Fletcher dumps Aussie distribution chief in ANZ merger

Article – BusinessDesk

Aug. 3 (BusinessDesk) – Fletcher Building has dumped its Australian head of distribution and will merge the business with its New Zealand counterpart, while separately announcing the departure of chief information officer Carl Powell. Read more »

UPDATE: Meridian, power company stocks rise on smelter deal

Article – BusinessDesk

Aug. 3 (BusinessDesk) – Electricity company shares rose on news that the Tiwai Point aluminium smelter will remain open and run at full capacity at least until the end of 2017, even though Meridian Energy remains the sole supplier after other power … Read more »

Cooks given until close of trade Monday to file accounts

Article – BusinessDesk

Aug. 3 (BusinessDesk) – Cooks Global Foods, which is rolling out its Esquires coffee chain beyond New Zealand and Australia, has been given until the market close on Monday to file its overdue annual report, NZX Regulation says. Read more »

Xero 1Q cash burn accelerates

Article – BusinessDesk

Aug. 3 (BusinessDesk) – Xero, the cloud-based accounting software developer, burned through cash at a faster pace in the June quarter as it ramped up spending on an expanding workforce and more than doubled expenditure on marketing and advertising. Read more »

ComCom follows through with NAIT price-fixing suit

Article – BusinessDesk

Aug. 3 (BusinessDesk) – The Commerce Commission has filed court proceedings against PGG Wrightson, Elders New Zealand and five individuals it claims fixed fees charged during the introduction of a national livestock tagging scheme. The regulator is … Read more »

Tiwai Point smelter safe until 2017; Meridian sole supplier

Article – BusinessDesk

Aug. 3 (BusinessDesk) – The Tiwai Point aluminium smelter will remain open, with Meridian Energy remaining its sole electricity supplier at an undisclosed but somewhat improved electricity price for about 30 percent of the smelter’s total consumption. Read more »

MARKET CLOSE: NZ stocks rise; Meridian, MRP up on Tiwai

Article – BusinessDesk

July 31 (BusinessDesk) – New Zealand shares rose. Meridian Energy and MightyRiverPower gained ahead of a decision on the future of the Tiwai Point aluminium smelter and as investors sought companies with relatively strong dividend yields. Read more »

Meridian, MightyRiverPower shares gain before Tiwai decision

Article – BusinessDesk

July 31 (BusinessDesk) – A decision to keep the Tiwai Point aluminium smelter open appears increasingly likely, with shares of Meridian Energy and MightyRiverPower gaining ahead of Monday’s scheduled announcement on the future of the Bluff industrial … Read more »

Kirkcaldie shareholders call time on 152-year-old store

Article – BusinessDesk

July 31 (BusinessDesk) – Kirkcaldie & Stains’ shareholders have voted in favour of Australian department store chain David Jones taking over the upscale Wellington store, ending a run of 152 years, and will receive $19.4 million in a distribution. Read more »

OceanaGold buys Canada’s Romarco, gaining access to US mine

Article – BusinessDesk

July 31 (BusinessDesk) – OceanaGold Corp, the Australian gold miner, has acquired Canada’s Romarco Minerals for a 73 percent premium, in a bid to become the world’s cheapest gold miner. Read more »

MARKET CLOSE: NZ shares rise; Heartland, Kathmandu climb

Article – BusinessDesk

July 30 (BusinessDesk) – New Zealand shares rose. Heartland New Zealand advanced after the bank affirmed its profit guidance. Kathmandu Holdings gained on the back of a positive earnings forecast by its would-be acquirer, Briscoe Group. Read more »

Moa employees get access to new share scheme

Article – BusinessDesk

July 30 (BusinessDesk) – Craft beer maker Moa Group will give workers another chance to get shares in the company, with a long-term employee option scheme issuing up to 1.2 million share options, Read more »

Millennium & Copthorne 1H profit soars 93%

Article – BusinessDesk

July 30 (BusinessDesk) – Millennium & Copthorne Hotels New Zealand, the hotel operator and property developer, boosted first-half profit by 93 percent as it lifted the performance of its hotel operations and its property developments turned profitable … Read more »

Jetstar has 6th NZ domestic route, adds trans-Tasman flights

Article – BusinessDesk

July 30 (BusinessDesk) – Jetstar, the low-cost offshoot of Australian-owned Qantas Airways, will add a sixth domestic route with a new Wellington/Dunedin schedule and bolster its trans-Tasman flights as it looks to win passengers from dominant rival … Read more »

Brierley’s Mercantile wins over Ask Funding board

Article – BusinessDesk

July 30 (BusinessDesk) – Ron Brierley’s Mercantile Investment has won over the board of takeover target Ask Funding after sweetening its offer last week. Read more »

Radford to stay at Bethunes board after Mowbray departs

Article – BusinessDesk

July 30 (BusinessDesk) – Bethunes Investments’ outgoing chairman Murray Radford will stay on the board of the auction house formerly known as Mowbray Collectables after founder John Mowbray declared his resignation as director yesterday. Read more »

Turners buys Southern Finance for $5 million

Article – BusinessDesk

July 30 (BusinessDesk) – Turners, formerly known as Dorchester Pacific, has bought Southern Finance for $5 million, giving the finance company greater exposure in the South Island as it continues to expand its loan book. Read more »

Heartland says 2016 profit may rise as much as 15%

Article – BusinessDesk

July 30 (BusinessDesk) – Heartland New Zealand, the Auckland-based lender, said profit may rise as much as 15 percent in 2016, while affirming its guidance for earnings this year to reach the top of its forecast range. Read more »

Briscoe says first-half profit rose at least 8.1%

Article – BusinessDesk

July 30 (BusinessDesk) – Briscoe Group, the retail chain mounting a hostile takeover of Kathmandu Holdings, says first-half profit rose at least 8.1 percent, outpacing sales growth in the period, as the company continued to fatten its margins. Read more »

Gentrack CEO Docking to leave after decade in charge

Article – BusinessDesk

July 30 (BusinessDesk) – Gentrack Group chief executive James Docking is to leave next year, ending a decade-long tenure as leader of the transport and utilities software developer. Read more »

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