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By Pam Graham Rakon, a maker of crystal oscillators used in smart phones and navigation systems, will liquidate its two-year-old Chinese factory if a plan to sell it does not go through. iphone sms spy Shenzhen Stock Exchange-listed ZheJiang East Crystal Electronic Co is buying 80 percent of Rakon Crystal (Chengdu) Co (RCC) for $US18.8 million. Rakon, which will retain …

By Pam Graham The amalgamation of councils in Auckland has worked so well it should be a template for the rest of New Zealand, the lobby group for infrastructure companies says. New Zealand Council for Infrastructure Development (NZCID) chief executive Stephen Selwood pushed for reform of councils in regions at the Local Government New Zealand conference in July and he …

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NZX, the market operator, doubled annual profit as it benefited from new listings, a surge in trading activity and fees for running market operations, more than making up for a drought-impacted NZX Agri division. Profit rose to $6.4 million, or 2.51 cents a share, in the six months ended June 30, from $3.2 million, or 1.27 cents, a year earlier, …

Fonterra Cooperative Group, the world’s biggest dairy exporter, faces a 14 day temporary ban on selling products in Sri Lanka, and denies claims its products still contain traces of a nitrate inhibitor that sparked a food scare earlier this year. Three workers representing Sri Lanka’s National Health Services Union have won a temporary injunction to stop the Auckland-based company from …

China’s Bright Food Group, a cornerstone stake in local processor Synlait Milk, is likely to get a boost from Fonterra Cooperative Group’s food scare and might get a credit rating upgrade from Moody’s Investors Service. home sharing not working Fonterra is the biggest milk powder supplier into China with about 60 percent market share, and last week’s food safety scare …

Finance Minister Bill English has appointed former Bell Gully partner Jonathan Ross and US-based venture capitalist Bridget Liddell to the board of the Reserve Bank. Ross joins the board today, replacing academic Chris Eichbaum, whose five-year tenure ended on July 31, and Liddell will join the board from October, replacing outgoing chairman Arthur Grimes. Rod Carr was elected chair by …

Health Minister Tony Ryall and Food Safety Minister Nikki Kaye confirm that Nutricia has today narrowed the scope of the recall for infant formula.  “The Ministry for Primary Industries and Nutricia’s verification work has enabled the recall to be narrowed only to 900g cans manufactured between 21 May 2013 and 2 August 2013 inclusive,” Kaye says.  The following 900g cans remain …

The Ministry for Primary Industries investigation into Fonterra Cooperative Group’s potentially tainted whey protein concentrate will take up to six months. jobs working from home Acting MIP director general Scott Gallacher said the 20-person probe spear-headed by the ministry’s compliance director probably take between three and six months. The investigation will determine whether Food Act and Animal Products Act regulations …

New Zealand will ink an economic cooperation agreement with Taiwan in Wellington tomorrow evening completing a triumvirate of  FTAs with China and its satellites: Hong Kong and Taiwan. NZ will be the first Western nation to triangulate the trade relationship with China, Hong Kong and Taiwan. Singapore – which like NZ is understood to have agreed the guts of the …