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DNZ Property Fund has hired Auckland International Airport’s property boss Peter Alexander to take over the reins when current chief executive Paul Duffy departs. Alexander, currently Auckland Airport’s general manager property and part of the transport hub’s senior management team, will join the sixth-biggest listed property entity by market value on Dec. 10, DNZ said in a statement. The property …

The government has set up a $2 million fund for small and medium sized exporters whose business has been caught up in Fonterra Cooperative Group’s false food scare. At a briefing in Auckland, Primary Industries Minister Nathan Guy and Trade Minister Tim Groser today announced a fund to aid smaller companies contact existing clients and protect business relationships that may …

Bridgecorp, the failed finance company whose directors were imprisoned for making false statements in offer documents seeking investor funds, was on the path to insolvency when it issued the prospectus in 2006, Crown lawyer Brian Dickey told the Court of Appeal today. The company’s former chief financial officer Rob Roest is appealing his High Court conviction and six-and-a-half year sentence …

The new head of the New Zealand Serious Fraud Office is an Australian, Julie Read, currently Special Counsel (Litigation) at the Australian Securities and Exchange Commission. After a decade at ASIC, the Australian equivalent of the Financial Markets Authority, Read will move from her current base in Tasmania, where she has also been the ASIC state commissioner since 2002, to …

The National-led government has lost its parliamentary majority to pass reforms to the Resource Management Act, with the United Future and Maori parties announcing this morning they will not vote for changes that undermine environmental protections. While both parties support reforms to speed up the resource consenting processes, both believe that proposals to rewrite two fundamental sections dealing with environmental …

Taupo-based moulded wood products manufacturer Tenon is due for further share price growth as preparations made for the recovery of the US housing market start to bear fruit, says Edison Investment Research in a new report on the company. With 87 percent of its sales in North America, Tenon has struggled with losses in recent years with the high kiwi …

Fonterra Cooperative Group, which was embroiled in a false food safety alarm last month, is seeking to double its Chinese milk production in China with plans for a second farming hub in the Shanxi Province. The world’s biggest dairy exporter plans to develop five 3,000-cow farms in Ying County, doubling its Chinese milk production to an annual 300 million litres, …

Wall Street gained amid optimism that a US-led military strike against Syria might be avoided and as China produced more signs that its economy is gathering steam. President Barack Obama told ABC News that a US attack “absolutely” would be put on hold if Syrian President Bashar el-Assad would give up the country’s chemical weapons. Even so, “I don’t think …

The New Zealand and Australian dollars advanced as investors took heart from improving Chinese data and easing tensions over Syria. The kiwi touched a three-week high of 80.75 US cents early this morning, and traded at 80.64 cents at 8am in Wellington, from 80.44 cents at the 5pm market close yesterday. The Australian dollar rose to an 11-week high of …

New Zealand shares rose again, with direction given by Diligent Board Member Services, which appears to be re-rating ahead of a delayed earnings announcement and following stock exchange censure, amid a positive tone across major stocks. The NZX 50 Index rose 13.738 points, or 0.3 percent, to 4,627.757. Within the index, 15 stocks rose, 14 fell, and 21 were unchanged. …