Topics

Northland Regional Council’s Northland Inc unit has signed a memorandum of understanding with Hawaiki Cable in a plan to link Whangarei in a Pacific-wide submarine fibre optic cable. Northland Inc, a council unit tasked with growing the region’s economy, will aid the landing and funding of the US$350 million cable in the New Zealand city by sourcing local investors, promoting …

State-owned electricity generator and retailer Genesis Energy says it is continuing to grow its customer base, thanks to new electricity and gas offerings, new energy-saving products, and ongoing acquisition of customers in the South Island. At June 30, Genesis had added 3 percent to its total customer base, with 543,774 electricity customers, 114,961 gas customers and 9,708 LPG customers, with …

Offshore mining of ironsands deposited in the southern Taranaki bight has come a step closer with the lodging of a mining permit application by TransTasman Resources, a privately held, Australian-led venture with plans for a multi-billion dollar export industry. TTR’s application is for a 65.76 square kilometre area between 22 and 35 kilometres offshore from Patea in an area where …

The New Zealand dollar will probably take its lead from the US this week, where traders will be looking for guidance from Federal Reserve chairman Ben Bernanke on future monetary stimulus, and reports on how the economy is tracking. The local currency may trade between 78.60 US cents and 82.30 cents this week, according to a BusinessDesk survey of 10 …

Methven, the tapware maker, will buy its Chinese manufacturer for as much as US$10 million, which it says will improve margins and profits. Auckland-based Methven agreed to buy Heshan, Guangdong province-based Invention Sanitary for four times the manufacturer?s profit in the 12 months ending June 30, 2014, up to a maximum of US$8 million before potential earn-outs, the company said …

NZX’s dairy futures market reached a record monthly trading volume in July as more than 2,000 skim milk powder contracts traded for the first time, though total volumes in all categories are lagging behind 2012 on a year-to-date basis. The market reported 5,225 lots traded this month across all categories of dairy products offered in the NZX futures market, beating …

Skellerup Rubber Services, a subsidiary of NZX-listed Skellerup Holdings, has been accused of selling faulty rubber rings to PVC pipe maker Marley New Zealand, who is seeking some $7.3 million in damages from the industrial rubber goods maker. Marley claims rubber rings it bought from Skellerup to use as seals in its pipes between 2006 and 2009 didn’t meet Australian …

Synlait Milk, which listed on the stock exchange last week, doesn’t expect a minor fire at its Dunsadel plant last night will affect production after all of its automated systems kicked into life. The fire didn’t cause any injuries, nor did it cause any damage to the affected boiler, Rakaia-based Synlait Milk said in a statement. The milk processor doesn’t …

The New Zealand dollar is little changed ahead of a Federal Reserve meeting this week which is expected to signal the outlook for monetary stimulus in the world’s largest economy. The kiwi recently traded at 80.75 US cents, from 80.84 cents at the close of New York trading and 80.79 cents at the 5pm market close in Wellington on Friday. …

The policymakers of the US Federal Reserve will meet over two days this week and investors are positioning themselves just in case the central bank further details its plan to rein in its bond buying. And that’s exactly what the International Monetary Fund is asking Fed Chairman Ben Bernanke to do. In its annual review of the US economy, released …