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The New Zealand dollar rose as high as 66 US cents overnight after Prime Minister John Key told reporters at his weekly post-Cabinet press conference that the local currency had fallen faster than expected. The kiwi was trading at 65.67 US cents at 8am in Wellington, from 65.61 cents at 5pm yesterday and 65.12 cents immediately before the 4pm press conference. …

The foreign owners of the Tiwai Point aluminium smelter have had discussions with Finance Minister Bill English about further sweeteners to keep the New Zealand’s most energy-intensive industrial plant open and been told there is no scope for further assistance, says Prime Minister John Key. The smelter’s majority owner, Anglo-Australian metals giant Rio Tinto, wrung $30 million in cash out of …

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 …

A2 Milk Co, which markets milk with a protein variant said to have health benefits, says annual earnings were flat and are set to triple in 2016 with sales expected to rise faster than forecast. Separately, the company has told its suitors to try again after an initial offer wasn’t compelling and drew out rival bidders. Earnings before interest, tax, …

Sharemarket analysts are expecting a slew of profit upgrades and new commentary from stock exchange-listed exporters in the upcoming earnings season following the recent slump in the value of the New Zealand dollar, says Andrew Bascand, the managing director of Wellington-based funds manager Harbour Asset Management. Among likely beneficiaries are businesses such as Fisher & Paykel Healthcare, Nuplex Industries, Xero …

The National Party has lost more than 10 percent of its support in two months, as measured by the New Zealand arm of Australian pollster Roy Morgan, to run neck and neck at 45 percent support, with its coalition partners, against a combination of the Labour and Green parties for the first time since five months before last September’s general election. Labour and the Greens …

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 …

John Key will have plenty on his plate this coming week. National has been on the backfoot since Labour blindsided it with its release of leaked Barfoot & Thompson data suggesting that Chinese investments comprised a disproportionate number of recent Auckland housing sales. Particularly those over the $1 million mark. While Key has been off on his holiday jaunt in …

When the New Zealand – Korea free trade agreement signed in March enters into force, tariffs will be eliminated on 48% of current goods. New Zealand’s exports to Korea current attract $229 million every year in duties. In the first year alone the free trade agreement will save an estimated $65 million in duties, and within 15 years of establishment the …