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The liquidators of the Mainzeal Group of companies have racked up $523,000 in legal fees since taking on the administration, as they face several court battles with the failed construction firm’s principal, Richard Yan. BDO’s Brian Mayo-Smith, Andrew Bethell and Stephen Tubbs are seeking about $46.6 million in related party debt stemming from two significant restructures in the two years …

Wynyard Group, the intelligence software developer, plans to raise $35 million through a placement and a share purchase plan to fund its global growth strategy. Its shares have been halted for the capital raising. The Auckland-based company said it would raise $30 million via a placement to institutional investors and $5 million via a SPP. The placement is underwritten at …

New Zealand food prices fell in February on a seasonal dip for fruit and vegetables, while more expensive dairy products underpinned an annual gain in prices. The food price index slipped 1 percent in February following a 1.2 percent rise in January, according to Statistics New Zealand. In the year, food prices were up 0.2 percent, the smallest annual gain …

Pacific Edge, the bladder cancer test developer whose shares have soared in the past year, will join the NZX 50 Index this month, replacing retailer Hallenstein Glasson Holdings, whose stock has tumbled in the same period. Hallenstein’s share price has declined 44 percent in the past 12 months while Pacific Edge has surged 118 percent, outpacing the benchmark index’s 17 …

The Ministry for Primary Industries has filed four charges in the Wellington District Court against Fonterra Cooperative Group for breaches of the Animal Products Act during last year’s whey protein concentrate incident. The charges are that Fonterra failed to process dairy products in accordance with its risk management programme and didn’t notify authorities about the lapse, exported dairy products that …

The New Zealand dollar will stay at an elevated level for longer than previously thought as the local economic story finds favour with foreign investors, according to the Reserve Bank. The trade-weighted index, a measure of the kiwi against a basket of five currencies, averaged 78.18 in the March quarter, ahead of the Reserve Bank’s December projection of 77.4 in …

New Zealand’s property market has cooled a little as restrictions on the level of low-equity home loans and rising mortgage rates have tempered demand in recent months, the Reserve Bank says. Annual house price inflation slowed to 8.8 percent in January from a pace of 9.7 percent in October, with the moderation influenced by the Reserve Bank’s limits on the …

Reserve Bank governor Graeme Wheeler lifted the official cash rate a quarter-point to 2.75 percent in the first move of a tightening cycle, and signalled potential for a steeper track for future hikes as he tries to prevent inflation accelerating. “While headline inflation has been moderate, inflationary pressures are increasing and are expected to continue doing so over the next …

The New Zealand dollar, which has advanced 3.4 percent so far this year, is unchanged ahead of the Reserve Bank meeting today where governor Graeme Wheeler is widely expected to increase interest rates by a quarter point. The kiwi was unchanged at 84.67 US cents at 8am in Wellington, from 5pm yesterday and 81.91 cents at the start of the …

With the Standard & Poor’s 500 Index near record highs, investors are trying to weigh the positive outlook for the US economy with concern about signs of economic trouble in China and the ongoing Ukrainian crisis. In afternoon trading in New York, the Dow Jones Industrial Average dropped 0.21 percent, as did the Standard & Poor’s 500 Index. The Nasdaq …