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Richard Yan appears to have scuppered plans for a full-scale “New Zealand House” in Shanghai to host NZ’s key government agencies and companies and to showcase NZ products. mobile spy software During newzealandinc.com’s recent research trip to China, informed sources said that Yan had indicated he intended to seek commercial tenants for his Shanghai building after protracted negotiations with NZ …

The independent directors of Mainzeal Group – who also sat as directors on Mainzeal Property and Construction – issued their own formal statement yesterday on the receivership of the subsidiary company stressing the holding company was not in receivership. The statement is worth quoting in verbatim. The  independent Chair of MGL, Dame Jenny Shipley confirmed that, as of midday February 5th …

One of New Zealand’s best-known commercial construction firms, Mainzeal, placed its operating business in receivership as a combination of leaky homes suits and a botched supply chain from China combined to take the company down. sms spy android In a dramatic afternoon on New Zealand’s national day, Waitangi Day, Mainzeal Property and Construction (MPC) was placed in the hands of …

The country’s third largest construction company collapsed and was placed in receivership today after the Mainzeal Group’s major shareholder, Richina (NZ) LP, refused to commit more capital and the bank pulled its funding. Mainzeal’s sole remaining director Richard Yan – who also heads Richina – said that after  “a series of events that had adversely affected the company’s financial position” …

Equities advanced on both sides of the pond as a deal led by Michael Dell to take Dell private and a potential bid by Liberty Global for Virgin Media underpinned confidence in stock valuations. Shares of Dell rose, last up 0.9 percent to US$13.395, after founder and CEO Michael Dell announced a US$24.4 billion leveraged buyout. The transaction will be …

Prices of dairy products rose in Fonterra’s latest GlobalDairyTrade auction, the first since news emerged last month that small traces of a nitrate inhibitor had been found in some of the company’s milk powder. The GDT-TWI Price Index rose 2.4 percent compared to the last sale two weeks ago, the fourth straight gain. The average winning price rose to US$3,598 …

The Reserve Bank of Australia kept its cash rate unchanged at 3 percent as expected and said it sees room to cut interest rates if needed as inflation remains low. “With inflation likely to be consistent with the target, and with growth likely to be a little below trend over the coming year, an accommodative stance of monetary policy is …

South Island mining OceanaGold Corp is refusing to pay for diesel it bought from Z Energy, which charged for the fuel based on a higher cost of the emissions trading scheme than the New Zealand-owned company actually pays. Z’s lawyers agreed in court the company had charged more than it paid for carbon costs under the ETS, but that there …

The New Zealand gained against its Australian counterpart after the Reserve Bank of Australia kept interest rates on hold, while leaving a future cut on the table if slowing growth and inflation get out of hand. The kiwi rose to 80.88 Australian cents at 5pm in Wellington from 80.66 cents immediately before the announcement, and down from 81.10 cents yesterday. …

Golden State Foods, the biggest US supplier of ingredients to fast-food giant McDonald’s, has bought Wellington-based Groenz Group, adding sauces and condiments to a range that includes the original Big Mac sauce. No price or financials were disclosed in the statement from Irvine, California-based Golden State, which services more than 25,000 fast-food outlets around the world for some 50 companies. …