Sunday , September 23 2018
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New Zealand

SkyCity get Auckland Council resource consent for convention centre

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By Jonathan Underhill Sept. 18 (BusinessDesk) – SkyCity Entertainment Group, New Zealand’s only listed casino company, said it has gained resource consent approval for the convention centre. The company gets some $458 million of gaming concessions as a result of agreeing to build the convention centre in a deal with the government. In May, SkyCity …

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Buller Electricity to team up with Pioneer Generation in Pulse takeover bid

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By Paul McBeth Sept. 18 (BusinessDesk) – Lines companies Buller Electricity and Pioneer Generation plan to mount a takeover of electricity retailer Pulse Energy, though haven’t settled on an offer price yet. Pulse Energy was told by its 56 percent shareholder Buller Electricity that the West Coast-based lines company will …

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Solid Energy creditors vote in favour of 2 1/2-year wind-down plan

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By Suze Metherell Sept. 17 (BusinessDesk) – Creditors of New Zealand’s failed state-owned coal miner Solid Energy have voted in favour of an orderly sell down over the next 2 1/2 years, rejecting a last minute foreign bidder’s request to delay the watershed meeting ahead of a possible buyout. Korda Mentha …

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NZ economy grows less than expected as agriculture, mining rebound

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By Paul McBeth Sept. 17 (BusinessDesk) – New Zealand’s economy accelerated by less than expected in the second quarter, with agriculture and mining recovering from a weak start to the year. The kiwi dollar dropped almost half a US cent. Gross domestic product grew 0.4 percent in the three months ended June …

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Alternative bidder emerges for Solid Energy

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By Pattrick Smellie Sept. 17 (BusinessDesk) – A New South Wales-based mining investor, Mach Energy, is expected to make an alternative bid for distressed state-owned coal miner Solid Energy at today’s ‘watershed’ meeting of creditors in Christchurch this morning. BusinessDesk reliably understands Mach will seek a 30 day delay to …

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Solid Energy insolvent, bank creditors support orderly selldown

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Solid Energy’s banking backers can expect to get back between 35 cents and 40 cents in the dollar under a Deed of Company Arrangement that will allow the insolvent state-owned coal miner to be wound up and its saleable assets disposed of over the next two and a half years. A …

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NZX accredits US firm Straits Financial for dairy derivates market

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NZX, New Zealand’s stock market operator, has accredited US-based Straits Financial to access its growing dairy derivatives market. Straits has been accredited as a general clearing, trading and advising participant for the NZX dairy derivatives market, the first US clearing member to receive approval since authorisation was granted from the US Commodity …

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Fonterra confirms proposed coal mine at Mangatangi is on hold

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By Fiona Rotherham Sept. 9 (BusinessDesk) – Fonterra Cooperative Group, the country’s largest milk processor, has confirmed it has put on hold a proposed coal mine at Mangatangi while it assesses its energy options. The Coal Action Network Aotearoa (CANA), which is trying to stop coal mining in New Zealand, …

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Christchurch Airport more than doubles annual profit, dividends

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Christchurch International Airport, which is 75 percent owned by the city council, more than doubled full-year profit and lifted dividends for the year, including a special payment from proceeds of a property sale. Net profit rose to $37.8 million in the 12 months ended June 30, from $15.7 million a year …

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