18 July 2002 Fletcher Challenge Forests Ltd said independent appraiser Grant Samuel & Associates Ltd had found its proposed acquisition of the Central North Island Forest Partnership assets was fair & reasonable. Shareholders will vote on whether to proceed with the deal on 13 August. The notice of meeting & explanatory memo will be sent […]
Read more →Archive - local business
Snapshot on local business, week to 5 August 2001
Latest: Tranz Rail profit dives, Northland produces regional economic plan, Brash gives growth tips, Shore council appoints strategic advisor. 2 August 2001 Tranz Rail Holdings Ltd’s net profit fell 88% from $47 million to $5.6 million in the June year, on on operating revenue up 5.7% to $628.4 million and a surplus before unusuals & […]
Read more →Snapshot on local business, week to 2 June 2002
1 June 2002 Savoy Equities Ltd made a $615,000 loss for the December 2001 year on $308,000 of sales (residual realisations rather than trade), compared to an $8.9 million loss before unusuals & tax and $79 million loss after unusuals, interest & tax in 2000. The result takes shareholders’ funds to a $96,198 deficit. Directors […]
Read more →Snapshot on local business, week to 28 September 2003
26 September 2003 New Zealand’s estimated merchandise trade deficit for August was $274 million, or 11.8% of exports. Statistics NZ said a trade deficit was usual for August, with deficits ranging from 3.8-23.3% of exports over the past 10 years. Imports fell 11.6% from August 2002 to $2.6 billion and exports 2.4% to $2.33 billion. […]
Read more →Snapshot on local business, week to 30 March 2003
26 March 2003 Listed financial services group Dorchester Pacific Ltd has signed to sell Sterling Portfolio Management Ltd to Spicers Portfolio Management Ltd, settlement 31 March. Sterling started out in 1993 as Reeves Moses Investorcare NZ Ltd, became Harts Portfolio Management in 2000 when the Reeves Moses business was sold to Harts of Brisbane, and […]
Read more →Snapshot on local business, week to 29 September 2002
27 September 2002 Gross domestic product rose 1.7% in the June quarter (over the March quarter) and 3.5% for the June year. Rises in dairy, meat & forestry exports led a 6.2% export rise for the quarter, 3.3% for the year. Internal demand was flat, rising 0.2%. Investment in new housing fell in the March […]
Read more →Snapshot on local business, week to 17 June 2001
Latest: New job for Kirby, trade index highest in 11 years, FIRB approval for Tasman Agriculture deal, retail sales trend continues, Davenport replaces Burmester at Southern Capital. 17 June 2001 Former Auckland City Council executive Grant Kirby, who took over as Rodney District commissioner for a year until the April election, has won another appointment […]
Read more →Snapshot on local business, week to 23 February 2003
21 February 2003 Pacific Retail Group Ltd said December sales were ahead of pre-Christmas 2001 but January & February sales were disappointing. Directors said group net profit after tax for the March 2003 year should be a modest improvement on 2002. 20 February 2003 The net long-term migrant inflow in the year to December was […]
Read more →Snapshot on local business, week to 15 February 2004
14 February 2004 The Reserve Bank has ordered Bank International (also known as Bank International Ltd, though it’s not incorporated in New Zealand) to stop using the word bank in its name or title. The Reserve Bank said Bank International claimed to operate from an office in Auckland and advertised for business on the internet, […]
Read more →Snapshot on local business, week to 27 January 2002
26 January 2002 Transit NZ has let an $11.5 million contract to build the Puhinui interchange on the Southern Motorway by 2003. It will form part of the future South-western Motorway (State Highway 20) link to State Highway 1, providing a key section of the western ring route and better airport access. Auckland Regional Council […]
Read more →Snapshot on local business, week to 4 February 2001
Latest: No new blood at Fletcher Building board table, Hallenstein raises Christmas revenue 3%, Fletcher Challenge breakup programme. 1 February 2001 Fletcher Challenge has introduced no new blood to the board for the launch of the new-look, revitalised Fletcher Building, carrying on with the same team of six who have headed the conglomerate in its […]
Read more →Snapshot on local business, week to 2 December 2001
2 December 2001 Sky City Entertainment Group Ltd/ was named company of the year in Deloittes/Management magazine’s top 200 awards. Sky chief executive Evan Davies, who was named executive of the year in 2000, said the award was “the culmination of a challenging and rewarding year. We set tough financial targets, and again exceeded them. […]
Read more →Snapshot on local business, week to 22 June 2003
22 June 2003 Strategic Finance Ltd expects to make $13 million net profit after tax for the year to 30 June, almost double the 2002 result. But chief executive Jock Hobbs said growth on that scale wasn’t likely to continue, as the result included fees from 2 significant transactions. Shareholders’ funds have grown 55% to […]
Read more →Snapshot on local business, week to 22 September 2002
17 September 2002 Air New Zealand cut its domestic passenger space by 8.2% but recorded only a 6.6% fall in passenger revenue in July, compared to July 2001, resulting in a 1-point rise in load factor to 68%. The airline said its capacity was high a year ago after Qantas NZ’s April 2001 collapse. Air […]
Read more →Snapshot on local business, week to 23 September 2001
20 September 2001 Royal & SunAlliance Insurance NZ Ltd is to buy AMP Ltd’s general insurance business in New Zealand for $60 million. The sale includes GIO NZ and its 50% of the AA joint venture. AMP described the sale as “the establishment of a partnership”: an exclusive distribution agreement will enable AMP to brand […]
Read more →Snapshot on local business, week to 1 December 2002
1 December 2002 Auckland City Council will hold a special closed meeting on Thursday 5 December to discuss the process of selling its 25.7% stake in Auckland International Airport Ltd. Cllr Doug Armstrong, who chairs the sale working group, said staff & commercial advisors would give a full briefing. The Auckland Regional Council is establishing […]
Read more →Snapshot on local business, week to 12 October 2003
8 October 2003 Fletcher Challenge Forests Ltd must get to sell its 100,000ha forest estate out of this: The Campbell Group, negotiating a $685 million deal, has agreed Fletcher can also negotiate with the Kiwi Forests Group, offering $725 million. Fletcher has put down $8.5 million, half Campbell’s break fee, and must front up with […]
Read more →Snapshot on local business, week to 6 April 2003
31 March 2003 Air NZ has cancelled 21 flights in May-June between Auckland & Los Angeles (the withdrawal of United Airlines hasn’t been followed by a transfer of business), and to Hong Kong & Japan. Bookings to the 2 Asian markets were down 5-10%, and the fall at the end of June may be higher. […]
Read more →Snapshot on local business, week to 6 October 2002
6 October 2002 Auckland is 1 of 3 New Zealand ports (Napier & Port Chalmers are the others) which will get the regular scheduled business of new-generation 4100-TEU (20ft-equivalent unit) containerships, and Auckland will be the only New Zealand port of call for 2200-TEU ships. The new services will start in December, the result of […]
Read more →Snapshot on local business, week to 24 June 2001
Latest: Shore council reschedules works to cut rate rise, Environment chief heads to nursery, tax review details on view. 24 June 2001 Transport Minister Mark Gosche and Minister for Auckland Judith Tizard turned the first sods on Friday on the $20 million Puhinui interchange which will link Auckland’s Southern Motorway and State Highway 20, the […]
Read more →