Finance

The New Zealand dollar may advance this week as the Reserve Bank disappoints some traders positioned for an aggressive interest rate cut of 50 basis points by limiting its reduction to a quarter-point. The kiwi may trade between 63.50 US cents and 67.05 cents, according to a BusinessDesk survey of 11 currency advisers. Six expect the kiwi to gain, four …

New Zealand’s services sector, which accounts for about two-thirds of the economy, was at its most buoyant level in 11 months in June. The BNZ-BusinessNZ performance of services index rose 0.1 point to a seasonally adjusted 58.2 last month, its highest level since July 2014, and extending a run of continuous expansion since October 2009. All of the five sub-indices …

Wall Street is set to sustain recent gains after the Nasdaq closed at a record high on Friday, amid better-than-expected earnings from companies including Google, and US Federal Reserve chair Janet Yellen’s comments that rate increases will be moderate. IBM, Microsoft, Apple, Yahoo and Morgan Stanley are among the companies scheduled to release their latest earnings in the coming days. “We’re …

The sharp Kiwi economist who’s done some of the best analytics in the New Zealand/China economic relationship is contemplating a switch to running a business. NZ INC. hopes Shamubeel Eaqub stays engaged in the China space. There’s plenty of contentious issues on the table right now that could do with indepth analysis. Businessdesk earlier reported: Outspoken economist Shamubeel Eaqub is …

The New Zealand dollar is heading for a 2.4 percent drop against the greenback this week after a slump in milk powder prices this week fuelled calls for the Reserve Bank to cut interest rates more aggressively to prop up the country’s biggest export sector. The kiwi fell to 65.37 US cents at 5pm in Wellington from 71.29 cents on Friday …

Andrew Robinson, a struck off financial adviser and former director of Strategic Planning Group, has been jailed for six years after pleading guilty to fraud charges earlier this year. Robinson was sentenced in the High Court in Auckland today, having pleaded guilty to five charges of theft by a person in a special relationship and one charge of dishonestly using …

NZX, which is New Zealand’s only registered stock market operator, “strongly opposes” a bid by share trading platform Unlisted to be exempted from new licensing requirements, saying its lack of basic shareholder protections could tarnish the reputation of the country’s capital markets. Unlisted is petitioning Commerce Minister Paul Goldsmith for an exemption from being licensed by the Financial Markets Authority, as required …

Wednesday July 8: After an emergency eurozone leaders’ summit in Brussels, and as the eurozone prepares for a full EU summit on Sunday, there is enormous pressure on the Greek government as the country is on the verge of running out of money. There is also pressure on the other eurozone leaders, with the current situation deemed the most critical …

The $18 million settlement reached between Hanover Finance’s directors and promoters and the Financial Markets Authority should be of some comfort to investors in what has become a “better regulated” market, Prime Minister John Key said. The FMA settled for just under half its $35 million civil claim, which was due to go to court later this year alleging misleading and …

Four of the Hanover directors and promoters involved in an $18 million settlement with the Financial Markets Authority say it’s the best outcome for investors and taxpayers, and the regulator would have failed in court. In a written statement, Mark Hotchin, Greg Muir, Tipene O’Regan and Bruce Gordon said they decided to settle because of the cost and burden of litigation …