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Friday 23rd April 2004

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Just Water acquires Aqua-Cool
Just Water International has bought Aqua-Cool, the country's largest bottled water delivery company.
Just Water International is the holding company for Just Water New Zealand, Cool Water, Corporate Water Brands and now, Aqua-Cool.
Just Water chief executive Tony Falkenstein said the acquisition was "a consolidation of this niche of the beverage industry."
The expanded group will continue to concentrate on supplying water products to the New Zealand business market and will look at overseas opportunities.
The water industry in New Zealand is divided into three categories: point-of-use, bottled water delivery and branded bottled water.
"This acquisition means we can now cover every need for the business user," Mr Falkenstein said.

Axis Property sells site
Axis Property Group, a subsidiary of Hanover Group, announced its intention to invest in more large commercial properties and developments following the sale of a substantial commercial site in Auckland.
The building, at 270 Nelson St, sold for $13.45 million after "only a short time on the market."
Hanover chief executive Kerry Finnigan said the company would probably direct profits from the sale into further commercial property investments.

Sony Ericsson profit up
Sony Ericsson has reported a strong increase in shipments and record profits for the first quarter of 2004. Units shipped in the quarter reached 8.8 million, a 63% increase over the same period last year. Sales for the quarter were E1.338 billion, representing a year-on-year increase of 66%.
Income before taxes was E97 million and net income was E82 million, representing year-on-year improvements of E210 million and E186 million respectively. While the year-on-year growth in shipments and sales reflects solid performance improvements across business units and regions, income before taxes was exceptionally strong due to favourable market conditions.


A2 makes fair debut
Alternative milk producer A2 Corporation fared well over its first day and a half as a listed company, trading up 2c to 16c as NBR went to press.

A2 listed on the stock exchange's alternative market on Wednesday. The listing coincided with a $3 million rights issue announced late last month. The company said the listing completed a successful restructuring process undertaken over the past six months.

A2 shares had been listed on the second board and last traded at 14c before their Wednesday listing. The rights, at 5c for every two shares, underwritten by Forsyth Barr, will be quoted from April 26 and cease trading on May 21. A2 will be the first company to use the NZAX market to raise capital.

A2 chief executive Andrew Clarke said the listing would lift the company's profile and improve liquidity for its shares. A2 owns and licenses intellectual property that enables the identification of cattle-producing milk with A2 protein, which the company claims is a "less risky" alternative to the normal milk with either A1 casein or a mix of A1 and A2.

About 70% of the national dairy herd produces milk containing some A1 protein, which the company claims is linked to heart disease and is "implicated" in autism and schizophrenia.

NZ slips in e-ready poll
New Zealand has slipped two places in the annual index of "e-ready" countries compiled by the Economist Intelligence Unit.

The drop from 17th equal to 19th puts New Zealand behind most European Union countries, the US, Singapore, Hong Kong, Canada and 12th-placed Australia. Denmark topped the list.

The index is designed to measure the e-business environment of the world's 64 largest economies and "how amenable" they are to internet-based opportunities.

Broadband penetration, one of the criteria used to score countries, dragged New Zealand, Australia and the US down the list.

Fitch lifts forecasts
International rating agency Fitch Ratings has raised its global economic growth forecast to 3.6% from 2.8% but warns there is a risk US interest rates will rise faster and by more than expected.

"This may well create volatility in financial and credit markets and place pressure on emerging markets with weak fundamentals and substantial external financing needs."

Fitch's Sovereign Review: Spring 2004 says the global recovery is well under way, led by the US, China and Japan. The agency expects global growth to settle back to its trend level of 3% in 2005 after picking 3.6% for this year, a rate exceeded only twice in the past 15 years.

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