Business Desk

New Zealand shares rose as Meridian Energy and MightyRiverPower rebounded from recent lows. Diligent Corp and Fisher & Paykel Healthcare advanced as the kiwi dollar fell. The S&P/NZX 50 Index rose 22.16 points, or 0.4 percent, to 5755.45. Within the index, 25 stocks rose, 15 fell and 10 were unchanged. Turnover was $118 million. Energy companies rallied after coming under selling pressure on concern the possible closure …

The New Zealand dollar rose to a seven-month high against the euro on concern deposit holders in other weak euro-zone nations could face a Cyprus-style hit, spurring a flight of capital. The kiwi climbed to 65.58 euro cents, the highest since August last year, from 65.20 cents at 5pm in Wellington yesterday. The New Zealand dollar traded at 83.70US cents …

The New Zealand dollar is heading for a 0.3 percent weekly decline against the greenback as financial markets hang on the outcome of Greece’s debt negotiations before its 1.6 billion euro loan comes due at the end of the month. The kiwi fell to 68.86 US cents at 5pm in Wellington from 69.08 cents on Friday in New York last week. …

New Zealand’s annual trade deficit unexpectedly shrank in May as exports rose more than forecast and imports lagged predictions. The country’s trade deficit fell to $2.57 billion in the 12 months through May, according to Statistics New Zealand. That was lower than the $2.66 billion annual deficit in April and the $2.9 billion forecast by economists in a Reuters survey. For …

Federated Farmers Bees, Honey Packers’ and Exporters’ Association, and National Beekeepers’ Association have all voted to proceed with plans to create a single national body for the apiculture industry. The industry bodies voted with a substantial majority to unify the industry at their respective annual meetings held after a four-day conference in Taupo, Fed Farmers said in a statement. The Apiculture Industry Unification Project’s …

The New Zealand dollar extended its recovery from a five-year low against a backdrop of increasingly investor concern about the negotiations between Greece and its international creditors. The kiwi rose to 69.15 US cents at 5pm in Wellington from 68.86 cents at 8am and 68.53 cents yesterday. It advanced to 61.70 euro cents from 61.32 cents yesterday. Greece has just five days to …

Vital Healthcare Property Trust, the listed hospital developer, has announced a A$14.5 million project for its South Eastern Private Hospital in Melbourne, and is expanding its land base in Newcastle. The development will add 60 new beds and more car parks to its Noble Park hospital, which is operated by Healthe Care, over the next 12 months, the Auckland-based property trust …

Precinct Properties New Zealand, which raised $174.1 million in March to help fund major developments, sold another property in Wellington’s central business district, while saying its latest valuation has bumped up the worth of its broader portfolio. The Auckland-based company agreed to sell its 171 Featherston St building to an undisclosed party for $76 million, which is in line with its latest …

Independent Liquor (NZ), the liquor company owned by Japan’s Asahi Group, wrote off its remaining goodwill, partly offsetting gains from a multi-million dollar settlement with the former private equity owners over the price paid for the booze empire. The Papakura-based company founded by the late Michael Erceg reported a loss of $52.6 million in calendar 2014 compared with a loss of $41.6 million …

The disgraced former chief executive of Auckland’s Heart of the City, Alex Swney, has been sentenced to five years and seven months in jail for tax evasion and defrauding the business group. The 57-year-old, who admitted to charges laid by the Inland Revenue and the Serious Fraud Office, appeared in the Auckland District Court today. Swney was the founder and …