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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 949]
World Week Ahead: Can the party continue?
Monday, 25 August 2014, 6:29 am | BusinessDesk
Aug. 25 (BusinessDesk) - Equities might hold on to the momentum regained last week from a slew of better-than-expected economic data, while US Federal Reserve Chair Janet Yellen pointed to the remaining slack in the US jobs market, suggesting she ... More >>
NZ Refining pushing hard to shave $4M off likely annual loss
Monday, 25 August 2014, 6:24 am | BusinessDesk
Aug. 25 (BusinessDesk) - A combination of cost cutting, more efficient processing and one-off market factors should limit New Zealand Refining's expected loss for the year to around $23 million, instead of the $27 million it would otherwise face, ... More >>
Renaissance gets to $700k target early
Monday, 25 August 2014, 6:20 am | BusinessDesk
Aug. 24 (BusinessDesk) - Blenheim boutique beer brewer, Renaissance, has wooed small investors to fill its order for $700,000 of new capital in just a week and a half, a quarter of the time the novel offer was open for punters to commit funds. More >>
Cavalier's annual profit falls 13%
Friday, 22 August 2014, 6:17 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Cavalier Corp, the listed carpet maker, posted a 13 percent drop in earnings last year, as a high currency crimped export sales and margins were squeezed by rising wool prices and increased rivalry. More >>
MARKET CLOSE: NZ shares rise; Sky TV gains on earnings
Friday, 22 August 2014, 5:34 pm | BusinessDesk
MARKET CLOSE: NZ shares rise; Sky TV gains on earnings, Tower leads on capital gain More >>
NZ dollar heads for 0.9% weekly drop before Jackson Hole
Friday, 22 August 2014, 5:04 pm | BusinessDesk
Aug. 22 (BusinessDesk) - The New Zealand dollar is heading for a 0.9 percent weekly decline as investors prepare for the central bankers' symposium in Jackson Hole, Wyoming, where Federal Reserve chair Janet Yellen will deliver a speech. More >>
UPDATE: Tower's minimum solvency reduced as claims progress
Friday, 22 August 2014, 4:09 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Tower's minimum solvency margin has been reduced by $30 million as the Reserve Bank relaxes the amount the insurer needs to have on hand as it progresses through its Canterbury earthquake claims. More >>
Seeka more than doubles 1H profit on Opac sale gains
Friday, 22 August 2014, 1:43 pm | BusinessDesk
Aug. 22 (BusinessDesk) - Seeka Kiwifruit Industries, the fruit grower and coolstore and packhouse operator, more than doubled first-half profit as challenging trading conditions and rising costs were offset by gains from the sale of its cornerstone ... More >>
UPDATE: Sky TV annual profit rises 21%, beating estimates
Friday, 22 August 2014, 1:30 pm | BusinessDesk
(Adds plans for new VOD enabled boxes starting in third graph, CEO comment in fourth graph, updates shares) More >>
Broadband customers reap benefits ahead of price cut: Spark
Friday, 22 August 2014, 12:32 pm | BusinessDesk
Aug. 22 (BusinessDesk) - New Zealand broadband users are already reaping the benefits of cheaper internet access with retail service providers slashing prices in preparation for cheaper regulated prices over the copper network, Spark New Zealand says. More >>
Xero reaches 147,000 Australian customers
Friday, 22 August 2014, 11:41 am | BusinessDesk
Aug. 22 (BusinessDesk) - Xero, the cloud-based accounting software, says it has more than 147,000 paying customers in Australia and plans a free trial offer of its service through Australia's largest telecommunications provider, Telstra. More >>
Sky TV annual profit rises 21%, beating analyst estimates
Friday, 22 August 2014, 10:03 am | BusinessDesk
Aug. 22 (BusinessDesk) - Sky Network Television, New Zealand's dominant pay-TV company, posted a better than expected 21 percent gain in annual profit as it boosted revenue from more subscribers. More >>
Vector profit down on price cuts, reduced energy consumption
Friday, 22 August 2014, 9:55 am | BusinessDesk
Aug. 22 (BusinessDesk) - Auckland electricity and gas network operator Vector saw net profit after tax fall 16.9 percent to $171.3 million in the year to June 30, as regulator-mandated cuts to its monopoly assets bit into revenues, along with lower ... More >>
Spark annual profit almost doubles on AAPT sale
Friday, 22 August 2014, 9:51 am | BusinessDesk
Aug. 22 (BusinessDesk) - Spark New Zealand, the rebranded Telecom Corp, almost doubled annual profit on the sale of its Australian AAPT unit, and grew mobile revenue as it repositions itself away from relying on dwindling landline use. More >>
Tower's minimum solvency reduced as quake claims progress
Friday, 22 August 2014, 9:48 am | BusinessDesk
Aug. 22 (BusinessDesk) - Tower's minimum solvency margin has been reduced by $30 million as the Reserve Bank relaxes the amount the insurer needs to have on hand as it progresses through its Canterbury earthquake claims. More >>
NZ dollar pops above 84 US cents as focus turns to Yellen
Friday, 22 August 2014, 8:41 am | BusinessDesk
NZ dollar pops above 84 US cents as focus turns to Yellen's speech at Jackson Hole More >>
While you were sleeping: Wall Street touches record
Friday, 22 August 2014, 7:14 am | BusinessDesk
Aug. 22 (BusinessDesk) - Wall Street rose, lifting the Standard & Poor’s 500 Index to a record, as a flurry of economic data underpinned the view that growth in the world’s largest economy is accelerating at a pace that allows the US Federal ... More >>
NZ Refining posts 1H loss in face of shrinking margins
Thursday, 21 August 2014, 6:09 pm | BusinessDesk
Aug. 21 (BusinessDesk) - New Zealand Refining Co, the Marsden Point oil refinery controlled by its major customers, sank into the red in the first half of the financial year as weak processing margins and a strong kiwi dollar eroded earnings. More >>
UPDATED: Small NZ forest owners targeted
Thursday, 21 August 2014, 5:46 pm | BusinessDesk
Aug. 21 (BusinessDesk) - United Forestry Group, backed by Australian timber marketer Pentarch and China's Xiangyu Group, is targeting small forest owners in New Zealand in a bid to cash in on a looming 'wall of wood' it estimates will generate $30 billion ... More >>
MARKET CLOSE: NZ shares rise on results; Port of Tauranga up
Thursday, 21 August 2014, 5:43 pm | BusinessDesk
Aug. 21 (BusinessDesk) - New Zealand shares rose for a third day as reporting season gave investors confidence in the local bourse. Port of Tauranga and Fletcher Building, which both beat expectations, paced the advance. Genesis Energy led power companies ... More >>
