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Telecom, which is aiming to cut its workforce by as much as 16 percent this year, said annual earnings will be at the low end of guidance because of competition in fixed-line sales and a margin squeeze at its Gen-i unit. Adjusted earnings before interest, tax, depreciation and amortisation would be between $1.04 billion and $1.06 billion, the company said …

Momentum helped lift Wall Street to records earlier in the day, even as US and European economic data disappointed some investors about the pace of the recovery. The Dow Jones Industrial Average climbed to a record high of 15,301.34, while the Standard & Poor’s 500 Index hit a record 1,661.49 in morning trading before giving up some of those gains …

New Zealand shares rose, led by Fisher & Paykel Healthcare, as the maker of breathing masks and respirators benefited from a kiwi dollar at a two-month low. NZX rose to a six-year high in anticipation of fees from new listings. The NZX 50 Index edged up 0.5 percent, or 0.01 percent, to 4646.32. Within the index, 25 stocks rose, 20 …

The New Zealand dollar pared its decline during the local session as exporters took advantage of the strengthening greenback to ramp up their hedging with a cheaper entry point. The kiwi increased to 82.13 US cents at 5pm from 81.88 cents at 8am, down from 82.90 cents yesterday. The trade-weighted index fell to 77.13 from 77.46 yesterday. New Zealand’s currency …

WF Group, the contract labour firm, more than doubled annual profit after selling its Panacea Healthcare unit and will return most of the $2.24 million proceeds to shareholders via a special dividend. Net profit climbed to $6.9 million, or 26.5 cents per share, in the 12 months ended March 31, from $2.6 million, or 10 cents, a year earlier, the …

Goodman Property Trust, which is managed by a unit of ASX-listed Goodman Group, recorded the first increase in the value of its portfolio since 2008, adding to accounting adjustments that contributed to a 92 percent jump in annual profit. The portfolio includes a revaluation gain of $4.2 million, following a devaluation of $19.5 million a year earlier. The value of …

TrustPower, the electricity generator and retailer controlled by Infratil, will pay $13.7 million for the assets of Wanganui council owned Energy Direct New Zealand, allowing it to add customers near its electricity plants. Energy Direct’s customers are close to TrustPower’s Patea hydro scheme and its Tararua wind farm, and the purchase would also allow TrustPower to sell other services to …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …

Wall Street resumed its climb to new records, underpinned by the confidence that central banks around the world are supporting growth. Financial stocks including Bank of America and Citigroup received a boost from billionaire hedge-fund manager David Tepper who called US banks “a good sector” in an interview with CNBC. Shares of Bank of America were up 2.3 percent, while …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …