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Datacom, the privately-held IT services firm, surpassed Spark New Zealand as the country’s biggest information technology services provider, lifting annual revenue 6.3 percent in a growing footprint on both sides of the Tasman. Revenue rose to $937 million in the 12 months ended June 30 from $881 million a year earlier, the Wellington-based company said in a statement. Net profit …

Fonterra says it should no longer be required to accept all milk from new suppliers or to have to make milk available to large processors, apart from Goodman Fielder. In submissions to the Commerce Commission, which is undertaking a government-ordered review of the industry’s competitiveness, rival processors have said they either want the status quo or the regulations tightened. Fonterra …

The two shareholder groups representing Silver Fern Farms and Alliance farmers have joined forces in a bid to encourage the two meat cooperatives to follow suit and work collaboratively. Each shareholder group has separately gained the 5 percent farmer support needed to call special meetings of their respective cooperatives to try and force the boards to investigate the benefits and risks of …

Adherium, a New Zealand medical devices company, wants to raise as much as A$35 million from Australian and Kiwi investors in an initial public offering on the ASX, to help fund the commercial roll out of its product and continue research and development. The Auckland-based company, formerly known as Nexus6, develops and manufacturers digital health technologies that improve medical adherence and patient …

The New Zealand dollar fell after China devalued the yuan, stoking concern economic growth is weaker than expected in the nation’s biggest trading partner. The kiwi traded at 65.52 US cents as at 5pm in Wellington, down from 66.10 cents late yesterday. The currency rose to 4.1396 yuan from 4.1033 yuan. China is the biggest two-way trading partner with New Zealand and the second-largest export market …

Pacific Edge, the maker of non-invasive bladder cancer tests, has won US regulatory approval to commercially process test samples from its latest cancer detecting product at its Dunedin laboratory. Approval and registration with the US regulatory standard, Clinical Laboratory Improvement Amendments, enables the commercial use of its Cxbladder Triage test at its diagnostics laboratory, the company said in a statement. Registration is …

 VMob, the NZAX-listed mobile technology company, is shifting its headquarters to San Francisco, planning to shift from the NZAX to the main board of the NZX listing, and raising about $5 million in a private share placement. The company’s mobile marketing platform delivers personalised, location-based promotional offers to mobile phone users on behalf of major brands to increase sales. At its annual meeting …

Milk prices have dropped so dramatically that Fonterra Cooperative Group effectively overpaid farmers under an advance payments scheme last year, sapping funds available to pay out farmers at the end of the season and leaving them short of cash even before last week’s deep cut to the 2016 forecast payout. “Last year, Fonterra came out with a higher advance rate schedule during the year, …

The New Zealand dollar gained after Fonterra slashed its milk payout forecast as expected while offering interest-free loans and a slightly improved dividend to its farmers to soften the blow. The kiwi rose to 65.52 US cents as at 5pm in Wellington, from 65.43 cents before the Fonterra statement and from 65.42 cents late yesterday. The trade-weighted index advanced to 70 from 69.83. Fonterra cut …

Fonterra  has slashed its farmgate milk price for the 2015/16 season by $1.40 to $3.85 per kilogram of milk solids but is supporting cooperative members with an additional 50 cents per shared-up kilogram of milksolids in the form of an interest-free loan. The initiative softens the blow for farmers, who’ve seen prices tumble from $8.40 pert kg/ms in 2014, but comes at …