Brokerage Forsyth Barr and French bank Credit Agricole avoided a lawsuit over the sale and promotion of the disastrous NZX-traded Credit Sails notes because the regulator deemed a settlement would return more to the mostly retired investors. Commerce Commission chairman Mark Berry told media the $60 million settlement announced in December was in the best interests of the investors who …

Briscoe Group, the homeware and sports goods retailer controlled by managing director Rod Duke, said annual profit rose 11 percent to a record as sales gained more than costs, allowing the company to lift its dividend. Profit rose to $30.5 million in the 12 months ended Jan. 27, from $27.5 million a year earlier, the Auckland-based company said in a …

Restaurant Brands New Zealand reported a 4.5 percent gain in fourth-quarter sales as the inclusion of two Carl’s Jr stores made up for weaker revenue from Starbuck’s Coffee as it closed six outlets. Sales rose to $72.96 million in the 12 weeks ended Feb. 25, from $69.8 million a year earlier, the Auckland-based company said in a statement. Annual sales …

Turners Auctions has lost the contract to sell damaged vehicles for Insurance Australian Group, New Zealand’s largest general insurer, eliminating a revenue line that generates more than 15 percent of profit. Auckland-based Turners currently has 555 damaged vehicles listed on its website and 1,000 that are undamaged. The contract with IAG ends in the next few months and the loss …

The New Zealand dollar fell back below 83 US cents after a US private sector jobs report came in stronger than expected, stoking speculation the Federal Reserve will curtail its money printing sooner than has been projected. The kiwi dollar fell to 82.81 US cents from 83.29 cents at 5pm in Wellington yesterday. The trade-weighted index eased to 76.22 from …

After hitting a fresh intraday high, the Dow Jones Industrial Average gave up some of those gains as investors looked for a fresh catalyst to extend the rally. In afternoon trading in New York, the Dow Jones Industrial Average was last up 0.23 percent to 14,285.91 after climbing as high as 14,320.65 earlier in the session. The Standard & Poor’s …

New Zealand shares rose, led by Air New Zealand and Kathmandu, after the Dow Jones Industrial Average hit a record high, better economic growth in Australia and as the local market digests New Corp’s Sky Network Television stake. The NZX 50 Index rose 28.81 points, or 0.7 percent, to 4297.97. Within the index, 30 stocks rose, 16 fell and four …

Alternative milk marketer A2 Corp is set to join the NZX 50 index after qualifying in the February review, and will topple rural services firm PGG Wrightson from the benchmark bourse. The change will come into effect from the open of trading on March 18, stock exchange operator NZX said in a statement. Shares in Wrightson rose 2.6 percent to …

The New Zealand dollar extended gains through the local session after Australian growth renewed investors’ interest in the trans-Tasman currencies after rising dairy prices and strong US equity markets sparked off an earlier rally. The kiwi rose to 83.28 US cents at 5pm in Wellington from 83.18 cents at 8.30am and 82.92 cents yesterday. The trade-weighted index advanced to 76.32 …

Veteran corporate raider Sir Ron Brierley cashed in more Guinness Peat Group shares as the investment firm he helped found draws closer to next incarnation, while at the same time chairman Rob Campbell, who’s leading the transformation, built up his stake. On March 4, Sir Ron sold 5 million shares at 48.5 Australian cents apiece, totalling some A$2.43 million, or …