Business Desk

The timing and pace at which the US Federal Reserve unwinds its money-printing programme was identified as the single largest threat to global economic growth in 2014 in a vote from the floor of the Asian Financial Forum in Hong Kong. The annual global gathering of a record 2,300 business leaders and senior government officials saw 31.7 percent of delegates …

NZ Thoroughbred Holdings, the horse breeding business owned by Australian retailing billionaire Gerry Harvey, narrowed its full-year loss after recognising a gain on the value of its animals. The net loss was $3.97 million in the 12 months ended June 30, 2013, from a loss of $5.28 million a year earlier, according to the company’s annual report. Revenue fell to …

Tower, which sold the majority of its life insurance business to Fidelity Life Assurance in May, says it has decided to retain the remaining life assets after talks with potential buyers. The general insurer said it has ended talks with a number of interested parties and has decided not to sell Tower Life (NZ). It sold most of its life …

The general election in New Zealand next year is starting to weigh on the nation’s equity market and is also likely to weaken business confidence and the exchange rate, brokerage First NZ Capital said. The election, to be held between September and November 2014, is expected to be an extremely close result between a National-led government and a Labour/Green coalition, …

The New Zealand dollar touched a new five-year high against the Australian dollar overnight ahead of a report today which is expected to show the Australian economy continues to lag New Zealand. The kiwi hit 91.31 Australian cents overnight, and was trading at 90.86 cents at 8am in Wellington from 90.81 cents at 5pm yesterday. The local currency slipped to …

Postie Plus Group, the worst performer on the New Zealand stock exchange this year, has agreed to sell its school uniform business SchoolTex for $9 million to reduce debt in an attempt to return the company to profitability. Postie Plus will seek agreement from shareholders for the sale at its annual meeting on Dec. 20, the Auckland-based company said in …

Godfrey Hirst, which acquired failed carpet maker Feltex in 2006, has pulled a $50 million dividend from its New Zealand business while reporting annual sales growth and one-time gains from asset sales and purchases. Profit was $10.8 million in the year ended June 30 for Hirst’s Avon Pacific Holdings unit, from $10.3 million a year earlier, according to the Auckland-based …

The Supreme Court has granted the four former directors of failed lender Lombard Finance & Investments leave to appeal their sentences on issues of fact, but turned down the application to have their convictions overturned. The country’s top court today turned down an attempt by former Justice Ministers Doug Graham and Bill Jeffries, former PR man for the Queen Lawrie …

Kirkcaldie & Stains, Wellington’s upscale department store, has abandoned plans to split its retail and property businesses and reported a widening of its annual pre-tax loss. The Wellington-based company’s pre-tax loss more than doubled to $2.38 million in the 12 months ended Aug. 31 from $1.08 million a year earlier, it said in a statement. Still, the company posted a …

Auckland International Airport confirmed its expectation of an underlying profit after tax for the current financial year of between $160 million and $170 million at the annual shareholders’ meeting. The meeting was the last for Joan Withers since joining the board at its NZX listing 16 years ago, three of them spent as chair, to be replaced by Sir Henry …