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Sealord, New Zealand’s second-largest fishing company, reported a full-year profit that was dented by a charge against its Argentinian business, where a soaring peso and rampant inflation are driving up costs. Profit was $5.2 million in the 12 months ended Sept. 30, from $13.4 million in the corresponding 15 month period, according to the Nelson-based company’s annual report. Sealord’s holding …

Shares in the partial privatisation of state-owned power company MightyRiverPower are expected to be priced between $2.35 and $2.80, with uncertainty about the future of the Tiwai Point aluminium smelter expected to skew pricing to the bottom of that range. That means the government expects to raise between $1.6 billion and $1.9 billion in the politically unpopular initiative, which has …

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Diligent Board Member Services, whose trebling of annual profit has been undermined by administrative errors, will ask shareholders to appoint a new director and auditor at the upcoming annual meeting in June. The New York-based firm’s board today resolved to add another director and will ask shareholders to appoint ex-tech company chief financial officer Greg Petersen at the AGM, it …

Fulton Hogan, the privately held construction firm, has scotched speculation it’s being prepared for sale as being “totally incorrect”. Managing director Nick Miller said the Christchurch-based company has engaged Credit Suisse and its local counterpart First NZ Capital to look at the firm’s balance sheet. Speculation in the Australian Financial Review that Fulton Hogan is being prepared for sale is …

Proposed changes to the Resource Management Act are a timid, missed opportunity and are “unlikely to contribute to the Prime Minister’s goal of making New Zealand ‘a magnet for investment’,” says BusinessNZ. The peak business lobby group says a discussion paper issued on Feb. 28 by Environment Minister Amy Adams fails to consider the erosion of private property rights that …

The New Zealand dollar fell against the yen before the Bank of Japan’s meeting today as traders trimmed short positions in the Japanese currency to guard against the central bank under-delivering on monetary easing. The kiwi fell to 78.15 yen from 78.57 yen at 5pm in Wellington yesterday. The currency rose to 84.19 US cents from 84.02 cents. The BOJ …

Wall Street sagged from the record highs reached yesterday as the latest jobs and services industry data were weaker than expected, prompting concern about the strength of the recovery in the world’s largest economy. Companies added 158,000 workers in March, ADP Research Institute data showed today, well below expectations of economists polled by Bloomberg and Reuters and the smallest increase …

The New Zealand dollar held gains against the euro and pound as investors await central bank meetings in Europe and the UK with that region struggling to recover from its sovereign debt crisis. The kiwi rose to 65.60 euro cents at 5pm in Wellington from 65.30 cents yesterday and held near a record at 55.69 British pence from 55.10 pence. …

Contact Energy and Australian parent Origin Energy are mulling whether to redeem some $2.03 billion of hybrid notes after Standard & Poor’s changed its criteria for assessing the equity content of such instruments. Hybrid securities typically have characteristics of both debt and equity and S&P’s revisions relate specifically to those currently eligible to be classified as having high (up to …