Briscoe Group, the homeware and sporting goods retail chain, anticipates 9.7 percent growth in first-half profit as second-quarter sales continued to grow across both segments and margins widen. Net profit rose to at least $14.6 million in the six months ended July 28 from $13.3 million a year earlier, the Auckland-based company said in a statement. That was on the …

Di Humphries, the former boss of Hallenstein Glasson’s women’s wear chain, is seen as a strong contender for the top job at children’s clothing retailer Pumpkin Patch after chief executive Neil Cowie resigned this week to lead Mitre 10 (New Zealand). Pumpkin Patch poached Humphries, a retailing industry veteran, from Hallenstein last year to be its merchandise and brand manager, …

The New Zealand dollar weakened as signs of improvement in the US economy point to the Federal Reserve reducing its monetary stimulus, bolstering the greenback. The kiwi slipped to 78.74 US cents at 8am in Wellington, from 79.65 at 5pm yesterday. The trade-weighted index fell to 75 from 75.54. The US dollar index, which measures the greenback against a basket …

Guinness Peat Group, the New Zealand investment group winding down its portfolio, said the UK regulator has extended its investigation into the company’s pension schemes. The UK Pensions Regulator is extending its investigation into GPG’s Coats Pension Plan and its Brunel Holdings Pensions Scheme to also cover the Staveley Industries Retirement Benefits Scheme, GPG said in a statement. The company …

Wall Street climbed to fresh records amid central bank promises for ongoing stimulus and better-than-expected economic data from the US and abroad. A day after US Federal Reserve policy makers said they plan to maintain their asset purchases to help propel the pace of economic recovery, their counterparts at the European Central Bank said they too will hold to their …

The New Zealand dollar approached 89 Australian cents this morning as investors favoured the reviving local economy over investment in Australia where the economy is slowing. The kiwi touched a new five-year high of 88.98 Australian cents, and recently traded at 88.87 cents, from 88.30 cents at the 5pm market close in Wellington yesterday. The local currency was little changed …

Wall Street advanced as US Federal Reserve policy makers kept its US$85 billion a month bond-buying program intact as the economy continues to recover at a pace that requires ongoing stimulus. “The Committee sees the downside risks to the outlook for the economy and the labour market as having diminished since the fall,” policy makers said in a statement at …

Rakon managing director Brent Robinson and his brother and executive director Darren Robinson have agreed to sell some 493,000 recently purchased shares each after the transactions breached the Takeovers Code. This month the brothers each bought $81,539 worth of shares, representing 0.52 percent of the Auckland-based crystal oscillator maker, though in doing do breached the code as they, along with …

MightyRiverPower and Meridian Energy’s utility-style earnings and regulatory risk mean they fail the investment criteria for Fisher Funds’ managed Kingfish, according to the NZX-listed equity investor’s quarterly newsletter. Kingfish didn’t participate in the government’s selldown of MightyRiverPower, whose shares are trading below the $2.50 sale price “and is unlikely to participate in the pending float of Meridian,” according to the …

Shares in Wynyard Group gained after the intelligence software developer signed up the Serious Fraud Office as its latest customer for an undisclosed sum. The white-collar crime investigator will use Wynyard’s investigations software as a means to improve efficiency and free up investigators to better manage their operations, the Auckland-based company said in a statement. That software is used to …