Viaduct building sold by Goodman Property Trust

Goodman Property Trust

The sale Pernod Ricard NZ House on Auckland's viaduct precinct got a sum of $27.5 million to Goodman Property Trust, which is now lining up similar sized deals, as it offloads non-core assets to strengthen its balance sheet.

It was expressed by Chief executive John Dakin, "There was a good level of interest which surprised us a little. We've got another one on the market, which we expect to be in a similar range as the Pernod Ricard building."

Hike seen in NZ unemployment rate


New Zealand is seeing its rate of unemployment hitting a 10-year high, with figures displaying that 138,000 Kiwis are now jobless. The figures are very high considering that the population of New Zealand is just 4 million.

It should be noted that the rate of unemployment in New Zealand has jumped to six from five percent.

The past year witnessed nearly 48,000 more New Zealanders losing their jobs. As compared to men, more women lost their jobs, which economists put down to a further slow down in the retail sector.

Workers protest against Chorus/Visionstream contract


As many as 200 telecommunications engineers have taken the protest route against the Chorus/Visionstream contract, as they think that Telecom is compelling them to become dependent contractors.

In the month of June, Chorus (Telecom network access business), declared that field operations would be carried out by Australian firm Visionstream in the Auckland- Northland region, taking over from existing service providers Transfield Services and Downer EDi Engineering.

Agile opens new office at Australia; ignores economic slowdown

Fisher & Paykel

In spite of the economic slowdown, a new office in Australia was recently opened by Agile, a renowned Kiwi telecommunications software developer and integrator.

It was after the company won the contract with whitegoods giant Fisher & Paykel and debt recovery services group Baycorp that the latest development appeared. Both of the companies are presently the customers of Agile across the Tasman.

Stable outlook for Property For Industry half-year profit

NZ Capital's

In the first result from the top 50 companies, half-year profit expectations were met by Property For Industry Ltd., the investment group managed by AMP Capital Investors, on the NZX in this earnings season.

A fall by 1.6% to NZ$7.9 million was seen in net operating profit after tax for distribution for the six months ended June 30, meeting First NZ Capital's expectations, in the midst of decreasing rental revenues, which plunged to NZ$15.8 million from NZ$16.5 million in the same period a year earlier.

Pharmacybrands to be taken over by Life Pharmacy

Life Pharmacy

It has appeared that Life Pharmacy has entered into a merger agreement for buying 100% of Pharmacybrands in a share swap, a move that will make it the biggest pharmaceutical retailer in New Zealand.

An option of selling the shares would be given to Pharmacybrands shareholders, in order to receive 39.783 Life Pharmacy shares per Pharmacybrands share (valued at $19.55 per each).

"The offer values Pharmacybrands at around $20 million, or $19.55 per Pharmacybrands share, and Life Pharmacy at approximately $36.2 million," said a source.