The last two defendants in the fraud case against failed lender Rockforte Finance have been sentenced today in the High Court in Gisborne. The Serious Fraud Office said former director Nigel O’Leary was sentenced to four years’ imprisonment after pleading guilty to nine charges including theft by a person in a special relationship, obtaining by deception, false statement by promoter …

The Serious Fraud Office intends to withdraw two charges against former South Canterbury Finance group accountant Terrence Hutton in the country’s biggest ever fraud case. The white-collar crime investigator won’t pursue two charges alleging false accounting in relation to the recording of a $25 million loan and a $10 million loan after reviewing the charges originally laid in December 2011, …

New Zealand’s trade deficit narrowed more than expected last month as the nation exported more milk powder, butter and cheese while imports fell. The deficit was $199 million in September, down from a revised gap of $1.23 billion in August, according to Statistics New Zealand. The annual deficit was $1.54 billion, from $2.1 billion the previous month. A monthly deficit …

The electricity sector’s rising dominance in New Zealand’s NZX 50 benchmark stock index may prompt investors to adopt a wider benchmark to avoid having too great an exposure to the industry. Government moves to partially privatise state-owned electricity companies including MightyRiverPower, Meridian Energy and Genesis Energy are boosting listings on the exchange and increasing the weighting of the electricity sector …

The New Zealand dollar was the worst performing currency overnight, as investors switched to so-called ‘safe haven’ assets on concern China’s government is reducing its support for banks, which could stymie growth in the world’s second largest economy. The kiwi dropped to 83.78 US cents at 8am in Wellington, from 84.58 cents at the 5pm market close yesterday, making it …

The government has approved a Ministry of Health pilot to test the appetite of healthcare providers and investors for social impact bonds which would only pay out on measurably improved social outcomes such as reductions in alcohol and drug use or teenage pregnancy. The pilot follows a handful of trial schemes overseas including a 5 million pound programme to reduce …

The Standard & Poor’s 500 Index fell from a record and Caterpillar led a slide on the Dow Jones Industrial Average after the world’s biggest maker of construction and mining equipment was among companies giving disappointing guidance. Caterpillar sank 6 percent after cutting its full-year sales and earnings outlook on reduced demand from mining companies. It reported third-quarter profit that …

New Zealand information and communication technology firms dominated sales growth among the nation's high-tech companies in 2013, according to the latest TIN100 survey. Revenues of ICT firms climbed by 16.5 percent, or $122 million in the latest year, accounting for almost half of the $260 million growth recorded for the TIN100 companies, The Technology Investment Network and Callaghan Innovation said …

Tru-Test Corp, which doubled in size after buying a dairy industry equipment business, is considering three offshore acquisitions that would extend its exposure to the dairy industry, says managing director Greg Muir. The company made what it calls a transformational acquisition by buying Dairy Technology Services in January for some $73 million and the purchase contributed to a 12 percent …

Auckland electricity, gas and telecommunications network owner Vector says it is looking for opportunities in Australia rather than for acquisitions in New Zealand, where it says the tax laws favour foreign owners of utility assets. In an apparent swipe at foreign-owned competitors such as Wellington Electricity, Vector chairman Michael Stiassny told shareholders at the annual meeting in Auckland that acquiring …