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China’s Bright Dairy & Food can build its stake in Synlait Milk back up to 41 percent once the dairy processor has joined the stock exchange later this month. The Takeovers Panel granted an exemption to the Synlait Milk shareholder for Bright Dairy to keep its stake at 41 percent by purchasing shares on-market if the initial public offer diluted …

All eyes are set for the latest round of US corporate earnings after Federal Reserve Chairman Ben Bernanke finally managed to reassure investors that the central bank’s stimulus effort is not going to evaporate any time soon. Markets had been pricing in a tapering of the Fed’s US$85 billion a month bond-buying program since late May after Bernanke said as …

New Zealand’s Reserve Bank, concerned about spiralling house prices causing financial instability, could force lenders to limit borrowings as early as next month, economists say. Submissions on the Reserve Bank’s proposal to restrict bank lending on low-equity loans closed on July 3. A summary of submissions, along with the central bank’s response, is likely to be published ahead of an …

State-controlled power company MightyRiverPower will join the benchmark NZX 50 index later this month as the sixth biggest company on the stock market. With MRP’s inclusion in the index from July 22, four of the country’s 10 largest NZX companies by market capitalisation will be electricity sector players, with Meridian Energy’s $3.3 billion or so float hanging over the market …

The New Zealand dollar is heading for a 2.1 percent weekly gain against the greenback after the local currency jumped to a three-week high yesterday when investors reassessed whether the US Federal Reserve will start slowing down its money printing programme. The kiwi rose as high as 79.68 US cents this week, trading at 78.68 cents at 5pm in Wellington …

The Productivity Commission has New Zealand’s regulatory regimes in its sights with the launch of an inquiry aiming to improve the design and operation of the nation’s watchdogs and rule-makers. Finance Minister Bill English and Regulatory Reform Minister John Banks want the commission look across the diversity of the country’s regulatory system with a view to draw conclusions and recommendations …

New Zealand’s annual inflation may have returned to 14-year lows in the second quarter as a record high currency weighed on prices of imported clothing, competition drove down telecommunications costs and fuel costs fell. The consumer price Index rose 0.3 percent in the second quarter for an annual pace of 0.8 percent, according to a Reuters survey of 10 economists …

The government’s plan to auction 4G spectrum in September or October faces delay, with Maori claimants to spectrum rights reactivating a dormant claim to the Waitangi Tribunal by seeking an urgent hearing on the claim. The tribunal’s chief judge Wilson Isaac issued a direction for an urgent remedies hearing yesterday after receiving an application on July 4 to reactivate the …

Energy Mad, whose shares have jumped more than 20 percent this week since it said first-quarter earnings were ahead of budget without giving details, has now released numbers showing it had only expected to earn $7,000. Unaudited earnings before interest, depreciation and amortisation were $120,000 in the three months ended June 30, of which $95,000 related to year-earlier depreciation and …

The New Zealand dollar gave up yesterday’s gains after traders decided comments by Federal Reserve chairman Ben Bernanke were not as dovish as initially thought and were more a reiteration of his previous stance. The kiwi fell to 78.54 US cents, from 79.52 cents at the 5pm market close in Wellington yesterday. The local currency is trading within its range …