New Zealand shares bounced off a four-month low, led upwards by Metro Performance Glass, A2 Milk Co and Z Energy, as part of an Asian market rally.
The S&P/NZX 50 Index gained 163.79 points, or 2.4 percent, to 6,872.26. Within the index, 46 stocks rose and five fell. Turnover was $147.2 million.
The survey shows year on year export sales fell 12%, while domestic sales rose 17% compared to September 2015. The number of staff employed slipped 2.8% on a year ago.
“That FBI news has, in investors’ minds, put her back in frontrunning for the presidency”
BusinessNZ CEO Kirk Hope says Labour’s policy to tax businesses employing foreign workers would hurt small businesses. Plus, what do NBR readers think?
Crimson is acquiring companies to get “student capital,” not boost revenue.
Insurers need to look at new ways of doing business, says the head of the world’s largest specialty insurer. With special feature audio.
Despite regulatory uncertainty, Harmoney continues to experience growth, CEO says.
The consumers price index rose 0.3% in the three months ended September 30, above the 0.2% pace originally reported on
The SEC’s subpoena is focused on, among other things, Agria’s historic and ongoing business operations in China.
Tilt said it generated revenue of $94.8 million in the six months to September 30, compared to $88.9 million a year earlier.
Pumpkin Patch’s receivers have taken the razor to the failed children’s wear retailer’s Australian stores with plans to close 27 stores nationwide, laying off up to 145 staff.
KordaMentha’s Brendon Gibson and Neale Jackson outlined the Pumpkin Patch and Charlie & Me closures on the other side of the Tasman, which will see 52 staff redeployed to other sites, on top of the projected job losses. The cuts are deeper than what was signalled for New Zealand last month, with the job losses equating to almost 15 percent compared to less than 10 percent in NZ.
“We were bloody expensive and now we’re just expensive”
The addition to Fonterra’s branded products of the “Fonterra Trusted Goodness” seal is being rolled out worldwide today
Partial takeover offer at $10 a share rekindles three year old battle
Channel partners will mitigate launch challenges, CEO says. With special feature audio.
“The reality is in today’s world is all procedural aspects of the traditional shareholder meetings can now be virtualised”
Clear Grain has been sold off in a management buyout.
Uber Drivers Association NZ moving wisely in wake of ruling, lawyer says.
Nick Smith conceeds it could now be February before the Resource Legislation Amendment Bill can be passed into law.
Rod Drury says the incumbent players in Xero’s markets have been alarmed at its progress.
The US presidential election, seemingly tighter than previously thought, dampened the mood on the markets.
Xero reduced its cash burn and its net loss in the six months ended September but growth in the United states remains sluggish.
“We were the worst market in the world in October”
The S&P/NZX 50 is at 6755 points – down 10.7% from the September high.
NPT’s board says it was already considering other proposals about the time that Augusta presented its proposal.
Ross Finlay says before angels commit money they have to pick the right jockey.
Although you may not have a spare half billion for staff lunches each year. With special feature audio.
The company generated $125.6 million of revenue in the 13 weeks ended October
The deal will immediately lift earnings per share 4% in the 2017 financial year.
Its guidance for 2017 ordinary dividends was kept at 14.6c per share.
Hellaby expects an extra $105 million in sales from six prospective acquisitions to kick-in within the next 12 to 18 months.
The Fisher Funds brand very much falls around Carmel - Wells
The joint venture’s funds include $14 million from Talley’s Group for a 35% stake.
Ticketmaster New Zealand turned to an annual loss in 2015, despite revenue growing.
Group backed by ex-Canadian phone company execs buys into Trilogy, supplies vehicle for backdoor listing.
Share price tumbles 23%
The New Zealand offer due to open on November 9 is a public one open to anyone through a product disclosure statement.
Whole milk powder up 19.8%, average prices 11.4% in latest fortnightly Global Dairy Trade auction overnight.
Founders angle to sign up corporate clients, ink AA Smartfuel parnership.
Bapcor’s chief executive labels $350 million valuation for automotive division as irresponsible.
UPDATED: Labour still finds negatives but its hard to argue with the data. With special feature audio.
Offer “significantly below” independent valuation.
Receiver says high cash burn was limiting prospects of a sale.
Meridian Energy says until Australia’s federal government tackles the shortcomings of its renewable energy target scheme it won’t be building any more windfarms.
The flurry of corporate deals continues.
NZ SMEs are being rolled up under the radar and listed on the likes of the Nasdaq. With special feature audio.
Shareholders voted to pay former chief executive Michael Parsell a termination and exit package amounting to $A2.4 million.
Sky Network Television was the worst performer on the index, down 3.8 percent to $4.62.
Deal worth almost half a billion dollars is confirmed by the government, which will receive a special dividend.
Shareholder says he’s happy with the change that’s occurring
The company’s share price languishes 30Ac below its market debut last month
The receivers of failed retail chain Pumpkin Patch will close seven stores over the next week-and-a-half with 57 staff to lose their jobs.
KordaMentha’s Neale Jackson and Brendon Gibson were appointed by the retailer’s lender - ANZ Bank New Zealand - on Wednesday after Pumpkin Patch failed to convince the bank to let it keep trading, and immediately signalled store closures and job losses were likely. The receiver today said stores in Ponsonby, Takapuna, Henderson, Te Rapa, Wanganui, Hornby, and a Charlie’s & Me site at Coastlands will be shut by Nov. 8, with 57 jobs lost.
Air New Zealand boss replies to Sir Bob Jones’ allegation.
New Zealand is one of the first destinations for the next-generation Airbus widebodied jetliners.
“Above-the-rail” business anticipates “wall of wood”, increasing coal volumes in coming year.
The S&P/NZX50 Index dropped 13.31 points, or 0.2 percent, to 6,928.64. Within the index, 18 shares rose, 17 fell and 16 were unchanged.
Employers can play an important role in welcoming migrants to their new home.
Auckland fund manager says it wants to create a $500 million property company.
Christmas trading will be crucial to Aussie parent Woolworths’ 2017 financial performance.
From January 1, Meridian gets a price increase under the refreshed contract it negotiated last year with the smelter’s owner, NZ Aluminium Smelters, majority-owned by Rio Tinto.
Shares drop 35%.
Daily milk volumes across the central and upper North Island were down significantly in the early part of October due to the impact of wetter than normal spring weather and this has continued.
Ominous signs for Chorus.
The country’s largest contract labour company, lifted first-half profit 15%
Bonds yields rose as sellers hit the market.
Many job applicants don’t understand want they’re getting into when they submit to a police background check, Edwards says.
New Zealand Oil & Gas chairman Rodger Finlay says his company will focus on getting the best out of its existing assets as well as pursuing much riskier ventures such as its Barque prospect.
"The current financial outlook will require Intueri’s banking arrangements to be amended by the end of 2016 and Intueri is working closely with its bank to achieve this,“ it said.
Oddly, there are 179,000 customers on the fast copper line-based VDSL broadband service versus around 400,000 subscribers to the slower ADSL service.
The company anticipates underlying profit of between $53 million and $55 million in calendar 2016, up from $37.8 million a year earlier,
“The index is being dominated by the inflation data out of Australia today which was a bit stronger than expectations.”
Jiawai had been an authorised distributor in China for Fonterra since March but the product was believed to have been onsold by a former Jiawai employee prior to any contact with the New Zealand company.
UPDATED: Stand by for steep discounts for anyone looking for Christmas presents.
However, the forecast is based on Fonterra’s previous payout expectation, which it has since increased.
Survey shows only 11% of CFos are satisfied in their current role.
Abano’s major shareholder is maintaining its long-standing feud with the company dating back to its failed takeover attempt in 2013.
Renault-Nissan chief executive Carlos Ghosn brings Mitsubishi into his fold.
The Auckland-based company has offered $US105 million for Pacific Island Restaurants.
US consumer confidence has weakened more than expected.
The sales decline of Abano Healthcare’s Australian dental business has accelerated in recent months but the company is working on a number of strategies to combat the soft economic conditions it’s facing.
Air New Zealand was the best performer, up 3.8 percent to $1.91, while Fletcher Building rose 3.2 percent to $10.21 and Chorus gained 2.2 percent to $3.76.
And who’s to blame.
Wynyard’s insolvency is among the conditions that would trigger NZ Police’s right to buy back the intellectual property rights attached to the digital forensics product and any developments for $1.
Auckland-based Abano is investing in building its chain of dental businesses in a fragmented market, where it aims to capture 10% of the $11 billion of revenue.
Shareholders react to news of software company’s administration
“It’s a pretty classic failure of governance with the company and a lack of control by the board of management extending back some time”
The average wharf gate price for New Zealand A-grade logs advanced to $113 a tonne in October, from $111 a tonne in September.
Calling on Skipton loan, raising new debt or equity not “in the best interests of the company, its shareholders or other stakeholders,” Wynyard’s board says.
The Australia-based automotive business is offering $322.5 million for Hellaby.
Farm got into financial difficulties so the parents tried to sell it.
China Resources Ng Fung will stock the NZ honey maker’s product in 4000 supermarkets belong to affiliated retailers.
Top farmers get benefits from the use of supplements and shelters to protect water-sodden pastures.
Business travel news also includes the new Qantas International lounge at Brisbane Airport and the best and worst airports for sleeping.
Paul Goldsmith’s attempt to reform the insolvency industry has been captured by a basket of deplorables. With VIDEO.
It’s unlikely that Mainfreight founder and chairman Bruce Plested loses much sleep when his company’s shares periodically underperform the market.
The gambling company is making lots of money from Chinese high rollers but the arrest of a rival’s staff in China throws a cloud over the business.
SkyCity fell 11.9 percent to $3.76, a one-year low.
Seeka is predicting net profit of between $7 million and $8 million for the year ending December 31, from $4.3 million in 2015
Kiwifruit marketer Zespri has reiterated its forecast profit range for the 2017 financial year of between $66 million to $71 million.
But the government has backed off its intention to also reduce the volume of raw milk Fonterra has to make available to other processors by 60% over three years.
Stinging criticism from customers at the annual meeting adds to impact of share price slump after disappointing quarterly update
Analyst: “It’s going to be very tough to get a recovery position from this, to be honest.“ With special feature audio.
Bailey and Farrelly were “dedicated and experienced directors who shared a strong commitment to co-operative principles and the business’ strategy of converting more milk into higher-value products.”
Meat Industry Excellence has conceded defeat after its latest skirmish.
At its largest complex in Auckland, revenue fell 1% $134 million as weaker gaming revenue offset growth in non-gaming revenue.
Chief executive John Fellet expresses confidence in the company’s future, reflects on highs and lows of past 25 years.
The S&P/NZX50 dropped 2.76 points, or 0.04 percent, to 6,973.78. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $158.9 million.
As of the balance date for Skipton’s accounts, Wynyard’s shares traded at 65 cents, with Skipton holding 17.7 percent of the stock. They’ve since fallen to 21.5 cents.
The officials didn’t deduct any points for the melamine contamination, which hurt most big Chinese dairy companies.
Shareholders updated on the airport’s progress at annual meeting today. With special feature audio.
The programme has provided training opportunities for 1000 people and placed 135 people into jobs.
Company faces questions about its products after one of its stainless steel silos collapsed.
The abundant global supply of small container ships is likely to mean they will continue to service a range of smaller New Zealand ports “for the foreseeable future”
New Zealand aims to be a world leader in lifestyle wines aimed at health-conscious consumers.
By 2020, leading general partners who manage venture capital funds will have directors of innovation, predicts an Australian expert
Wynyard Group is looking into how it can tap a stand-by loan facility agreed in August with major shareholder Skipton Building Society.
Netflix led the gainers with a 19% share price rise.
AWF Madison Group, the country’s largest contract labour company, has bought IT recruitment group Absolute IT for $15.3 million.
Absolute IT had revenue of about $65 million in the year to March 2016, AWF said. The purchase price comprises an initial payment of $11.1 million and an earnout of $4.2 million tied to Absolute IT’s earnings in the year to November 2017. It will be adjusted based on the aggregate net assets of the business at completion, and is debt-funded, requiring no shareholder approval.
GDT price index rises 1.4%.
The first trades took place on October 3.
The index has now fallen 7.89 percent from a high of 7,571.10 on Sept. 7.
The company has revealed it is working toward an IPO within the next three years.
profit is expected to rise to $9.5 million from $8.2 million a year earlier.
Different perspectives on the key US market as half-year result looms.
The company also maintains its forecast for 2017 operating earnings.
PGG Wrightson expects operating earnings to decline amid weakness in some of the key agricultural commodity markets it has exposure to.
New Zealand shares fell, with SkyCity Entertainment Group and Orion Health Group dropping.
The NZX-listed specialist aviation company is subject to a takeover bid from China’s Zhejiang Rifa Holdings.
Alleged market manipulator Mark Warminger questioned on extent of the firm’s oversight
Jade expects to return to profitability before its 2017 target date.
Investors have reacted badly to a crackdown by Chinese authorities on marketing by foreign casinos.
A Love-lost tale, plus the big Aussie legal downturn.
Large firms in the services sector experienced a contraction in September
Too few of them are growing to a substantial size as they struggle to cost-effectively scale their sales and marketing.
The price for whole milk powder is expected to rise at this week’s GlobalDairyTrade auction
A logical step for Meridian, says CEO.
Companies need to think about “problem-finding, not problem-solving” when designing a product.
New Zealand shares rose slightly, led by Summerset Group Holdings and Air New Zealand, while Steel & Tube Holdings also gained.
Heartland Bank, the NZX-listed lender, has lifted its stake in Harmoney Corp, injecting $4 million of new equity into the peer-to-peer lender.
Stonewood Homes is tapping ex-bankrupt property developer and real estate agent for South Auckland expertise.
The Canada New Zealand Business Council says the relationship between the two countries is at an all-time high.
The UK’s formal notice of departure next March will be preceded by manoeuvring for position before the start of open hostilities.
On August 5 a Boeing 737-400 on a flight from Paris attempted to land at Bergamo airport in Italy.
New Zealand’s booming tourism market is helping lift the fortunes of one of the country’s most iconic hotels, the Chateau Tongariro on Mt Ruapehu, with the company that owns it expecting to produce a profit for the first time in five years, and bolster earnings further next year.
The expansion of reference products is expected to add 4-5 cents per kilogram of milk solids to the price calculation and is expected to deliver a more accurate assessment.
Partner allegedly decided to enter a junior associate’s hotel room at a retreat.
But the fine was reduced from $270,000 to $35,000.
Allegations of creative accounting at Fuji Xerox have serious implications for hundreds of businesses on both sides of tjhe Tasman, industry insiders say.
The Dunedin-based company reported a 36% increase in pre-tax profit for the year ended August 31 while total revenue rose by 55% to $112 million.
Instead, stake was diluted.
Fund manager challenges FMA view on his trading in Fisher & Paykel Healthcare
Fund manager couldn’t expect alleged market manipulation would produce better bonus, court hears
What’s the deal with airline food companies?
Falling prices for chicken stem from expanded investment in farming operations.
“In some ways it’s easier to manage deficits because you just say no,” the Finance Minister notes. “When you have surpluses you have more demands on you.”
The ANZ-Roy Morgan consumer confidence index increased to 122.9 last month from 121 in September.
Mainfreight estimates revenue will be between $1.15 billion and $1.17 billion in the six months to the end of September, compared to $1.11 billion in the same period a year earlier.
Mark Warminger is said to have had some personal issues at the time as his parents-in-law had come to New Zealand to live with him, the court heard.
Some 86% of farmer shareholders have thrown their support behind the changes.
This is despite the company releasing improved 2016 results. UPDATED with opening trading, CEO comments.
National guest nights jumped 6.4% to 2.45 million.
“Strong cash flow of the business provides choices for the board”.
Pushpay increased its total number of merchants to 5286 in the quarter, up 151.5% on the same period a year earlier.
Dow drops 200 points in a disappointing start to the third quarter reporting season.
PLUS: How the Auckland-based Straker can manage $20m revenue despite competition from the free Google Translate.
There’s a “mini-boom" in our typically quiet takeovers market, lawyer says.
Marks & Spencer says its Scotland stores will no longer buy any lamb from New Zealand.
Join NZForex’s Mitchell McIntyre and NBR’s Jason Walls for Currency Talk. With special feature audio.
The company said it has raised $8.8 million.
First Cut raised $60,000 last year and invested in three start-ups.
The balance of the settlement money held in a trust account is $5.1 million.
A Briton and a Finn are recognised for their work on performance-pay deals and more.
Turners could be worth significantly more if management successfully executes its roll-up strategy.
The Dollar Index rose 0.3% after yesterday’s presidential debate.
Innovation Circle is a “dedicated platform for the sharing of ideas and knowledge transfer.
Oil producers outside OPEC could co-operate on output caps.
New Zealand shares dropped for the fifth consecutive session to a near-three-month low, led down by Auckland International Airport, Ryman Healthcare and Chorus.
An NBR investigation into New Zealand’s biggest copier company prompts serious questions from the SFO, and from Winston Peters.
Group sales from all stores rose to $A120.2 million in the first quarter of Michael Hill’s financial year.
But he will remain a shareholder in the company.
Expert witness in market manipulation case details trading in A2 Milk shares
The average price from local meat processors lifted to $5.80/kg, from $5.68/kg in August and compared with $6.05/kg a year earlier.
Odds have also risen for a Fed funds rate rise in December.
The 2016 harvest of Sauvignon Blanc has impresses the judges.
Investors continue to weigh up the impact of the UK’s exit from the European Union.
They acted quickly after insolvent Natural Health Products went into liquidation.
Australian media giant News Corp has quit its stake in local media group NZME at a deep discount.
An independent external review and better processes are needed before the Electricity Authority proceeds with the latest reform, says a group of consumer trusts, businesses.
New Zealand shares fell for the fourth straight session today, led lower by Trade Me Group, Chorus and NZME as News Corp sold its stake in the local news provider at a deep discount.
The S&P/NZX50 Index dropped 29.47 points, or 0.4 percent, to 7167.82. Within the index, 29 stocks fell, 12 rose and nine were unchanged. Turnover was $140.3 million.
Despite the dip in prices at the GDT, experts are convinced the rally in dairy prices is far from over.
The government has extended funding for the three technology incubators for a further two years after a Ministry of Business review of the start-up eco-system.
The New Zealand dollar is heading for a 2.1 percent weekly decline against the greenback in the lead-up to US employment data that will give investors another steer on whether the Federal Reserve will raise interest rates later this year.
The kiwi fell to 71.32 US cents at 5pm in Wellington from 72.81 cents on Friday in New York last week, and down from 71.67 cents yesterday. The trade-weighted index was heading for a 1.2 percent weekly decline to 76.32, down from 76.44 yesterday.
Has ACC lightened its holdings in banks due to pending Kiwibank purchase?
Justice Lang said Love was entitled to a 30% discount, or 18 months, for his historical contributions to Maoridom.
Trading in A2 shares may have been to psychologically minimise loss, says expert witness.
New Zealand wool prices were mixed at the latest weekly auction amid targeted buying, as demand remains soft so far this season.
The price for 25-micron merino wool at yesterday’s South Island auction advanced to $11.30 per kilogram from $11.20/kg at the previous comparable South Island auction two weeks ago, although it’s 7 percent below the same period last year, according to AgriHQ. Coarser mid-micron wool declined, with 29-micron wool sliding to $6.70/kg from $7.30/kg at the previous comparable auction, down 36 percent from last year’s level.
