Subscribe today - find out more
Why you should consider BusinessDesk

All News

World Week Ahead: US earnings, China data
Sun, 08 Jul 2012

By Margreet Dietz July 9 (BusinessDesk) – The next round of American corporate earnings, kicked off by Alcoa on Monday, are expected to show the negative impact of Europe's continued struggle to get its sovereign debt crisis under control, as well as that of the slump in China'...

NZ dollar falls below 80 cents on weaker than expected US employment
Sun, 08 Jul 2012

By Hannah Lynch July 9 (BusinessDesk) - The New Zealand dollar fell from its recent two-month high against the greenback after US employment figures missed forecasts, reigniting fears the world's biggest economy isn't recovering as quickly as expected. The New Zealand dollar f...

MARKET CLOSE: NZ shares fall as markets wait on earnings season; PGC sells down HNZ, PGW stakes
Fri, 06 Jul 2012

By Paul McBeth July 6 (BusinessDesk) - NZ shares fell, led by Cavalier Corp, as investors wait for corporate guidance later this month, when earnings season kicks off. Heartland New Zealand and PGG Wrightson led gainers after Pyne Gould Corp sold down its stakes in the two compa...

NZ dollar holds above 80 cents ahead of US employment data
Fri, 06 Jul 2012

By Hannah Lynch July 6 (BusinessDesk) - The New Zealand dollar held near its recent two-month high in local trading ahead of US employment figures which are likely to show world's largest economy remains on track. The New Zealand dollar traded at 80.15 US cents at 5pm, little...

Sanford takes $2M impairment on Northland oyster farms sale
Fri, 06 Jul 2012

July 6 (BusinessDesk) - Fishing and aquaculture firm Sanford is to sell its Pacific oyster farms in Northland to Maori-owned Aotearoa Fisheries, suffering a $2 million impairment on exit. A virus that had ravaged juvenile oysters and forced the closure of Sanford's Kaeo processi...

Renaissance shareholders approve sale of IT distribution business
Fri, 06 Jul 2012

By Hannah Lynch July 06 (BusinessDesk) - Shareholders of Renaissance Corp, which used to have a monopoly on national supply of Apple products, have voted to sell its IT distribution division to Exeed Limited, halving the size of its balance sheet. The vote secured the required...

Tauranga port boss to Meridian board ahead of part-sale
Fri, 06 Jul 2012

By Pattrick Smellie July 6 (BusinessDesk) - Port of Tauranga chief executive Mark Cairns is among a crop of new directors appointed to the boards of Meridian and Genesis Energy as the two state-owned power companies prepare for partial privatisation. Also appointed to Meridian...

PGC's Torchlight sells down Heartland stake amid probe into related party loans
Fri, 06 Jul 2012

By Paul McBeth July 6 (BusinessDesk) - Pyne Gould Corp's Torchlight Securities today sold down about one-fifth of its stake in would-be bank Heartland New Zealand as it faces an investigation by the market regulator over its related party loans. The Torchlight unit, which hold...

Westland Dairy cuts forecast 2012 milk prices
Thu, 05 Jul 2012

By Hannah Lynch July 6 (BusinessDesk) - Westland Dairy Products, the New Zealand dairy cooperative competing with Fonterra, has cut its forecast 2012 milk price, mirroring a global side in dairy prices and a volatile New Zealand dollar. The West-Coast based company lowered its...

NZ corporate tax-take to beat expectations this year, ACC actuarial losses double
Thu, 05 Jul 2012

By Paul McBeth July 6 (BusinessDesk) - New Zealand's corporate tax-take is set to beat expectations this year as the government reaps more from Portfolio Investment Entities than anticipated, though it faces mounting insurance liabilities from its Accident Compensation Corporati...

Christchurch rents leap 26%, national rents up 4%: Trade Me
Thu, 05 Jul 2012

July 6 (BusinessDesk) - Rents in Christchurch have sky-rocketed 26 percent in the past year while nationally rents are up just 4%, according to Trade Me Property's analysis for the three months ended June compared with the same quarter last year. At the same time, listings of ho...

Pharmacybrands to lift directors' fees, introduce dividend reinvestment
Thu, 05 Jul 2012

By Paul McBeth July 06 (BusinessDesk) - Pharmacybrands, the retail pharmacy and medical centre company, will ask shareholders to approve a 22 percent hike in its pool for directors' fees and sign off on the implementation of a dividend reinvestment plan at next month's annual me...

Speirs seeks liquidation of Alloway’s Allied Capital to recover preference shares
Thu, 05 Jul 2012

By Jonathan Underhill July 6 (BusinessDesk) - Speirs Group, the NZAX-listed food group that sold its finance unit to Allied Farmers in 2008, is seeking to liquidate a company controlled by Allied’s former managing director Rob Alloway to recoup the value of preference shares. S...

NZ dollar hits new highs vs Euro, greenback after central bank meetings
Thu, 05 Jul 2012

By Hannah Lynch July 6 (BusinessDesk) - The New Zealand dollar hit a record-high versus the euro and a multi-month high against the greenback after central banks in Europe, England and China eased borrowing costs on concerns about the global outlook. The New Zealand dollar ros...

While you were sleeping: Central banks highlight worry
Thu, 05 Jul 2012

By Margreet Dietz July 6 (BusinessDesk) - Efforts by central banks in Europe, China and the UK to help bolster their flagging economies by easing the cost of borrowing only served to highlight concerns about the outlook. As was widely expected, the European Central Bank slashed...

MARKET CLOSE: NZ shares edge up; Kathmandu, Pumpkin Patch gain
Thu, 05 Jul 2012

July 5 (BusinessDesk) - New Zealand shares rose, led by retailers with stores in Australia such as Kathmandu and Pumpkin Patch after figures this week showed stronger-than-expected consumer spending across the Tasman. The NZX 50 Index rose 1.08 points, or 0.03 percent, to 3484....

PGC says no decision made to shift listing to ASX, ditch Perpetual
Thu, 05 Jul 2012

July 5 (BusinessDesk) - Pyne Gould Corp, which is being investigated by the markets regulator over related-party loans, says no decision has been made on whether to relocate to the ASX and divest its Perpetual Trust. The wealth manager halted trading in the 23 percent of its st...

Pyne Gould shares halted after report it will shift listing to ASX, ditch Perpetual
Thu, 05 Jul 2012

July 5 (BusinessDesk) - Pyne Gould Corp, which is being investigated by the markets regulator over related-party loans, had its stock halted from trading pending an announcement after a media report it will relocate to the ASX and divest its Perpetual Trust unit. The plans are...

Z Energy seeks up to $150 million bond offer to repay debt, general purposes
Thu, 05 Jul 2012

By Hannah Lynch July 5 (BusinessDesk) - Z Energy, the locally-owned downstream transport fuels supplier, wants to raise as much as $150 million through a retail bond issue to repay debt and general expenses. The company will open the offer on July 18 for $100 million seven-yea...

CORRECT: Appeal court lifts veil on FMA action to recover $25M in Pyne Gould related-party loans
Thu, 05 Jul 2012

By Paul McBeth (Fixes ambiguity in 11th par over Trustees Executors role as statutory supervisor of Perpetual Cash Management Fund) July 05 (BusinessDesk) - The Court of Appeal has turned down a bid by Pyne Gould Corp to keep details of an investigation into related-party loans...

NZX enforces gender diversity disclosure rule for listed companies
Thu, 05 Jul 2012

By Hannah Lynch July 5 (BusinessDesk) - NZX, the stock exchange regulator, will include a requirement for listed companies to disclose their gender diversity as part of the annual reports starting on Dec. 31, subject to Financial Markets Authority approval. Members will be req...

Appeal court lifts veil on FMA action to recover $25M in Pyne Gould related-party loans
Thu, 05 Jul 2012

By Paul McBeth July 05 (BusinessDesk) - The Court of Appeal has turned down a bid by Pyne Gould Corp to keep details of an investigation into related-party loans to George Kerr's Torchlight fund under wraps. In a judgment delivered yesterday, Judges Susan Glazebrook, Ellen Fra...

PMP won’t give TMA access to more due diligence until it sees proof of funding
Thu, 05 Jul 2012

July 5 (BusinessDesk) - PMP, the ASX-listed printer, said it won’t allow TMA Group further access to its books for due diligence until it sees proof that the would-be suitor could fund a takeover offer. Shares of PMP soared in April when it disclosed a “highly conditional, non-b...


Archived pages