Archive for the 'Article' Category

“Far more serious” allegations, says Key, as Collins resigns

Article – BusinessDesk

Aug. 30 (BusinessDesk) – Prime Minister John Key has been handed a cast-iron excuse to rid his government of its troublesome Justice Minister, Judith Collins, using an email supplied anonymously to his office yesterday which appears to show Collins … Read more »

Collins set to walk today

Article – BusinessDesk

Aug. 30 (BusinessDesk) – Embattled Justice Minister Judith Collins is expected either to resign or be sacked from the National Party Prime Minister John Key’s Cabinet within the hour. Read more »

Fonterra credit rating cut by S&P, Fitch affirms rating

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Fonterra Cooperative Group has had its A+ credit rating cut one notch by Standard & Poor’s over its investment in China’s Beingmate Baby & Child Food, which the rating agency sees as a more aggressive push into the … Read more »

WDT widens 1H loss, warns FY earnings won’t improve

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, widened its first half loss and said full year earnings won’t improve as sales slump in Latin America, its largest market. Read more »

Veritas Investments to buy upmarket Nosh supermarket chain

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Veritas Investments, which owns the Mad Butcher franchise business, has entered into a conditional agreement to buy the gourmet-supermarket chain, Nosh Food Market from Nosh Management for an undisclosed sum. Read more »

MARKET CLOSE: NZ shares fall led by Auckland Airport

Article – BusinessDesk

Aug. 29 (BusinessDesk) – New Zealand shares extended yesterday’s decline, led by Auckland International Airport, as investors locked in the month’s gains ahead of September’s general election, while energy companies fell amid political uncertainty. Read more »

Vector wins tax case over Auckland CBD tunnel payment

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Vector, the Auckland electricity and gas network operator, has won a tax case against the Inland Revenue Department over a $53 million payment relating to access rights to its Auckland CBD tunnel. Read more »

Lyttelton Port profit boosted by insurance payments

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Lyttelton Port Co, Christchurch’s ocean trade hub, posted a jump in annual profit and paid off its debt after settling insurance claims resulting from the 2011 Canterbury earthquakes. Read more »

NZ dollar heads for 0.5% weekly decline

Article – BusinessDesk

NZ dollar heads for 0.5% weekly decline on brighter US economy, slowing local growth Read more »

Marsden Maritime lifts annual profit 24%

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Marsden Maritime Holdings, formerly Northland Port Co, lifted annual profit 24 percent as a stronger result from its half-stake in Whangarei’s Northport was supported by asset sales in the year. Read more »

UPDATE:Bathurst writes off full value of Buller coal project

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Bathurst Resources has written off the total value of the assets covered by its Buller coal project as it hunkers down and waits for international coking coal market conditions to improve. Read more »

Pyne Gould FY profit more than halves as asset sales end

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Pyne Gould Corp, the Guernsey-based asset management firm controlled by George Kerr, more than halved its annual profit after completing its asset sale programme and is eyeing a return to paying dividends. Read more »

CORRECT: TVNZ lifts annual profit 25% on flat ad revenue

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. Read more »

NZ business confidence declines for 6th consecutive month

Article – BusinessDesk

Aug. 29 (BusinessDesk) – New Zealand firms’ confidence declined for the sixth successive month in August, as the country’s economic growth comes off the boil amid declining terms of trade, a strong currency and rising interest rates, according to ANZ Bank’s … Read more »

Woolworths’ NZ supermarkets lift annual earnings 4.2%

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Australian supermarket chain Woolworths lifted annual earnings from its New Zealand Countdown stores 4.2 percent as it widened margins in what it called “subdued” trading conditions. Read more »

KiwiRail loss widens to $248M as talks on its future resume

Article – BusinessDesk

Aug. 29 (BusinessDesk) – KiwiRail, the unprofitable government-owned rail operator, has turned a net loss of $248 million for the year to June 30, as crippling annual writedowns on the value of its assets continued, despite total investment by the … Read more »

Promisia widens first-half loss as it chases US expansion

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Promisia Intergrative, the listed-therapeutic health supplements company, widened its first-half loss as it looks to expand its Arthrem brand into the United States. The shares gained. Read more »

Kiwibank lifts FY profit 3%, eyes dividend in next 3 years

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Kiwibank, the state-owned lender, lifted annual profit 3 percent as it widened net interest margins, and is looking to start paying dividends to its owner in the next three years. Read more »

NZ building consents rise 0.1% in July, led by Auckland

Article – BusinessDesk

NZ building consents rise 0.1% in July, as Canterbury consents slow and Auckland picks up Read more »

Mercer posts FY loss on new staff hires, tough Aust market

Article – BusinessDesk

Aug. 29 (BusinessDesk) – Mercer Group, the stainless steel manufacturer, reported an annual loss as it hired new staff to fuel future profit growth while trading conditions in Australia remained tough. Read more »

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