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The board of Goodman Fielder will unanimously back a A$1.37 billion takeover bid by Singapore-based Wilmar International and Hong Kong-listed investment firm First Pacific Co in the absence of a better offer. Wilmar, the world’s biggest palm oil processor, and First Pacific will pay 70 Australian cents a share to take over the Australasian food ingredients maker, sweetening an earlier …

The New Zealand dollar weakened after Chinese data at the weekend signalled a slowdown in the property market of Asia’s largest economy. The kiwi was at 86.27 US cents at 8am in Wellington, from 86.21 cents at the New York close and 86.42 cents at 5pm in Wellington on Friday. The trade-weighted index slipped to 80.21 from 80.32 on Friday. China, Australia and New Zealand’s largest …

Investors will eye the latest US Federal Reserve meeting minutes as well as a speech by Chair Janet Yellen for fresh clues to help justify Wall Street trading near record highs. On Wednesday the Fed will release the minutes from its latest meeting, while Yellen is scheduled to deliver a commencement address to NYU graduates at Yankee Stadium. Last Thursday Yellen …

In front of the “biggest Cabinet Club of the year”, John Key delivered a rousing post-budget address in Auckland this afternoon. It was a top-drawer performance from the Prime Minister, earning full marks from the business leaders who had shelled out $500 to attend. “The bottom line of yesterday’s budget is, I think, the fruition of five and a half …

Trustpower is expecting an after-tax uplift in earnings of A$19.9 million within two years from stage two of its South Australian Snowtown wind project. In slides for an investor briefing in Sydney posted to the NZX, 51.1 percent Infratil-owned Trustpower says it is projecting a contribution of A$14.7 million to net profit after tax in the 2015 financial year and …

Belgrave Finance legal adviser Hugh Hamilton, a former mayor of Central Hawke’s Bay, has been convicted of 14 charges over the lender’s 2008 collapse, and faces up to seven years in jail. In the High Court in Auckland today, Hamilton was found guilty of 14 Crimes Act charges of theft by a person in a special relationship, the Serious Fraud …

Shares in Ryman Healthcare weakened for a second day on the expectation New Zealand’s largest listed retirement village operator will post slower earnings growth in coming years as its costs increase. Christchurch-based Ryman yesterday posted an 18 percent rise in underlying earnings to $118.2 million for the year ended March 31. Increased costs from adding staff and boosting wages for its …

Singapore-based Wilmar International and Hong Kong-listed investment firm First Pacific Co have sweetened their takeover bid for Australasian food ingredients maker Goodman Fielder by A$100 million, but won’t go any higher without a rival offer. Wilmar, the world’s biggest palm oil processor, and First Pacific are offering to pay 70 Australian cents a share, or A$1.37 billion, for full control …

Meridian Energy, the country’s largest listed power company, sold its Californian solar plant for an undisclosed sum, wrapping up its exit from the US energy market. The Wellington-based company sold its CalRENEW-1 plant to California-based SunEdison, it said in a statement. The plant was the biggest asset of Meridian’s US subsidiary, which owed the parent $27 million in related party …

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