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 been granted accreditation to manufacture retail-ready infant formula for export into China. The Rakaia-based milk processor has been notified of its approval by the Certification and Accreditation Administration of the People’s Republic of …

The New Zealand dollar is heading for an 11 percent slump in the September quarter as global demand for the greenback has rallied on the prospect of rising US interest rates next year, and as the Reserve Bank of New Zealand confirmed it had been active in the currency market, having jawboned the kiwi since July. The local currency fell to 78 …

Vitaco Health Group, the food supplements business majority owned by Australian private equity firm Next Capital, has cut a deal with the Inland Revenue Department which will see it give up $29.9 million of tax losses generated from mandatory convertible notes, which it has also pledged to unwind. The Auckland-based company entered into a settlement deed with New Zealand’s tax department …

Air New Zealand chief executive Christopher Luxon has defended its pricing on domestic regional routes, saying it’s one of only a few airlines in the world servicing as many smaller towns as it does, and that such routes are often considered uneconomic. Speaking at the airline’s annual meeting in Christchurch, Luxon told shareholders regional airline economics are “very challenging” and will …

New Zealand business confidence declined for a seventh month in September, to the lowest level in more than two years, as election uncertainty added to concerns about slowing economic growth, according to ANZ Bank’s latest Business Outlook survey. A net 13.4 percent of respondents were optimistic business conditions would improve in the coming year, down from a net of 24.4 in August, and …

The Financial Markets Authority has warned New Zealanders to exercise “extreme caution” when dealing with building society General Equity and has ordered the company to display the regulator’s warning on its website. The Auckland-based registered building society is not a registered deposit taker or subject to the oversight of the Reserve Bank and conducts most of its business offshore, the regulator said …

New Zealand building consents held steady in August from a month earlier, underpinned by approvals for apartments and retirement village units. The number of seasonally adjusted consents was flat at 2,104 in August, the same reading as in July, which recorded a 1.7 percent drop from the previous month, Statistics New Zealand said. Excluding apartments, which can be volatile, consents dropped 1.6 …

Duncan Saville, whose ICM unit manages ASX-listed Zeta Resources, is seeking a seat on the board of New Zealand Oil & Gas, and has the blessing of the oil explorer’s current directors. NZOG shareholders will vote on whether to add Saville to the board on Nov. 4 at their annual meeting in Wellington, according to the firm’s notice of meeting. …

Quattro Asset Management, an Australian fund manager, is in negotiations to buy two Auckland industrial assets from Goodman Property Trust and two office towers in Wellington and Auckland from Precinct Properties New Zealand The Sydney-based investor is in talks with Goodman to buy its Enterprise Park at Wiri and SuperCheap Auto, part of the Savill Link Estate in Otahuhu, Goodman (NZ), the manager of the Auckland-based property …

Nearly two-thirds of employers intend keeping headcount steady this quarter, according to the latest Hudson quarterly report on employment trends. However hiring intentions dipped 1 per cent to 30.8 percent, back to the same level as the start of the year. The continuing fall in the unemployment rate to 5.6 percent backs up the “steady as she goes” approach to …