Milford Asset Management has agreed to pay $1.5 million to the Financial Markets Authority over claims the high-profile fund manager engaged in market manipulation. The Auckland-based firm will pay $1.1 million in lieu of a penalty and $400,000 to cover the market watchdog’s costs, while denying it’s liable for any breaches of the Financial Markets Conduct Act, the FMA said …

Beef + Lamb New Zealand says it won’t proceed with a joint market development body because meat companies and exporters baulked at paying half of the $8 million cost. The decision by meat processors to continue funding their own marketing rather than putting up some $4 million for a joint effort with Beef + Lamb means the farmer owned industry organisation …

Fonterra Cooperative Group, the world’s largest dairy exporter, sold its third dim sum bond, raising 1 billion Chinese yuan, or $230 million, with the proceeds helping fund the stake in Beingmate Baby & Child Food.  The five-year bond, which is priced in yuan but issued outside of China to tap international investors, will carry a 4 percent coupon, the Auckland-based company said. The cash …