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a2 Milk has about a 20 percent stake in Synlait. Photo: Getty Images Former CEO John Penno has questioned who can vote at a special meeting. He says two major shareholders providing a rescue package should be barred. Bright Dairy and a2 Milk have bankrolled a $218m cash injection. The Synlait chair says if a deal is not approved, the company will go into insolvency. The former head of dairy company Synlait Milk is threatening to upset a vital meeting to save the financially strapped business. The company said it had received a complaint from former chief executive and chair John Penno, that Synlait's two major shareholders Bright Dairy and a2 Milk should not be allowed to vote on the $218 million capital raising. The two big companies are putting up all the money needed, which wou...

The task force will consider regulation to help independent companies to compete. Photo: 123RF A new task force is bringing together market regulators to investigate factors behind skyrocketing wholesale electricity prices. The Energy Competition Task Force has been established by the Electricity Authority and Commerce Commission to improve market performance and put in place measures to help address the current crisis. Electricity Authority Board chair Anna Kominik said regulation could be used to ensure independent generators and retailers were better able to compete. The task force had already met and was considering how to enable new generators and independent retailers to enter and better compete in the market, she said. Kominik said they aimed to provide more options for electrici...

Site works will begin next month, with the first product due to come off the line in 2026. Photo: Dairy giant Fonterra will pump $75 million to expand its Studholme site in South Canterbury, as it plans to grow its high-value ingredients business. The site will become a "hub for high value proteins" designed for "premium" products such as medical and sports nutrition. Site works will begin next month, with the first product due to come off the line in 2026. "The expansion of our Studholme site will allow us to increase production of this high-value product and ultimately grow returns to farmers," chief executive Miles Hurrell said. Fonterra president for global markets ingredients Richard Allen said it saw global demand for its dairy ingredients. "We see significant opportunities in th...

Meridian's hydro catchments from May through to mid-August had been the lowest on record and the 2025 financial year currently looked to be far more challenging, Meridian said. Photo: RNZ / Nate McKinnon Meridian Energy's full year net profit is more than 4.5 times greater than the year earlier, reflecting operating strength prior to the onset of a drought in May. The energy company said the net profit for the year ended June also reflected net gains on hedge instruments of $249 million compared with a net loss of $351m on hedge instruments in the year earlier. Key numbers for the year ended June compared with a year ago: Net profit $429m vs $95m Underlying profit $909m vs $783m Revenue $4.86b vs $3.22b Full year dividend 21 cents per share vs 17.9 cps Chief executive Neil Barclay sai...

Kerikeri retirees John and Lyn Logie, of Kerikeri, study their latest power bill. Photo: RNZ / Peter de Graaf The New Zealanders with the lowest incomes pay the nation's highest power prices - and the city with the highest average income has the cheapest electricity. That disparity - described as "wrong" and "unfair" by a Northland budget advisor - is revealed in a survey of domestic power prices released by MBIE and based on data from Powerswitch. It shows that consumers in the Far North, using Kerikeri as an example, pay 45.59 cents per kilowatt-hour for the priciest power in Aotearoa. Consumers in the Buller District, which includes Westport, pay 44.05 cents, while the rest of the top five is rounded out by Clutha District (43.60 cents), Grey District (41.97 cents) and Central Hawke'...