Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month’s end, according to Trade Minister Tim Groser. With US legislators granting President Barack Obama’s administration fast-track approval, Groser expects the 12 nations’ negotiators will put their real cards on the table after several years of shadow-boxing. The US …
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Ngati Whatua files court papers over Crown snub on Auckland land sales
Ngati Whatua, a member of the Tamaki Makaurau Collective, has filed a statement of claim in the High Court at Auckland over the government’s decision not to offer land earmarked for housing development to the iwi first. The iwi is seeking a judicial review of recent decisions around the Auckland Crown Land Programme, and Moire Road property in particular, it said in …
Read More »NZ dollar heads for 0.3% weekly decline as financial markets hang on Greece debt talks
The New Zealand dollar is heading for a 0.3 percent weekly decline against the greenback as financial markets hang on the outcome of Greece’s debt negotiations before its 1.6 billion euro loan comes due at the end of the month. The kiwi fell to 68.86 US cents at 5pm in Wellington from 69.08 cents on Friday in New York last week. …
Read More »APN boss Michael Miller returns to News, radio boss Ciaran Davis bumped upstairs
APN News & Media chief executive Michael Miller will leave the Australian owner of New Zealand media group, NZME, to head up the Australasian arm of News Corp’s empire, and will be replaced by the company’s top radio executive, Ciaran Davis. Miller’s resignation comes after he was appointed executive chairman of News Corp for Australasia, but he will stay with APN during …
Read More »Milford’s $1.5 mln settlement a ‘commercial decision’ – MD Anthony Quirk
Milford Asset Management agreed to pay $1.5 million to settle with the Financial Markets Authority over alleged market manipulation by one of its traders, rather than become embroiled in what could have been a prolonged legal battle, managing director Anthony Quirk says. Quirk told BusinessDesk the settlement was “essentially a commercial decision”. The Auckland-based fund manager denied claims it’s liable for any breaches of the …
Read More »Milford Asset Management fined $1.5 mln for market manipulation, trader still in spotlight
Milford Asset Management has agreed to pay $1.5 million to the Financial Markets Authority over claims the high-profile fund manager engaged in market manipulation. The Auckland-based firm will pay $1.1 million in lieu of a penalty and $400,000 to cover the market watchdog’s costs, while denying it’s liable for any breaches of the Financial Markets Conduct Act, the FMA said …
Read More »TruScreen posts annual loss, sees blue skies in China
TruScreen, the NZAX-listed cervical cancer test developer, posted a small loss in its first annual filing as a listed company and has lined up China to underpin growth having achieved regulatory approval and several supply deals in the world’s most populous nation. The Auckland-based company reported a loss of $692,000, or 0.5 cents per share, in the 12 months ended March 31 …
Read More »Dairy doldrums keep Reserve Bank nervous
A slow recovery in global milk prices that’s weighing on the local dairy sector is making the Reserve Bank nervous, with the prospect of another sub-standard season threatening New Zealand’s national income. Global dairy prices halved last year as Chinese buyers scaled back their activity after stockpiling in 2013, and milk processors have pared back their expected payments to their farmer …
Read More »Diane Foreman’s Emerald Foods sold for undisclosed sum to foreign interests
NBR Rich Lister Diane Foreman’s Emerald Group has sold its ice-cream manufacturing subsidiary to a foreign collective for an undisclosed sum. Hong Kong-based Emerald Foods Group (HK) bought 100 percent of the shares in Foreman’s Emerald Foods subsidiary on June 3, according to Companies Office filings, completing an acquisition that had been approved by the Overseas Investment Office in April. The …
Read More »NZ govt happy to give Australia time to bring in trans-Tasman imputation credits
The New Zealand government is still pushing for a shared trans-Tasman tax scheme recognising imputation credits on dividends, which it says is the single biggest step to a closer economic relationship, but is willing to give Australia time to bring it in. In a submission to Australian Prime Minister Tony Abbott’s white paper on tax reform, the New Zealand government resumed its …
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