Wall Street sank as Senate Majority Leader Harry Reid warned the US appeared set to head over the so-called fiscal cliff as an agreement between Democrats and Republicans before the year-end deadline seems unlikely. “I don’t know time-wise how it can happen now,” Reid said in the Senate. He blamed Republicans for a lack of cooperation. Americans are worried too. …

New Zealand stocks rose in light holiday trading, helped by gains in Fletcher Building, with US fiscal cliff negotiations likely to be the focus through the year end. Hellaby Holdings rose after agreeing to buy a maintenance and industrial cleaning business. The NZX 50 Index rose 7.627 points, or 0.2 percent, to 4065.447. Within the index, 20 stocks rose, 18 …

The receiver for Strategic Finance and Lombard Finance & Investments, PwC’s John Fisk, is in talks to reach settlements with the directors of the two failed lenders in a bid to avoid the costs of taking legal action. The Strategic and Lombard Finance boards have each received draft statements of claim against them by their respective receiver and both boards …

NZF Group, the financial services firm at odds with receivers of its failed finance unit, has delayed a shareholder vote on whether to exit its stake in Mike Pero Mortgages after the buyer filed High Court papers to limit information that can be shared with investors. Australia’s Liberty Financial, which owns the other half of MPMH, has applied to “restrain …

New Zealanders spent 13.4 percent more on Boxing Day than they did a year ago, the first double-digit growth in sales for five years, Paymark says. There were more than 2 million transactions and sales rose by $14.2 million to $120 million, according to Paymark, which processes 75 percent of the nation’s electronic transactions. “The queues and traffic outside the …

custom thesis writing service Hellaby Holdings, the diversified investment group, has finally found something to buy after being on the prowl for the past two years in specialised engineering maintenance and industrial cleaning company Contract Resources. The Auckland-based investment firm will spend $73 million on an 85 percent stake in Contract Resources, and saddle it with $30 million in debt, …

he New Zealand dollar fell against most major currencies as the looming US fiscal cliff sapped risk appetite, stoking demand for the greenback, and investors continued to unwind long positions in the kiwi and Australian dollars. The New Zealand dollar fell to 81.76 US cents from 82.15 cents in Asian trading yesterday. The trade-weighted index fell to 73.33 from 73.68. …

Shares of retailers including Sears and Saks led Wall Street lower as shoppers kept a lid on spending amid concern about the impact of the so-called fiscal cliff as the year-end deadline draws ever closer. A measure of American holiday sales showed consumers are reluctant to take advantage of the holiday sales. Data from MasterCard Advisors SpendingPulse showed that holiday-related …

he Commerce Commission has cut a deal with Australian lender Bluestone Mortgages NZ over the fees charged on early repayments after a High Court ruling this year narrowed the regulator’s scope to pursue a claim. The regulator settled with Bluestone, Trustees Executors and TEA Custodians (Bluestone) over deferred establishment fees, which were charged when a client repaid a loan within …

The receivership of failed lender St Laurence will probably wrap up with the last repayment to investors in March next year though nothing will have emerged from former boss Kevin Podmore’s bankruptcy and his $20 million personal guarantee. Receivers Barry Jordan and David Vance of Deloitte are working to dispose of the firm’s last loan over a recycling operation in …