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Finance

OPI’s White sentenced to 250 hours community work, A$100,000 penalty

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By Suze Metherell Sept. 23 (BusinessDesk) – Craig White, a former director of OPI Pacific Finance, has been sentenced to 250 hours of community work and A$100,000 in reparations after pleading guilty to two Securities Act charges laid by the Financial Markets Authority. White pleaded guilty on Friday to two charges under …

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China’s Guoxin International commits US$2 bln to Christchurch rebuild

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By Pattrick Smellie Sept. 23 (BusinessDesk) – Christchurch City Council is rolling out the welcome mat for Guoxin International Co, one of China’s largest infrastructure development companies, which is committing to raise a US$2 billion fund for investment projects in the city as it enters the mature phase of its post-earthquake reconstruction. …

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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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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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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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Diligent appoints Michael Stanton as CFO

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Diligent Corp, the governance software developer, appointed a permanent chief financial officer as it recovers from a string of errors in filing its financial statements. Michael Stanton will today take over as CFO from interim CFO and corporate controller Alex Sanchez, who will continue as vice president and chief accounting …

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While you were sleeping: China sparks global rally

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Shares on both sides of the Atlantic moved higher, triggered in part by a late surge in Chinese equities, amid optimism China’s government will act to support its flagging economy. In New York trading at about 2.45pm, the Dow Jones industrial average rose 2.3 percent, the Standard & Poor’s 500 …

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