Topics

Mainfreight, the global logistics company, intends mounting a compensation claim against the former owners of Netherlands-based Wim Bosman over the loss of a major customer. The company has “notified the former owner that it intends to bring a claim” but hasn’t started court proceedings, it said in a statement. Mainfreight bought Wim Bosman in 2011 for up to 120 million …

The New Zealand dollar gained as investors were reassured China’s central bank would help ease a credit crunch that sparked concerns about growth in the world’s second-largest economy. The kiwi edged up to 77.30 US cents from 77.16 cents at 5pm in Wellington yesterday. In the past 12 hours, the local currency has traded as low as 76.95 cents and …

Stocks on both sides of the Atlantic advanced as investors found value after the recent slump and fresh assurances from central bankers in both China and the US. US economic data provided evidence of further strength, as reports on durable goods orders, sales of new homes, home prices and consumer confidence all beat analysts’ expectations. Also helping was a promise …

DNZ Property Fund, which is raising $80 million to help fund two new acquisitions, will ask shareholders to boost the directors’ fee pool by 27 percent, with the board having presided over a surging share price since the diversified property investor listed in 2010. The Auckland-based property investor wants shareholders to raise the pool to $375,000 for the 2014 and …

Augusta Capital managing director Mark Francis has bought out his brother’s stake in the listed property investor and fund manager for $3.8 million, taking his holding to almost 18 percent. Mark Francis bought 4.5 million shares, or 5.5 percent, of Augusta at 84.5 cents apiece from his brother and general manager Chris Francis, the company said in a statement. The …

Goodman Fielder, the biggest food company in Australia and New Zealand, expects full-year normalised earnings to fall after it sold less poultry and spent more on marketing. Earnings from continuing and discontinued operations before significant items will be A$195 million to A$200 million in the year ending June 30, the Sydney-based company said in a statement. That’s less than the …

Vital Healthcare Property Trust, whose Canadian cornerstone investor is seeking to build its stake, is planning a rights issue next month and has suspended its distribution reinvestment plan for the third-quarter. The medical and healthcare property investor’s manager, Vital Healthcare Management, intends to undertake a pro-rata renounceable offer of new units in late July, it said in a statement, without …

The New Zealand dollar is little changed as investors weigh the impact of a possible reduction in the Federal Reserve’s monetary stimulus. The kiwi recently traded at 77.56 US cents, from 77.47 cents at 5pm in Wellington yesterday. The trade-weighted index slid to 73.08 from 73.21 yesterday. Traders are eyeing new data from the US for clues as to when …

Stocks on both sides of the Atlantic, US Treasuries and gold fell, though pared some of their earlier losses, amid concern about the reduction of central bank stimulus in the world’s largest economy and worry about the prospects for China, the world’s second-largest economy. Equities in China slumped, sending the country’s benchmark CSI 300 Index down 6.3 percent from the …

Shareholders of Synlait Ltd may sell 19 million shares of Synlait Milk as part of the dairy company’s initial public offering while Bright Dairy won’t participate in the sale, according to Synlait Milk’s prospectus. The Rakaia-based Synlait Milk will raise about $120 million from the IPO, of which $75 million will come from new shares and the remaining $45 million …