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The latest from Jonathan Underhill

News, opinion and analysis by Jonathan Underhill

Tegel owner refinances $268 mln of debt, lifts annual sales by 8.8%
Jonathan Underhill | Mon, 05 Oct 2015

By Jonathan Underhill Oct. 5 (BusinessDesk) - The parent company of Tegel Foods, New Zealand's largest poultry business, has refinanced $268 million of debt into new three-year bank loans, although its chief executive declined to take questions on whether the change would redu...

Snakk Media to raise up to $2.3M selling shares at discount to fund growth
Jonathan Underhill | Sun, 04 Oct 2015

Oct. 5 (BusinessDesk) - Snakk Media, the mobile advertisement developer, plans to raise up to $2.3 million selling shares at a discount to fund its growth plans and affirmed its intention to move its stock to the fledgling NXT market from the NZAX. Snakk is offering to raise $...

Cavalier group would extract 'monopoly rents' if scouring merger allowed, Godfrey Hirst says
Jonathan Underhill | Sun, 04 Oct 2015

By Jonathan Underhill Oct. 5 (BusinessDesk) - A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly that would use its market powers to hike prices as much as 25 percent, says carpet maker Godfrey...

NZ dollar gains against broadly weaker greenback after jobs report misses expectations
Jonathan Underhill | Sun, 04 Oct 2015

By Jonathan Underhill Oct. 5 (BusinessDesk) - The New Zealand dollar rose against a broadly weaker greenback after soft US labour market data reduced expectations the Federal Reserve will rush to raise interest rates. The kiwi rose to 64.59 US cents as at 8am in Wellington,...

World Week Ahead: It’s the global economy
Jonathan Underhill | Sun, 04 Oct 2015

By Margreet Dietz Oct. 5 (BusinessDesk) - The state of the global economy will be the main theme this week after September’s weak American payrolls report suggested US growth might have hit a rough patch. A report Friday showed American employers hired 142,000 new workers l...

MARKET CLOSE: NZ shares gain; Z rises after selloff slump, Infratil drops
Jonathan Underhill | Fri, 02 Oct 2015

By Jonathan Underhill Oct. 2 (BusinessDesk) - New Zealand shares rose, lifting the NZX 50 Index from the lowest level in almost a month, on perceptions the market has become less over-valued after two quarters of decline. Z Energy rose, having slumped yesterday as 30 percent o...

Landcorp disappointed Fonterra to end guaranteed price that underpinned 2015 earnings
Jonathan Underhill | Fri, 02 Oct 2015

By Jonathan Underhill Oct. 2 (BusinessDesk) - Landcorp Farming says it is disappointed that Fonterra Cooperative Group is to stop offering a guaranteed milk price (GMP), which has helped New Zealand's largest corporate farmer manage price fluctuations and prevented an even big...

Banking syndicate deadline gives Silver Fern too little time to mull alternatives, Grant Samuel says
Jonathan Underhill | Fri, 02 Oct 2015

By Jonathan Underhill Oct. 2 (BusinessDesk) - Silver Fern Farms ran out of time to consider alternatives to a 50-50 joint venture with Shanghai Maling Aquarius, because of the looming deadline for its debt facility with a banking syndicate and the risk that lenders would withd...

NZ dollar rises on lift in Chinese manufacturing, more gains seen for dairy
Jonathan Underhill | Thu, 01 Oct 2015

By Jonathan Underhill Oct. 1 (BusinessDesk) - The New Zealand dollar rose after an official measure of manufacturing in China improved last month and traders bet next week's dairy auction will herald further gains in prices. The kiwi rose to 64.08 US cents as at 5pm in Well...

MyWave attracts Deutsche's global equity trading chief Crawford-Brunt in latest capital raising
Jonathan Underhill | Thu, 01 Oct 2015

By Jonathan Underhill Oct. 1 (BusinessDesk) - MyWave Holdings, the New Zealand company whose software attempts to personalise the relationship between consumers and businesses, has attracted Deutsche Bank's departing global head of equities trading Andre Crawford-Brunt to its...

Infratil reaps $392M profit on sale of 20% of Z at $6/share, lowers guidance post sale
Jonathan Underhill | Wed, 30 Sep 2015

By Jonathan Underhill Oct. 1 (BusinessDesk) - Infratil will book a profit of $392 million on the sale of its remaining 20 percent stake in Z Energy and said it will use the funds to pursue growth opportunities. Infratil sold the 80 million shares at $6 apiece following a bo...

NZ dollar rises as gain in business confidence adds to positive signals for economy
Jonathan Underhill | Wed, 30 Sep 2015

By Jonathan Underhill Sept. 30 (BusinessDesk) - The New Zealand dollar gained after business confidence rose for the first time in six months, adding to speculation there's enough positive signs in the economy to deter the central bank from cutting interest rates again next mo...

Andrew Robinson, jailed fraudster, pleads guilty to making false statements
Jonathan Underhill | Wed, 30 Sep 2015

By Jonathan Underhill Sept. 30 (BusinessDesk) - Andrew Robinson, a former director of Strategic Planning Group jailed in July for six years over a $2.7 million fraud, has pleaded guilty to charges of making false statements in relation to the same business. The charges foll...

Westland Milk lifts 2016 forecast payout to $4.90-$5.30/kgMS, sees signs of price recovery
Jonathan Underhill | Wed, 30 Sep 2015

By Jonathan Underhill Sept. 30 (BusinessDesk) - Westland Milk, which is considering job cuts to contain costs in the face of weaker dairy prices, raised its forecast milk payout to farmers for the current season, saying there are "some signs of increasing demand and price reco...

SLI Systems expects new San Jose-based CEO to lift revenue growth in largest market
Jonathan Underhill | Tue, 29 Sep 2015

By Jonathan Underhill Sept. 30 (BusinessDesk) - SLI Systems, the online retail search engine developer, says it expects the appointment of a Silicon Valley veteran as chief executive will drive revenue growth in the world's largest e-commerce market where it has lagged behind...

CNN buys NZ-made Altus drone for aerial news-gathering trial
Jonathan Underhill | Tue, 29 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - Time Warner's CNN news channel has bought an unmanned aerial vehicle (UAV) from Napier-based Altus Unmanned Aerial Solutions as part of a trial of aerial news gathering under a US Federal Aviation Administration programme. CNN...

New Talisman seeks legal advice after no-show by Chinese investor who was to buy up to 25%
Jonathan Underhill | Tue, 29 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - New Talisman Gold Mines is seeking legal advice after a Chinese investor failed to settle on the purchase of about 183 million shares in a transaction that would have provided $1.46 million toward the development of the Talisman...

Carter Holt IPO shelved in face of uncertain global equity markets
Jonathan Underhill | Tue, 29 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - Carter Holt Harvey, owned by Kiwi billionaire Graeme Hart's Rank Group, has shelved plans for an initial public offering of shares in its Carters building supplies business, citing uncertainty in equity markets. "While the Car...

Tatua Cooperative beats market with $7.10/kgMS payout for 2015
Jonathan Underhill | Mon, 28 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - Tatua Cooperative Dairy Co, the Tatuanui-based dairy company founded 100 years ago, set the 2015 payout for its farmer suppliers at $7.10 per kilogram of milk solids, the highest of any New Zealand processor, while affirming a dr...

Kathmandu full-year profit halves as discounting cuts margins, recovery seen in 2016
Jonathan Underhill | Mon, 28 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - Kathmandu Holdings, the outdoor clothing retailer that spurned a takeover offer this year, reported net profit about halved because of "aggressive" discounting to shift surplus stock and weak demand in Australia. It affirmed guid...

Augusta taps Paul Duffy as new chairman when Peter Wilson retires in December
Jonathan Underhill | Mon, 28 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - Augusta Capital, the listed property investor and fund manager, appointed Paul Duffy to its board with the intention of promoting him to chairman when Peter Wilson retires in December. Duffy would become a director starting on...

NZ dollar falls as Fed's Dudley points to 2015 rate hike, stocks fall, risk aversion rises
Jonathan Underhill | Mon, 28 Sep 2015

By Jonathan Underhill Sept. 29 (BusinessDesk) - The New Zealand dollar fell after New York Federal Reserve president William Dudley said he expects US interest rates to be raised this year, although on a low trajectory, while a drop in global stock markets sapped risk appetite...

Alliance says merger with Silver Fern would risk creating 'beached whale' as rival tackles over-capacity
Jonathan Underhill | Mon, 28 Sep 2015

By Jonathan Underhill Sept. 28 (BusinessDesk) - Alliance Group chairman Murray Taggart says any merger with Silver Fern Farms risks creating a "big beached whale" of the New Zealand meat industry because its rival needs the capital offered by China's Bright Food just to ration...


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