PGG Wrightson, the rural services company which fell out of the NZX 50 Index this year, expects annual earnings to fall by as much as 27 percent as dry conditions on both sides of the Tasman and lower livestock values erode prices. The Christchurch-based company expects earnings before interest, tax, depreciation and amortisation of between $40 million and $48 million …

The Standard & Poor’s 500 Index touched a fresh record high, as US retail sales unexpectedly rose in April, before giving up gains. In afternoon trading in New York, the Dow Jones Industrial Average fell 0.21 percent, while the S&P 500 slipped 0.07 percent. The Nasdaq Composite Index eked out a 0.07 percent gain. The S&P 500 touched a record …

Chinese food giant Bright Dairy & Food will give up its controlling stake when local dairy processor Synlait Milk is listing on the stock exchange, retaining its stake without participating in the share sale. Shanghai-based Bright Dairy is expected to keep its investment, diluting its 51 percent stake into the 40s. Other shareholders will have the opportunity to sell some …