Wellington - New Zealand's third-largest finance company, Hanover Finance Ltd, suspended business Wednesday, owing 16,500 investors more than 550 million New Zealand dollars (about 421 million US dollars).

"Against a backdrop of global credit uncertainties, falling property prices and lower reinvestment rates, the industry model has collapsed," joint owner Mark Hotchin said in a statement.

About half of New Zealand's 49 finance companies have now either collapsed or admitted they were unable to repay deposits on maturity inside the past two years, news reports said.

Berlin - Europe factory orders slumped sharply in May, data released Wednesday showed, led by falling demand for electronic equipment and manufacturing goods.

Mumbai-based Aries Agro Ltd, a manufacturer of plant nutritional products, has signed a memorandum of understanding (MoU) with Yara Asia for the exclusive marketing of an entire range of specialty plant nutrients in India.

The latest agreement between the world`s largest soluble fertilizer company and Aries Agro, would marks the beginning of a relationship, which would involve bringing to India several unique premium plant nutrition solutions, starting with three products during the current financial year.

The first product in this category called `Teprosyn` a fortified seed treatment fertilizer containing zinc and phosphorus, was launched today, which will be available across the Aries distribution network.

Country’s leading pharmaceutical firm, Piramal Healthcare Limited alongwith France-based Pierre Fabre group have jointly launched a new dermo-cosmetic range "DUCRAY" in the Indian market.

Three sub-ranges of products have been launched namely Ducray Hair Care, Ducray Skin care & A-derma. Ducray hair care focuses on scalp and hair care solutions, while Ducray skin care focuses on skin comfort and A-Derma focuses on irritated and sensitive skins.

The company expects to make Rs 20 crore in revenue in two years from the sale of 'Ducray' range of skin and hair care products, which will be available on dermatologists’ recommendation and at all organized chemist stores across India.

Fidelity International’s Indian asset management company has launched its Fidelity Flexi Gilt Fund, an open ended gilt scheme that aims to generate sovereign linked returns primarily through investments in securities issued by the Central / State Government or any security unconditionally guaranteed by the Central / State Government.

The NFO for the fund will be open from July 23 – 31, 2008 and thereafter it will open for ongoing purchases and redemptions from August 8, 2008.

The Fidelity Flexi Gilt Fund will offer Growth and Dividend options.  

Bilcare and US-based Meadwestvaco Corp have acquired a pharmaceutical company International Labs, Florida.

The amount of deal and terms and conditions of deal are not disclosed by the companies.

International Labs said that the deal will boost up the packaging business across the globe. It is known for contract packaging for retail pharmacies and large drug manufacturers.