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The New Zealand dollar held near a two-week high before the release of China’s manufacturing PMI which will provide fresh clues to the pace of economic growth for the nation’s biggest trading partner. The kiwi edged up to 85.71 US cents from 85.63 cents at 5pm in Wellington yesterday, having reached as high as 85.85 cents overnight. The trade-weighted index …

As US Federal Reserve policy makers began their two-day meeting a report showed a surprise contraction in the country’s business activity in April, further weakening the greenback amid expectations for ongoing monetary stimulus. The MNI Chicago Report’s business barometer fell to 49, dropping below 50 for the first time since September 2009, from 52.4 in March. Offsetting that disappointing data …

The failed Hanover Finance group of companies was “responsibly governed and managed,” according to shareholder Eric Watson, who was today cleared of any criminal wrongdoing when the Serious Fraud Office decided not to prosecute any of the lender’s former owners or directors. SFO acting chief executive Simon McArley said there were serious questions over Hanover’s behaviour, including how it disclosed …

New Zealand business confidence fell for a second month, with the agricultural sector remaining pessimistic about the general economic outlook and profits, while construction remained the most bullish. A net 32 percent of firms expect general business conditions to improve in the year ahead, according to the ANZ Business Outlook, down from 35 percent in the March survey. Firms seeing …

Summerset Group, the retirement village operator and developer, is on track to meet its build target this year, and sees growth opportunities in aged care services to complement its apartments and villas. The Wellington-based company is on track to deliver more than 200 retirement units and 70 more care beds this year, as it looks to reach an annual construction …

Wellington institutional broking firm Woodward Partners ranks the risks to MightyRiverPower of the Labour and Green parties’ new electricity policy as moderate, and far lower than many other risks the company faces. A research report from Woodward analyst Nick Lewis ranks the Labour-Greens policy 10th in a list of 16 risks faced by the state-owned power company, 49 percent of …

Australian & New Zealand Banking Group’s local unit lifted first-half profit 7 percent as it grew its loan book and booked smaller charges on bad loans. Net profit rose to $655 million in the six months ended March 31 from $615 million a year earlier, ANZ New Zealand said in a statement. Cash profit, which excludes unrealised movements in financial …

The Serious Fraud Office won’t lay charges against any of Hanover Finance’s directors or owners including Mark Hotchin and Eric Watson, saying it’s exhausted all avenues of investigation and found nothing to meet its threshold to pursue a prosecution. Acting chief executive Simon McArley said there were serious questions over Hanover’s behaviour, including how it disclosed its financial position to …

Auckland International Airport, the country’s main gateway, isn’t profiteering and is a expecting reasonable return over the coming four years, according to the antitrust regulator. The airport has an expected annual return of 8 percent over the 2013-2017 pricing period, at the top end of the Commerce Commission’s estimated range for a reasonable return of between 7.1 percent and 8 …

The New Zealand dollar rose to a two-week high as gains in equity markets in Europe and the US, and signs of growth in the US housing sector helped lift risk appetite and demand for growth-linked currencies and commodities. The kiwi dollar rose to 85.64 US cents, and earlier reached the highest since April 15 at 85.74 cents, from 85.20 …