What you need to know in business: Friday

MATT NIPPERT
Last updated 08:42 25/07/2014

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Industries

Lines company may sell BOP investment Connor reapplies for takeover approval Angry investors tackle Pyne Gould Corp Air NZ legal victory over surcharge appealed Sharebroker eyes civil action against South Canterbury Finance SFO investigates Trends Publishing Lyttelton port workers begin overtime ban Dairy bounce-back tipped after GDT auction Auckland housing market unique Support for talk of Spark, Vodafone undersea cable

What you need to know on Friday morning, July 25.

- NZX50 up 28.2 points (0.5 per cent) to 5174.7
- NZ dollar at US85.74 cents, A91.05c, 87.30yen, 50.48p, 63.69€c
- Brent crude oil at US$107.11 a barrel (down US$0.92)
- Spot gold at US$1292.62 an ounce

WHAT'S ON TODAY

- Agribusiness firm Scales Corporation lists on the NZX today. The company had earlier been picked up by Direct Capital following the South Canterbury Finance receivership, and the float will raise $149 million.

STOCKS TO WATCH

- Xero, Rod Drury's mostly-up rollercoaster, has been a godsend for early investors but a headache for market-watchers who have to contend with a large-cap stock occasionally gyrating in price like a Penny Dreadful. The company's AGM flagged a possible New York listing, pushing the stock up $1 to $24.50 in yesterday's trading. Will there be another rebound?

TOP INTERNATIONAL NEWS

- The International Monetary Fund (IMF) trimmed this years' global growth forecasts from 3.7 pear cent to 3.4 per cent overnight, largely on the back of an unexpected contraction in the Untied States.

Non-business news on the world pages also played a part, with the IMF driving down Russia's prospects due to "geopolitical tensions". Russia's adventures in Ukraine, leading to the annexation of the Crimea and support for east-Ukraine separatists have drawn sharp international condemnation especially following the downing of the Malaysia Airlines flight MH17.

SOMETHING ELSE FOR YOUR MORNING

- Middle East Terror group Isis may be bloodthirsty killers who document their atrocities on social media, but they appear to be able to make the trains run on time. A New York Times reporter managed to spend six days in Isis-controlled Syria and reported locals chafed at harsh religious sanctions but appreciated the level of stability provided to the war-torn region.

But order at what cost? The New York Times declined to identify who it had sent to Syria to file their report, or even who they had talked to, citing the mortal danger posed by Isis to both themselves and their sources.

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