Archive for the 'Article' Category

Mark Powell to depart Warehouse by Feb 2016 after 4 years

Article – BusinessDesk

Mark Powell to depart Warehouse by Feb 2016 after 4 years

By Jonathan Underhill

March 30 (BusinessDesk) – Mark Powell will step down as chief executive of Warehouse Group by February 2016 after 14 years, the last four as chief executive that saw him revamp the retailer’s so-called ‘Red Sheds’ and steer its online strategy. Read more »

NZ employment confidence rises with optimism about earnings

Article – BusinessDesk

NZ employment confidence rises with optimism about earnings growth

By Jonathan Underhill

March 30 (BusinessDesk) – New Zealanders have become more confident about the labour market and confident they’ll be able to earn more in a growing economy. Read more »

NZ dollar may sink to 70 cts in 2015: BusinessDesk survey

Article – BusinessDesk

NZ dollar may sink to 70 US cents in 2015 on resurgent greenback: BusinessDesk survey

By Tina Morrison

March 30 (BusinessDesk) – The New Zealand dollar may extend its decline against the greenback this year, on increased signs the Federal Reserve will lift interest rates from a record low, benefitting companies such as Fisher & Paykel Healthcare that get much of their sales in US dollars. Read more »

NZ puts seven new oil and gas areas put up for tender

Article – BusinessDesk

NZ puts seven new oil and gas areas put up for tender

By Pattrick Smellie

March 30 (BusinessDesk) – A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. Read more »

Inflation target at 2% risks overheated economy, BNZ says

Article – BusinessDesk

Inflation target at 2% risks overheated economy, says BNZ

By Pattrick Smellie

March 27 (BusinessDesk) – Targeting 2 percent annual inflation could force the Reserve Bank of New Zealand to cut interest rates too sharply and overheat the economy, says Bank of New Zealand, which suggests current low global inflation rates mean the local target is “unreasonably high in the current climate.” Read more »

NZ milk powder futures drop as Fonterra lifts GDT volumes

Article – BusinessDesk

NZ milk powder futures drop as Fonterra lifts GDT volumes, signalling prices will fall

By Tina Morrison

March 27 (BusinessDesk) – New Zealand whole milk powder futures dropped after Fonterra Cooperative Group said it will increase the volume of product it puts up for sale on the GlobalDairyTrade platform, suggesting prices may extend their decline in next week’s auction. Read more »

Hallenstein lifts profit 40% as it claws back market share

Article – BusinessDesk

Hallenstein lifts profit 40% as it claws back market share

By Suze Metherell
March 27 (BusinessDesk) – Hallenstein Glasson, the fast-fashion clothing chain, lifted first-half profit 40 percent, beating its guidance, as it clawed back market share in a competitive retail environment. Read more »

GIC-Goodman Property JV to extend Auckland CBD footprint

Article – BusinessDesk

GIC-Goodman Property JV to extend Auckland CBD footprint

By Jonathan Underhill

March 27 (BusinessDesk) – Wynyard Precinct Holdings, a joint venture between Goodman Property Trust and Singapore government-owned GIC, has agreed to buy an office tower in Auckland’s Wynyard Quarter from Fletcher Building for $86.2 million. Read more »

Update: Hotchin settles with Perpetual before appeal

Article – BusinessDesk

Update: Hotchin settles with Perpetual before appeal to draw trustees into FMA case

(Updates with Guardian Trust argument, details of case history, reserved decision) Read more »

NZ commercial property lending less risky now: RBNZ

Article – BusinessDesk

NZ commercial property lending less risky now due to lower debt funding

By Fiona Rotherham

March 26 (BusinessDesk) – The Reserve Bank said New Zealand’s $180 billion commercial property sector has become less risky since the global financial crisis because a reduced amount of debt is being used to fund new developments and purchases. Read more »

Hotchin settles with Perpetual before Supreme Court hearing

Article – BusinessDesk

Update: Hotchin settles with Perpetual before appeal to draw into FMA case

(Updates with settlement, Gedye’s argument throughout, corrects QC reference) Read more »

Hotchin drops Perpetual in appeal case

Article – BusinessDesk

Hotchin drops Perpetual in appeal case

By Suze Metherell

March 26 (BusinessDesk) – Mark Hotchin, principal of failed finance company Hanover, has abandoned his appeal against Perpetual Trust to include them in the Financial Markets Authority’s civil case against the former lender’s directors and promoters. Read more »

Nufarm NZ sales slip on weak dairy prices, drought

Article – BusinessDesk

Nufarm NZ sales slip on weak dairy prices, drought conditions

By Suze Metherell

March 25 (BusinessDesk) – Nufarm, the agricultural chemicals manufacturer, reported a 14 percent drop in its New Zealand sales as the South Island drought and the decline in global dairy prices weighed on demand for pesticides and herbicides. Read more »

ComCom clears Wilson’s acquisition of rival’s parking assets

Article – BusinessDesk

ComCom clears Wilson’s acquisition of rival’s parking assets

By Suze Metherell

March 24 (BusinessDesk) – The Commerce Commission has found Wilson Parking New Zealand’s 2013 acquisition of a rival’s parking assets hasn’t substantially crimped competition and deemed that public transport will keep a lid on any price hikes. Read more »

US BlackRock takes 5% stake in Fletcher Building

Article – BusinessDesk

US BlackRock takes 5% stake in Fletcher Building

By Suze Metherell

March 24 (BusinessDesk) – US fund manager BlackRock, which manages more than US$4.7 trillion in assets worldwide, has built up a 5 percent stake in Fletcher Building. Read more »

MRP will close Southdown station at the end of 2015

Article – BusinessDesk

MightyRiverPower will close Southdown station at the end of 2015

By Tina Morrison

March 24 (BusinessDesk) – MightyRiverPower, whose first half earnings slumped as it wrote down the value of assets and exited its international geothermal interests, said its gas-fired Southdown power station will close at the end of the year in response to growth in renewable generation. Read more »

Auckland to Beijing direct as Air NZ, China Air tie up

Article – BusinessDesk

Auckland to Beijing direct connection as Air NZ, China Air tie up

March 23 (BusinessDesk) – Air New Zealand and China Air have agreed a new alliance that will deliver daily direct flights between Auckland and the Chinese capital, Beijing, for the first time. Read more »

UPDATE: 2degrees buys Snap to enter landline market

Article – BusinessDesk

UPDATE: 2degrees buys Snap to enter landline market after snaring share of mobile

(Adds executive comment from briefing) Read more »

Auckland Airport international passenger numbers rise 5.4%

Article – BusinessDesk

Auckland Airport international passenger numbers rise 5.4% in February, on jump in Chinese

By Jonathan Underhill
March 23 (BusinessDesk) – Auckland International Airport said international passenger numbers through New Zealand’s busiest gateway rose 5.4 percent last month, as the later timing of Chinese New Year led to a surge in travellers from China. Read more »

2degrees acquires Snap ISP for complete business offering

Article – BusinessDesk

2degrees acquires Snap ISP for complete business offering

By Pattrick Smellie

March 23 (BusinessDesk) – 2Degrees, New Zealand’s third-largest mobile telecommunications provider, is to acquire Christchurch-based internet service provider, Snap, to allow it to compete more effectively for business customers by offering a full range of mobile, broadband and fixed-line voice telephony using the internet. Read more »

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