New Zealand will offer as much as 49 percent of state-owned power company Meridian Energy Ltd. in an initial public offering in the second half of this year, Finance Minister Bill English said in today’s budget.
New Zealand will probably keep a drought declaration until September, even as rains in some regions boosted soil moisture after the most widespread dryness in three decades curbed pasture growth, the government said.
New Zealand’s North Island may receive further rainfall today, helping ease the most widespread drought in at least 30 years that curbed milk output, as residents assess damage from a weekend of heavy showers.
Contact Energy Ltd., New Zealand’s largest publicly-traded energy supplier, fell after Meridian Energy Ltd. said it was unlikely to agree to new price terms with Rio Tinto Ltd.’s South Island aluminum smelter, stoking concerns that the facility may close and leave a power glut.
Christchurch, New Zealand’s second- largest city, declared a state of emergency after the nation’s South Island was rocked by a magnitude 7.0 earthquake that cut power, damaged roads and ripped facades off buildings.