29 May 2019

Today's business news: What you need to know

5:13 pm on 29 May 2019

Latest - Rural investment company My Farm has set up an investment fund focused on horticulture.

The company is looking to raise $100 million to support the fund, which will invest in orchards, vineyards, plantations and farms.

The investments will be co-managed by established horticulture processors and exporters, including apple growers, Rockit Global and Freshmax, Sacred Hill wines, craft beer hop grower, Hop Revolution, Manuka honey producer, Comvita and kiwifruit grower and packer, DMS Progrowers.

New appointments at RBNZ

The Reserve Bank of New Zealand

Photo: RNZ / Alexander Robertson

The Reserve Bank has appointed three independent, international experts to review its plan to make banks hold more capital.

Academics Dr James Cummings from Australia, Professor Ross Levine from the U.S, and Professor David Miles from Britain, will scrutinise the Reserve Bank's proposal.

Together they'll produce a report that addresses the costs and benefits of making banks hold more capital.

Millennium and Copthorne expecting harsh year

The hotel company says the year ahead is set to get tougher with increasing numbers of hotel rooms in major cities, a tight labour market and visitor wariness from the Christchurch mosque shootings.

The annual meeting was told growth will be slower, but it's confident of sustaining earnings and even looking for chances to expand in Australia in particular.

Having said that, the company is looking to sell an apartment complex in Sydney.

Synlait to pay $6.40 per kg for milk solids

The dairy company has lifted its forecast farmgate milk price for the current season by 15 cents.

Synlait Milk has lifted its forecast farmgate milk price for the current season by 15 cents.

The speciality dairy producer, which has about 200 farmer suppliers, said it now expects to pay $6.40 per kilogram of milk solids, up from its previous $6.25 forecast.

Read here for more on this story.

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