesk) - Pernod Ricard has joined the list of firms cutting deals with the Inland Revenue Department to settle tax disputes over the use of mandatory convertible notes, a popular way to finance trans-Tasman acquisitions in the 2000s. More >>
Sealord returns to FY profit, provides for Nelson job cuts
Tuesday, 23 December 2014, 10:44 am | BusinessDesk
Dec. 23 (BusinessDesk) - Sealord, New Zealand's second largest fishing company, returned to profit in the 2014 year, while taking payroll provisions as it prepares to downsize its Nelson wetfish factory. More >>
Landcorp seeks to fatten sheep returns through wool, milk
Tuesday, 23 December 2014, 10:05 am | BusinessDesk
Dec. 23 (BusinessDesk) - Landcorp, New Zealand’s largest corporate farmer, is moving on two fronts to expand the money it makes from sheep, signing a three-year contract with NZ Merino to manage its entire wool clip and planning a trial of milking some ... More >>
