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 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 …

Beef + Lamb New Zealand says it won’t proceed with a joint market development body because meat companies and exporters baulked at paying half of the $8 million cost. The decision by meat processors to continue funding their own marketing rather than putting up some $4 million for a joint effort with Beef + Lamb means the farmer owned industry organisation …

Fonterra Cooperative Group, the world’s largest dairy exporter, sold its third dim sum bond, raising 1 billion Chinese yuan, or $230 million, with the proceeds helping fund the stake in Beingmate Baby & Child Food.  The five-year bond, which is priced in yuan but issued outside of China to tap international investors, will carry a 4 percent coupon, the Auckland-based company said. The cash …

NZBio has waded into the debate over using new biotechnologies, including genetic modification, backing a call by Treasury secretary Gabriel Makhlouf for another look at New Zealand’s attitude to risk. In a speech at Fieldays last week on making informed decisions about natural resources, Makhlouf said when new technologies come along, both genetically modified and non-genetically modified, New Zealand’s current system …

PGG Wrightson, the rural services firm controlled by China’s Agria Corp, lifted its annual earnings outlook as second-half trading comes in ahead of expectations, but warned weak farmer confidence may weigh on future sales. The Christchurch-based company expects annual operating earnings before interest, tax, depreciation and amortisation to be between $66 million and $69 million in the year ending June 30, above …

The Commerce Commission has released details of the scope of its inquiry into whether Fonterra Cooperative Group’s 87 percent of New Zealand’s milk pool gives it too much market dominance. The review is required under the Dairy Industry Restructuring Act 2001, when Fonterra was established, which sets rules for supply to other milk companies and anticipates those DIRA provisions be phased …

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 …

Fonterra Cooperative Group, the world’s largest dairy exporter, only told staff about the potential for hundreds of jobs to go several hours after chief executive Theo Spierings told media. Spierings fronted up to the media yesterday morning after widespread conjecture over a review underway and the involvement of business management consultant McKinsey & Co, and criticism over the cooperative’s underlying management …

A2 Milk Co, the dual-listed milk marketing company, is suing the Australian Broadcasting Corporation alleging misleading and deceptive statements in advertising its consumer affairs programme, The Checkout.  A2’s Australian subsidiary has lodged actions in the Federal Court in Sydney, using prominent Australian barrister Allan Myers QC, after the public broadcaster promoted a segment which called the company’s scientific claims “bogus”. A2 Milk claims this …