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Milford Asset Management has dropped veteran portfolio manager Mark Warminger from the investment team for its funds under management, according to an amended prospectus issued the same day it agreed to a $1.5 million settlement with the Financial Markets Authority over market manipulation. The amended prospectus, for the firm’s fundraising arm, Milford Funds Ltd, has been changed to show director and …

The fate of the Trans-Pacific Partnership trade and investment pact may be known as early as next Wednesday, US time, after a vote in the US Congress last night endorsed the elusive ‘fast-track authority’ that President Barack Obama needs if the 12 nation negotiation is to be concluded successfully. However, the next few days will be a “swirling mass”, says New Zealand Trade …

Synlait Milk, the Canterbury-based dairy processor, has announced a new partnership with US baby products manufacturer, Munchkin Inc, that could offer its 161 farmer suppliers a chance to earn well above the normal payout. Munchkin, a privately-held Californian company known for designing, manufacturing, and distributing innovative infant and toddler products, is planning to launch a new Grass Fed branded retail-ready …

 Milford Asset Management agreed to pay $1.5 million to settle with the Financial Markets Authority over alleged market manipulation by one of its traders, rather than become embroiled in what could have been a prolonged legal battle, managing director Anthony Quirk says. Quirk told BusinessDesk the settlement was “essentially a commercial decision”. The Auckland-based fund manager denied claims it’s liable for any breaches of the …

Milford Asset Management has agreed to pay $1.5 million to the Financial Markets Authority over claims the high-profile fund manager engaged in market manipulation. The Auckland-based firm will pay $1.1 million in lieu of a penalty and $400,000 to cover the market watchdog’s costs, while denying it’s liable for any breaches of the Financial Markets Conduct Act, the FMA said …

Beef + Lamb New Zealand says it won’t proceed with a joint market development body because meat companies and exporters baulked at paying half of the $8 million cost. The decision by meat processors to continue funding their own marketing rather than putting up some $4 million for a joint effort with Beef + Lamb means the farmer owned industry organisation …

Fonterra Cooperative Group, the world’s largest dairy exporter, sold its third dim sum bond, raising 1 billion Chinese yuan, or $230 million, with the proceeds helping fund the stake in Beingmate Baby & Child Food.  The five-year bond, which is priced in yuan but issued outside of China to tap international investors, will carry a 4 percent coupon, the Auckland-based company said. The cash …

NZBio has waded into the debate over using new biotechnologies, including genetic modification, backing a call by Treasury secretary Gabriel Makhlouf for another look at New Zealand’s attitude to risk. In a speech at Fieldays last week on making informed decisions about natural resources, Makhlouf said when new technologies come along, both genetically modified and non-genetically modified, New Zealand’s current system …

TruScreen, the NZAX-listed cervical cancer test developer, posted a small loss in its first annual filing as a listed company and has lined up China to underpin growth having achieved regulatory approval and several supply deals in the world’s most populous nation. The Auckland-based company reported a loss of $692,000, or 0.5 cents per share, in the 12 months ended March 31 …

PGG Wrightson, the rural services firm controlled by China’s Agria Corp, lifted its annual earnings outlook as second-half trading comes in ahead of expectations, but warned weak farmer confidence may weigh on future sales. The Christchurch-based company expects annual operating earnings before interest, tax, depreciation and amortisation to be between $66 million and $69 million in the year ending June 30, above …