Dollar returns to December levels

Growth numbers of New Zealand's biggest trading partner China have come out slightly better than the market was expecting.

  • Pharmacy operator to take $131m hit AAP - 18 minutes ago
    Pharmacy operator to take $131m hit

    Australian Pharmaceutical Industries is writing down the value of some of its assets by $131 million. The owner of the Priceline, Soul Pattinson and Pharmacist Advice brands says the one-off impairment is mainly related to changes to the value of its loans to pharmacies, and a review of the expected growth of its retail network. "Priceline and Priceline Pharmacy recorded reported sales growth of 11.5 per cent, with comparable retail sales growth of 5.3 per cent," chief executive Stephen Roche said.

  • AMP Capital selling kiwi dollar in expectation of  … BusinessDesk - 23 minutes ago

    AMP Capital New Zealand, which manages more than $18 billion of assets, anticipates the kiwi dollar will start falling, and has started reducing its holdings in the local currency. The New Zealand dollar rose to a post-float high 81.03 on a trade-weighted basis on April 10, recently trading at 80.04, and ended the March quarter at a record on the MSCI weighted New Zealand dollar index, which AMP Capital uses to track the currency, head of investment strategy Keith Poore told a media briefing in Wellington. With dairy prices falling on Fonterra Cooperative Group's GlobalDairyTrade auction in recent months, and the prospect of US interest rates starting to rise next year, the currency's appeal is expected to diminish, he said.

  • Air cargo class action nears settlement AAP - 38 minutes ago

    Several airlines including Qantas have agreed to a $38 million settlement of a class action related to price fixing. The settlement agreement, which still needs court approval, comes seven years after the law suit relating to alleged cartel conduct in air freight services began. The class action against Qantas, Singapore Airlines, Cathay Pacific, Air New Zealand, British Airways and Lufthansa Cargo relates to alleged price fixing on international freight services since January 1, 2000.

  • Sonray director jailed for dishonesty AAP - 42 minutes ago

    When things started to turn sour for broking house Sonray Capital Markets, company founder Russell Andrew Johnson raided his clients' funds to keep the business afloat. Johnson and his brother-in-law, Sonray chief executive Scott Kenneth Murray, illegally diverted millions of dollars to pay operating costs between 2007 and 2010. They produced false accounting statements and lied to the Australian Securities and Investments Commission (ASIC) about their transactions. Sonray went into administration in mid-2010, and it was then a shortfall of about $47 million was discovered, affecting about 4500 clients, including Johnson's brother and sister.

  • BNZ’s new CEO Healy expects benefit from expanding … BusinessDesk - 43 minutes ago

    Bank of New Zealand's incoming chief executive Anthony Healy expects the lender to benefit from the nation's burgeoning economy as he targets investment in higher growth areas such as agri-business. New Zealand's economy is expected to grow between 2 percent and 4 percent a year out to 2018, Finance Minister Bill English said this week, citing Treasury forecasts. "I'm very optimistic because the economy is picking up, it's not a narrow base, it's a very broad-based economic lift," said Healy, who will take over as head of the New Zealand unit of National Australia Bank next month. "I'm very optimistic that we are going to see continued growth from the economy but also from banks and institutions as we continue to fund that growth."

  • Chinese gold demand may rise 20% by 2017 AAP - 47 minutes ago

    China's annual demand for gold could jump around 20 per cent by 2017 as more of its increasingly wealthy population seek new ways to make money, the World Gold Council predicts. The forecast by the World Gold Council (WGC) comes after China became the world's largest gold-consuming nation in 2013, overtaking India. Annual demand for gold in the form of jewellery, coins and bars is set to hit "at least 1,350 tonnes by 2017", the WGC said in a report on China. Gold prices slumped by nearly a third last year as investors abandoned the perceived safe-haven investment in favour of stocks and other riskier bets.

  • Govt appoints banks for Medibank sale AAP - 52 minutes ago
    Govt appoints banks for Medibank sale

    The federal government has appointed three banks to manage the sale of health insurer Medibank Private. After receiving 11 bids through a tender process, the government says the joint lead managers will be Deutsche Bank, Goldman Sachs and Macquarie Capital. Finance Minister Mathias Cormann said on Thursday that each bank brings a substantial mix of experience in Australian and global capital markets, privatisations, equity offers and the ability to project manage large capital market transactions. The precise timing and structure of the Medibank Private sale has yet to be determined, although it will be in the 2014/15 financial year.

  • Genesis Energy soars on debut, leading fellow energy … BusinessDesk - 56 minutes ago

    Shares in the partially privatised Genesis Energy soared 18 percent at their debut listing on the NZX this afternoon, buoying other listed energy companies in the process. Heavy public interest in the last chapter of the government's partial privatisation programme briefly crashed the NZX website within half an hour of the listing. Fellow state-controlled gentailers Meridian Energy and MightyRiverPower also advanced after the listing, rising 1.7 percent to $1.175 and 0.9 percent to $2.205 respectively. Contact Energy, which was fully privatised in 1999, gained 1.6 percent to $5.59 while Infratil-controlled TrustPower gained 0.5 percent to $6.48.

  • Woodside revenue up, production down AAP - 1 hour 2 minutes ago
    Woodside revenue up, production down

    Energy giant Woodside Petroleum has lifted its first quarter revenue despite a small slide in production. But, production was up five per cent compared to the same time a year ago due to the restarting of its floating production facility at its Vincent oil field, also off the WA coast. However, the first quarter revenue was up 15.9 per cent on the same period in 2013, at $US1.675 billion ($A1.79 billion), thanks to the higher oil volumes and better LNG prices.

  • Dick Smith sales up 1% AAP - 1 hour 2 minutes ago
    Dick Smith sales up 1%

    Electronics retailer Dick Smith has recorded a slight lift in group third quarter sales, as growth in its Australian operations offset a decline in its New Zealand business. Dick Smith recorded group like-for-like sales of $280 million for the three months to March 30, up one per cent from a year ago, although sales were down 2.7 per cent for the year to date. The retailer's Australian operations recorded like-for-like sales growth of 2.4 per cent to $238.4 million for the quarter. But sales were down 5.6 per cent for the New Zealand business at $41.7 million, a result that benefited from the rise in the NZ dollar.

  • Growth picks up across most of US AAP - 1 hour 3 minutes ago
    Growth picks up across most of US

    A Federal Reserve survey shows economic growth picking up across most of the US over the past two months as bitter winter weather subsided. Ten of the Fed's 12 regions reported an increase in economic activity, according to the Beige Book survey released on Wednesday. In most places, the Fed described the improvement as "modest or moderate". Confident that the economy is improving, the Fed has been scaling back bond purchases meant to push long-term interest rates down, encourage consumer and business spending and spur economic growth.

  • $A higher in quiet pre-Easter trade AAP - 1 hour 8 minutes ago

    The Australian dollar is higher in quiet trade ahead of the Easter long weekend. FXCM market analyst David de Ferranti said the Australian dollar got a boost from US economic data overnight and indications from US Federal Reserve chair Janet Yellen that the Federal Funds rate will remain at its near zero level for quite a while. "We had some positive industrial production figures out of the US overnight, alongside some dovish comments from Fed chair Janet Yellen, which has likely created some optimism among investors," he said. LTG GoldRock director Andrew Barnett says the Australian dollar in the coming months is likely to head downward.

  • Defensive stocks lift local market AAP - 1 hour 21 minutes ago

    The Australian share market is trading higher with investors favouring financial and consumer related stocks. Traders are leaning towards defensive stocks on Thursday ahead of the long Easter weekend, ...

  • Stocks to watch at noon on Thursday AAP - 1 hour 42 minutes ago

    Stocks to watch on the Australian stock exchange at noon on Thursday: API - AUSTRALIAN PHARMACEUTICAL INDUSTRIES - down 1.5 cents, or 2.65 per cent, at 55 cents Australian Pharmaceutical Industries is ...

  • GM sales eyed for impact of recall AAP - 1 hour 47 minutes ago

    Many expect GM sales to take a hit from a mishandled recall of small cars, though it's unclear when and how severe. Concerned investors have sent GM stock to a 10-month low. So far, GM executives say they're not worried. Buyers recognise that the recalls affected older models and not the new vehicles in GM's showrooms, GM's global product development chief Mark Reuss said at an event on Tuesday evening in New York to introduce a high-performance Corvette convertible and a new subcompact SUV, the Chevrolet Trax.

New Zealand Markets

Company Finances

  • New Peugeot boss pledges return to profit by 2018 Associated Press - Mon, Apr 14, 2014 11:50 PM NZST
    New Peugeot boss pledges return to profit by 2018

    Loss-making French carmaker PSA Peugeot Citroen says it aims to return to profitability by 2018 by reducing the number of models and relying on its recent rescue by Chinese investors and the French state. ...

  • GM slow to act on recalls, House documents show Associated Press - Sat, Apr 12, 2014 12:09 PM NZST
    GM slow to act on recalls, House documents show

    Documents released by a House subcommittee show that managers and employees at General Motors were often slow to react to safety problems — and that one part of GM often didn't know what another was doing. ...

  • Subway: 'Yoga mat chemical' almost out of bread Associated Press - Sat, Apr 12, 2014 6:38 AM NZST
    Subway: 'Yoga mat chemical' almost out of bread

    Subway says an ingredient dubbed the "yoga mat chemical" will be entirely phased out of its bread by next week. The disclosure comes as Subway has suffered from an onslaught of bad publicity ...

  • Texas Rangers mark 20 years in home ballpark Associated Press - Fri, Apr 11, 2014 11:59 PM NZST
    Texas Rangers mark 20 years in home ballpark

    A perfect game, Major League Baseball's first regular-season interleague game and consecutive World Series for the Texas Rangers. Those are some of the highlights over the past two decades at the Texas ...

  • Dieters move past calories, food makers follow Associated Press - Fri, Apr 11, 2014 9:29 AM NZST
    Dieters move past calories, food makers follow

    Obsessing over calories alone has left dieters with an empty feeling. The calorie counting that defined dieting for so long is giving way to other considerations, like the promise of more fiber or natural ...

  • Frozen food makers plan PR push as sales slip Associated Press - Fri, Apr 11, 2014 6:58 AM NZST
    Frozen food makers plan PR push as sales slip

    Frozen foods are about to get some badly needed image therapy. With sales slipping in the category, frozen food makers are in the final stages of preparing a major public relations campaign to defend the ...

  • Wal-Mart Moves to Undercut Prices in the Organics Market Entrepreneur - Fri, Apr 11, 2014 6:08 AM NZST
    Wal-Mart Moves to Undercut Prices in the Organics Market

    The retailer says it will introduce a line of organic products priced at least 25 percent below comparable market prices.

  • New food festival to celebrate LGBT chefs Associated Press - Fri, Apr 11, 2014 5:25 AM NZST
    New food festival to celebrate LGBT chefs

    Something new is coming to the parade of food festivals that has sprung up around the country — CookOUT/RockOUT, a food and music event celebrating LGBT chefs and other food luminaries. "It's a way ...

  • Bach: IOC sending troubleshooter to Rio next week Associated Press - Fri, Apr 11, 2014 4:17 AM NZST
    Bach: IOC sending troubleshooter to Rio next week

    The International Olympic Committee is sending a senior troubleshooter to Brazil next week as part of a series of emergency measures to tackle the delays threatening the 2016 Games in Rio de Janeiro. IOC ...

  • Where Business Travelers Expense the Most Meals (Infographic) Entrepreneur - Fri, Apr 11, 2014 1:03 AM NZST
    Where Business Travelers Expense the Most Meals (Infographic)

    Bet you can't guess where workers are swiping their fancy corporate credit cards the most.