Business

A2 Milk Co, which markets milk with a protein variant said to have health benefits, says annual earnings were flat and are set to triple in 2016 with sales expected to rise faster than forecast. Separately, the company has told its suitors to try again after an initial offer wasn’t compelling and drew out rival bidders. Earnings before interest, tax, …

When the New Zealand – Korea free trade agreement signed in March enters into force, tariffs will be eliminated on 48% of current goods. New Zealand’s exports to Korea current attract $229 million every year in duties. In the first year alone the free trade agreement will save an estimated $65 million in duties, and within 15 years of establishment the …

Steel & Tube Holdings rose after the country’s biggest steel distribution company said it’s agreed to buy fastener distributor Manufacturing Suppliers for $32 million in a cash and scrip deal. The Petone-based company will pay $26 million in cash and $6 million in shares for Auckland-based MSL, which is best known for its Fortress Fasteners brand, which Steel & Tube will …

In the 2015 Agribusiness report, we dug deep into NZ’s biggest industry, we looked at how the major players are faring. Examining industry structures, global supply chains and government programmes to support the industry. We considered the opportunities and constraints on New Zealand agribusiness and some of the rising star companies in agritechnology. We also looked at rapidly developing market …

NZX, which is New Zealand’s only registered stock market operator, “strongly opposes” a bid by share trading platform Unlisted to be exempted from new licensing requirements, saying its lack of basic shareholder protections could tarnish the reputation of the country’s capital markets. Unlisted is petitioning Commerce Minister Paul Goldsmith for an exemption from being licensed by the Financial Markets Authority, as required …

Wednesday July 8: After an emergency eurozone leaders’ summit in Brussels, and as the eurozone prepares for a full EU summit on Sunday, there is enormous pressure on the Greek government as the country is on the verge of running out of money. There is also pressure on the other eurozone leaders, with the current situation deemed the most critical …

As news of Craig Norgate’s sudden death rippled around the world –  friends, colleagues, and business partners took to social media to share their shock, grief, and war stories. Norgate was Fonterra’s first CEO and a galvanic business leader who died at just 50. NZ INC. checks in on some messages that paint a picture of this out-of-the-ordinary man. “He …

New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show strong profits and lending growth in the first quarter of the 2015 however lending margins are beginning to contract due to stiff competition. Net profit before tax increased by $94 million or 5.9% to $1.69 billion for the first quarter of 2015, compared to $1.59 …

Murray Radford will retire as chairman of Mowbray Collectibles as the auction house prepares to rename as Bethunes after selling units and repaying debt. Radford will end 15 years on the Mowbray board and Christopher Swasbrook will act as chairman until a replacement is found, the Wellington-based collectibles company said in a statement. Mowbray settled the sale of subsidiaries Mowbray Bethunes and …

MightyRiverPower’s Metrix metering business has walked away from a deal with Infratil-controlled Trustpower that would have supplied the power company’s 242,000 electricity customers with smart meters. The Auckland-based company decided not to proceed with the contract after reviewing the systems development to date and ongoing requirements, it said in a statement. The contract was expected to start this year, before scaling …