Smiths City Group, the Christchurch-based retailer, has reaped some 400 basis points of savings on its credit facilities by switching to Australia & New Zealand Banking Group from Fisher & Paykel Finance, ending a 30-year relationship. Smiths City has signed up to a $75 million senior revolving secured facility with ANZ for its wholly owned customer credit subsidiary Smithcorp Finance, …

The world’s largest utility operation – State Grid Corporation of China – is reportedly eyeing a 42 per cent stake in NZ”s second-largest electricity and gas distribution company Powerco. The stake is said to be worth more than $450m. Hong Kong’s richest man Li Ka-shing – whose company owns Wellington Electricity Lines  – walked away from a proposed bid early …

James Hardie Industries, the Australian building products company, has halted trading in its ASX-listed shares pending an announcement over legal action by New Zealand’s Ministry of Education. The company requested the halt until it makes an announcement later today, it said in a statement to the ASX. The shares last traded at A$9.77 on the Australian stock market. “The company …