Mercer Group, the stainless steel fabricator, cut its annual earnings forecast after two big equipment sales missed the June financial year, though it’s upbeat about talks to licence its technology to a large multinational company. Earnings before interest, tax, depreciation, and amortisation will be between $2.2 million and $2.5 million in the 12 months ending June 30, the Auckland-based company …

The New Zealand dollar fell to a 12-month low as the Federal Reserve’s signal of an end to quantitative easing, weak Chinese manufacturing and tighter credit sapped risk appetite and sent investors rushing to the greenback. The kiwi fell to 77.48 US cents, and earlier dropped to a 12-month low of 77.10 cents, from 78.54 cents yesterday. The trade-weighted index …

Stocks on both sides of the Atlantic sank after a report showing China’s manufacturing decreased at a faster rate in May and as investors digested Federal Reserve Chairman Ben Bernanke’s comments that the bank may soon begin paring its stimulus. Yesterday Bernanke said the Fed may downsize its US$85 billion-a-month bond-buying program later this year if the economy strengthens in …

New Zealand regulators will this month start monitoring financial institutions to stamp out money laundering that could be worth up to $1.5 billion. As part of a new anti-money laundering regulatory regime starting June 30, the Reserve Bank, the Department of Internal Affairs and the Financial Markets Authority will start monitoring financial institutions in an attempt to prevent criminals from …

The New Zealand dollar dropped after government figures showed the economy grew at the half the expected pace in the first quarter, as the drought at the start of the year saw farmers cull their herds, sapping milk production. Gross domestic product grew 0.3 percent to $37.1 billion in the three months ended March 31, from a pace of 1.5 …

The New Zealand dollar fell to a week low as the Federal Reserve signalled an end to its quantitative easing programme which has debased the greenback. The kiwi slid to 78.49 US cents, the lowest since June 12. The local currency recently bought 78.86 US cents, down from 79.88 at 5pm in Wellington yesterday. The trade-weighted index weakened to 73.90 …

Wall Street declined, as did US Treasuries, after Federal Reserve Chairman Ben Bernanke said the central bank may begin tapering its US$85 billion-a-month bond-buying program later this year if the economy strengthens in line with its expectations. Bernanke, who spoke at a press conference after a scheduled two-day meeting of the Federal Open Market Committee, also said the Fed might …

Mykris Ltd, the NZAX listed Malaysian Internet Service Provider announced its Preliminary Financial Results to 31 March 2013. Mr. Chew, Chairman and CEO advised “We have had our first year as a listed company in NZ and it has been a very strong year.” The highlights of the report were total revenue of $8.88 million, EBITDA of $2.63 million and …

New Zealand’s current account deficit narrowed as expected in the first quarter as volumes and prices of dairy exports rose and visitors spent more, lifting the balance on goods and services. The current account deficit fell to $663 million in the three months ended March 31, from a revised $3.2 billion in the fourth quarter of 2012, according to Statistics …

The New Zealand dollar rose to a three-week high against the Australian currency after yesterday’s minutes of the latest Reserve Bank of Australia meeting confirmed it is likely to cut interest rates in the future and expects the Aussie to decline further. The kiwi rose as high as 84.56 Australian cents, its highest since it touched 84.61 cents on May …