New Zealand’s economy grew just ahead of expectations in the second three months of the year as the fastest growth in the services sector for seven-and-a-half years offset shrinking activity in the primary sector when global commodity prices were coming of highs. Gross domestic product expanded 0.7 percent in the three months ended June 30, ahead of the 0.6 percent …

The New Zealand dollar dropped to a seven-month low after the Federal Reserve raised its expectation for the level of interest rates by the end of next year, boosting the lure of the greenback.  The kiwi touched 80.73 US cents, and was trading at 80.96 cents at 8am in Wellington, from 81.84 cents at 5pm yesterday. The trade-weighted index fell to 78.09 from …

The auditor of failed lender OPI Pacific Finance has cut a $6.25 million deal with the firm’s receiver after losing a bid to strike out parts of the case earlier this year. ASX-listed Crowe Horwath, which acquired Lower Hutt-based Sherwin Chan & Walshe as a member firm, settled the claim by OPI receiver Colin McLoy of PwC, it said in a statement …

Wall Street advanced, as did the US dollar, after Federal Reserve policy makers kept their pledge to maintain interest rates near zero for a “considerable time” after the end of its monthly bond-buying program. “‘Considerable time’ sounds like it is a calendar concept, but it is highly conditional and it is linked to the committee’s assessment of the economy,” Fed …

New Zealand shares fell, paced by Spark New Zealand, as offshore investors sold yield stocks on the prospect the US Federal Reserve may start hiking rates sooner than anticipated, and increasing the returns on offer in the world’s biggest economy. Energy stocks fell as New Zealand’s general election draws closer. The NZX 50 Index fell 47.445 points, or 0.9 percent, to …

The New Zealand dollar pared gains as investors refrained from taking any new positions ahead of the US Federal Reserve’s policy review, and after government figures showed the current account deficit narrowed in the year to June 30. The kiwi traded at 81.83 US cents at 5pm in Wellington from 81.97 cents at 8am, up from 81.61 cents yesterday. The trade weighted …

Tait Communications, the Christchurch-based radio communications firm, has bought its long-time Brazilian partner SGM Telecomunicacoes for an undisclosed sum as it looks to beef up its presence in the rapidly growing Latin American economy. Sao Paulo-based SGM, which Tait told BusinessDesk has multi-million dollar annual revenues and a staff of 30, will be rebranded as Tait Communications, and become the …

The last Roy Morgan opinion poll before the general election on Saturday shows the National Party gaining ground in the first fortnight of September, up 1.5 percentage points to 46.5 percent, while both the Labour and Green parties slipped in the rolling poll of 935 people taken between Sept. 1 and 14, one day before Kim Dotcom’s ‘moment of truth’ extravaganza …

Duco Promotions has appointed former head of New Zealand’s Rugby World Cup 2011 Martin Snedden as head of the sporting events company as it chases international growth Snedden will join the Auckland-based company as chief executive in November. The former test cricketer has previously headed up New Zealand Cricket, and is still on its board, before switching codes to take the top …

Danone Nutricia chief executive Corine Tap said it would take the infant formula manufacturer 18 months to recover from the adverse effects of the Fonterra Cooperative Group botulism scare. The New Zealand subsidiary of the French food giant posted a 97 per cent profit drop in 2013 to $1.99 million after sales were disrupted in August when it had to …