Uncategorized

The New Zealand dollar touched a nine-week low against the yen and weakened against the greenback after dairy product prices extended their slide in the latest GlobalDairyTrade auction and traders awaited a meeting of the Bank of Japan. The kiwi touched 86.59 yen early this morning, its lowest since March 17, and was trading at 86.83 yen at 9:55am in Wellington, from 87.46 …

Abano Healthcare, the medical investor embroiled in a dispute with its biggest shareholder, said full-year profit will rise at least 60 percent and urged shareholders to support chairman Trevor Janes at a special meeting that seeks to have him dumped. In a letter to shareholders signed by the remaining five board members they describe a “misleading communications campaign” by dissident …

Ryman Healthcare, which last week reported a 43 percent boost in annual profit, has secured a site for its second retirement village in Melbourne, which it expects to spend more than $100 million to build. The Christchurch-based company purchased a 5.5 hectare property in Melbourne’s eastern suburbs from the Victorian government as part of the state’s surplus land programme, it …

A company seeking permission to mine ironsands off the coast of Patea in New Zealand’s Exclusive Economic Zone says it is “confident” the project “can proceed.” The statement from Trans-Tasman Resources follows today’s formal closing of the marine consent hearings by the Decision-Making Committee appointed by the Environmental Protection Authority to consider the application. The DMC unexpectedly adjourned rather than …

New Zealand shares fell, paced by companies with exposure to a weaker Australian economy such as SkyCity Entertainment Group, Kathmandu Holdings and Michael Hill International. Trade Me Group slid after an analyst downgraded the stock. The NZX 50 Index fell 18.409 points, or 0.4 percent, to 5167.780. Within the index, 24 shares fell, 15 rose and 11 were unchanged. Turnover …

The Hawke’s Bay’s Ruataniwha Water Storage Scheme has been dealt another blow after the South Island’s Ngai Tahu followed Trustpower in withdrawing from the irrigation project. The proposed development is part of the wider Tukituki Catchment Proposal that was granted resource consents by a Board of Inquiry last month. However, the board imposed more stringent conditions on run-off into waterways …

The New Zealand government will dust off the stalled initiative for a free trade agreement with India, following the election of a new Indian government promising an economic reform agenda more likely to be welcoming of foreign trade and investment. The Bharatiya Janata Party, led by Narendra Modi, won the Indian general election over the weekend, becoming the first government …

The New Zealand dollar edged up in local trading after government figures showed producer prices rose faster than expected, pointing to potential inflationary pressures. The kiwi rose to 86.33 US cents at 5pm in Wellington from 86.27 cents at 8am, and 86.21 cents on Friday in New York. The trade-weighted index was little changed at 80.26 from 80.18 yesterday. New Zealand producers faced a 1 …

The McMillan family is selling its half stake in Auckland-based BMW, Mini and Roll Royce dealer Team McMillan to co-owner Collins Asset Management, and founder Bob McMillan will retire from the business. Collins Asset Management’s managing director Tim Cook said financial terms of the transaction, which is effective on June 30, were confidential. Team McMillan, based on Great South Road, is …

Sheep farmers will vote in October whether to reinstate a wool levy to fund industry good activities, five years after they dumped a national levy in a move that forced a restructure of what was then called Meat & Wool New Zealand. The Wool Producers Referendum, set for Oct. 10, will ask New Zealand’s 17,000 eligible sheep farmers to approve a …