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James Hardie Industries, the Australian building materials supplier, settled legal action with the New Zealand government over leaky school buildings. While the terms of the deal are confidential, Sydney-based James Hardie said in its second quarter financial statements in November that it faced potential costs of up to US$47.6 million related to a slew of leaky building claims, including provision …

Talley’s Group, the privately-held maker of foods ranging from frozen fish to ice cream, agreed to buy up to 14.99 percent of Open Country Dairy from Singapore’s Olam International for as much as $46.5 million. The deal would lift Talley’s holding of the dairy company to as much as 70.5 percent from 55.5 percent, increasing its control of a business …

The New Zealand dollar advanced in subdued trading heading into the quiet Christmas holiday period. The kiwi edged up to 82.06 US cents at 8am in Wellington, from 81.93 cents at 5pm yesterday even after reports showing US consumer spending and consumer sentiment at five month highs. The trade-weighted index strengthened to 77.50 from 77.43 yesterday. The New Zealand dollar …

Wall Street rose, pushing the Dow Jones Industrial Average and the Standard & Poor’s 500 Index to fresh record highs, as the International Monetary Fund said it plans to lift its outlook for the US economy. “Growth is picking up and unemployment is going down,” IMF Managing Director Christine Lagarde said yesterday on NBC’s ‘Meet the Press.’ “So all of …

New Zealand shares rallied as Australia & New Zealand Banking Group and Westpac Banking Corp shrugged off Australian regulatory requirements to hold more capital and offshore investors saw value in a market that has lagged global peers in recent days. The NZX 50 Index rose 41.444 points, or 0.9 percent, to 4722.635. Within the index, 33 stocks rose, 11 fell …

The New Zealand dollar held near its lowest in more than three weeks heading into the Christmas break and was weaker against the Australian dollar while not moving outside its recent trading range. The kiwi was at 81.97 US cents from 82.05 cents at the start of the day and from 82.09 cents in New York on Friday. The currency …

Summerset Group, the retirement village operator whose shares have gained 47 percent in the past 12 months, named Scott Scoullar as chief financial officer, filling a vacancy left by Julian Cook, who has been promoted to chief executive. Scoullar joins Summerset from Housing New Zealand, where he has been CFO since early 2012, after filling the same role at the …

GuocoLeisure, the diversified investment company once known as Brierley Investments, plans to delist from the NZX, meaning its dwindling New Zealand shareholder base will have to use the Singapore Exchange in future. The Singapore-based company said New Zealanders now own just 4.2 percent of total shares on issue. So far in 2013, daily turnover on the NZX has been 22,567 …

The statutory managers for the late Allan Hubbard’s Aorangi Securities have lost a bid to exclude an American widow who had some $5.8 million invested with the Timaru businessman. In the High Court in Christchurch, Justice Robert Dobson today struck down a bid by Grant Thornton’s Richard Simpson, Trevor Thornton and Graeme McGlinn to have Susan Jenks and her deceased …

Goodman Fielder, the biggest food company in Australia and New Zealand, agreed to sell its Biscuits unit to Green’s Food Holdings for about A$17 million and will take an impairment of more than three times that amount against the business. The sale is part of the Sydney-based company’s ongoing strategy to focus on profitable, market-leading categories and brands which has …