Kiwibank exits Goodman Property’s $600 mln lending syndicate

Article – BusinessDesk

July 25 (BusinessDesk) – Kiwibank has exited a five-year, $30 million lending relationship with Goodman Property Trust, New Zealand’s largest listed property investor with the remaining ‘big four’ banks to boost their funding to $150 million each. Read more »

NZ businesses still upbeat, confidence on the wane

Article – BusinessDesk

July 25 (BusinessDesk) – New Zealand firms remained largely upbeat this month, though confidence is still coming off the boil amid falling dairy prices, a strong currency and rising interest rates, according to ANZ Bank’s July Business Outlook survey. Read more »

UPDATE: Scales shares edge lower on NZX debut

Article – BusinessDesk

UPDATE: Scales shares edge lower on NZX debut raising $30M of new capital to repay debt Read more »

Scales shares edge up 0.6% on NZX debut

Article – BusinessDesk

July 25 (BusinessDesk) – Shares in Scales Corp increased 0.6 percent on their NZX debut in the fruit and vegetables logistics company’s $148 million initial public offer. Read more »

ASX-listed InvoCare unit cleared to buy Chch crematoriums

Article – BusinessDesk

July 25 (BusinessDesk) – The Commerce Commission has cleared the way for ASX-listed InvoCare’s Bledisloe New Zealand to buy the 70-year old Cremation Society of Canterbury adding two crematoriums to its New Zealand network. Read more »

Auckland Airport cuts fine deal in US$250M bond issue

Article – BusinessDesk

Jul. 25 (BusinessDesk) – Auckland International Airport has sold US$250 million of bonds in the final tranche of a financing package to pay for its capital return to shareholders earlier this year at what it says is the lowest borrowing margin for … Read more »

NZ dollar keeps falling, touches fresh six-week low

Article – BusinessDesk

Jul. 25 (BusinessDesk) – The New Zealand dollar was the weakest major currency overnight, touching a fresh six-week low after Reserve Bank governor Graeme Wheeler yesterday signalled conditions were ripe for currency intervention. Read more »

Chorus suspends dividend payments, tweaks banking covenants

Article – BusinessDesk

Jul. 25 (BusinessDesk) – Chorus, the telecommunications network operator, has suspended dividend payments as regulatory uncertainty weighs on its balance sheet, and has renegotiated its banking covenants to give it some financial breathing space. Read more »

While you were sleeping: Wall Street edges to record

Article – BusinessDesk

July 25 (BusinessDesk) – Wall Street continued its ascent, pushing the Standard & Poors 500 Index to another intraday record high, amid solid US jobs data and corporate earnings such as from Facebook. Read more »

MARKET CLOSE: NZ stocks rise on Xero’s NYSE listing plans

Article – BusinessDesk

MARKET CLOSE: NZ stocks rise on Xero’s NYSE listing plans, Telecom climbs to 2008 highs Read more »

NZ dollar slides to 6-week low on intervention talk

Article – BusinessDesk

July 24 (BusinessDesk) – The New Zealand dollar dropped to a six-week low after Reserve Bank governor Graeme Wheeler explicitly invoked one of the criteria to intervene in currency markets in calling the kiwi’s strength “unjustified.” Read more »

Moa makes $500k placement, offers $5.25 mln in rights

Article – BusinessDesk

Jul. 24 (BusinessDesk) – Moa Group, the unprofitable boutique beer maker, raised $500,000 from five institutional investors and plans to raise up to $5.25 million in a discounted rights issue to existing shareholders. Read more »

Canadian Lynx Platinum wins South Island platinum explorati

Article – BusinessDesk

Jul. 24 (BusinessDesk) – Taranaki oil and gas explorer Tag Oil, of Canada, is expanding into the New Zealand minerals sector through its 49 percent ownership of a listed Canadian explorer, Coronado Resources, which has been awarded New Zealand five mineral … Read more »

NZ Post give network services contract to Vodafone

Article – BusinessDesk

NZ Post give network services contract to Vodafone, aiming to cut $19.2M annual spend Read more »

National signals short election campaign with Aug 23 launch

Article – BusinessDesk

July 24 (BusinessDesk) – The governing National Party will campaign for re-election for just four weeks before polling day, Sept 20. Read more »

FMA satisfied with ‘pre-offer’ talks before prospectuses

Article – BusinessDesk

July 24 (BusinessDesk) – The Financial Markets Authority sees no need to regulate how issuers and their book runners communicate with institutional investors prior to a prospectus being registered after criticism offer documents were issued too … Read more »

NZ posts eighth monthly trade surplus in June

Article – BusinessDesk

July 24 (BusinessDesk) – New Zealand posted its eighth monthly trade surplus in June, led by overseas demand for the nations primary products such as milk powder, frozen beef and kiwifruit. Read more »

Sealord appoints ex-McCain Food’s exec Yung as new CEO

Article – BusinessDesk

July 24 (BusinessDesk) – Sealord Group has appointed former McCain Foods boss Steve Yung as its new chief executive, replacing Graham Stuart who is leaving after seven years in charge of New Zealand’s second-largest fishing company. Read more »

NZ dollar falls after RBNZ says kiwi strength ‘unjustified’

Article – BusinessDesk

July 24 (BusinessDesk) – The New Zealand dollar shed almost one cent against the US dollar to a six-week low after Reserve Bank governor Graeme Wheeler said the currency’s strength was “unjustified”, invoking one of the central bank’s criteria … Read more »

RBNZ hikes OCR to 3.5%, ‘period of assessment’ now needed

Article – BusinessDesk

July 24 (BusinessDesk) – Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was … Read more »