Auckland electricity, gas and telecommunications network owner Vector says it is looking for opportunities in Australia rather than for acquisitions in New Zealand, where it says the tax laws favour foreign owners of utility assets. In an apparent swipe at foreign-owned competitors such as Wellington Electricity, Vector chairman Michael Stiassny told shareholders at the annual meeting in Auckland that acquiring …

PGG Wrightson, the rural services company controlled by Agria Corp, named the Chinese company’s founder Alan Lai as its new chairman, replacing John Anderson, and forecast a lift in full-year operating earnings. The Christchurch-based company first flagged the departure of veteran businessman Anderson last month, after he was appointed to steer the company after its 2010 shakeup that followed the …

Tru-Test Corp, which doubled in size after buying a dairy industry equipment business, posted a 12 percent increase in full-year sales and said profit almost tripled on a gain from the sale of a UK subsidiary. Profit rose to $6.6 million in the 12 months ended March 31, from $2.3 million a year earlier, according to the Auckland-based company’s annual …