Business New Zealand

  • AMSTERDAM-- World stock markets mostly declined Tuesday against a backdrop of worries about global economic growth and Europe's debt crisis. Meanwhile, comments by the International Monetary Fund on the global economy "provide a gloomy backdrop" for the day, said Monument Securities analyst Marc Ostwald.

  • An important factor in the New Zealand dollar's favour is the performance of prices for the country's main commodity exports. Dairy prices, an important export for New Zealand, are set to remain high and New Zealand's dairy industry may benefit more than usual given U.S. rivals have been hit by the worst drought in half a century.

  • A day before, the World Bank issued a warning about a slackening expansion in Asia. Britain's FTSE 100 fell more than 0.2 percent to 5,827.72. The picture was not as bleak in Asia, where stock market performance was mixed.

  • SINGAPORE, Oct 9- Singapore may avoid a technical recession when it reports third quarter GDP as second-quarter numbers are likely to be revised upwards, Prime Minister Lee Hsien Loong said on Tuesday, according to local media reports.

  • BEIJING/ HONG KONG, Oct 9- China's leading telecom equipment makers accused in a U.S. congressional report of being a potential security risk may face fresh scrutiny in other markets, while American firms operating in China could be vulnerable to retaliation.

  • Oct 9- China's leading telecom equipment makers accused in a U.S. congressional report of being a potential security risk may face fresh scrutiny in other markets, while American firms operating in China could be vulnerable to retaliation.

  • *Steelmakers consortium still interested in Arrium. SYDNEY, Oct 9- Australia's Arrium Ltd sold its 50.3 percent stake in New Zealand's Steel and Tube Holdings Ltd for NZ $91.2 million, shoring up its defence against a takeover by a consortium including Noble Group Ltd and South Korea's POSCO.

  • MELBOURNE, Oct 9- Australian shares climbed 0.5 percent to a fresh 14- month high on Tuesday, with miners boosted by a jump in iron ore prices that helped offset concerns about global economic growth. No. 3 iron ore miner Fortescue Metals Group. rose 3.6 percent and Northern Iron.

  • Australia- listed Kathmandu Holdings Ltd leads on analyst revisions among 55 companies in the country's consumer discretionary sector tracked by at least three analysts, data from Thomson Reuters StarMine shows. Analysts have raised average EPS estimate for the year ending July 2013 by 9 percent since Sept. 21.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars recovered a bit of ground on Tuesday, helped by profit-taking and a bounce in Chinese stocks, though the mood remained fragile on global growth worries and subdued economic data in Australia.

  • WELLINGTON, Oct 9- New Zealand infrastructure investor Infratil Ltd is planning an issue of six year bonds, the company said on Tuesday. It said the offer would be in two parts, the first of NZ $25 million in November 2018 bonds, with oversubscriptions of up to NZ $50 million.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars recovered a bit of ground on Tuesday as investors took profits on short positions built against the euro and sterling, though the mood remained defensive. *Aussie up at $1.0231, from $1.0196 early, boosted by short-covering following a fall to $1.0149 on Monday, its weakest since mid-July.

  • MELBOURNE, Oct 9- Australian shares climbed 0.5 percent to a fresh 14- month high on Tuesday on a jump in iron ore prices that helped offset concerns about global economic growth. No. 3 iron ore miner Fortescue Metals Group. rose 3.6 percent and Northern Iron.

  • MELBOURNE, Oct 9- Australian shares eked out a 0.1 percent gain early on Tuesday, with support from higher iron ore prices countered by concerns about the global growth outlook after the IMF cut its economic forecasts for the second time since April.

  • CANBERRA, Oct 9- Australian shares are likely to lack strong direction early on Tuesday, with support from higher iron ore prices and an improvement in China's services sector countered by losses in copper prices and concerns about the global growth outlook.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars pared some of their recent losses on Tuesday as investors took profits on short positions built against the euro and sterling, though the mood was still defensive overall. *Aussie around $1.0191, after short covering lifted it to an overnight high of $1.0220 from $1.0165 in late trade on Monday.

  • WELLINGTON, Oct 9- Following are some of the lead stories from New Zealand metropolitan newspapers on Tuesday. Christ Church Cathedral shortfall $50 m: About half of Christ Church Cathedral's $40 million insurance payout will be spent before the rebuild begins, court documents show.

  • New Zealand's capital is preparing for the world premiere of the opening film in "The Hobbit" trilogy by showcasing an artisan festival selling all manner of small-folk paraphernalia, laying a red carpet that will extend 500 yards through central Wellington and even renaming the city itself after the trilogy's fictional setting of Middle-earth.

  • PARIS-- Europe's stock markets fell Monday on concern about the global economy ahead of a two-day meeting of its finance ministers and a cut in the World Bank's growth forecasts for Asia. Investors continue to worry over protests in Spain and IMF concerns over Greece.

  • BANGKOK-- World stocks fell Monday as Europe's debt crisis continued to roil markets and the World Bank cut its growth forecasts for Asia. "That worried investors that we might have hit the top of the recent rally and we might see some correction in the short term," said Jackson Wong, vice president of Tanrich Securities in Hong Kong.