Facebook New Zealand, the local service unit of the global social media website, said sales rose 7.4 percent last year, lagging behind an 11 percent gain in expenses and resulting in a wider annual loss. Sales rose to $846,391 in calendar 2013, from $787,830 in 2012, according to the company’s annual report. All of the revenue came from Facebook Ireland under …

Air New Zealand, the national carrier, has increased its cornerstone shareholding in Virgin Australia to the maximum allowed under that nation’s foreign investment rules. The Auckland-based airline now owns 25.99 percent of the Australian budget carrier, from a previous 24.46 percent, it said in a statement. The company has lifted its stake 3 percent since October last year, when it sought approval from the Australian …

Hirepool is the latest company with trans-Tasman operations to settle a tax dispute with the Inland Revenue Department, forfeiting $58.6 million of tax losses generated by the use of mandatory convertible notes, one of two commonly used structures the IRD has successfully challenged in the New Zealand courts. The settlement, on June 9, is recorded in the prospectus for the …

The New Zealand dollar tested the 87 US cent level overnight for the second time since the Reserve Bank tightened monetary policy last week, as low volatility in currency markets kept the nation’s relative high interest rates in demand. The kiwi touched a high of 86.99 US cents overnight, a level it last tested on Friday morning after the Reserve Bank affirmed …

Wall Street eked out gains as merger and takeover activity outweighed concern about rising oil prices and escalating chaos in Iraq and an IMF downgrade in its US economic growth forecast. In the final hour of trading in New York, the Dow Jones Industrial Average rose 0.05 percent, the Standard & Poor’s 500 Index added 0.09 percent, while the Nasdaq …

New Zealand manufacturing sales volumes rose a seasonally adjusted 0.5 percent in the first quarter, led by gains in chemical and petroleum manufacturing. Chemical, polymer, and rubber product manufacturing volumes rose 8.5 percent helped by increased production at New Plymouth-based Methanex New Zealand and following a 0.5 percent drop in the previous quarter, Statistics New Zealand said. Petroleum and coal …

New Zealand shares fell. Nuplex Industries dropped to a nine-month low after cutting its full-year earnings guidance. New Zealand Oil & Gas declined after it said costs for its offshore explorations in the Taranaki Basin had climbed to US$40 million from US$27 million. The NZX 50 Index fell 7.946 points, or 0.2 percent, to 5179.403. Within the index, 25 shares fell, 18 rose and seven were unchanged. …

The New Zealand dollar recovered from intraday lows amid buying ahead of the monetary policy statement on Thursday, as traders speculate the central bank could be less dovish than the market is pricing. The kiwi rose to 85 US cents from 84.88 cents at 8am to be lower than in late trading yesterday at around 85.13 cents. The trade weighted index traded at 79.28 from …

The cost of the US$27 million exploratory oil and gas Oi well offshore Taranaki has risen to US$40 million, largely as a result of the drilling partners being forced to plug and abandon the first well, which encountered technical difficulties at a depth of 1,507 metres. The Oi-1 well is a partnership between operator AWE (31.25 percent), Pan Pacific Petroleum (50 percent) …

A sharp slowdown in China’s growth, financial market volatility, a sustained decline in commodity prices and a drop in house prices are the biggest potential risks facing the New Zealand economy, according to an assessment by the International Monetary Fund. The IMF gives New Zealand a broadly favourable appraisal in its latest country report, noting that economic growth is “becoming increasingly …