A petition for a referendum on state asset sales has failed to garner enough signatures after double entries were weeded out and Labour has vowed to try to fill the gap over the next two months. The petition, promoted by Labour, the Greens and Grey Power, required 10 percent of eligible voters, or 308,753 signatures, to force a referendum. It …

Australian payroll provider Talent2 will keep its $105 million 10 year contract to to provide New Zealand’s public education payroll service after the government decided switching to the old provider, Datacom, simply exchanged one set of risks for another. Minister Responsible for Novopay Steven Joyce announced the Talent2 contract will “remain under review”, but the decision effectively leaves Talent2 in …

New Zealand labour costs rose in the first quarter and filled jobs increased, suggesting the household labour force survey on Thursday will show a return to employment growth. Private sector ordinary time wages rose 0.4 percent in the first three months of the year from the fourth quarter of 2012, and gained 1.8 percent from the first quarter last year, …

Local retail investors won’t get a chance to buy into the NZX float of website software developer SLI Systems after the share offer was overbid by almost two-and-a-half times in the bookbuild by institutions. The Christchurch-based company plans to raise $15 million in an initial public offer at $1.50 apiece and a further $12 million from existing shareholders as it …

Summerset Group, New Zealand’s second-largest listed retirement village operator and developer, plans to list on the Australian stock exchange, putting its shares in front of an investor pool more than 20 times larger than in its home market. “The retirement village and aged care sector now accounts for nearly 8 percent of the NZX 50,” Summerset chairman Rob Campbell said …

SLI Systems, a Christchurch-based developer of website search software, plans to sell its shares at $1.50 in a listing on the NZX at the end of the month to fund its long-term growth aspirations in Japan and Brazil. The company plans to raise $15 million in an initial public offer and a further $12 million from existing shareholders as it …

Warehouse Group, the country’s biggest listed retailer, has unveiled plans to lift staff wages and create a better-trained workforce reward long-term service at an extra cost of up to $2.5 million in each of the next two years. The Auckland-based company wants to improve the public perception of retailing and attract more talented staff, and will hike wages for team …

Wall Street climbed to fresh records, carrying the momentum from Friday’s jobs data into renewed optimism about the US economy and corporate profits. In afternoon trading in New York, the Dow Jones Industrial Average rose 0.05 percent, the Standard & Poor’s 500 Index gained 0.32 percent, while the Nasdaq Composite Index added 0.47 percent. The S&P 500 touched a record …

Foreign companies looking to boost their international credibility with a New Zealand registration were behind Commerce Minister Craig Foss’ plans to tighten up the database. In March, Foss announced plans for stricter monitoring rules and beefed up investigative powers for regulators of the Financial Service Providers Register, three years after its launch as part of government efforts to restore investors’ …

T he New Zealand dollar may rise this week as stronger global equity and commodity markets stoke demand for the currency and an improving local economy boosts employment. The kiwi dollar recently traded at 85.41 US cents, from 85.32 cents on Friday in New York. It has risen 3.1 percent so far this year, or 5.2 percent on a trade-weighted …