Business Desk

New Zealand manufacturing grew at the fastest pace in eight months in January, with the strongest growth in Canterbury/Westland probably reflecting demand for building materials, but employment in the sector is shrinking. The BNZ-Business New Zealand Performance of Manufacturing Index climbed 4.8 points to 55.2 last month, the highest since May last year and the highest for the month of …

American computer network provider Emulex Corp says it had received acceptances for 88.4 percent of the shares of New Zealand-based, London AIM exchange-listed Endace, and will extend its offer to Feb 26 to allow it to mop up remaining shares, if possible. If Emulex reaches 90 percent acceptances, it has the option to trigger the compulsory acquisition provisions of the …

Finance Minister Bill English will present Budget 2013 on Thursday 16 May against a background of continued fiscal restraint. “This will be the National-led Government’s fifth Budget in what have been extremely challenging global economic times,” English  says. “It will continue to implement the Government’s programme to deliver a more competitive and faster-growing economy, more jobs and a return to fiscal …

The New Zealand dollar shed gains in local trading amid fears seismic activity in North Korea may be the result of nuclear testing, a prospect likely to spook investors. The kiwi fell to 83.45 US cents at 5pm in Wellington from 83.78 cents at 8am and up from 83.28 cents yesterday. The trade-weighted index rose to 76.01 from 75.54 yesterday. …

Following his return from a stint as New Zealand Consul General and Trade Commissioner in Guangzhou China, Patrick (‘Pat’) English has been appointed Executive Director of the New Zealand China Council. jobs at home A 17-year veteran of New Zealand Trade and Enterprise, English has served both in New Zealand and abroad, including roles in Shanghai and Beijing. In addition, …

Turners Auctions, the country’s biggest auction house, boosted annual profit 14 percent as it lifted car sales. The company said it is holding off making a special return while it looks at “growth opportunities.” Net profit rose to an expected $4.2 million, or 15.4 cents per share, in the 12 months ended Dec. 31, from $3.7 million, or 13.5 cents, …

Canterbury Earthquake Recovery Minister Gerry Brownlee and Christchurch Mayor Bob Parker have announced a joint accord deferring the Christchurch City Council’s Long Term Plan until 2015 to allow an earthquake recovery cost-sharing method to be mutually agreed. Instead the council will undertake a new plan, to be called the Christchurch City Three Year Plan. Brownlee says this new planning process …

CeresNZ, the Christchurch-based unit of American firm Ceres Environmental Services, says it has a “strong interest” in buying Mainzeal Property and Construction from the receivers. CeresNZ plans to have preliminary talks with the receivers, betting that the rebuild of Christchurch provides a role for the “highly skilled people within Mainzeal,” according to a statement posted on the Scoop website. Mainzeal, …

While other countries like Japan manage their currencies lower, New Zealand Prime Minister John Key says there are benefits to a strong exchange rate, even as it creates headaches for exporters. In his state of the nation address in Auckland, Key said prices for primary exports are holding up and the country’s terms of trade remain high. That is helping …

One of the chief architects of Fonterra’s successfully launched listed units, chief financial officer Jonathan Mason, is to leave the co-operative. The softly spoken former senior executive for the American wood products giant International Paper first came to New Zealand from 2000 to 2005 to be cfo at Carter Holt Harvey, which IP owned at the time, before returning to …