Buller Coal, the would-be Denniston Plateau coal miner owned by Bathurst Resources, has lost an application in the High Court to claim interest on a $4 million advance to Brightwater Engineers, the consultant for the escarpment mine. In 2010, Buller sought resource consent for its planned escarpment coal mine on Denniston Plateau, which was finalised in May this year. At the same time as seeking the consents, …

Economic growth is expected to average a historically high annual rate of 2.8 percent over the next five years, although growth will peak in the year to March 2015 at a slightly lower level than was forecast in the budget in May, the government’s half year economic and fiscal update says. Lower than expected inflation means the nominal value of …

Economic growth is expected to average a historically high annual rate of 2.8 percent over the next five years, although growth will peak in the year to March 2015 at a slightly lower level than was forecast in the budget in May, the government’s half year economic and fiscal update says. Lower than expected inflation means the nominal value of …

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned …

Ewan Wilson, the founder of failed mid-1990s Kiwi Travel International Airlines, is eyeing up investors to take on at least some of the regional air routes being abandoned by Air New Zealand, with the principals of imported used car dealers 2 Cheap Cars the first to put up their hands. A name for the company, Kiwi Regional Airlines, has been accepted by …

MightyRiverPower, the first of the state-owned power companies to be partially privatised last year, will quit its geothermal investments in Chile and Germany, while sticking with its interests in the US. The Auckland-based company reviewed its international geothermal investments earlier this year and has decided to embark on a sale process for its assets in Germany and Chile, which are no …

Tower, the insurer which sold its health, life, and investment units to focus on general insurance, has talked down yesterday’s Supreme Court ruling on how to value the replacement costs of a house, saying it doesn’t expect a material impact on the firm’s future settlement payments. Justices John McGrath, William Young, Susan Glazebrook, Terence Arnold and Mark O’Regan yesterday ruled …

The New Zealand dollar fell against the yen, which gained against most major currencies as crude oil sank to a five-year low, as investors sought a haven from poor global risk sentiment. The kiwi fell to 90.94 yen from 91.92 yen in late local trading yesterday. The New Zealand dollar declined to 77.32 US cents from 77.43 cents. West Texas Intermediate for …

Wall Street swung from gains to losses as investors took positions as US Federal Reserve policy makers prepared to start a two-day meeting on Tuesday, and as oil prices continued their free-fall. Oil tumbled further after United Arab Emirates said oil exporters would not cut output even if prices slide as low as US$40 a barrel. West Texas Intermediate for …

New Zealand shares fell in a global sell-off, paced by Xero, Westpac Banking Corp and Meridian Energy as falling oil and dairy prices and a hostage situation in Sydney weighed on investors. The NZX 50 Index fell 15.882 points, or 0.3 percent, to 5499.072. Within the index, 25 stocks fell, 18 rose and seven were unchanged. Turnover was $110 million. Last week, Wall Street recorded its worst …