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Wellington-based private investment company Caniwi Capital has spent $60 million to buy two recently refurbished, long lease chicken processing plant leases from the Tegel chicken company, and says it has up to $100 million more to spend on other assets that fit is investment criteria.. The purchase means Caniwi is estimated to be one of the top four or five …

The New Zealand dollar surged after the central bank yesterday signalled interest rate hikes were on the horizon, increasing the lure of local assets. The kiwi rose to a six-week high of 81 US cents, and recently traded at 80.95 cents, from 79.80 cents at the 5pm market close in Wellington yesterday. The local currency surged to a four-and-a-half year …

The Nasdaq Composite Index advanced, bolstered by a surge in the shares of Facebook as better-than-expected earnings brightened the outlook for the social media company. Shares of Facebook soared, last up 27.3 percent, as the company posted earnings that exceeded expectations helped by sales of mobile advertising. At least 16 brokerages raised their price targets by as much as US$9 …

The Parliament’s primary production select committee wants to give foreign fishing vessels loopholes to get around registering under a New Zealand flag in their report back on legislation forcing the ships to change their colours. The committee, chaired by National MP Shane Ardern, has recommended an amendment to the Fisheries (Foreign Charter Vessels and Other Matters) Amendment Bill that would …

The business community provided an upbeat reception, with rave reviews for Finance Minister Bill English and a widespread sense of renewal following the emergence from the struggles of the Global Financial Crisis and the Christchurch earthquakes. Digital technology featured strongly, and one article in the 2013 report even called for the introduction of the government chief technology officer. Divisive issues …

Fonterra Cooperative Group, the world’s largest exporter of dairy products, said earnings would miss its forecast by about 7.3 percent because of the drought in New Zealand and intense competition in Australia. Earnings before interest, tax and one-time items would be about $1 billion in the year ending July 31, down from the $1.079 billion forecast in its Shareholders’ Fund …

The New Zealand dollar rose to a four-and-a-half year high against its Australian counterpart amid diverging interest rate outlooks for the trans-Tasman neighbours. The kiwi rose as high as 87.43 Australian cents, the highest since November 2008, and traded at 87.14 cents at 5pm in Wellington from 86.01 cents yesterday. It climbed to 79.80 US cents at 5pm from 79.29 …

Livestock Improvement Corp., a farmer cooperative that sells bull semen and provides a dairy genetics database, posted a 3 percent drop in annual profit because its elite breeding bulls didn’t increase in value as much as the previous year. Profit fell to $23.7 million in the year ended May 31, from $24.4 million a year earlier, the Hamilton-based company said …

Z Energy, the petrol station chain, plans to raise up to $900 million in an initial public offering next month, allowing owners Infratil and the New Zealand Superannuation Fund to crystallise some of their profits on the three-year investment. The chain’s indicative price range is between $3.25 and $3.75 a share, giving an implied market capitalisation of between $1.3 billion …

Fonterra Cooperative Group, the world’s largest exporter of dairy products, said this year’s earnings will miss forecast by about 7.3 percent, spurring a sell-off in the company’s listed fund. Units in the Fonterra Shareholders’ Fund are the second-worst performer on New Zealand’s benchmark index today, dropping 3.7 percent to $7.20, crimping their gain so far this year to 6.3 percent. …