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New Zealand

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

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 administrator Brendon Gibson said a move by Australian company Mach …

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NZ economy grows less than expected as agriculture, mining rebound

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 30, accelerating from a 0.2 percent pace in the March quarter …

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Alternative bidder emerges for Solid Energy

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 the vote scheduled at today’s meeting of Solid Energy creditors, …

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Solid Energy insolvent, bank creditors support orderly selldown

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 raft of banks, local authorities and businesses including Kiwirail, Fonterra …

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NZX accredits US firm Straits Financial for dairy derivates market

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 Futures Trading Commission in February 2014, Wellington-based NZX said in a …

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Fonterra confirms proposed coal mine at Mangatangi is on hold

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, said Fonterra sent a letter last week to local residents …

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Christchurch Airport more than doubles annual profit, dividends

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 earlier, the company said in a statement. Operating revenue rose …

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NZ dollar gains after Australian business conditions lift, RBNZ looms

The New Zealand dollar rose ahead of the Reserve Bank’s statement on Thursday and after an Australian survey showed improving business conditions even while business confidence fell, giving traders more confidence economic growth across the Tasman won’t collapse. The kiwi rose to 62.76 US cents as at 5pm in Wellington, from 62.67 cents late yesterday. The trade-weighted index was little changed at 68.49 from 68.54 …

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SFO lays charges against MediaWeb director Victor John Clarke involving $2.2 mln

The Serious Fraud Office has laid Crimes Act charges against Victor John Clarke, a former director of failed media company MediaWeb, in the Auckland District Court for alleged offending involving $2.2 million. The two false accounting charges including using a forged document and obtaining by deception in his role as overseeing the accounting and financial aspects of the failed business. …

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