While you were sleeping: Equities drop on data

Article – BusinessDesk

May 5 (BusinessDesk) – Wall Street declined as worse-than-expected US economic data and disappointing earnings bolstered concern about the outlook for corporate profits. Read more »

NZ dollar extends decline after China lowers yuan fixing

Article – BusinessDesk

May 4 (BusinessDesk) – The New Zealand dollar extended its decline after China cut its yuan fixing against the US dollar by the most since its devaluation last August, sending the greenback broadly higher. Read more »

NZ Refining needs to dredge Whangarei harbour

Article – BusinessDesk

May 4 (BusinessDesk) – New Zealand Refining hopes to apply for resource consents by the end of this year for dredging Whangarei Harbour, expected to cost between $30 million and $45 million, to allow heavier loads on tankers bringing crude oil … Read more »

Ike GPS shares jump 33% on 2017 breakeven forecast

Article – BusinessDesk

May 4 (BusinessDesk) – IkeGPS shares soared 33 percent after the company said it expects to reach cash breakeven in 2017 on improved sales from its new cloud-based product. Read more »

NZ labour market reasonably robust

Article – BusinessDesk

May 4 (BusinessDesk) – New Zealands labour market is in reasonable health, despite a higher jobless rate in the first quarter, with employment growing faster than the total working-age population, economists say. Read more »

Weldon’s bet was ‘highest-risk strategy’

Article – BusinessDesk

May 4 (BusinessDesk) – NZX’s acquisition of Clear Grain Exchange in 2009 was a high-risk strategy that assumed it could add value to the barely profitable Australian business even though former chief executive Mark Weldon had been told it could take five to … Read more »

QV says NZ home values rose 12% in year to April

Article – BusinessDesk

May 4 (BusinessDesk) – New Zealand residential property values increased in the year through April, aided by low interest rates. Read more »

NZ commodity prices fall in April

Article – BusinessDesk

May 4 (BusinessDesk) – New Zealand commodity prices fell in April, led by weaker prices for dairy products. Read more »

Auckland housing market ‘restrained’ as April sales fall

Article – BusinessDesk

May 4 (BusinessDesk) – Auckland residential property sales volumes in April fell to the lowest level for the month in four years, according to the city’s largest realtor. Read more »

NZ jobless rate rises to 5.7% in 1st qtr

Article – BusinessDesk

May 4 (BusinessDesk) – New Zealands jobless rate rose in the first quarter as the nations labour force recorded its biggest increase in 12 years and Auckland drove an increase in employment growth. Read more »

Hirepool may be ‘dusted off’ for a trade sale

Article – BusinessDesk

May 4 (BusinessDesk) – Hirepool Group, the equipment rental firm majority owned by Tenby Powell and Sharon Hunter, may be headed for a trade sale after plans for an initial public offering two years ago failed to get enough support, according to … Read more »

IkeGPS to breakeven in 2017, investigates NASDAQ listing

Article – BusinessDesk

May 4 (BusinessDesk) – IkeGPS says it will reach cash breakeven in 2017 as it forecasts improved sales from its new cloud-based product. Read more »

Todd Corp may bid for troubled Australian steelworks Arrium

Article – BusinessDesk

May 4 (BusinessDesk) – Todd Corp, the holding company for New Zealands wealthiest family, may make a bid for Australian iron ore miner and steelmaker Arrium which is in voluntary administration, according to an Australian media report. Read more »

Weldon resigns from MediaWorks: ‘personal cost too high’

Article – BusinessDesk

May 4 (BusinessDesk) – MediaWorks’ controversial chief executive Mark Weldon has resigned, just two days after his chairman, Rod McGeoch, backed him. Read more »

NZ dollar falls on Aussie coat-tails after RBA rate cut

Article – BusinessDesk

May 4 (BusinessDesk) – The New Zealand dollar fell as investors sold Australasian currencies after the Reserve Bank of Australia cut its benchmark interest rate yesterday on concern about weak inflation. Read more »

While you were sleeping: Stocks slide on outlook

Article – BusinessDesk

May 4 (BusinessDesk) – Stocks on both sides of the Atlantic dropped amid concern about global economic growth and disappointing corporate earnings. Read more »

Dairy product prices slip, stemming two straight gains

Article – BusinessDesk

May 4 (BusinessDesk) – Dairy product prices slipped as a gain in whole milk powder prices, reflecting lower local supplies at the auction, was offset by a decline in other products including skim milk powder amid an unabated international glut. Read more »

Weldon saw ‘Agri-Bloomberg’ in Grain Exchange: Ralec counsel

Article – BusinessDesk

May 3 (BusinessDesk) – Former NZX chief Mark Weldon regarded the Clear Grain Exchange as an ‘Agri-Bloomberg’ and was uninterested in previous owner Ralec’s view of its prospects, Ralec’s counsel told the Wellington High Court in opening submissions. Read more »

Reserve Bank of Australia cuts to 1.75% on weak inflation

Article – BusinessDesk

May 3 (BusinessDesk) – The Reserve Bank of Australia has cut its cash rate by 25 basis points 1.75 percent, sending the kiwi sharply higher against the Australian dollar. Read more »

“Wildly inaccurate’ estimates for Clear Grain Exchange

Article – BusinessDesk

May 3 (BusinessDesk) – Stock market operator NZX was given “wildly inaccurate” estimates by the former owners of the Clear Grain Exchange, its counsel has told Wellington’s High Court. Read more »