Wellington

Rangatira reports jump in profit

Rangatira reports jump in profitRangatira, the investment company in Wellington today announced its interim result for the six months to 30 September 2013. The company bought a cornerstone stake in beer company Tuatara Brewing this year.  It reported a tenfold jump in first-half profit after selling its stake in engineering service firm Contract Resources and its direct holding in accounting software developer Xero.

10 years, 10 months jail for David Ross

10 years, 10 months jail for David RossWellington financier and former head of the Ross Asset Management (RAM), David Ross was sentenced to 10 years and 10 months in jail by Judge Denys Barry of Wellington District Court.

The 63-year-old man is behind New Zealand's largest Ponzi scheme. His elaborate fraud, straddling 12 years have costed hundreds of investors their life savings and retirement funds.

Boosted by Positive Data New Zealand’s Dollar Climbed Higher

Boosted by Positive Data New Zealand's Dollar Climbed HigherThe Kiwi climbed to 82.86 US cents at 5pm in Wellington from 82.55 cents from 82.32 cents yesterday. The trade-weighted index advanced to 77.43 from 77.07.

Having got a lift from encouraging domestic data and renewed expectations the U. S. Federal Reserve will keep its stimulus in place for longer.

Airports profits dampened by Commerce Commission Report

Airports profits dampened by Commerce Commission ReportThough the Wellington International Airport has seen an underlying six-month operating profit of $42.5 million, which is up almost 8 per cent yet the shadow of the Commerce Commission report made public earlier this year hangs over the airport.

Airport receives great profit

Airport receives great profitProfit for Wellington International Airport has surged up by almost 8 per cent with an operating profit of $42.5 million.

Higher revenue from landing fees, terminal charges and lease income has made such huge gains possible.

The airport which is co-owned by infrastructure investor Infratil and Wellington City Council turned to profit in the first half and increased its payment to its shareholders.

Xero shares ride wild as prices soar and slump

Xero shares ride wild as prices soar and slumpThis morning Xero the Wellington based firm opened at $37.30 but experienced a stiff fall when trading slid down to $36.70 just before 3pm, more than 11 per cent below the all-time-high of $41.50 they hit earlier. A come back at $37 was experienced later in the day

Within few hours Xero's market capitalisation has risen and then fallen by nearly $600 million which greatly highlights the volatility of the stock.

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