Top Stories

  • Electromagnet manufacturer Buckley Systems doubles factory space BusinessDesk - 12 minutes ago

    Auckland-based manufacturer Buckley Systems has almost doubled its factory space to meet demand for its precision electromagnets. The company started by former EY Entrepreneur of the Year Bill Buckley 30 years ago is a global leader in its field, manufacturing and supplying precision electromagnets which go into machines that make 80 percent to 90 percent of the world's silicon chips. Its products are used in machines that make electronics such as flat screen televisions and touch screens, medical technologies such as photon therapy, and particle accelerators.

  • Poland spends to defend coal industry AAP - 1 hour 15 minutes ago

    Poland's state-controlled firms will pay $US25 million per year to finance a foundation aimed at bolstering its reputation abroad, Treasury Minister Dawid Jackiewicz says. Since winning the first outright parliamentary majority since Poland's 1989 transition from communism, the Law and Justice (PiS) party has overhauled the rules governing the constitutional court, prompting the EU executive to launch an unprecedented inquiry in January into whether the party has weakened the rule of law - a notion PiS mostly rejects. "Poland is gaining today a strong weapon in the fight for its good name," Jackiewicz told a news conference with Prime Minister Beata Szydlo, announcing the Polish National Foundation.

  • Disappearing lakes fuel mining battle AAP - 1 hour 15 minutes ago

    Drought and climate change aren't thought to be the only culprits, with mining of lignite, or brown coal, sapping underground waters and pitting residents against major energy company ZE PAK's proposal for another new mine. "The state of the lake today is catastrophic and nearby lakes are affected too as they are all inter-connected," Skowro ski told the Thomson Reuters Foundation. Wilczy skie and four other nearby lakes are part of Pojezierze Gnie nie skie, a nature reserve protected under the European Union's Natura 2000 network designed to offer a haven to valuable and threatened species such as the area's oak trees.

  • How millions went missing in bank heist AAP - 1 hour 44 minutes ago

    When the Federal Reserve Bank of New York cleared five transactions made by the Bangladesh Bank hackers, the money went in two directions. According to testimony by Estavillo and bank officials, $22.7 million was withdrawn from one of the RCBC accounts during the afternoon of Friday, Feb 5.

  • Australian stocks firm at noon AAP - 1 hour 52 minutes ago

    The Australian share market is trading higher at midday, helped by gains in retail and financial stocks. The benchmark S&P/ASX 200 index was up 0.53 per cent at noon, with most sectors trading in positive ...

  • House prices to peak next year on new supply, lower migration: Infometrics BusinessDesk - 2 hours 3 minutes ago

    New Zealand house prices will rise another 17 percent before peaking late next year as accelerating building activity takes time to meet the imbalance between a lack of housing stock and growing demand, says economic consultancy Infometrics. It forecasts a fall-off in demand as the rapid inflow of new migrants and Kiwis staying at home starts to ease, while new building eats into the supply shortage. From that peak, Infometrics predicts a national decline in house prices of 14 percent in real terms by mid-2020.

  • Two of Hugh Green's children ask court to overrule High Court, remove their sister from family trust BusinessDesk - 2 hours 6 minutes ago

    Two of late NBR Rich Lister Hugh Green's children are asking the Court of Appeal to overturn a ruling that returned control of Green's $400 million business empire to their sister. Last year, Justice Helen Winkelmann ruled a new will that Green made just months before he died in July 2012 should be overturned, and his children John and Frances removed as trustees of the trusts that control the business empire. Green's daughter Maryanne, who lost her position as a trustee and director, sought a ruling in the High Court at Auckland challenging the validity of a new will that her father signed in April 2012, three months before he died of cancer.

  • Newcrest meets FY output guidance AAP - 2 hours 8 minutes ago

    Newcrest Mining has scraped into meeting its full year production guidance, despite posting lower output in the June quarter as it continued to struggle with disruptions at various operations. Australia's largest gold miner said it produced 2.44 million ounces of gold and 83,070 tonnes of copper for the full year ended June 30. The numbers were just inside its full year guidance of between 2.4 to 2.6 million ounces of gold and between 80,000 to 90,000 tonnes of copper.

  • Tas positive but last in economic rankings AAP - 2 hours 8 minutes ago

    Tasmania might be at the bottom of the pile when it comes to the latest Commsec State of the States report but the island's Liberal government is focused on the positives. Monday's snapshot cited fair progress on indicators including unemployment and construction, but noted that the southern state continues to struggle with economic growth. "Tasmania has the third-strongest growth in retail in the country over the past year, up 3.5 per cent, and in monthly retail trade we are up by 5.2 per cent, and second only to the ACT," Treasurer Peter Gutwein said in response to the quarterly report.

  • Stocks to watch AAP - 2 hours 12 minutes ago

    Stocks to watch on the Australian stock exchange: NCM - NEWCREST MINING Newcrest Mining' has edged past its full-year production guidance, despite posting lower output in the June quarter as it continues ...

  • How a major cyber heist was foiled AAP - 2 hours 15 minutes ago

    When hackers broke into the computers of Bangladesh's central bank in February and sent fake payment orders, the Fed was tricked into paying out $101 million. By chance, Jupiter was also the name of an oil tanker and a shipping company under United States' sanctions against Iran. It was a "total fluke" that the New York Fed did not pay out the $951 million requested by the hackers, said a person familiar with the Fed's handling of the matter.

  • Deals may drop $US1.6 TLN AAP - 2 hours 37 minutes ago

    Global mergers and acquisitions may drop by as much as $US1.6 trillion ($A2.14 trillion) over the next five years unless Britain quickly agrees to leave the European Union under terms that give it continued access to the single market, according to a report. While the UK's decision to leave the EU will reduce takeover activity under any scenario, a "disorderly" exit marked by difficult negotiations will result in increased political and economic uncertainty and a bigger decline in transactions, a forecast from the law firm Baker & McKenzie says. The study comes just days after a gauge of business activity suggested that Britain's economy was weakening at the fastest pace since the global financial crisis in early 2009, underscoring the need for the government to swiftly negotiate a new relationship with the EU.

  • No plans to raise capital: Woolies AAP - 3 hours ago
    No plans to raise capital: Woolies

    Struggling supermarket giant Woolworths says it currently has no intentions to raise capital. "I've learned never to say never, but I can assure you right now that it is not part of the current plan: ...

  • Australian stocks higher in early trade AAP - 3 hours ago

    The Australian share market has kicked-off the week in positive territory, led by biotechnology giant CSL, retail heavyweight Woolworths and financial stocks. The local market was being led by the big end of town and was following a positive lead from Wall Street, IG market strategist Evan Lucas says. Investors are keenly awaiting a raft of local data, including Australia's closely watched inflation figures due on Wednesday, plus the outcome of the Bank of Japan's meeting and the release of European bank stress test results, both of which are due on Friday.

  • NZ export log prices drop to 7-month low as higher currency bites BusinessDesk - 3 hours ago

    New Zealand export log prices slid to a seven-month low in July as a stronger local currency and weaker prices in key export markets dented returns. The average wharf gate price for New Zealand A-grade logs dropped to $114 a tonne in July, from $116 a tonne in June, according to AgriHQ's monthly survey of exporters, forest owners and saw millers. A lift in the New Zealand dollar following the UK's vote to leave the European Union also made the country's export logs less competitive.

  • G20 still short of Hockey's dream AAP - 3 hours ago
    G20 still short of Hockey's dream

    Two years after former treasurer Joe Hockey sealed a rare agreement from the world's biggest economies to pursue a two per cent global growth target, it remains to be seen. A G20 finance ministers meeting in China at the weekend again vowed to lift economic growth through monetary, fiscal or structural measures. It comes at a time when the International Monetary Fund has again been forced to cut its global economic growth forecasts, due to the uncertainties flowing from Britain's surprise decision to leave the European Union and accompanying financial market volatility - events Mr Hockey could not have envisaged.

  • Woolworths cuts jobs, slows store rollout AAP - 3 hours ago
    Woolworths cuts jobs, slows store rollout

    Struggling supermarket giant Woolworths is slashing 500 jobs and will incur a charge of $959 million in its full year results as it continues restructuring its operations. The restructuring costs - part of a five-year turnaround plan, will result in a hit of $766 million to Woolworths' after-tax profit for the 2016 financial year. "Today's announcement demonstrates both the progress we are making and our absolute commitment to act quickly to rebuild the business by doing the right thing by our customers, shareholders, team and suppliers," recently appointed chief executive Brad Banducci said.

  • Telstra's McKenzie to leave after 12 years AAP - 4 hours ago
    Telstra's McKenzie to leave after 12 years

    Telstra's chief operations officer Kate McKenzie will leave the company in coming weeks after 12 years with the teleco giant. Group Executive Global Enterprise and Services Brendon Riley will immediately ...

  • Newcrest edges above FY guidance AAP - 4 hours ago

    Newcrest Mining's gold output has fallen, hit by a shutdown at its Indonesian mines, but it's still met its full-year target. Australia's largest gold miner produced 598,037 ounces of gold in the three months to June 30, down more than six per cent from the March quarter, but its 2.44 million ounces output over the year was up 0.7 per cent and has come in at the lower end of its 2.4-2.6 million ounces production guidance.

  • Global economy lacks business investment AAP - 4 hours ago
    Global economy lacks business investment

    Federal government frontbencher Angus Taylor believes a lack of business investment is hurting the global economy rather than dwindling international trade. The G20 finance ministers meeting in China at ...

  • SA shows signs of growth AAP - 5 hours ago
    SA shows signs of growth

    The South Australian economy is showing signs of growth, Treasurer Tom Koutsantonis says. The latest CommSec State of the States report has SA rising two places to fifth with improving economic growth, ...

  • Woolworths to slash 500 jobs AAP - 5 hours ago
    Woolworths to slash 500 jobs

    Struggling supermarket giant Woolworths is slashing 500 jobs and will take a charge of $959 million against its profit as it continues restructuring its operations. The retailer will be hit with a $766 million after tax profit impairment for the 2016 full year with earnings before interest and tax now expected to be in the range of $2.55 billion to $2.57 billion. The retailer, which is separating its Big W and Ezibuy business and wants to sell the latter, also said it's moving another 1,000 jobs from group offices into businesses, slowing its store roll-out and closing underperforming outlets.

  • Woolworths writes down EziBuy by A$309M and puts it up for sale BusinessDesk - 5 hours ago

    Australian supermarket chain Woolworths has written off A$309 million from the value of its New Zealand clothing and homeware retailer EziBuy and wants to sell the business as part of an overhaul that will also see some local Countdown stores closed. Woolworths bought EziBuy for NZ$350 million in August 2013 from founders Peter and Gerard Gillespie and Australian private equity firm Catalyst Investment Managers, with a view to learning from the New Zealand firm's success in selling through different channels. EziBuy is expected to post an annual loss of between A$13 million and A$18 million before significant items when Woolworths reports its results on Aug. 25.

  • Airbnb sues hometown San Francisco AAP - 5 hours ago
    Airbnb sues hometown San Francisco

    San Francisco wants people who rent out their homes through Airbnb and other online platforms to follow some rules, and it wants the platforms to advertise only those rule-abiding listings - or face steep fines. Airbnb is suing its hometown, arguing that it's not responsible for making sure hosts follow city rules and that San Francisco, the place that birthed some of the world's most innovative startups, is undermining a bedrock principle that allowed those companies to flourish in the first place.

  • Economists look to CPI for guidance on RBA AAP - 6 hours ago

    Economists this week turned their attention to the inflation figures due on Wednesday and the strong chance of another interest rate cut next month. HSBC economists Paul Bloxham and Daniel Smith said the consumer price index numbers are always important for the Reserve Bank. ANZ Bank's Jo Masters also sees the CPI figures as pivotal for the RBA's August 2 decision on rates, but there will be more to it than that.

  • Wellington Airport plans to sell $60 million of 8-year bonds BusinessDesk - 6 hours ago

    Wellington International Airport plans to sell as much as $60 million of eight-year bonds, joining a growing number of companies taking advantage of record low-interest rates through the debt market. The Wellington-based company is considering the offer of unsecured, unsubordinated, fixed-rate bonds maturing on Aug. 5, 2024, to New Zealand retail and institutional investors for "general corporate purposes", it said in a statement. The company expects to pay a margin on the bonds of between 1.65 percent to 1.75 percent per annum above the eight-year swap rate, which was recently at 2.3 percent, and said the interest rate will be at least 4 percent per annum.

  • Verizon said to buy Yahoo for $US5b AAP - 6 hours ago
    Verizon said to buy Yahoo for $US5b

    Verizon has agreed to buy online portal Yahoo Inc for roughly $US5 billion ($A6.67 billion), according to multiple media reports, each citing a single unnamed source. Verizon had emerged in recent days as the front runner for the beleaguered internet company. Yahoo is expected to sell its email service and news, finance and sports websites in addition to its advertising tools under pressure from shareholders fed up with a downturn in the company's revenue during the past eight years.

  • International markets roundup AAP - 6 hours ago

    Wall Street has closed higher, clinching the fourth straight positive week for the stock market, boosted by strength in telecom stalwarts AT&T and Verizon. The S&P and Dow have broken to all-time records in the past two weeks for the first time in more than a year amid a better-than-feared corporate earnings season. The Dow Jones industrial average rose 53.62 points, or 0.29 per cent, to 18,570.85, the S&P 500 gained 9.86 points, or 0.46 per cent, to 2,175.03 and the Nasdaq Composite added 26.26 points, or 0.52 per cent, to 5,100.16.

  • Economy in RBA's hands for now AAP - 6 hours ago
    Economy in RBA's hands for now

    As both major political parties posture over the next month on how best to tackle much-needed budget repair ahead of the opening of the new parliament, the Reserve Bank will be getting on with the job in hand to shore up the fortunes of the economy. Official inflation figures on Wednesday will be crucial as to whether the central bank will need to cut the cash rate again at its board meeting on August 2. The central bank last cut the rate in May after the March quarter consumer price index showed prices actually declined, or deflation - a sign of a soft economy.

  • Australian shares set to open higher AAP - 6 hours ago

    The Australian market looks set to open slightly higher following gains on Wall Street which clinched its fourth straight positive week, boosted by strength in telecom stalwarts AT&T and Verizon. At 0645 AEST on Monday, the share price index was up four points at 5,471. Locally, no major economic news is expected on Monday, however Commsec's State of the States report is released.

  • NZ dollar little changed as focus shifts to global central banks BusinessDesk - 7 hours ago

    The New Zealand dollar was little changed at the open of the week's trading as investors shifted their focus to central bank meetings in the US and Japan. The local currency dropped 1.7 percent last week with the Reserve Bank signalling it will probably cut interest rates to stir inflation, which is being pushed down by the strong kiwi. Investors are now focused on what the major central banks will do, with the Federal Reserve and Bank of Japan reviewing policy this week.

  • World Week Ahead: Wall St seen powering higher BusinessDesk - 8 hours ago

    A Federal Reserve policy meeting, a slew of US earnings including from Apple, Facebook and Twitter, as well as a flurry of economic data will take centre stage this week as investors are trying to gauge whether fresh records on Wall Street are justified. The Federal Open Market Committee starts a two-day meeting on Tuesday.

  • WA and Qld tumble down economic rankings AAP - 14 hours ago

    The NSW economy remains the nation's strongest and the mining downturn has sent Queensland and Western Australia tumbling down the rankings. NSW extended its lead on Victoria in the latest Commsec State ...

  • UK seeks to calm worries over Brexit path AAP - 16 hours ago
    UK seeks to calm worries over Brexit path

    Britain's new finance minister Philip Hammond, under pressure from his peers from around the world, says there could be more clarity later this year on how the country will exit the European Union. Several nations called on Britain during weekend G20 talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc.

  • Ministers say G20 prepared for Brexit AAP - 17 hours ago
    Ministers say G20 prepared for Brexit

    The fallout from Brexit will not be unsurmountable, the finance ministers and central bank chiefs of the Group of 20 leading economies (G20) say. "Members of the G20 are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum," which voted on June 23 to leave the European Union, according to a statement issued after talks in Chengdu, 1,800km southwest of Beijing.