1 Jun 2019

Today's business news: What you need to know

1:42 pm on 1 June 2019

Latest - Utilities investor Infratil says it's secured the financing to get started on the construction of its Longroad solar energy project in Texas.

solar panels

Photo: 123RF

The company says the Prospero development will be one of the largest solar farms in the United States when it's completed next year.

It says the costs have already been figured into its outlook for the current financial year, so underlying profit and capital cost estimates are unchanged.

Infratil and the Superannuation Fund each own 40 percent of Longroad Energy, with the balance owned by Longroad's management team.

Promisia Integrative forced to put its development plans on hold.

The troubled dietary supplement manufacturer says the past year has been the most testing in recent history.

It says a Medsafe Alert issued early last year about its Arthrem product has had a catastrophic effect on local sales and blunted its launch in to the Australian market.

The Ministry of Health has since brought charges against the company, including two related to selling an unlicensed medicine, and seven charges for breaches of advertising restrictions, with a court hearing set down for 20 June.

The company says the prosecution has prompted a rethink of its activities in Australia.

It says it will continue to sell the product there, but has terminated existing distribution arrangements in order to reduce costs.

The company intends to defend the charges, but says consideration of new products and markets has been deferred until the prosecution has been resolved, hopefully by the end of the year.

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