The New Zealand dollar climbed after the Reserve Bank of Australia kept rates on hold amid an improving economic recovery, and after retail sales and current account data across the Tasman beat expectations. The kiwi climbed to 82.92 US cents at 5pm in Wellington from 82.38 cents at 8am and 82.11 cent cents yesterday. The trade-weighted index rose to 76.12 …

Strong interest in the partial privatisation of MightyRiverPower was apparent today, with some 35,000 people pre-registering their interest in buying shares in the state-owned power company. Despite State-Owned Enterprises Minister Tony Ryall’s saying yesterday he’d sought assurances the www.mightyrivershares.govt.nz website could handle heavy traffic, it crashed briefly in the course of the day. The website provides information to New Zealand investors keen …

Senior tax practitioners are in shock after the Inland Revenue Department won another key tax avoidance case in the Court of Appeal, with implications for at least 16 companies and some $300 million of back tax, interest and penalties at stake. The latest decision, issued this morning, throws out the appeal by Australian listed kitchenware maker Alesco Corp against Inland …

Conservation Minister Nick Smith has given the green light for Port of Tauranga to widen and deepen its shipping channels, creating space to let in bigger vessels. The minister granted resource consent after local iwi blocked the plan under the old Resource Management Act for four years, Smith said in a statement. The consents mean Port of Tauranga can dredge …

New Zealanders are being offered an allocation incentive to pre-register for shares in MightyRiverPower as the government ramps up a campaign to promote the $1.8 billion selldown of the state-owned power company. Those that pre-register over the next three weeks may be allocated 25 percent more shares than those who don’t pre-register if demand exceeds supply, Finance Minister Bill English …

Auckland real estate firm Barfoot & Thompson lifted its property listings and sales last month, which slowed the pace of price rises as more houses were available to meet overheating demand. New listings climbed 22 percent to 1,752 in February from a month earlier, while sales advanced 8.8 percent to 892, the realtor said in statement. Sale prices increased 0.6 …

Accident Compensation Corp named Scott Pickering, an executive at NYSE-listed insurance broker Willis Group Holdings, as its new chief executive. Pickering, a kiwi who has worked abroad for much of the past 22 years, will start on May 1, taking over from acting CEO David May, who has been at the helm since Ralph Stewart departed in December. He has …

Stock exchange operator NZX is looking to launch a new spot gas market in June this year expanding its range of services, and providing participants a new tool to manage their supply as the sector new pipeline requirements. The Wellington-based company’s launch is contingent on securing operating approvals, and will offer a baseline market from June to allow monthly, weekly, …

Rupert Murdoch’s News Corp completed the $815.3 million sale of its stake in local pay-TV operator Sky Network Television. The global media empire slated for a demerger along publishing and broadcasting lines later this year sold its 44 percent stake in Sky TV at $4.80 a share in an underwritten placement to institutional investors. Sky TV today said the sale …

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