Business News

Guidance For Fiscal 2009 Net Profit upgraded by NZ Sky City

Sky City Entertainment Group

Tuesday saw New Zealand casino operator, Sky City Entertainment Group Ltd, confirming that it predicts its net profit for the year to June 2009, to cross the consensus forecasts and previous guidance.

Boston Globe union ratifies wage and benefit cuts

New York Times

The Boston Newspaper Guild, Boston Globe's largest union, has agreed to wage and benefit cuts worth $10 million a year in an attempt to save the struggling newspaper.

Service sector gets some hope

Business NZ

Though the month of June saw the service sector contract more quickly as compared to May, the latest Performance of Services Index (PSI) has revealed that the reading for new orders crept into positive territory last month.

The month of June witnessed the PSI, produced by BNZ Capital and Business NZ, plunging to a reading of 45, down 1.2 points from May. If a PSI reading goes above 50, it indicates the service sector is generally expanding, and if it is below, 50 then it points that it is declining.

Drop seen in Auckland visitor numbers


Total guest nights across New Zealand have fallen one percent for May, due to a 14% fall in international visitors staying in Auckland.

The limit was somewhat controlled by a rise in overseas visitors staying in Canterbury and Otago in nationwide guests' nights in May to 1 per cent, compared to a year earlier.

It was revealed by the figures released by Statistics New Zealand (SNZ) today that there has been a drop in domestic visitors staying in Auckland accommodation, but by a lesser 3 percent.

Nutritek acquires 100% stake in New Zealand Dairies

Nutritek acquires 100% stake in New Zealand Dairies

Russian food company Nutritek Group has finally bought 100% stake in New Zealand Dairies Ltd to control its South Canterbury milk powder factory.

It should be noted that New Zealand Dairies Ltd opened the plant at Studholme, in South Canterbury, in October 2007, using about $100 million of commercial and convertible loans from Nutritek.

Nutritek is part of Nutrinvest holding which floated its shares in April 2007, sold its Russian dairy business for $US350 million with the aim of investing in South-East Asia.

Turners Auctions inks ‘3 Year deal’ with IAG New Zealand

Turners Auctions inks ‘3 Year deal’ with IAG New Zealand

Tuners Auctions has entered into a three year contract renewal with IAG New Zealand, the country’s largest general insurer.

The newly signed pact will cover the management and disposal of all written-off vehicles, trucks, personal property, plant and machinery.

IAG expects selling 12,000 – 13,000 vehicles and assets each year under the contract. It consigns the vehicles to Turners Auctions that in turn, sells them at damaged vehicle auctions.