Archive for the 'Article' Category

NZ sawmillers to endure more pain as exporter margins shrink

Article – BusinessDesk

NZ sawmillers to endure more pain as exporters contend with shrinking margins, cheaper rivals

By Tina Morrison

April 10 (BusinessDesk) – New Zealand timber companies, who have closed more than 40 sawmills in the past decade, are likely to face more pain as plants tied to the export trade face lower-cost Chinese mills, rising competition and a high kiwi dollar shrinking margins. Read more »

NZ screen industry revenue fell in 2013

Article – BusinessDesk

NZ screen industry revenue fell in 2013 after drop-off in movie making

By Suze Metherell

April 10 (BusinessDesk) – The New Zealand screen industry’s revenue dropped 4 percent in 2013, from a record high in 2012, as decline in production of feature films more than offset gains from local television and movie theatres. Read more »

Ministry of Education pursues Carter Holt over leaky schools

Article – BusinessDesk

NZ Ministry of Education pursues Carter Holt over leaky schools

By Suze Metherell

April 9 (BusinessDesk) – The New Zealand Ministry of Education will continue to pursue a leaky schools lawsuit against Carter Holt Harvey after the wood company owned by Graeme Hart’s Rank Group failed in an attempt to have the claim quashed. Read more »

Seeka will pay as much as $6.25M for Glassfields

Article – BusinessDesk

Seeka will pay as much as $6.25M for Glassfields as it chases growth outside of kiwifruit

By Suze Metherell

April 9 (BusinessDesk) – Seeka Kiwifruit Industries, the fruit grower and coolstore and packhouse operator, has agreed to buy Glassfields (NZ), the fruit ripening and delivery services business, for as much as $6.25 million as it looks for growth away from the stricken kiwifruit industry. Read more »

Restaurant Brands lifts annual profit, signals further gains

Article – BusinessDesk

Restaurant Brands boosts annual profit, signals increased earnings in coming year

By Tina Morrison

April 9 (BusinessDesk) – Restaurant Brands New Zealand, the nation’s largest fast food operator, posted a 23 percent rise in annual profit after it boosted sales and margins even as increased rivalry forced it to cut prices. The company expects to increase earnings further this year. Read more »

Fonterra names Dutch dairyman Henk Bles to new role

Article – BusinessDesk

Fonterra names Dutch dairyman Henk Bles to new role of head of international farming ventures

April 9 (BusinessDesk) – Fonterra Cooperative Group, the world’s biggest exporter of dairy products, named Dutch dairy industry veteran Henk Bles to a new role as interim managing director of international farming ventures. Read more »

‘Gardening Club’ freight cartel participant fined $3.1mln

Article – BusinessDesk

‘Gardening Club’ freight cartel participant, Kuehne + Nagel, fined $3.1 mln

April 8 (BusinessDesk) – Kuehne + Nagel International, the Swiss logistics company, has been fined $3.1 million plus costs for its part in the so-called “Gardening Club” freight forwarding cartel case brought by the Commerce Commission after an investigation begun seven years ago. Read more »

NZ dollar gains on lure of higher interest rates

Article – BusinessDesk

NZ dollar gains on lure of higher interest rates

By Paul McBeth

April 8 (BusinessDesk) – The New Zealand dollar gained as volatility in equity markets failed to spill over into foreign exchange, and the kiwi remained an attractive buy on the prospect of higher interest rates later this month. Read more »

Postie Plus reports wider loss, looks to reduce bank debt

Article – BusinessDesk

Postie Plus reports wider loss, looks to reduce bank debt dependence

April 8 (BusinessDesk) – Postie Plus Group, whose stock has dropped 42 percent in the past 12 months, has met an extended deadline to post its first-half results, reporting a wider loss on supply chain disruptions and tough trading conditions for clothing retailers. Read more »

Blue Sky Meats strengthens Chinese ties as exporter buys 11%

Article – BusinessDesk

Blue Sky Meats strengthens Chinese ties after exporter pays premium for 11% of company

By Suze Metherell

April 7 (BusinessDesk) – Blue Sky Meats has strengthened ties with China, its largest market by volume and value, after two Auckland-based businessmen paid a premium for 11 percent of the unprofitable meat processor. Read more »

NZ house values rise at slowest annual pace in 6 months

Article – BusinessDesk

NZ house values rise at the slowest annual pace in six months in March, QV says

April 7 (BusinessDesk) – New Zealand property values increased at the slowest annual pace in six months in March as lower Christchurch valuations, high-debt lending restrictions and interest rate hikes weighed on the market. Read more »

NZ dollar heads for 1.2 percent weekly decline

Article – BusinessDesk

NZ dollar heads for 1.2 percent weekly decline as weak dairy weighs, US jobs report looms

By Paul McBeth

April 4 (BusinessDesk) – The New Zealand dollar is heading for a 1.2 percent weekly decline after falling dairy prices stoked concerns about the strength of the local recovery, and as investors wait for US jobs figures which are expected to show the world’s biggest economy is improving. Read more »

UPDATE: Fonterra fined $300,000 over food safety failings

Article – BusinessDesk

UPDATE: Fonterra fined $300,000 over food safety failings in botulism scare

(Adds court comments from the second paragraph.) Read more »

Fonterra fined $300,000 over last year’s WPC incident

Article – BusinessDesk

Fonterra fined $300,000 over last year’s whey protein incident

April 4 (BusinessDesk) – Fonterra Cooperative Group, the nation’s dominant dairy exporter, was fined $300,000 for breaches of the Animal Products Act during last year’s whey protein concentrate incident. Read more »

Auckland house sales jump 80% in March, Barfoot says

Article – BusinessDesk

Auckland house sales jump 80% in March following soft February, Barfoot says

By Suze Metherell

April 4 (BusinessDesk) – Auckland residential property sales rebounded in March after a soft February, according to Barfoot & Thompson, the city’s largest realtor. Read more »

Airwork loses bid for summary judgment against Skyline unit

Article – BusinessDesk

Airwork loses bid for summary judgment against Skyline Enterprise’s subsidiary

April 4 (BusinessDesk) – Airwork Holdings, the aviation services firm which listed last December, has lost its bid for a summary judgment against Skyline Enterprise subsidiary The Helicopter Line over a disputed contract, and will pursue the matter at trial. Read more »

Moa shares soar after meeting sales guidance

Article – BusinessDesk

Moa shares soar after meeting sales guidance

April 4 (BusinessDesk) – Shares in Moa Group soared to a three-week high after the beer maker said it met a sales target, which it was forced to cut last year when switching its local distribution. Read more »

NZF Group faces liquidation as auditor exits

Article – BusinessDesk

NZF Group auditor exit scuttles restructuring, board proposes liquidation

April 3 (BusinessDesk) – NZF Group faces liquidation after the resignation of its auditor scuttled a proposal for a substantial restructure, and left the board with no option but to liquidate the company. Read more »

Auckland Airport raises $150 mln in wholesale bond issue

Article – BusinessDesk

Auckland Airport raises $150 mln in wholesale bond issue, mulls retail offer

April 3 (BusinessDesk) – Auckland International Airport, the country’s main aviation gateway, raised $150 million in a wholesale bond issue, and is mulling a retail offer to help fund its capital return to shareholders. Read more »

NZ dollar slides; weaker dairy prices weigh on rate outlook

Article – BusinessDesk

NZ dollar slides as weaker dairy prices weigh on rate outlook, ECB meeting looms

By Paul McBeth

April 3 (BusinessDesk) – The New Zealand dollar dropped as declining dairy prices raised concern about the country’s biggest export commodity, and fuelled speculation the Reserve Bank might not hike interest rates as aggressively as expected. Read more »

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