Archive for February, 2011

Government to consider cash injection sought by Christchurch businesses

Comments Off | 02-27-2011

The New Zealand government has said it will consider Monday a cash injection proposal forwarded by Christchurch businesses. The cabinet will Monday sit to consider a $20 million cash injection sought by Christchurch businesses to see them through the coming one month.
Peter Townsend, Canterbury Employers’ Chamber of Commerce chief executive said Christchurch businesses desperately needed [...]

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Contact Energy attains final consent for the third largest renewable energy project in New Zealand

Comments Off | 02-27-2011

New Zealand energy firm Contact Energy has attained final approval for its planned renewable energy project. The wind energy project is the third largest such endeavor to be undertaken in the country. Contact Energy won the draft approval of the board of inquiry for the 504 Megawatt wind farm on the remote coastline North of [...]

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Christchurch manufacturers escape damage, as Macquarie Equities Research publishes a snapshot of the quake’s toll on various NZX-listed firms

Comments Off | 02-24-2011

According to the New Zealand Herald, some of Christchurch’s biggest manufacturers made it through the Tuesday quake with minimal damage. Most of the manufacturer’s facilities remained largely unharmed, despite the manufacturing sector being the biggest employer in the city as of 2009, according to ManufacturingNZ. The manufacturing sector is the second largest contributor to the [...]

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Christchurch businesses count losses after the devastating earthquake

Comments Off | 02-23-2011

Businesses in Christchurch are counting their losses a day after a devastating earthquake ravaged the city. Australian stock exchange listed insurer Insurance Australia Group said the earthquake will cost it an estimated A$40 million. The group controls State Insurance and NZI.
Mike Wilkins, Insurance Australia Group managing director however noted that it’s early to correctly determine [...]

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Contact Energy to spend $623 million in a new geothermal plant in New Zealand

Comments Off | 02-23-2011

Contact Energy has announced its planning to set up a new 159 megawatt geothermal power plant. The energy firm will invest $623 million building the new plant that is expected to partially replace its 52 year-old Wairakei power station. Contact Energy has said it will turn to shareholders for part of the funding, reported the [...]

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German healthcare firm Bayer successfully acquires Bomac Group, and planning significant investments in New Zealand

Comments Off | 02-21-2011

After its successful completion of New Zealand’s Bomac Group, German healthcare firm Bayer says it is planning to invest considerably in New Zealand animal health product development and production. Under its plans, Bomac’s existing facilities in Auckland will become a new regional animal health product development centre – the third such Bayer facility in the [...]

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Posted in Agriculture New Zealand, Foreign Direct Investment/FDI New Zealand, General | Read More

NZ Farming Systems Uruguay seeks funding to turn the business profitable

Comments Off | 02-20-2011

After a successful takeover by Singapore’s Olam International, New Zealand’s underperforming dairy farms developer is seeking US$110 million to fund a strategy aimed at turning the business profitable. Speaking Friday, NZ Farming Systems Uruguay chairman Vivek Verma said the firm will have to raise the amount to fund a business plan targeted at turning the [...]

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Posted in Agriculture New Zealand, Foreign Direct Investment/FDI New Zealand, General | Read More

Hertz Corporation ventures into low cost car rental in Australia & New Zealand, acquires Ace Rental Cars

Comments Off | 02-19-2011

US based Hertz Corporation announced its foray into the Australian and New Zealand low cost car rental market with the acquisition of Ace Rental Cars. Ace Rental Cars is the second largest discount car rental company in New Zealand. Ace will continue to operate under its existing brand as an independent subsidiary.
Mark Frissora, Hertz Chairman [...]

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New Zealand’s famous retail chain Whitcoulls is under administrators

Comments Off | 02-18-2011

Whitcoulls, one of New Zealand’s most famous and enduring retail chain is in jeopardy after administrators were called in Wednesday night to run the business. The future of the famous book-retailer is in trouble, with some stores having been closed already. Whitcoulls’ owner, Australian-based REDgroup Retail, appointed Ferrier Hodgson to take over the management of [...]

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Brightstar signs fresh three year supply chain agreement with Telecom New Zealand Ltd

Comments Off | 02-17-2011

Brightstar has signed a new; three-year supply chain agreement with Telecom New Zealand Ltd. Brightstar is a global leader in services and solutions for the wireless industry. The deal will see Brightstar provide supply chain services for all mobile, broadband and fixed line products for New Zealand’s largest telecommunications service provider.
As part of the agreement, [...]

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Posted in Foreign Direct Investment/FDI New Zealand, General, Telecommunications in NZ | Read More