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NZ Yarn, a joint venture between Elders Primary Wool and Primary Wool Cooperative, have bought Christchurch Yarns NZ out of receivership for an undisclosed amount. The Christchurch-based wool spinning company was tipped into receivership in April, owing $7.2 million to general security agreement creditors including Westpac Banking Corp, while preferential creditors were owed $1.2 million, according to the first receivers report on June …

Pyne Gould Corp, the asset management firm controlled by managing director George Kerr, has sold its 27 percent stake in Equity Partners Infrastructure Co No 1 after failing to take control of the investment company and oust its board. The Gurnsey-based sold its entire 41.89 million shares of Epic, at 30 British pence per share netting 12.6 million British pounds, it said in …

The New Zealand dollar fell about half a US cent after tepid local inflation pushed out the likely timeline for future interest rate hikes and cleared the way for a lower currency. The kiwi fell as low as 78.63 US cents from 79.09 cents immediately before the inflation data was released, and was recently trading at 78.71 cents. Statistics New …

Fletcher Building has won a contract to build 237 homes on an 11.5-hectare Crown-owned site in Christchurch, including 89 which will be priced below $400,000, Housing Minister Nick Smith said. Construction is expected to begin by the end of the year at a build rate of 10 homes a month and a completion date of 2017, Smith said in a statement. The land …

Restaurant Brands New Zealand, the nation’s largest fast food operator, raised its annual profit forecast as it benefits from lower input costs, higher sales and restructuring of stores. The shares rose to a record. Full-year profit, excluding the sale and leaseback of stores, will exceed $22 million, the Auckland-based company said in a statement. That’s higher than the company’s $20 million forecast …

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released this evening by the Green Party. The two companies’ joint venture, Shell Todd Oil Services (STOS), has been issued with a warning letter only, and no …

New Zealand shares rose to a record close, led by Xero, as investors returned to more risk-based equities after last week’s volatility. Nuplex gained after selling two of its Australasian assets, while Fletcher Building touched a 2014 low as analysts mulled yesterday’s earnings guidance. The NZX 50 Index rose 46.576 points, or 0.9 percent, to 5279.699. Within the index, 35 stocks rose, 11 fell and …

The New Zealand dollar rose after Australian inflation was a little higher than expected in the third quarter, supporting demand for the Australian dollar and dragging the kiwi with it. The kiwi rose to 79.76 US cents at 5pm in Wellington from 79.55 cents at 8am, though little changed from 79.85 cents yesterday. The local currency gained to 90.71 Australian cents from 90.57 cents …

The New Zealand Superannuation Fund, which was set up to partially cover the cost of a ballooning baby boomer pension bill, has been encouraged to bed in a series of organisational changes over the past few years, and implement a new policy managing its investment in derivative products. The two recommendations are included in the five-year review of the fund …

Quattro Income REIT, an Australian asset management company, has resumed plans to list a New Zealand property portfolio, albeit a smaller number of properties, and has shaved nearly a third off the capital it wants to raise in a public offer on the ASX. The Sydney-based investor will seek to raise A$220 million in an initial public offer, from a previously planned A$305 million, selling …