It has been reported that the state-owned power Company, Genesis has gained $69 million post tax, after coming across a significant loss of $136m last year because of the downward evaluation of thermal generation assets at Huntly.

According to the reports, for this year EBITDAF was $249m and in 2008/2009, it was $202m, whereas underlying earnings of the Company sit at $88m and last year it was $82m.

UBNZ Funds Management, which is the latent buyer of the Crafar dairy farming kingdom, has acquired a 19.9% stake in Auckland-based biotechnology Company, Genesis Research and Development Corp.

Genesis could raise $446,278 from the group of shareholders represented by UBNZ via the placement of 7.4 million shares at 6c each, and expected to raise additional from them, Chief Executive Stephen Hall said.

A biotechnology company has decided to leave New Zealand and suspend its operations in the country after the company lost nine scientists from its ranks recently. Genesis CEO Stephen Hill termed that biotech business was full of risks and the global crisis had made it very difficult to raise funding for research purposes.

An announcement regarding progressive provision of up to $1million by a Japan based investment fund was made by Biotech Company Genesis Research (GEN). The aim of the investment worth 1million is to establish a new subsidiary to help develop its gene silencing technology.

It has been learnt that in order to build technology that can avert disease-formation in the body, Genesis Research & Development is mulling over the prospect of signing a deal with a large investor.

It has been revealed by the Auckland-based bio-technology Company that it has entered into the final negotiations stage with a pharmaceutical and venture capital firm, with the aim to develop a subsidiary company that would focus on gene silencing.