Meridian Energy has had to give up previously negotiated price increases and the government has chipped in with a $30 million “incentive payment” to keep the Tiwai Point aluminium smelter open until at least January 2017. Meridian chief executive Mark Binns announced the deal in a statement to the NZX, saying the renegotiated contract would “see a reduction in the …

ASX-listed fund manager Perpetual has used Fonterra Cooperative Group’s food scare to trawl for cheap units in the dairy exporter’s listed fund. Funds managed by Perpetual bought about 1.26 million units, or 1.17 percent, of Fonterra Shareholders’ Fund for some A$7.32 million on Aug. 5, when the price plunged in the first trading day after the dairy company said some …

The New Zealand dollar advanced as investors increased their holdings of the local currency following a sell off earlier in the week on concern about the impact of a food contamination scare on the New Zealand economy. The kiwi rose to 79.56 US cents at 8am in Wellington from 78.94 cents yesterday. The trade-weighted index gained to 75 from 74.66. …