Michael Kidd, a former partner of high-flying businessman Alex van Heeren in ventures including the Huka Lodge, is seeking a US$25 million interim payment in a long-running dispute over the division of assets when their 16-year business partnership ended in 1991. In an interlocutory hearing in the High Court at Auckland, South Africa-based Kidd is seeking both the interim payment and a …

Synlait Milk, the listed dairy processor, has cut its forecast market milk price for the 2014/2015 season along with a corresponding decrease in advance rates to farmers due to depressed global dairy prices.  The Canterbury-based company lowered its forecast payout to $4.40 per kilogram of milk solids from a previous forecast of $5.00/kgMS, it said in a statement. The move follows dairy …

Summerset Group Holdings, the listed retirement village, has been granted resource consent for its $80 million Wigram village, its first in Christchurch. The new site will have some 200 units, including villas, townhouses and care apartments as well as 50 hospital-level beds, the Wellington-based company said in a statement. Building will begin next month with first homes opening late next year. …

The Ministry for Primary Industries and Zespri International, the world’s largest kiwifruit marketer, are monitoring reports that staff at a Chinese company that imports a number of New Zealand’s primary sector products have been arrested in a crackdown by Chinese Customs.  According to a National Business Review report, nine staff at Dalian Yidu are understood to have been arrested in …

Jenny Morel’s venture capital firm No. 8 Ventures and Martin Aircraft Co founder Glenn Martin plan to cut their stakes in the jetpack business ahead of a planned initial public offer, which will see China-based investor KuangChi Science invest A$50 million to take a majority holding in the firm.  The Christchurch-based company has changed the terms of its offer, which will see the firm list on …

Synlait Milk, which plans to take a quarter-stake in Sichuan New Hope Nutritional Foods Co to gain a direct interest in a Chinese infant formula brand, has talked down the threat of dry conditions in Canterbury, saying its farmer suppliers have reliable access to irrigation water. The Rakaia-based milk processor hasn’t seen a drop in milk production as parts of …

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.  Pumpkin Patch hired Goldman Sachs late last year to advise on its capital and funding requirements and said a share issue was an option after warning it could breach banking covenants if Christmas …

Landcorp, New Zealand’s largest corporate farmer, plans to increase returns from sheep, signing a three-year contract with NZ Merino to manage its entire wool clip and seeking board approval next month to build a new shed to trial milking some of the flock. The state-owned enterprise indicated last July it was taking a serious look at milking sheep as a way of getting a …

The New Zealand dollar slipped as stocks on Wall Street rallied ahead of economic data that’s expected to show a faster pace of growth in the world’s biggest economy. The kiwi declined to 77.24 US cents at 8am in Wellington from 77.49 cents yesterday. The trade-weighted index decreased to 78.41 from 78.53 yesterday. Stocks on Wall Street rose, with the Dow …

Wall Street rose as gains in shares of Intel and IBM outweighed declines in shares of Chevron and Exxon Mobil, as investors positioned themselves for the end of the year. “It’s going to be pretty tough to divine anything meaningful from the market this week with Christmas coming up on Thursday and with trading desks half-staffed,” Michael James, a Los …