“It has been a poor investment,” says ACC’s investment manager.
Read the original here: ACC buys high, sells low as Intueri surprises investors with cascade of bad news
from
http://lydiamarshall92.tumblr.com/post/151149128143
“It has been a poor investment,” says ACC’s investment manager.
THe natiopnal carrier still has a number of comparative advantages though.
Jordan Williams wins defamation case against ex-Conservative Party leader.
High Court hears of huge pension fund’s concerns about fund manager Mark Warminger’s trading
Channel rebrand and change in audience measurement are responses to rapidly changing media market. With special feature audio.
New Zealand firms had a more positive outlook in September about both their own prospects and the wider economy.
ANZ orders the struggling retailer to address capital constraints.
Hydroworks CEO gives a clue as to how the Powerhouse IPO went. With special feature audio.
Parliamentary recess for the school holidays does not mean no political developments.
Westland Milk is putting a $3 million plot of land next to its Rolleston factory into a new joint venture with Hong Kong-listed Ausnutria Dairy
Real estate debt accounts for almost 90% of total individual debt, according to new figures
Pumpkin Patch’s annual loss widened by 71% as the revenue sank with store closures.
A second platform closes its doors but is offering the company shell for sale.
High Court hears evidence from Goldman director Duncan Rutherford in market manipulation case against Mark Warminger.
US billionaire Julian Robertson injects $US29.5 million into Crimson Consulting.
One more step for Southern Cross Cable rival.
Airport back on track to convince council a longer runway will work.
The Reserve Bank will pay a $140 million dividend to the government, using up some of the near $1 billion of investment gains built up from prior years.
The central bank paid a $510 million dividend to the government in 2015, a year when a falling kiwi dollar generated gains for the Reserve Bank’s holdings of overseas currencies. The Reserve Bank’s dividend policy is to distribute excess equity to the Crown, and should generally hold on to unrealised gains unless it believes there’s a high probability of that windfall being crystallised.
Chairman Bruce Irvine says the payout will help pay off council debt.
David Cooper famously defended the former directors of Feltex Carpets.
Milford Asset Management has reduced its holding in crime fighting software company taking its ownership to 5.7 percent from 7.6 percent in December last year.
Seadragon has warned investors that preliminary talks with a potential new cornerstone investor have failed.
NZX is meeting with brokers to better define market manipulation but the FMA may not be involved.
The Treasury has a green-to-red measure for assessing the state’s big ticket infrastructure items.
The recently listed tech company has triggered another payment from Barclays. With special feature audio.
Economic growth sits at 3.6% but the debt-to-income ratio is 165%, with dairy debt picked to top $40 billion soon
Earthquake Commission chief executive Ian Simpson will leave the government’s disaster insurance scheme to head up the geological research unit GNS Science from next year.
Westland Milk Products has cautiously affirmed its forecast payout for farmers for the current season.
OceanaGold said it is seeking clarification after officials named the company’s Didipio site among mining operations that could be suspended because of outstanding social issues.
Consumer confidence index rose to 104.1 in September, the strongest reading since August 2007
The company is seeking legal advice and reviewing the audit reports as it prepares to respond.
The New Zealand dollar rose as the nation’s relatively robust economy and relatively high interest rates made it a standout as risk appetite abates ahead of today’s US presidential debate.
Trilogy International independent director Mandy Sigaloff is sitting on a paper profit of $664,000 after she exercised share options granted before her appointment in 2013.
Intellectual property expert says Monster will probably fail to appeal intellectual property office’s decision. With special feature audio.
Finance Minister Bill English’s comments almost drowned out by shouting, angry students facing deportation
Warminger defence may argue trading by Goldman Sachs sought to move F&P share price, says FMA counsel. With special feature audio.
The ASX-hopeful’s $A20m IPO was set to close last Friday following a deadline extension.
The New Zealand dollar fell to a four-week low on growing expectations the Reserve Bank will cut the official cash rate in November
Prime minister says trade liberalisation with EU and Saudi Arabia is making ‘good progress.’
The FMA has accused Milford Asset Management portfolio manager Mark Warminger of breaching securities law in relation to 10 sharemarket trading actions
New Zealand shares fell, led by Orion Health Group as the export-focused software developer contends with a strong kiwi dollar, while Warehouse Group and Hallensteins Glasson Holdings gained on their earnings.
Rapid globalisation has been generally welcomed here for at least 30 years but it cannont be assumed any longer.
The board of Comvita, the manuka honey products company, is proposing to increase its pool for directors’ fees so it can hire a new director with technology experience.
In its notice of annual meeting, Comvita’s board recommends increasing the maximum pool of total director remuneration by $60,000 to $610,000, the equivalent of an annual fee for one director.
The pool was increased by $100,000 at Comvita’s annual meeting last year, with a 25.3% increase in per-director fees over two years, partly conditional on earnings per share increases which were met.
The insurer’s board has presided over poor communication and worse performance. Change is required.
Australian regulator considers cancelling registration after audit
At times I worried for the judge and jury’s safety during the Williams-Craig libel trial.
It can only get better from here, says chief executive. With special feature audio.
The business needs to get back to the fundamentals, Nick Grayston says. With special feature audio.
The final price for New Zealand King Salmon shares, set near the bottom of the indicative range for the institutional book build, values the salmon farmer at $154.5 million, below initial indications of $200 million.
Since listing in 2014, the private training school operator has had to contend with a series of setbacks.
Chairman Andrew Ferrier says company has resources to reach profitability target in 2018
The business has sharpened its in-market focus the past year
Trilogy International slumped 14% after the skincare and home fragrance company told investors it expects to achieve revenue of $100 million or above in the full year to the end of March 2017.
Drastic changes in the Chinese infant formula market include the removal of between 1800 and 2000 brands in the next 15 to 18 months.
But they remain above the payout level forecast by most of the country’s milk processors.
Investigation identifies potentially fraudulent transactions
The bulk of the increase coming from the 42 KFC stores in New South Wales acquired in April.
Disclosures indicate CEO Theo Spierings took home about $280,000 less
Trust aiming to rebuild its assets to 2010 levels.
NZ dollar wobbles on the BoJ and Fed moves
No interest rate cut today – and maybe not in November, either.
Plus, dairy product prices were up at the GDT auction, and farmer confidence is a at three year high. Analysts expect upbeat profit announcement
Global Dairy Trade auction: Fourth straight average price rise, but milk powder disappoints.
The fund’s focus on the regions aims to solve a problem. With special feature audio.
$261 million deal will help SFF pay down debt and gain a greater presence in China, Overseas Investment Office says.
Shares rose for a third session as investors continued to seek out cheap-looking stocks.
Wellington-based tech company seeks $US10 million, outlines its multi-billion-dollar plans.
Major players in the global market are merging into just three or four.
The New Zealand dollar was little changed before the latest dairy auction tonight and statements from the Bank of Japan.
Join NBR’s Jason Walls and CMC Markets trader Sheldon Slabbert for Currency Talk. With Special Feature Audio.
The festival will coincide with Fraud Awareness Week
Case between TV/retail business creditors and Crawfords hits the courts.
New Zealand’s services sector, which accounts for about two-thirds of the economy, grew at a faster pace in August, with all five sub-indexes and geographic areas improving.
The BNZ-BusinessNZ performance of services index rose 3.4 points to a seasonally adjusted 57.9 last month, its highest level since last December. All of the five sub-indexes rose and were above the 50 reading that separates contraction from expansion.
Synlait Milk, the NZX-listed dairy company, almost tripled annual profit in line with its forecast, although it warned growth in the coming year would be more modest as new Chinese regulations disrupt infant formula sales.
Underlying profit rose to $32.7 million in the year ended July 31, from $12.2 million a year earlier, the Rakaia-based milk processor said in a statement. That’s in line with its forecast last month of between $32 million and $33 million .
New Zealand consumer confidence picked up in the third quarter while staying below its long-run average, as Kiwis, particularly in rural communities, remain nervous about the economy’s trajectory.
The Westpac McDermott Miller consumer confidence index rose two points to 108 in the September quarter, below the long-run average of 111.5. A reading above 100 indicates optimists outnumber pessimists. The present conditions index fell 0.8 points to 109.2, while the expected conditions index gained 3.9 points to 107.2.
Milk processor reports record profit for year to July
Is there a choice to be made? Should there even be a choice? Visiting China expert weighs in. With special feature audio and video.
Or are this month’s moves just a temporary re-balancing? With special feature audio.
There is a simplistic and sloganeering argument which suggests a rate cut will bring the exchange rate down. It is quite wrong.
New Zealand shares rose, snapping a six-session streak of declines, led by New Zealand Refining Co, Xero and SkyCity Entertainment Group.
RBNZ governor Graeme Wheeler is expected to hold fire from cutting interest rates.
The S&P/NZX50 Index dropped 14.48 points, or 0.2 percent, to 7,196.24.
Strong statements from Shareholders Association’s John Hawkins. With special feature audio.
Back in 1998, Auckland enjoyed its only period of real worldwide media coverage when it endured six weeks without power.
Michael Heron QC said the investigation process was confusing.
In other business travel news, Singapore is ending the lease of its first A380. With special feature audio.
Polo in the city expected to be big drawcard. With special feature audio
Jessica Alba’s star-power has built a large online enterprise selling eco-friendly products to young mums.
Chief executive Jeff Douglas told the NZBio conference in Auckland today that it currently has a $35 million turnover in the US.
The price for fine crossbred wool slid at yesterday’s North Island auction.
NBR readers on the merits of a plan to build a gondola at Franz Josef Glacier.
The S&P/NZX 50 Index dropped 38.5 points, or 0.5 percent, to 7,210.73.
The S&P 500 Index hardly moved after three days of wild swings.
The kiwi rose to 72.78 US cents as at 8am in Wellington.
Scientists should stop telling people what they do and says why they do it. With special feature audio and video.
Director quits with immediate effect but retains Aussie board role.
Eighty-six cents of every dollar goes to members’ health treatment.
The kiwi fell to 72.60 US cents as at 5pm in Wellington.
The brewer expects revenues of between $9 to $11 million in the 2017 financial year.
The fund manager bought 648,658 shares for $245,529.74 between Sept. 1 and Sept. 12.
The S&P/NZX50 Index fell 30.52 points, or 0.4 percent, to 7,249.24.
Batteries will mean people are no longer constrained to the services delivered over wires to each house but will be able to shift electricity use in both time and place, says Professor Lew Evans of Victoria University.
OPEC is predicting oil production from outside the group will rise in 2017.
A wrap-up of motoring news. With special feature audio.
Company launches small Kickstarter campaign to fund world tour. With special feature audio and video.
Meeting will be heated but shareholder activism unlikely to have real effect, says analyst.
The local currency traded at 73.39 US cents at 5pm in Wellington.
Labour and New Zealand First anti-immigrant policies will make the regions worse off. With special feature audio.
The company hired investment bank Cameron Partners to advise on its options.
The S&P/NZX 50 Index dropped 188.84 points, or 2.5 percent, to 7,279.76.
The kiwi traded at 73.17 US cents at 5pm in Wellington.
National guest nights advanced 6.9 percent to 2.6 million in July.
AA Insurance, which is owned by Australia’s Suncorp Group and the New Zealand Automobile Association, has reintroduced full replacement home cover events such as fires, floods and storms, but shied away from including natural disasters such as earthquakes and tsunamis, which would have been too expensive.
The mobile payments app developer will raise capital from Australian exempt investors and qualified investors. With special feature audio.
The kiwi traded at 73.14 US cents as at 8am in Wellington.
The Dow posted a 2.2% slide for the week.
With special feature audio.
The incident has been dubbed the “Miracle on the Hudson” and the story behind it is told in the movie Sully, out today.
The founder of Be Intent, which is capital raising, speaks to Sunday Business. With special feature audio and video.
Battle of the brands.
The S&P/NZX 50 Index dropped 66.14 points, or 0.9 percent, to 7,468.59.
OPINION: Cheryl Pearl Sucher on 9/11. With special feature audio.
The kiwi traded at 73.97 US cents as at 5pm in Wellington. With special feature audio.
The company has decided to restructure its financial and general administration operations.
Brierley’s Mercantile NZ has offered $3.45 per share.
The S&P/NZX 50 Index dropped 36.39 points, or 0.5 percent, to 7,534.72.
OPINION: State Services Commission outlines new blueprint for future of education and the impact of technology.
The second of a three-part series is about understanding unconscious motivations.
Saul Derber, head of legal and external affairs at British American Tobacco, said today that the company “continues to reserve its position”. With special feature audio.
Other business travel news includes Emirates fifth A380 NZ service and Hillary Clinton’s new Boeing. With special feature audio.
Tilt Renewables would target a dividend payout of 25 to 50 percent of its operating free cash flow after debt servicing.
Airways said they’d been in talks with Rocket Lab for the past 18 months.
Having just ditched its sponsorship of the Chiefs over a stripper, the retailer is now being strong-armed by union reps. With special feature audio.
Tim Cook said the company had “received a committed term sheet from the ANZ Bank which it has accepted.”
Public pressure has been growing. With special feature audio.
The kiwi rose to 74.30 US cents at 5pm in Wellington from 74.12 cents at 8am.
The S&P/NZX 50 Index gained 67.56 points, or 0.9 percent, to 7,571.1.
Brierley’s stake in what’s now known as Wellington Merchants has increased to 231,680 shares from 203,137 shares.
Sponsorship was supposed to run until October 2017.
The big question is whether the rally can be sustained. With special feature audio.
More than half of all international visitors head for the South Island. With special feature audio.
CEO Glen Sowry said Metlifecare will deliver 229 new units and care beds in 2017.
New Zealand lifted sanctions against Iran in February after the country agreed to roll back its nuclear ambitions.
Total seasonally and price adjusted sales rose 2.8 percent in the three months ended June 30.
The S&P/NZX50 Index rose 11.5 points, or 0.2 percent, to 7,503.53.
The kiwi traded at 73.16 US cents as at 5pm in Wellington.
Veritas may have a problem with Nosh ‘unclear’ and Mad Butcher a 'shambles.’
Former Foxtel executive will finish at the end of the year.
Net profit rose to $43 million in the 12 months ended June 30.
The tourism boom is already raising doubts whether New Zealand can cope. With special feature audio.
The superjumbo will operate the South Island service from October 30.
Seasonally adjusted sales rose 1.7% in the three months ended June.
The country’s top-ranked university, Auckland, improved by one place to 82nd and five others also rose. With special feature audio.
IRD’s bid to liquidate Lovett & Sons Limited will be heard at the High Court in Auckland on Friday.
The kiwi traded at 73.35 US cents at 5pm in Wellington.
The S&P/NZX 50 Index rose 65.73 points, or 0.9 percent, to 7,491.84.
The value of its shares hit their lowest level since 2001 in June at $1.79 following a difficult few months.
Profit was $290,000 in the six months ended June 30.
The ANZ Commodity Price Index increased 3.2 percent in August and was up 11 percent from a year earlier.
The benchmark CKT price for a leg of lamb in the UK rose to 4.10 British pounds per kilogram in August.
The deal is expected to be earnings accretive for Comvita in the first year.
The censure was issued over AirAsia X’s flights from Auckland to the Gold Coast in March 2016.
The volume of cash market trading rose to 151,034 last month.
Political uncertainty poses the biggest threat to sharemarket investors, according to two speakers at the New Zealand Shareholders’ Association annual meeting.
The Commerce Commission took its first prosecution focussed on the new provisions of the FTA. With special feature audio.
The kiwi rose to 72.88 US cents as at 5pm in Wellington.
The S&P/NZX 50 Index gained 2.9 points, or 0.04 percent, to 7,426.11.
New Zealand’s eight universities still have the capacity for more Chinese students, according to Lincoln University.
Premiums in the NZX futures market suggest the rise could be between 5% and 7% at the auction.
The travel news roundup also includes Taiwan’s first A350 XWB and route news of the week. With special feature audio.
Consolidation and innovation are major trends in the food and drinks business. With special feature audio.
The first of a three-part series examines Freud’s false standards of measurement.
New Zealand’s exports of fish, crustaceans and molluscs worth $1.58 billion. With special feature audio.
Conversion rate is higher than expected.
The system enables an individual who has solar power or batteries to sell any surplus energy they generate to someone else.
The terms of trade fell 2.1 percent in the three months ended June 30.
The agreement extends an existing three-year partnership which covers some 4,000 vehicles a year.
The two companies have been working together since 2010 and say they have decided to focus more on their respective loyalty programmes. With special feature audio.
A key question brought into focus by the proposed Sky-Vodafone and Fairfax-NZME mergers. With special feature audio.
US companies added 177,00 jobs in August. With special feature audio.
August ended with slight monthly losses as major US indexes moved in a narrow range on low volumes.
Following the Brexit vote, the race to succeed London as Europe’s financial capital is on.