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The owners of the Bluff smelter issued a swift contradiction to this morning’s claim by its supplier, Meridian Energy, of an impasse over contract negotiations, saying it believes “a commercial agreement can be reached” on electricity supply to the smelter. “Our electricity contract negotiations with Meridian have progressed more in the past two weeks than in the previous nine months,” …

Would-be coking coal miner Bathurst Resources has gained tentative approval from the Environment Court to go ahead with its Escarpment Mine project on the West Coast’s Denniston Plateau, though environmental groups say they will continue to fight the plan. The decision is a rare piece of good news for Bathurst, whose chairman last year bemoaned New Zealand’s resource consent appeals …

Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity. The bombshell disclosure has the capacity to upset the government’s plans to partially privatise state-owned electricity company MightyRiverPower. Offer documents are due for release in about a fortnight, with listing …

Stocks on both sides of the Atlantic slid amid concern about Europe’s debt crisis spurred today by the apparent inability of Italian political leaders to agree on the formation of a new government. Meanwhile, Cyprus is preparing for a reopening of its banks tomorrow for the first time since the nation reached an accord with the EU for a financial …

Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity. The bombshell disclosure has the capacity to upset the government’s plans to partially privatise state-owned electricity company MightyRiverPower. Offer documents are due for release in about a fortnight, with listing …

New Zealand shares rose, with units of the Fonterra Shareholders’ Fund gaining strongly as the multi-national, Auckland-based dairy cooperative announced better than expected half year results. The NZX 50 Index rose 66.032 points, or 1.52 percent, to 4,412.059 . Within the index, 31 stocks gained, 13 fell and six were unchanged. Turnover was $98.78 million. Fonterra units rose 5.67 percent …

The New Zealand gained against most of its major trading partners and was little changed against the greenback as investors seek out relatively safe places for their cash as the impact of the Cyprus bailout washes through the rest of Europe. The kiwi was little changed at 83.77 US cents at 5pm in Wellington from 83.81 cents at 8am and …

Shares in Hellaby Holdings fell 2.7 percent after the trading halt for a $40 million placement to institutional investors was lifted. The stock shed 9 cents to $3.20 after trading resume, keeping a 6.3 premium to the $3 placement price. A range of local institutional investors bought 13.33 million, and will also be eligible for the 5 cents per share …

Scott Technology, the industrial automation firm, lifted first-half profit 5.6 percent even as its sales dropped on the strength of the strong New Zealand dollar. Net profit rose to $2.2 million, or 6.2 cents per share, in the six months ended Feb. 28 from $2.1 million, or 5.7 cents, a year earlier, the Dunedin-based company said in a statement. Sales …

Fonterra Cooperative Group plans to slash its consumer brands in Australia to restore profitability as competition intensifies for both milk supply and retail sales. The company’s ANZ division, which produces consumer products and ingredients in Australia and New Zealand and runs the RD1 rural supplies chain, posted a 32 percent decline in normalised earnings before interest and tax in the …