Wall Street advanced amid optimism that US Federal Reserve Chairman Ben Bernanke will reassure investors that the central bank will not pull back its monetary stimulus before it is satisfied with the economic outlook. In late afternoon trading in New York, the Dow Jones Industrial Average gained 1 percent, the Standard & Poor’s 500 Index rose 0.83 percent and the …

Two Degrees Mobile, which has won about a fifth of the country’s mobile phone market, secured a $165 million banking facility with Bank of New Zealand to pay for the construction of its new 4G network by Huawei Technologies. The mobile phone operator reached an agreement with Huawei to deploy its fourth-generation technology network early next year, having worked with …

Elders, the ASX-listed agribusiness company, has rejected an offer from Ruralco Holdings for its rural services business, which includes a half stake in New Zealand’s Elders Rural Holdings. The Australian company put its Rural Services division up for sale last October. Its board reviewed various proposals for both the rural business and its Futuris Automotive unit over the weekend, it …

The New Zealand dollar declined in volatile trading as improving US economic data before this week’s Federal Reserve meeting spurred some investors to increase their bets that the central bank may start to reduce stimulus in the world’s largest economy. The kiwi slid to 79.90 US cents from 80.80 cents at 5pm yesterday. In the past 24 hours, the local …

Wall Street advanced, though gave up some of its earlier gains, following a Financial Times report that US Federal Reserve Chairman Ben Bernanke will signal the central bank is close to easing its US$85 billion-a-month bond-buying program. In late afternoon trading in New York, the Dow Jones Industrial Average rose 0.41 percent, the Standard & Poor’s 500 Index advanced 0.31 …

The New Zealand dollar may advance this week as signs of an improving local economy boost demand for the local currency while a continuation of economic stimulus in the US debases the greenback. The New Zealand dollar may trade between 78.50 US cents and 82.50 cents this week, with a positive bias, according to a BusinessDesk survey of 10 traders …

New Zealand consumer confidence surged to its highest level in three years in June, buoyed by improving economic prospects, rising house values, low interest rates and falling prices, according to the latest Westpac McDermott-Miller Consumer Confidence survey. The Auckland-based cooperative is upgrading its Whareroa site, having spent $23 million improving the facility’s coolstore since 2011, it said in a statement. …

New Zealand consumer confidence surged to its highest level in three years in June, buoyed by improving economic prospects, rising house values, low interest rates and falling prices, according to the latest Westpac McDermott-Miller Consumer Confidence survey. The index jumped to 116.6 in the June quarter, up from 110.8 in March and the highest level since June 2010 when it …

Tony Timpson, who helped found what’s now the listed carpet maker Cavalier Corp, has died at the age of 80. Timpson built up the carpet maker in 1972 with Grant Biel, only retiring from the board of Cavalier in 2009. As at June 30 last year, he still held about 13 percent of the carpet maker. He was made an …

The New Zealand dollar was little changed as traders weigh growth prospects for the local economy with the possible tapering of stimulus in the US. The kiwi recently traded at 80.44 US cents, from 80.39 cents at the New York close and 80.56 cents at 5pm in Wellington Friday. The trade-weighted index edged lower to 74.47 from 76.72 in Wellington …