An unnamed adviser at a registered NZX participant firm will pay a $10,000 settlement with the market watchdog after getting found out on a backroom deal to get Trade Me shares when the online auction site was floated last year. The adviser used a client to get their hands on 1,500 Trade Me shares in the initial public offering, when …

Commonwealth Bank of Australia is the first overseas investors to disclose a substantial holding in units of the Fonterra Shareholders’ Fund that debuted a week ago. Funds associated with Australia’s biggest lender hold 7.4 percent of the units, according to a substantial security notice yesterday. The funds bought 6.6 million units at a grand total of some A$31 million on …

Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengesellschaft, changed its guidance and is now forecasting a full-year loss, reflecting a writedown of its orchards. “Early indications are that there will be write-downs, particularly of orchard properties and biological assets,” the company said in a statement. “As a result the after-tax loss is forecasted to be between $16 …