New Zealand

Kathmandu shares soared to a four-month high after Briscoe Group acquired a 19.9 percent stake and said it plans to make a full takeover, raising the prospect that managing director Rod Duke could use his skills to revive the struggling outdoor equipment and clothing chain. Kathmandu stock rose as much as 29 percent to $1.80, the price Briscoe paid institutions for most of the …

Briscoe Group, the retailer controlled by managing director Rod Duke, has acquired 19.9 percent of Kathmandu and said it plans to make a full takeover offer for the outdoor equipment and clothing chain. Auckland-based Briscoe said it picked up 4.99 percent of Kathmandu over time and has subsequently acquired 14.9 percent of the target from institutional investors for $1.80 a share. That …

Address by the Hon Tim Groser, Minister of Trade and Minister of Climate Change Issues: US/NZ Partnership Forum, Auckland 30 June 2015 I would like to thank our two co-chairs, the Hon Simon Power, Chair of the NZ-US Council and Stu Van Soyoc, President of the US-based counterpart organisation for assuming joint responsibility for the Partnership Forum. I think it …

Mayor Len Brown and Councillors Bill Cashmore and Denise Krum led a delegation of 43 Auckland businesses to the inaugural Tripartite Economic Alliance Summit in Los Angeles. “Auckland is New Zealand’s only global city and we are fast becoming a significant innovation hub in the Asia-Pacific region. The summit gives us the chance to build our trade and economic relations; to create exciting export opportunities …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has cut its forecast payout to farmers by 20 cents, blaming volatile global commodity prices and an over-supply in international markets. The Auckland-based companies has reduced its forecast farmgate milk price to $4.50 per kilogram of milk solids from $4.70/kgMS, and retained its estimated dividend range of between 20 and 30 cents, …

Remote measurement software developer ikeGPS will miss its prospectus revenue targets for the 2015 financial year, but says that’s because sales of its new smartphone application, Spike, are running three months behind schedule and are expected to exceed targets. Eight months after listing on the NZX, the company also says it’s entertaining interest from US investors. While ikeGPS had no requirement for cash, …

New Zealand’s Reserve Bank, the independent body which sets the benchmark interest rate, has appointed Conor English, the younger brother of Finance Minister Bill English, as one of its part-time external monetary policy advisers. Conor English, chairman of Agribusiness New Zealand and the former chief executive of Federated Farmers, will take up the role starting from the bank’s June monetary …

Former Prime Minister Jenny Shipley wants New Zealand firms to take advantage of her appointment to the board of the Boao Forum, which is made up of global political and commercial leaders, to seek business opportunities in Asia. Shipley was appointed to the board last month at the forum, which is focused on setting up the ‘One Belt, One Road’ initiative to …

The New Zealand dollar traded close to parity with the Australian dollar amid speculation weak Australian inflation data today could push it through the historic milestone. The kiwi touched a record against the euro on concern about whether Greece will exit the common currency. The kiwi hit 99.59 Australian cents overnight and was trading at 99.51 cents at 8am in …

The acquisition of Kawarau Village  – including five star Hilton Hotel and 4.5 star Kawarau Hotel is Pengxin’s first investment in NZ tourism. After months preparation, Kawarau Hotel is rebranded as Double Tree Hotel, which is sub brand of Hilton Group. Near 100 people gathered to celebrate the opening of the first Double Tree In New Zealand. Zhaobai Jiang,chairman of Shanghai …