The Australian government has agreed to make the long-vexed issue of mutually recognising trans-Tasman imputation credits on dividends a topic for review in a forthcoming white paper on tax reform. However, just how big a topic remains to be seen. The decision rated the last paragraph in a pro forma press statement issued by Prime Minister John Key after today’s …

Northland Port Corp, which owns half of the Whangarei port’s operating company, has sold its 50 percent stake in North Port Coolstores to partner NPC Investments for $1.8 million. The company will realise a gain of some $800,000 from the sale which will be accounted for in its second half earning of this financial year, it said in a statement. …

Previous investors in Direct Property Fund, which is now merged with Property For Industry, are being offered the opportunity to reinvest their dividends in the PFI dividend reinvestment scheme, if and when its suspension is lifted. The two property companies merged July last year, creating the fifth largest listed property group on the New Zealand share market and boosting its …

Canada’s Smart Technologies has given up on New Zealand-based NextWindow, which it bought in 2010 for US$82 million, and plans to wind down the unprofitable touch-screen display developer in the next year. Based in Calgary, Alberta, Smart today announced plans to exit its optical touch sensor business for desktop displays and expects Next Window to be wound down by the …

Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengesellschaft, has confirmed acquisition discussions with Hawke’s Bay orchard and packaging company Apollo Apples as it announces its new strategy for growth. In a statement to the NZX the Auckland-based company confirmed a media report that it was in talks with Apollo, but said “discussions may not ultimately lead to …

Wool Equities, which manufactures wool for its grower shareholders, and Primary Wool Cooperative, a farmer-owned joint venture with wool broker Elders, agreed to continue to progress talks about a possible merger to boost returns after an initial meeting this week. The boards of Wool Equities, with 9,500 farmer shareholders, and Primary Wool, owned by about 1,200 farmers, met on Wednesday …

The Commerce Commission has outlined its proposed process to determine pricing for Chorus’s regulated copper network, and hopes to achieve a result by December when reduced prices are scheduled to kick in for the network operator. The regulator today released a process and issues paper on how it will determine the final pricing principle for Chorus’s unbundled bitstream access services, …

The level of activity on the NZX grew for a 17th month in January, though the value of transactions was lower than the same month last year. The total number of trades rose 43 percent to 98,903 in January, with the daily average at 4,710, according to NZX’s monthly shareholder metrics. The total value traded fell 8 percent to $2.1 …

The New Zealand dollar rose to a week high as sentiment improved, turning investor attention to riskier assets such as the kiwi. The kiwi touched 82.82 US cents this morning, and was at 82.68 cents at 8am in Wellington from 82.38 cents at 5pm yesterday. Concern about emerging market weakness has abated, pushing up European and US equities, US interest …

Tower chairman Michael Stiassny took a swipe at Australian rival Insurance Australia Group’s bid to buy Wesfarmers’ trans-Tasman underwriting businesses, saying the market dominance creates “significant risk.” IAG has sought clearance from Australasian antitrust regulators to buy the WFI and Lumley Insurance brands as well as a 10-year distribution agreement with Coles for A$1.85 billion, something Tower’s Stiassny says is …