Business Desk

By Margreet Dietz Sept. 22 (BusinessDesk) – Wall Street rose along with equities in Europe, though gave up some of its earlier gains as shares of drug makers dropped on a tweet by Hilary Clinton that she will detail a plan to curb “price gouging.” Adding to rate hawks, US Federal Reserve Bank of Atlanta President Dennis Lockhart said he …

By Pattrick Smellie Sept. 21 (BusinessDesk) – Prime Minister John Key has given a guarded view of New Zealand’s chance of striking the “high quality” deal it has always sought in the 12 nation Trans-Pacific Partnership trade and investment negotiations, saying that “at least it will be the very best we can do.” International reports suggest a final ministerial meeting will …

By Paul McBeth Sept. 22 (BusinessDesk) – Synlait Milk, which counts China’s Bright Dairy & Food as its biggest shareholder, posted a 46 percent drop in annual profit as lactoferrin sales missed expectations and it kept milk payments high enough to ensure supply. Synlait cut its payout forecast for the current season. Net profit dropped to $10.6 million, or 7.21 cents per share, …

By Fiona Rotherham Sept. 22 (BusinessDesk) – Concussion management software developed by Kiwi technology company CSx has been put to the test by teams in Rugby World Cup 2015 as a UK medical chief calls for rule changes to protect players from head injuries. The Auckland-based company, founded by former sports therapist Ed Lodge and bankrolled by Blues co-owner Murray …

Mark Lacy and Jason Maywald, directors of OPI Pacific Finance, have been sentenced to 200 hours of community work and A$100,000 in reparations after pleading guilty to two Securities Act charges laid by the Financial Markets Authority. Last month, Lacy and Maywald pleaded guilty to charges relating to a registered prospectus and an advertisement distributed in 2007, which the FMA said …

By Jonathan Underhill Sept. 18 (BusinessDesk) – SkyCity Entertainment Group, New Zealand’s only listed casino company, said it has gained resource consent approval for the convention centre. The company gets some $458 million of gaming concessions as a result of agreeing to build the convention centre in a deal with the government. In May, SkyCity lifted the minimum it will invest in the development to $430 million …

By Paul McBeth Sept. 18 (BusinessDesk) – Lines companies Buller Electricity and Pioneer Generation plan to mount a takeover of electricity retailer Pulse Energy, though haven’t settled on an offer price yet. Pulse Energy was told by its 56 percent shareholder Buller Electricity that the West Coast-based lines company will team up with Otago-based Pioneer to buy the remaining Pulse …

By Suze Metherell Sept. 17 (BusinessDesk) – Creditors of New Zealand’s failed state-owned coal miner Solid Energy have voted in favour of an orderly sell down over the next 2 1/2 years, rejecting a last minute foreign bidder’s request to delay the watershed meeting ahead of a possible buyout. Korda Mentha administrator Brendon Gibson said a move by Australian company Mach …

By Paul McBeth and Jonathan Underhill Sept. 17 (BusinessDesk) – Associate Finance Minister Paula Bennett says the government’s decision to reject the Overseas Investment Office’s recommendation on the sale of Lochinver Station to Shanghai Pengxin wasn’t political and ultimately she wasn’t convinced the deal provided enough benefit to New Zealand. The OIO had recommended to Bennett and Land Information Minister Louise Upston …

By Jonathan Underhill Sept. 17 (BusinessDesk) – The government has scuttled Shanghai Pengxin’s $88 million purchase of Lochinver Station, which it would have added to a portfolio including the Crafar farms, saying the transaction failed on the test of providing a substantial benefit to New Zealand. “After detailed and careful individual consideration, we are not satisfied there will be, or is likely …