Tag Archives: Companies

Wall Street climbed to fresh highs as investors bet that the pace of the economic recovery, both at home and abroad, will sustain corporate profit growth. The initial catalyst for today’s rally was another piece of good news from China. Reports showed that the nation’s imports increased more than expected last month, rising 14.1 percent, while export growth eased to …

Wall Street advanced, with the Dow Jones Industrial Average sauntering to an intraday record as investors found value in Microsoft, Intel and Cisco. Shares of Microsoft, last up 3.7 percent, Intel, last up 3.4 percent, and Cisco, last up 2.3 percent propelled the Dow to a fresh intraday high of 14,716.46. The Standard & Poor’s 500 Index followed suit, touching …

Methven, the tapware maker, says full-year profit fell about 21 percent on weaker trading in the Australian market. The shares fell to an 11-month low. Net profit in the 12 months ended March 31 was about a fifth lower than the previous year’s $6.5 million and profit before one-time items was about 12 percent lower, the Auckland-based company said in …

The government is “not interested in subsidising a foreign multinational in the long term,” State-Owned Enterprises Minister Tony Ryall told Parliament in response to opposition taunts about his intervention in electricity price negotiations for supply to the Bluff aluminium smelter. Ryall also indicated Meridian Energy is no longer leading negotiations with Rio Tinto-owned Pacific Aluminium, majority owner of New Zealand …

The New Zealand government is offering unspecified assistance to keep the Bluff aluminium smelter open in the short term, a move which could save next month’s float of MightyRiverPower, but blows away its hands-off policy on state-owned companies’ commercial affairs. In a statement this morning, State-Owned Enterprises Minister Tony Ryall said the government became involved in direct negotiations with the …

Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity. The bombshell disclosure has the capacity to upset the government’s plans to partially privatise state-owned electricity company MightyRiverPower. Offer documents are due for release in about a fortnight, with listing …

The founding chief executive of MightyRiverPower, Doug Heffernan, will leave the company next year after 16 years at the helm under arrangements that trigger a $500,000 retention payment on top of his existing salary of almost $1.5 million last year. The arrangements mean Heffernan will see through the company’s partial privatisation and its first full financial year as a publicly …

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Genesis Energy, the state-owned energy company, has called a meeting of investors in its hybrid bonds to replace the trustee installed by the Financial Markets Authority with the Jim Bolger-chaired Trustees Executors. In September, the FMA appointed Corporate Trust as trustee for the debt for a period of six months after declining to issue a licence to existing trustee Perpetual …

Warehouse Group, which this week bought a majority stake in online retailer Torpedo7, almost doubled net profit after selling properties as part of leaseback arrangements, and will pay a bigger interim dividend than analysts were expecting. Net profit climbed to $106.5 million, or 34.2 cents per share, in the six months ended Jan. 27 from $54.2 million, or 17.4 cents, …