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Australian funds were among the biggest sellers of MightyRiverPower as its shares sank to a post-float low last month, though the exit may been more to do with a slump in their home market than a change of sentiment on the power company. Market data for the top 100 shareholders in MRP between May 24 and June 21 shows the …

Tower, which has hived off its health insurance and investment units, is in talks with the Reserve Bank over proposed conditions as part of its licence and may have to lift its minimum solvency requirements. The Auckland-based insurer has a provisional licence under relatively new prudential supervision laws and is in talks with the regulator as part of the licensing …

SkyCity Entertainment Group, which this month agreed to build a $402 million convention centre in Auckland in exchange for regulatory concessions, has been granted approval to buy Queenstown’s Wharf Casino for $5 million. The Commerce Commission cleared the Auckland-based casino and hotel operator to buy Lasseters International-owned Otago Casinos, which will add 74 electronic gaming machines and six gaming tables …

Prices of dairy products posted their biggest gain since early April in Fonterra Cooperative Group’s latest GlobalDairyTrade auction, led by a jump in whole milk powder, the biggest product by volume. The GDT-TWI Price Index rose 4.9 percent compared to the last sale two weeks ago. The average winning price rose to US$4,828 a tonne, the biggest gain since April …

The New Zealand dollar gained ahead of US Federal Reserve chairman Ben Benanke’s congressional testimony as speculative investors pare back their bets on the greenback, and was bolstered by Reserve Bank of Australia minutes talking down that nation’s inflation outlook. A strong gain in local dairy prices rounded out a bullish start for the currency. The kiwi rose to 78.97 …

Wall Street retreated from record highs as investors were disappointed with corporate earnings such as from Coca-Cola and awaited Federal Reserve Chairman Ben Bernanke’s testimonial before Congress, beginning tomorrow. Shares of Coca-Cola dropped, last down 1.8 percent, after the company said quarterly profit sagged 4 percent. “Our second-quarter volume results came in below our expectations, reflecting an ongoing challenging global …

Contact Energy and state-owned Genesis Energy are the two power companies most at risk if the Tiwai Point aluminium smelter closes, says a senior Standard & Poors analyst, Richard Creed. In an interview televised on the Reuters Insider programme, Creed, who is S&P’s director of corporate and infrastructure ratings in Australia, picked all the listed power companies in the New …

Contact Energy and state-owned Genesis Energy are the two power companies most at risk if the Tiwai Point aluminium smelter closes, says a senior Standard & Poors analyst, Richard Creed. In an interview televised on the Reuters Insider programme, Creed, who is S&P’s director of corporate and infrastructure ratings in Australia, picked all the listed power companies in the New …

New Zealand shares fell, snapping an eight-day advance, as Diligent Board Member Services and Xero fell, while concerns about a weak Australian dollar weighed on Michael Hill International and Fletcher Building ahead of earnings season. The NZX 50 Index dropped 29.695 points, or 0.6 percent, to 4576.545. Within the index, 25 stocks fell, 11 rose and 14 were unchanged. Turnover …

New Zealand corporate earnings may fall short of investors’ expectations with the reporting season for June balance dates bearing down next month. Locally-listed companies’ valuations may start coming off the boil as the price-to-earnings ratio gets ahead of profits, and investors may be disappointed when firms publish their results next month, AMP Capital Investors (New Zealand) head of equities Guy …