Chinese group sets out Airwork offer to shareholders

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Zhejiang Rifa Holding Group has set out its bid for a partial takeover of Airwork Holdings, the Auckland-based aircraft services business, telling shareholders that it will seek to grow Airwork’s presence in emerging markets such … Read more »

MBIE ‘well short’ on payroll issue with no end date in sight

Article – BusinessDesk

Dec. 8 (BusinessDesk) – David Clark, Labour’s spokesperson for economic development, says he’s “very concerned” about the performance of the Ministry for Business, Innovation and Employment after an audit, with the holiday payroll issue still hanging … Read more »

NZ dollar rises to 18-month high vs euro

Article – BusinessDesk

Dec. 9 (BusinessDesk) – The New Zealand dollar rose to an 18-month high against a broadly weaker euro after the European Central Bank extended its asset purchase programme by nine months and signalled it wasn’t about to exit the market. Read more »

While you were sleeping: ECB extends asset purchases

Article – BusinessDesk

Dec. 9 (BusinessDesk) – Wall Street climbed to fresh records as optimism about the outlook for the US economy prevailed, while European Central Bank President Mario Draghi announced an extension of the central banks quantitative easing program. Read more »

NZ dollar gains to month-high vs greenback

Article – BusinessDesk

Dec. 8 (BusinessDesk) – The New Zealand dollar rose to month highs against the greenback and the Australian dollar after Reserve Bank Governor Graeme Wheeler said he sees “continued strong growth” in the economy, a sentiment backed up today with … Read more »

Hellaby hints at possible breakup on its own terms

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Hellaby Holdings, which is engaged in a battle to fend off unwanted suitor Bapcor, has told shareholders it could move to break up the company to realise shareholder value. Read more »

UPDATE: ANZ’s UDC finance unit posts record profit

Article – BusinessDesk

Dec. 8 (BusinessDesk) – ANZ Bank New Zealand’s UDC finance unit has posted a record annual profit, driven by booming car sales and strong growth in forestry, transport and construction. Read more »

While you were sleeping: ECB extends asset purchases

Article – BusinessDesk

Dec. 9 (BusinessDesk) – Wall Street climbed to fresh records as optimism about the outlook for the US economy prevailed, while European Central Bank President Mario Draghi announced an extension of the central banks quantitative easing program. Read more »

UDC posts record profit despite interest margin fall

Article – BusinessDesk

Dec. 8 (BusinessDesk) – ANZ Bank New Zealand’s UDC finance unit has posted a record annual profit, driven by booming car sales and strong growth in forestry, transport and construction. Read more »

Spending wins over tax cuts; big ticket items get boost

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Income tax cuts are on hold as the government says responding to the earthquakes and reducing debt are currently of higher priority, although election year tax sweeteners remain possible. Read more »

NZ government to spend more as economy accelerates

Article – BusinessDesk

Dec. 8 (BusinessDesk) – The New Zealand government has earmarked an extra $2.1 billion for capital spending in its election-year budget as it benefits from a stronger forecast track of economic growth in the next few years that will swell its tax take. Read more »

English cites ‘strong support’, won’t name preferred deputy

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Finance Minister Bill English says he is “finding strong support in the caucus for his bid to replace John Key as Prime Minister next Monday after Key unexpectedly announced his resignation and departure from politics on Monday. Read more »

Fonterra total payout this year likely to be $6.40/kgMS

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Fonterra Cooperative Group has told shareholders at its annual meeting in Darfield today that the indicative payout level to its 10,500 farmer suppliers this season will be $6.40 per kilogram of milk solids. Read more »

Fairfax Media confirms approach by potential buyer

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Fairfax Media, which plans to merge its New Zealand media business with rival NZME, confirmed speculation it had been approached by a third party about the acquisition of its New Zealand unit, but said it’s not in talks with … Read more »

Review notes ‘continued low level’ of reporting by NZ firms

Article – BusinessDesk

Dec. 8 (BusinessDesk) – The Financial Markets Authority says it is “particularly concerned” about continued low levels of reporting by New Zealand financial services firms of suspicious transaction reports under requirements of the Anti-Money Laundering … Read more »

Blue Sky Meats urges shareholders to wait for more info

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Blue Sky Meats has recommended shareholders wait for more information from the board on the future prospects of the meat processor before deciding on a takeover offer from China-based Heilongjiang Binxi Cattle Industry Co, which … Read more »

RBNZ’s Wheeler sees ‘continued strong economic growth’

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Reserve Bank governor Graeme Wheeler says the prospects are good for “continued strong growth” in the New Zealand economy in the next 18 months, with monetary policy accommodative enough to ensure inflation picks up … Read more »

Reserve Bank’s Wheeler says immigration forecasts were wrong

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Reserve Bank Governor Graeme Wheeler said he accepts the central bank got its migration forecasts wrong but it was hard to know how much inward migration New Zealand would attract under current policies. Read more »

Construction boom to drive growth in NZ jobs

Article – BusinessDesk

Dec. 7 (BusinessDesk) – New Zealand’s construction boom is expected to be the single biggest driver of employment growth over the next three years, generating about 29 percent of a forecast 183,900 jobs to be created by March 2019, government figures … Read more »

Chow Group reports $114k first-half profit

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Chow Group, the NZAX-listed vehicle controlled by property developers John and Michael Chow, has reported a net profit of $114,029 in the six months to the end of September. Read more »