Forecasts for grain exchange ‘no unrealistic': Paviour-Smith

Article – BusinessDesk

May 6 (BusinessDesk) – NZX director and Forsyth Barr managing director Neil Paviour-Smith rejected Ralec’s claims in the High Court that earnout targets which would have netted the former owners of the Clear Grain Exchange A$7 million were unrealistic. Read more »

NZD gains to two-month high vs Aussie

Press Release – BusinessDesk

May 6 (BusinessDesk) – The New Zealand dollar rose to a two-month high against the Australian dollar after the Reserve Bank of Australia lowered its forecast inflation track, adding to a case for a further interest rate cut across the Tasman. Read more »

Kiwifruit NZ ordered to reconsider marketing proposals

Press Release – BusinessDesk

May 6 (BusinessDesk) – The High Court told kiwifruit industry regulator Kiwifruit New Zealand to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. Read more »

Air NZ sale of Virgin stake could be delayed by election

Article – BusinessDesk

May 6 (BusinessDesk) – Air New Zealands proposed divestment of its 25.99 percent stake in Virgin Australia could hit turbulence if an election is called in Australia for July 2 as expected. Read more »

NZ wool prices advance at auction as supplies dwindle

Article – BusinessDesk

May 6 (BusinessDesk) – New Zealand wool prices advanced at auction this week as a seasonal drop in supply bolstered the market. Read more »

Paviour-Smith rejects claim

Article – BusinessDesk

May 6 (BusinessDesk) – NZX director and Forsyth Barr managing director Neil Paviour-Smith has rejected Ralec’s claims in the High Court that the stock exchange operator committed $100 million to its 2009 investment in the Clear Grain Exchange. Read more »

Fonterra forecasts 63% surge in 2017 organic milk payout

Article – BusinessDesk

May 6 (BusinessDesk) – Fonterra Cooperative Group forecast a 63 percent jump in its payout for organic milk for the 2016/17 season, saying it needed to secure supply in a competitive market where demand is rising worldwide. Read more »

UPDATE: SLI revenue growth to stall on customer losses

Article – BusinessDesk

May 6 (BusinessDesk) – SLI Systems shares fell to a two-month low after he online retail search engine developer said annual recurring revenue growth is likely to stall in its full-year after the loss of three customers. It doesn’t expect to need … Read more »

Reserve Bank bans MediaWorks from media conferences

Article – BusinessDesk

May 6 (BusinessDesk) – The Reserve Bank has banned MediaWorks from its media conferences until further notice as punishment for its journalists leaking sensitive market information from the Official Cash Rate cut decision in March. Read more »

Zespri ordered to consider collaborative marketing proposals

Article – BusinessDesk

May 6 (BusinessDesk) – The High Court has told kiwifruit marketer Zespri to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. Read more »

Airways clarifies fee plans

Article – BusinessDesk

May 6 (BusinessDesk) – Airways Corp, the government-owned entity in charge of traffic control, is seeking an increase in its capital expenditure of up to 30 percent as part of a negotiation that is expected to increase fees to airlines by 1.2 percent … Read more »

UPDATE: Sky TV shares sink to 3-week low

Article – BusinessDesk

May 6 (BusinessDesk) – Sky Network Television shares sank 13 percent, making it the biggest decliner on the NZX benchmark index today, after the pay-TV operator said subscriber numbers are expected to fall further this financial year, causing … Read more »

Sky TV forecasts drop in subscribers to hurt 2017 earnings

Article – BusinessDesk

May 6 (BusinessDesk) – Sky Network Television, the pay-TV operator facing increased competition from online rivals, said subscriber numbers are expected to decline further this financial year, causing earnings next year to miss analysts’ expectations. Read more »

SLI Systems revenues to stall on customer losses

Article – BusinessDesk

May 6 (BusinessDesk) – SLI Systems said annual recurring revenue growth is likely to stall in its full-year after the loss of three customers but the online retail search engine developer doesn’t expect to need to raise more capital to reach breakeven. Read more »

NZ dollar falls as greenback broadly strengthens

Article – BusinessDesk

May 6 (BusinessDesk) – The New Zealand dollar fell as the greenback strengthened ahead of a key US jobs report, and after upbeat comments from Federal Reserve officials. Read more »

NZ dollar edges up before RBA policy statement, US payrolls

Article – BusinessDesk

May 5 (BusinessDesk) – The New Zealand dollar rose ahead of the Reserve Bank of Australia’s monetary policy statement tomorrow, which will help explain this week’s cash rate cut, and US non-farm payrolls for April, which may provide clues to the timing of … Read more »

MARKET CLOSE: NZ shares gain; Auckland Airport, Z Energy up

Article – BusinessDesk

May 5 (BusinessDesk) – New Zealand shares rose, outperforming equity markets across Asia, as a brokerage gave an upbeat assessment of retirement village operator Metlifecare. Auckland International Airport and Z Energy gained while Kathmandu Holdings fell. Read more »

While you were sleeping: Wall St eyes US jobs

Article – BusinessDesk

May 6 (BusinessDesk) – Wall Street was mixed as a report showing that more Americans than expected filed for jobless benefits ahead of the governments monthly jobs data offset gains in the price of oil. Read more »

Metlifecare likely to see share price surge

Article – BusinessDesk

May 5 (BusinessDesk) – Analysts are picking a likely upsurge in the share price of retirement village operator Metlifecare in coming months due to a ramp-up in development, change in leadership, and supportive conditions, despite the company having traded … Read more »

‘Under pressure’ Weldon froze funding for Grain Exchange

Article – BusinessDesk

May 5 (BusinessDesk) – Former NZX chief executive Mark Weldon was under pressure from his board over the performance of acquisitions and over his own performance when he stopped funding for Clear Grain Exchange, Wellington’s High Court has heard. Read more »