Proud New Zealander David McLean has been appointed chief executive of Westpac New Zealand after performing an “outstanding” job acting in the role since August 2014 following the resignation of Peter Clare.… Full Story →
Rod Duke, majority shareholder and managing director of Briscoe Group, has refused comment on market speculation that he may take control of struggling childswear retailer Pumpkin Patch.… Full Story →
Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production.… Full Story →
Shares of electricity generators and retailers soared, lifting the benchmark NZX 50 Index, after the National Party’s convincing election victory on the weekend wiped out any regulatory fears for the power companies.… Full Story →
Irish media group Independent News & Media is backing the board of APN News & Media to grow shareholder value, as the Australasian publisher and broadcaster considers carving out its New Zealand unit.… Full Story →
APN News & Media, which publishes the New Zealand Herald, may list its New Zealand business on the local sharemarket.… Full Story →
Fonterra Cooperative Group will offer a premium of at least 20 percent for a one-fifth stake in Beingmate Baby & Child Food as part of a $615 million investment in a partnership to drive baby food sales into China.… Full Story →
Fonterra Cooperative Group plans to enter a joint venture with China’s Beingmate that will own the dairy giant’s Darnum plant in Australia and produce infant formula products for the Chinese market, for a total investment of $615 million.… Full Story →
Air New Zealand, the government-controlled national carrier, boosted annual profit 45 percent as increased passenger numbers and capacity lifted earnings, and will pay a special dividend after reviewing its capital structure.… Full Story →
Shares in A2 Milk Co jumped 9.8 percent from a 15-month low on news the milk marketer has won Chinese regulatory approval to export its a2 Platinum infant formula.… Full Story →
- Apple lifts profit 44% on flat sales, currency gains
Apple Sales New Zealand, the local unit of the iPad and iPod maker, increased annual profit by 44 percent, on largely unchanged sales, as it benefited from a gain on its currency positions.
- Sealord says Nelson wetfish factory ‘not economically viable,’ 97 jobs at risk
Sealord, New Zealand’s second-largest fishing company, says it needs to downsize its Nelson wetfish processing plant and may eliminate 97 jobs in the face of rising costs, flat prices and a still-strong kiwi dollar.
- SLI co-founders Geoff Brash and Steven Marder sell shares as escrow ends
SLI Systems co-founders Geoff Brash and Steve Marder were two of the initial shareholders of the search engine developer who sold some 6.8 percent of the company at the end its 16-month lock-up period at 23 percent below last year’s offer price in a placement largely made up of institutional investors.
- Kathmandu says Australasian earnings will grow as it steps up global expansion
Kathmandu Holdings, which today posted a 4.5 percent decline in annual profit, said Australasian earnings should rise in the coming year although overall profit at the outdoor equipment retailer may be dented by investment spending.
- GeoOp CEO Graham steps down to take US executive role with company, shares drop
GeoOp chief executive Leanne Graham has resigned 11 months after the small business app developer listed on the New Zealand Alternative Index and will take a new role with the company leading its push into the US.