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The New Zealand dollar strengthened after the central bank signalled that inflationary pressures from housing and construction are likely to push up interest rates. The kiwi rose to a six-week high of 81.06 US cents and was at 80.79 cents at the 5pm market close in Wellington, from 79.80 cents yesterday. The trade-weighted index jumped to 76.03 from 75.57 yesterday. …

New Zealand shares rose as Tower recovered from its post-quake decline and Fletcher Building gained from its recent slide. OceanaGold fell after reporting a second-quarter impairment tied to the price of gold. The NZX 50 Index rose 5.194 points, or 0.1 percent, to 4581.99. Within the index, 22 stocks rose, 19 fell and nine were unchanged. Turnover was $93 million. …

New Zealand’s productivity watchdog is turning its attention to why service industries, making up more than two-thirds of economic activity, underperform compared to the same sector in other developed economies. Releasing the first of two reports for public comment, the Productivity Commission says the services sector “includes industries with the lowest levels of labour productivity in the economy and also …

Owen Poole is to step down from Alliance Group, after an association with the Invercargill-based meat company stretching back 18 years, and will be replaced as chairman by fellow board member Murray Taggart. Taggart was a farmer-elected director of Alliance between 2002 and 2007 and was re-elected to the board in 2010. He farms a 457 hectare sheep and cropping …

Infratil and the New Zealand Superannuation Fund stand to at least triple their money on Z Energy in next month’s initial public offering, having used their financial strength to buy the former Shell assets when markets were still reeling from the global financial crisis. The Wellington-based investment funds contributed about $210 million each toward the $696.5 million purchase price, with …

The government of South Australia has passed a law extending SkyCity Entertainment Group’s exclusive casino licence, clearing the way for a A$300 million expansion of its riverside complex. Analysts say the Adelaide development is much more of a game-changer for the casino and hotel company than its politically contentious deal with New Zealand’s government to build an Auckland convention centre …

Wellington-based private investment company Caniwi Capital has spent $60 million to buy two recently refurbished, long lease chicken processing plant leases from the Tegel chicken company, and says it has up to $100 million more to spend on other assets that fit is investment criteria.. The purchase means Caniwi is estimated to be one of the top four or five …

The New Zealand dollar surged after the central bank yesterday signalled interest rate hikes were on the horizon, increasing the lure of local assets. The kiwi rose to a six-week high of 81 US cents, and recently traded at 80.95 cents, from 79.80 cents at the 5pm market close in Wellington yesterday. The local currency surged to a four-and-a-half year …

The Nasdaq Composite Index advanced, bolstered by a surge in the shares of Facebook as better-than-expected earnings brightened the outlook for the social media company. Shares of Facebook soared, last up 27.3 percent, as the company posted earnings that exceeded expectations helped by sales of mobile advertising. At least 16 brokerages raised their price targets by as much as US$9 …

The Parliament’s primary production select committee wants to give foreign fishing vessels loopholes to get around registering under a New Zealand flag in their report back on legislation forcing the ships to change their colours. The committee, chaired by National MP Shane Ardern, has recommended an amendment to the Fisheries (Foreign Charter Vessels and Other Matters) Amendment Bill that would …