Finance

Several Milford Asset Management funds are invested in beleaguered Australian law firm Slater & Gordon, whose share price dropped 25 percent yesterday after it said errors had been uncovered in the financial reporting of historical cash flow at its UK business. The ASX-listed law firm is in the middle of a A$1.3 billion acquisition of UK-based Quindell Plc, whose shares were suspended last week as regulators …

Milford Asset Management has dropped veteran portfolio manager Mark Warminger from the investment team for its funds under management, according to an amended prospectus issued the same day it agreed to a $1.5 million settlement with the Financial Markets Authority over market manipulation. The amended prospectus, for the firm’s fundraising arm, Milford Funds Ltd, has been changed to show director and …

 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 …

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 …

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 …

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 …

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 …

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 …

New Zealand recorded a smaller-than-expected trade surplus in February, led by declining dairy exports, while the annual deficit widened to the largest in more than five years. Statistics New Zealand said the trade surplus was $50 million in February, lower than the $392 million expected in a Reuters poll of economists. January’s surplus was revised down to $33 million, from $56 million. The …