BT deal helps Xero shares to perform better

BT deal helps Xero shares to perform better

Following the reports of online accounting software supplier securing a reseller deal with British Telecom, the company shares on New Zealand stock exchange saw an impressive rise.

It was informed by Xero today that the under the deal, it would make its services available to small British businesses, by the means of BT's business applications service portal.

Xero said in a statement, “Xero was selected after an extensive evaluation process to be made available to BT's over 1.7 million small business customers.”

Eating disorders unit to be established in Auckland

Better government funding is being welcomed by the Mental Health Foundation for the treatment of people with eating disorders.

With establishment and development of residential services in Auckland, Wellington and Christchurch; an extra $6.5 million per year will be spent on eating disorder services.

$150m to be invested by Bunnings NZ on Expansion Plans

Bunnings Warehouse

Over the next two years, a sum of $150 million will be invested by DIY home improvement chain Bunnings in to expansion across New Zealand.

Since the brand entered the market in 2001 the Australasian stores by now have 41 retail outlets and $250 million invested in New Zealand and an annual New Zealand turnover of $500 million.

Bunnings general manager Rod Caust said that a very keen business development team is with the company, which is constantly searching for sites across both the North and South Islands.

Investors protest to get their money back from ANZ


After ING New Zealand froze its Diversified Yield Fund (DYF) and Regular Income Fund (RIF) in March 2008, nearly 8000 investors were left with no option to access $521 million.

Nearly 64 jobs lost at caravan maker, says Tourism Holdings

Tourism Holdings

It was today expressed by Tourism Holdings that 64 roles would be cut at its Hamilton based business CI Munro.

CI Munro is a division of Tourism Holdings Ltd and it builds and rents out motor homes and caravans. It reported loss of $3.2 million in the six months to December 31st. 

Tourism Holdings chief executive Grant Webster said that the decision was based on the present global economic conditions and lack of demand for the company's products.

Additional $120 million raised by Fletcher Building

Fletcher Building

An additional sum of $120 million has been raised by Fletcher Building from its share purchase plan and top-off offer. The move now takes the total capital raising by the company from a previous placement and these offers to $526m.

Yesterday, both the top-up offer and the $100m share purchase plan closed over-subscribed. Thus no need was required for the underwriters to take up any shares.

The plan offer received applications totaling of $177m and $21.7m for the top-up offer.