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Pyne Gould Corp, the asset management company controlled and managed by George Kerr, reported a return to first-half earnings and forecast a full-year profit, reflecting year-earlier charges that won’t be repeated in the current period. Profit was $1.5 million in the six months ended Dec. 31, from a loss of $27.1 million a year earlier, when it recognised impaired asset …

New Zealand shares fell, easing the NZX 50 Index from a 5-year high, as a key measure of China’s manufacturing missed estimates and the local market subsided after a month-end flurry. Fletcher Building and Telecom fell. The NZX 50 fell 2.01 points, or 0.04 percent, to 4317.98. Within the index, 18 stocks fell, 25 rose and seven were unchanged. Turnover …

The New Zealand dollar is heading for a 1.2 percent weekly fall against the greenback as weaker than expected Chinese manufacturing added to a souring mood among investors looking for reasons to sell. The kiwi traded at 82.71 US cents at 5pm in Wellington from 82.77 cents t 8am, down from 83.15 cents yesterday. The trade-weighted index decreased to 75.78 …

Liquidators have been appointed to a raft of Mainzeal and Richina related companies at the request of the shareholder. BDO’s Andrew Bethell and Brian Mayo-Smith have been appointed liquidators of the group companies, including the first firm to fall over Mainzeal Property and Construction, according to documents lodged with the Companies Office. The appointments were made yesterday by a special …

Environment Minister Amy Adams is taking a combative approach to early criticism from environmental groups of the government’s proposed changes to the Resource Management Act, saying the critics are “out of touch with New Zealanders.” Fundamental reform proposals for the 22 year-old RMA legislation were published yesterday with a raft of measures to give much greater power to the central …

Allied Farmers has taken a further $4.1 million impairment on its ex-Hanover Finance assets, inflating its first-half loss, which still narrowed from a year earlier. The Hawera-based company posted a loss of $5.5 million in the six months ended Dec. 31, from a loss of $8.3 million a year earlier. Revenue rose to $22.6 million from $9.6 million. The company …

Veritas Investments, the shell company that’s acquiring the Mad Butcher franchisor business, aims to raise up to $25 million in the public share offer next month and has secured a $10 million loan facility from ANZ New Zealand. The capital raising will fund the $20 million cash component of its $40 million purchase, with the balance to be met with …

Solid Energy’s former chief executive Dr Don Elder must be allowed to appear before MPs, Labour’s SOEs spokesperson Clayton Cosgrove says. Clayton Cosgrove has today written to Solid Energy’s new chairman Mark Ford  and interim chief executive Garry Diack requesting that the former CEO appear before the Commerce Select Committee as part of the 2011/12 Financial Review Hearing of Solid …

The second announcement in a week of new companies setting up in Wellington is further proof that the city and its environs are increasingly attractive base for business, says Wellington Employers’ Chamber of Commerce, Chief Executive Raewyn Bleakley. “The decision by Contact Centres Australia to choose the Wellington CBD to open their first New Zealand contact centre, creating] about 100 local …

 New Zealand’s terms of trade unexpectedly fell to a three-year low in the fourth quarter as prices of dairy exports extended their slide and fish export prices fell. The terms of trade fell 1.3 percent in the fourth quarter from three months earlier, according to Statistics New Zealand. A 1.3 percent gain was expected, based on a Reuters survey. The …