Emulex, the NYSE-listed data storage maker, offered to buy Endace, at a 69 percent premium to its last trading price, winning over the target company’s independent directors. A subsidiary of Emulex, El Dorado Research Venture, plans to offer 5 pounds a share cash for Endace, the New Zealand-based, London Stock Exchange listed company that commercialised cyber-security research done by Waikato …

The New Zealand dollar rose after Reserve Bank governor Graeme Wheeler kept his forecast track for interest rates almost unchanged and gave no signal there’s room for the official cash rate to be cut. The kiwi dollar rose to 82.81 US cents from 82.49 cents immediately before the monetary policy statement was released. The trade-weighted index rose to 73.84 from …

New Zealand’s unemployment rate of 7.3 percent overstates the weakness of the country’s labour market, which has been tapering off through the latter half of this year, the Reserve Bank says. The bank’s latest forecast is more downbeat about the level of unemployment over the next two years, but isn’t convinced joblessness is at a 13-year high as shown in …

The persistent strength of the New Zealand dollar has been a “significant headwind” to the economy as it erodes export earnings and encourages local consumers to buy foreign-made goods, according to Reserve Bank governor Graeme Wheeler. The Reserve Bank has raised its forecasts for the currency over the coming two years, as international money markets chase yields in a low …

The Reserve Bank is keeping a watchful eye on the country’s property market, which has started heating up as low mortgage rates and easier lending criteria encourage first-home buyers. RBNZ governor Graeme Wheeler, who held the official cash rate at 2.5 percent today, said the housing market, particularly Auckland, is starting to strengthen with cheaper bank funding costs leading to …

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, as expected, saying monetary policy is still focused on future inflation and that he’s looking for any sign of more softening in prices. “The bank is closely monitoring indicators for any sign of further moderation and is mindful of recent downside surprises to employment and inflation outturns,” …

The persistent strength of the New Zealand dollar has been a “significant headwind” to the economy as it erodes export earnings and encourages local consumers to buy foreign-made goods, according to Reserve Bank governor Graeme Wheeler. The Reserve Bank has raised its forecasts for the currency over the coming two years, as international money markets chase yields in a low …

The New Zealand dollar rose against most of its trading peers after weaker economic data in the euro zone and glimmers of hope in stalled Washington talks over the fiscal cliff, which helped lift equities. The kiwi dollar rose to 82.55 US cents from 82.48 cents at 5pm in Wellington yesterday. The trade-weighted index rose to 73.66 from 73.52. The …

Citigroup chief executive Michael Corbat has wasted little time in cost cutting since taking over the helm of America’s third-largest bank from Vikram Pandit in October. The New York-based firm has announced plans to eliminate 11,000 jobs worldwide, about 4 percent of its workforce, and will take a US$1 billion charge in the fourth quarter. Investors cheered the news, sending …

New Zealand shares fell, led by OceanaGold, after the gold miner sold shares at a discount to repay debt. Chorus halted its two-day, 18.5 percent slump driven by the threat of regulated prices. The NZX 50 Index fell 8.44 points, or 0.2 percent, to a two-week low close of 4007.24. Within the index, 19 stocks rose, 18 fell and 13 …