New Zealand new home building consents fell in June though the decline wasn’t enough to prevent growth in the second quarter from reaching a five-year high, government figures show. New dwelling consents fell 4 percent, seasonally adjusted, in June from May, when they gained 1 percent, according to Statistics New Zealand. The latest two months followed a 21 percent surge …

The New Zealand dollar may extend this year’s 10 percent gain against the Australian dollar should Reserve Bank of Australia governor Glenn Stevens today affirm that a slowing economy justifies further interest rate cuts. The kiwi recently traded at 87.20 Australian cents, little changed from 87.27 cents at the 5pm market close in Wellington yesterday. The local currency weakened to …

Wall Street weakened as investors awaited more details from US Federal Reserve policy makers on paring back their bond buying at a two-day meeting starting tomorrow. In late afternoon trading in New York, the Dow Jones Industrial Average fell 0.15 percent, as declines in shares of Bank of America, last 1.3 percent weaker, and Chevron, last 1 percent lower, weighed …

State-owned electricity generator and retailer Genesis Energy says it is continuing to grow its customer base, thanks to new electricity and gas offerings, new energy-saving products, and ongoing acquisition of customers in the South Island. At June 30, Genesis had added 3 percent to its total customer base, with 543,774 electricity customers, 114,961 gas customers and 9,708 LPG customers, with …

Offshore mining of ironsands deposited in the southern Taranaki bight has come a step closer with the lodging of a mining permit application by TransTasman Resources, a privately held, Australian-led venture with plans for a multi-billion dollar export industry. TTR’s application is for a 65.76 square kilometre area between 22 and 35 kilometres offshore from Patea in an area where …

The New Zealand dollar will probably take its lead from the US this week, where traders will be looking for guidance from Federal Reserve chairman Ben Bernanke on future monetary stimulus, and reports on how the economy is tracking. The local currency may trade between 78.60 US cents and 82.30 cents this week, according to a BusinessDesk survey of 10 …

Methven, the tapware maker, will buy its Chinese manufacturer for as much as US$10 million, which it says will improve margins and profits. Auckland-based Methven agreed to buy Heshan, Guangdong province-based Invention Sanitary for four times the manufacturer?s profit in the 12 months ending June 30, 2014, up to a maximum of US$8 million before potential earn-outs, the company said …

NZX’s dairy futures market reached a record monthly trading volume in July as more than 2,000 skim milk powder contracts traded for the first time, though total volumes in all categories are lagging behind 2012 on a year-to-date basis. The market reported 5,225 lots traded this month across all categories of dairy products offered in the NZX futures market, beating …

Skellerup Rubber Services, a subsidiary of NZX-listed Skellerup Holdings, has been accused of selling faulty rubber rings to PVC pipe maker Marley New Zealand, who is seeking some $7.3 million in damages from the industrial rubber goods maker. Marley claims rubber rings it bought from Skellerup to use as seals in its pipes between 2006 and 2009 didn’t meet Australian …

Synlait Milk, which listed on the stock exchange last week, doesn’t expect a minor fire at its Dunsadel plant last night will affect production after all of its automated systems kicked into life. The fire didn’t cause any injuries, nor did it cause any damage to the affected boiler, Rakaia-based Synlait Milk said in a statement. The milk processor doesn’t …