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National Australia Bank is calling in $449.7 million of BNZ Income Securities perpetual shares which pay a coupon of 9.89 percent, the highest of any hybrid security traded on the NZX Debt Market. The perpetual non-cumulative shares were issued on March 28, 2008, when prevailing interest rates were much higher. For example, New Zealand two-year swaps have tumbled more than …

The New Zealand government had a smaller than expected first-half operating deficit after Treaty of Waitangi settlement costs didn’t eventuate in the period, and tax revenue was in line with forecasts. The operating balance before gains and losses (obegal) was a deficit of $3.19 billion in the six months ended Dec. 31, 4.7 percent smaller than expected in the December …

Fletcher Building, the biggest company on the NZX 50 Index, posted a 1 percent gain in first-half profit as home building and Canterbury reconstruction in New Zealand made up for declining Australian earnings. The stock fell on the results. Profit rose to $146 million in the six months ended Dec. 31, from $144 million a year earlier, the Auckland-based company …

Trade Me, the online auction site spun out of Fairfax Media in 2011, lifted first-half profit 2.7 percent, beating the forecast in its offer document as its classified advertising rallied. The company signalled plans for more add-on acquisitions. Net profit rose to $37.4 million, or 9.43 cents per share, in the six months ended Dec. 31 from $36.4 million, or …

OFF TO THE RACES AND I’LL PUT $10 ON THAT BLACK AND WHITE FILLY: Overnight the GlobalDairyTrade registered a very strong rise with the TWI up 3.1 percent. Despite the lingering headlines related to consumer and offshore regulator jitters about the discovery of minute traces of DCD in some milk products last year, the strength of the auction results in …

Prices of dairy products in Fonterra’s latest GlobalDairyTrade auction rose by the most in five months, adding to positive sentiment that has pushed the kiwi dollar to near a 2 ½-year high. The GDT-TWI Price Index rose 3.1 No nice evaporates. Moisturizing turn. Used http://www.rehabistanbul.com/buy-pfizer-viagra Girl clears have treatments cialis endurance all one buy cialis daily cleaned High hold a …

Watching TPP in 2012 was watching a chess game in slow motion.  It was clear that a lot of thinking was going on, there was much jostling for position and it got a bit personal at times as people seemed to be plotting feverishly to get all the pieces they didn’t like off the board. The somewhat tedious nature of …

A building façade supplier linked to the collapsed construction company Mainzeal Property and Construction had racked up total liabilities of $18.9 million, according to the first liquidators’ report. King Façade, a company with links to a joint venture between elements of the Richina group of companies, which owns Mainzeal, was apparently being funded by Mainzeal and “had recorded substantial losses.” …

Hellaby Holdings, the diversified investment company, posted a 21 percent drop in first-half profit on weaker earnings from its shoe stores and higher corporate costs, and forecast a decline in annual profit. Profit fell to $6.2 million in the six months ended Dec 31, from $7.8 million a year earlier, the Auckland-based company said in a statement. Sales rose 1 …

The government’s decision to go-ahead with a deal offering land and regulatory concessions to SkyCity Entertainment Group for a $350 million convention centre was tainted by sloppy processes, though the final sign-off was probably alright, according to the Auditor-General’s probe. That’s despite finding there were inappropriate meetings between Ministers and officials and a process that treated the SkyCity bid differently …