A long-running issue between workers and employer of Ports of Auckland has finally reached a solution.

Following the previous agreement in 2006 which was void, negotiations broke down after which staff went on strike several times last year.

If adhered to Ports of Auckland managing director Jens Madsen then Friday saw union members voting to ratify a new collective employment agreement.

As per the media reports, New Zealand's Fonterra Co-operative Group has acquired No.1 rank of milk processor in the world.

Fonterra's total annual volume of milk processed was placed ahead of Dairy Farmers of America, Nestle, Dean Foods and FrieslandCampina by the Global industry research group, International Farm Comparison Network (IFCN), which benchmarked 600 milk processors in over 70 countries. 

Dividend policy of listed fund Kingfish has been changed and now 8% of the fund's average net asset value to shareholders would be distributed each year.

A big jump on the 3c dividend paid for the year ending March 31 has been indicated by the change, which means investors in the Fish Funds-managed fund would get about 8c a year.

As per the media reports, a swathe of business units into one has been consolidated by Fonterra. Furthermore, Fonterra has rejigged its management as the dairy co- operative looks to cut costs and improve focus.

It was today revealed by Fonterra that consolidated business unit, which brings together all functions from the farm gate to global trade customers including milk supply and collection, shareholder relations, processing, supply chain and Government relations, would be called Fonterra Operations and Trade.

ABN Amro Craigs is forming a new company called Craigs Investment Partners and would come into existence from August 31. Staff of Craigs' has bought 50% stake of a firm which was previously owned by ABN Amro.

Craigs Investment Partners which has been in the industry for 25 years is now a fully staff-owned business having 160 employees as the shareholders.

As per the media reports, Redpaths Furniture, the furniture store with shops in Auckland and Hamilton, has been fined a sum of $28,000 and instructed to pay court costs of $3640 at a hearing at Manukau District Court.

It has been learnt that the well known furniture store company was found guilty to 28 charges of breaching the Fair Trading Act by providing misleading information to customers.

The Commerce Commission brought the charges, which relate to the information Redpaths supplied customers about savings they would make by buying goods on sale.