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 …

The Commerce Commission has released details of the scope of its inquiry into whether Fonterra Cooperative Group’s 87 percent of New Zealand’s milk pool gives it too much market dominance. The review is required under the Dairy Industry Restructuring Act 2001, when Fonterra was established, which sets rules for supply to other milk companies and anticipates those DIRA provisions be phased …

NZAX-listed TruScreen, the cervical cancer test developer, has been selected by Chinese oil company Sinopec to screen 130,000 of its female workers, in a deal which could be worth $1.1 million in sales.  The first order for 8,100 single use sensor tests, worth $74,000, has been received and the screening programme is expected to run until the end of next year, the …

A2 Milk Co, the dual-listed milk marketing company, is suing the Australian Broadcasting Corporation alleging misleading and deceptive statements in advertising its consumer affairs programme, The Checkout.  A2’s Australian subsidiary has lodged actions in the Federal Court in Sydney, using prominent Australian barrister Allan Myers QC, after the public broadcaster promoted a segment which called the company’s scientific claims “bogus”. A2 Milk claims this …

Increased milk production and a higher forecast payout to dairy farmers for the upcoming season should bolster the New Zealand economy by $1.8 billion, according to AgriHQ. The AgriHQ NZ milk production predictor forecasts growth of about 2.5 percent to 1,930 million kilograms of milk solids for the 2015/16 season, following 3 percent growth in the 2014/15 season. The expectation …

Liquidators of property developer Tony Gapes’s investment vehicle Victoria Street West are yet to finalise how much is owed, but said there is the potential of $1.4 million to be available for unsecured creditors.. Victoria Street West appointed liquidator John Gilbert of C&C Strategic on April 10. In Gilbert’s first liquidators report he was still establishing how much was owed to …

New Zealand commodity prices had their biggest decline since the height of the global financial crisis in 2008, led by falling dairy product prices. The ANZ Commodity Price Index fell 7.4 percent in April, the biggest decline since October 2008, when it fell by the same amount. The latest decline has reversed most of the gains seen since the start of the …

The liquidators of Western Pacific Insurance, which failed in the wake of the Christchurch earthquakes, say they’re likely to complete their five-year task in 2016, although quake claims alone may exceed the estimated recovery from reinsurers. The Queenstown-based insurance company appointed liquidators in April 2011 amid concern the firm may be insolvent. At the time it had about 7,000 policies with New Zealanders, which were subsequently …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has cut its forecast payout to farmers by 20 cents, blaming volatile global commodity prices and an over-supply in international markets. The Auckland-based companies has reduced its forecast farmgate milk price to $4.50 per kilogram of milk solids from $4.70/kgMS, and retained its estimated dividend range of between 20 and 30 cents, …

Remote measurement software developer ikeGPS will miss its prospectus revenue targets for the 2015 financial year, but says that’s because sales of its new smartphone application, Spike, are running three months behind schedule and are expected to exceed targets. Eight months after listing on the NZX, the company also says it’s entertaining interest from US investors. While ikeGPS had no requirement for cash, …