Warehouse Group, which this week bought a majority stake in online retailer Torpedo7, almost doubled net profit after selling properties as part of leaseback arrangements, and will pay a bigger interim dividend than analysts were expecting. Net profit climbed to $106.5 million, or 34.2 cents per share, in the six months ended Jan. 27 from $54.2 million, or 17.4 cents, …

Three years after taking over Shell New Zealand’s petrol refining, transport and retail operations, Infratil and the New Zealand Superannuation Fund are looking to float between 40 percent and 60 percent of Z Energy on the NZX in the third quarter of this year. The announcement comes at the start of an Infratil investors’ day, and reflects in part the …

The New Zealand dollar declined against the euro after European Central bank chief Mario Draghi was less gloomy than some in the market had expected, forcing traders to cover their short positions. The kiwi fell to 63.13 euro cents from 63.70 cents at 5pm in Wellington yesterday. The local currency traded at 82.79 US cents from 82.76 cents. The ECB …

Better-than-expected American labour data propelled the Dow Jones Industrial Average to another intraday record high. Jobless claims posted a surprise drop to 340,000 last week, Labor Department data showed, while the four-week average fell to the lowest level in five years. “There’s an underlying element of support for the labour market and it’s really driven by housing and potentially construction …

Reserve Bank governor Graeme Wheeler will heed the advice of his lieutenants in making major policy decisions and will make more public appearances. The central bank is establishing a Governing Committee made up of himself, his two deputy governors Grant Spencer and Geoff Bascand, and assistant governor John McDermott to “discuss all major monetary and financial policy decisions falling under …

Labour MP Clayton Cosgrove will attempt to force the former chief executive of Solid Energy, Don Elder, to appear before the commerce select committee. Cosgrove dominated the committee hearings throughout the day at Parliament, using the opportunity to torment the chairs and chief executives of MightyRiverPower and Genesis Energy, but was at his most aggressive in pursuing information on Solid …

The former chair of companies in the collapsed construction group Mainzeal, Dame Jenny Shipley, faced hostile questions on her suitability as chair for state-owned electricity company Genesis Energy. Appearing before the commerce select committee for a regular performance review by MP’s, Dame Jenny would not answer calls from Labour’s Clayton Cosgrove for assurances there was nothing relating to her Mainzeal …

Xero, Wellington-based cloud accounting software firm, has become New Zealand’s latest billion dollar company after its shares climbed to a new record today. The stock rose 5.7 percent to $8.60, giving the software developer a market capitalisation of $1.01 billion and putting Xero in the company of 17 other local issuers on the stock exchange. That’s about 21 times Xero’s …

Forsyth Barr, one of the lead managers for the sell-down of MightyRiverPower, has criticised a Commerce Commission report into the broker’s role in the sale of complex and ultimately toxic securities, saying its creates an “imbalanced impression” and “contains factual errors.” In December, the broker and French investment bank Credit Agricole cut a $60 million settlement giving investors in NZX-listed …

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