Meridian Energy has had to give up previously negotiated price increases and the government has chipped in with a $30 million “incentive payment” to keep the Tiwai Point aluminium smelter open until at least January 2017. Meridian chief executive Mark Binns announced the deal in a statement to the NZX, saying the renegotiated contract would “see a reduction in the …

ASX-listed fund manager Perpetual has used Fonterra Cooperative Group’s food scare to trawl for cheap units in the dairy exporter’s listed fund. Funds managed by Perpetual bought about 1.26 million units, or 1.17 percent, of Fonterra Shareholders’ Fund for some A$7.32 million on Aug. 5, when the price plunged in the first trading day after the dairy company said some …

The New Zealand dollar advanced as investors increased their holdings of the local currency following a sell off earlier in the week on concern about the impact of a food contamination scare on the New Zealand economy. The kiwi rose to 79.56 US cents at 8am in Wellington from 78.94 cents yesterday. The trade-weighted index gained to 75 from 74.66. …

Wall Street slid for a third day amid comments from Cleveland Fed President Sandra Pianalto that the US jobs market had shown “meaningful improvement”. In late afternoon trading in New York, the Dow Jones Industrial Average fell 0.37 percent, the Standard & Poor’s 500 Index dropped 0.42 percent and the Nasdaq Composite Index shed 0.40 percent. Shares of Home Depot, …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has launched an investigation into a food contamination scare after accounting for the potentially tainted product. Chief executive Theo Spierings told a briefing in Auckland all affected whey protein and its derivatives had been contained internationally, and he was satisfied the contamination scare had stabilised. The dairy company has launched an investigation …

Fonterra Cooperative Group, embroiled in a food contamination scandal, has been fined $900,000 for its role in fixing prices for infant formula in China, but says its rivals face bigger penalties. quick easy ways to make money The Auckland-based cooperative was issued an administrative fine of 4.47 million Chinese yuan after the China National Development and Reform Commission finished its …

Shares in Tower fell to a two-month low after the insurer gave more guidance on its licensing requirements, raising concerns it may have to hold more cash on its balance sheet. The stock fell 3.2 percent to $1.79 after the Auckland-based company yesterday said it needs a minimum solvency margin of $80 million above minimum solvency capital from Aug. 16 …

Shares in Abano Healthcare climbed to a four-month high after the specialty health clinic investor said it had batted away an unsolicited proposal from an unnamed party alongside director Peter Hutson, and now faces a potential takeover bid. The stock jumped 11 percent to $6.51 after the Auckland-based company said it received and rejected an unsolicited non-binding indicative offer north …

Shares of telecommunications infrastructure owner Chorus bounced 5.9 percent when trading opened on the NZX this morning after Communications Minister Amy Adams announced a new way forward on the vexed issue of regulated pricing for copper network services. By mid-morning, Chorus shares were at $3.07, above their listing price of $2.94 in November 2011 for the first time since March. …

Abano Healthcare, which last week reported a 75 percent jump in annual profit, faces a takeover bid after turning down an offer north of its current $100.2 million market price from an unnamed party alongside director Peter Hutson. The Auckland-based company received and rejected an unsolicited non-binding indicative offer from a third party seeking to invest and operate in the …