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onterra chief executive Theo Spierings is heading from Europe to China this weekend for meetings with manufacturers who have used contaminated whey powder supplied by the New Zealand dairy giant for use in infant formula and other products. The dairy cooperative is in crisis communications mode as it seeks to do the right thing by notifying that eight unnamed customers …

Fonterra has confirmed the whey powder at the centre of a botulism alert was shipped to customers at the time of its production, meaning it has been in the manufacturing supply chain for more than a year. jobs at home depot In an emailed response to questions from BusinessDesk, the managing director for Fonterra subsidiary NZ Milk Products, Gary Romanov …

New Zealand shares rose as Fisher & Paykel Healthcare benefited from a rival’s record earnings and investors pushed up market leaders Fletcher Building, Chorus and Telecom. The NZX Index rose 37.124 points, or 0.8 percent, to 4582.891. Within the index, 22 stocks rose, 12 fell and 16 were unchanged. Turnover was $100.9 million. F&P Healthcare rose 2.6 percent to $3.62 …

Bathurst Resources intends to oppose an application to the Court of Appeal by the Royal Forest & Bird Protection Society of New Zealand for special leave to appeal a decision related to Bathurst’s plan to mine for coal on the South Island’s West Coast. In June, the High Court rejected Forest & Bird’s application for leave to appeal a decision …

New Zealand dairy products giant Fonterra faces another food purity scare after advising eight customers it has found a strain of chlostridium, linked to the deadly disease botulism, in three batches whey protein concentrate used in products including infant formula. home depot job application The concentrate was produced at a single New Zealand manufacturing site in May 2012 and test …

First NZ Capital upgraded its recommendation for units in Fonterra Cooperative Group’s shareholders fund to ‘outperform’ from ‘neutral’, saying a short-term pullback in the price is a buying opportunity. At the same time, the brokerage lowered its earnings forecasts for Fonterra for the coming three years and reduced its 12-month target price on the units to $8.30 from $8.50 after …

The American academic whose work underpins the Labour Party’s electricity policy says New Zealand’s existing market arrangements are starting to work better and should be improved further. In a wide-ranging interview with BusinessDesk, Professor Frank Wolak of Stanford University described the Labour-Greens NZ Power single buyer policy as “a sham that might make me feel a bit better”, but was …

The New Zealand dollar approached 89 Australian cents this morning as investors favoured the reviving local economy over investment in Australia where the economy is slowing. The kiwi touched a new five-year high of 88.98 Australian cents, and recently traded at 88.87 cents, from 88.30 cents at the 5pm market close in Wellington yesterday. The local currency was little changed …

First NZ Capital upgraded its recommendation on homeware and sporting goods retail chain Briscoe Group to ‘neutral’ from ‘underperform’ and raised its outlook for earnings, citing better sales. Briscoe this week posted a 6.4 percent increase in second quarter sales and a 3.9 percent rise in same-store sales, compared with the year earlier quarter. The homeware unit posted its ninth …

Kiwi Income Property Trust may need to sell assets or raise equity to reduce its debt gearing should a proposal to bring its management inhouse go ahead, according to Craigs Investment Partners research analyst Chris Byrne. The Trust, managed by a company owned by Commonwealth Bank of Australia, may have to pay the bank A$66 million or NZ$75 million to …