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Better-than-expected profit outlooks from drug makers Pfizer and Eli Lilly bolstered Wall Street, while a rise in US home prices also underpinned optimism that the economic recovery is kicking into gear. Shares of Pfizer gained, last up 3.1 percent, after the company predicted 2013 profit that surpassed expectations. So did Eli Lilly, boosting its shares 3.8 percent. Of the 174 …

literacy narrative essay Fonterra chief executive Theo Spierings has torn strips off Labour agriculture spokesman Damien O’Connor for, he says, endangering the whole of the New Zealand dairy industry with “drastic” allegations relating to traces of a benign chemical, DCD, found in some powdered milk. O’Connor issued a press statement alleging a cover-up of the DCD findings in September to …

Fonterra Shareholders Fund units took a small, immediate knock as trading opened on the NZX this morning after a weekend in which international media latched onto the news that small traces of a nitrate inhibitor had been found in some Fonterra milk powder. FSF units dropped 0.41 percent, or 3 cents, to $7.20 at the open of NZX trading, and …

Consolidation in the wine-making industry is continuing with Delegat’s Group paying $8.5 million for the vineyard and winery assets of Matariki Wines and Stony Bay Wines, which are in receivership. The deal allows the listed owner of the Oyster Bay wine brand to increase its vineyard holdings in Hawke’s Bay by 61 hectares to 500 hectares. “The acquisition of this …

Vehicle inspectors Jevic New Zealand has upped its offer for all the shares of Vehicle Inspection New Zealand (VINZ) to a level that has won approval of directors who can’t see a competing offer eventuating. Jevic has increased its offer to $2.15 a share from the $1.65 a share, valuing VINZ at $5.4 million. The new offer is being unanimously …

The government will intervene to free up land for housing unless local governments, especially Auckland, plan to do so themselves, Prime Minister John Key said today in his state of the nation speech in Auckland. “We want to work co-operatively with local councils and I believe our goals in the end are the same,” said Key. “In particular we are …

By Pam Graham Multi-millionaire philanthropist Sir Owen Glenn was given the opportunity to bid for The New Zealand Herald last year but decided not to proceed. “I was approached at the beginning of last year and I did look at it as an investment but the numbers didn’t stack up,” Glenn told BusinessDesk. The former owner of OTS Logistics, who …

Major electricity users and most electricity companies are gearing up to challenge a radical new Electricity Plan changing the way they pay for access to the national grid. resume writing service Papers published on the EA’s website show a combination of confusion and opposition to the proposals, which the industry regulator unveiled in October, cutting through more than a decade …

The property market may be taking off, but there is no sign of the manufacturing sector doing the same, according to the latest BNZ-Business New Zealand Performance of Manufacturing Index. The December PMI was barely in positive territory at 50.1, up 1.3 points from November, but down on the readings in December 2011 and 2010. BNZ described the overall index …

Publisher Fairfax Media is moving more sub-editing work from Australia to New Zealand in a bid to reduce costs. Fairfax has already moved sub-editing work from the Newcastle Herald, the Illawarra Mercury and community titles to New Zealand, resulting in the loss of 66 jobs in Australia. On Wednesday it said it will move the copy sub-editing of its Financial …