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Mainfreight, the international logistics firm, is warning its operating earnings will be flat for the full financial year, with the second half weaker than the first six months. The company’s earnings before interest, tax, depreciation and amortisation for the year to March 31, due for release May 29, would be roughly the same as last year’s $138 million, Mainfreight said …

The New Zealand economy grew at the fastest quarterly pace in three years in the tail-end of last year as demand for forestry exports underpinned gains in the primary sector. The kiwi dollar climbed on the figures. Gross domestic product grew 1.5 percent to $36.81 billion in the three months ended Dec. 31, from a 0.2 percent pace in the …

A new kind of international pact to ensure taxes and customs duties are collected on goods bought online is proposed in new research by Victoria University’s New Zealand Institute for the Study of Competition and Regulation. Commissioned by Booksellers New Zealand, which has been battling falling local sales of books because of the onslaught of imported books which are ordered …

Rob Flannagan is to step down as managing director of Tower following the completion of the listed insurer’s strategic review and sale of its health and investment units. Flannagan will work out the 12 months of his notice, the company said in a statement. He has led Tower for seven years. “Tower now has a refreshed board with a clear …

The New Zealand dollar was little changed against the greenback ahead of figures forecast to show the economy picked up pace in the fourth quarter. It dropped against the euro on speculation may provide aid as an alternative to an EU bailout. The New Zealand dollar traded at 82.31 US cents from 82.27 cents at 5pm in Wellington yesterday. The …

As Cyprus continued its efforts to seek financial help that will prevent its bankruptcy, investors turned their focus toward positive news from companies including Lennar and Adobe. Cypriot lawmakers yesterday vetoed a proposal, suggested by European Union and International Monetary Fund leaders, to tap bank deposits to help fund a much-needed bailout. Desperate for alternatives, Cyprus is now in talks …

New Zealand shares rose, led by cloud-based accounting firm Xero, which added another $100 million to its market value to reach a new record while Sky Network Television rose to the highest in almost two years. The NZX 50 Index gained 4.39 points, or 0.1 percent, to 4349.43. Within the index, 21 stocks rose, 13 fell and 16 were unchanged. …

The New Zealand dollar extended its slide after figures showed the current account deficit widened more than expected in the fourth quarter and the bailout impasse in Cyprus kept the US dollar well bid. The kiwi dollar fell to 82.28 US cents in late New Zealand trading from 82.51 cents immediately before the balance of payments figures. The trade-weighted index …

By Kirsten Paterson The volume of dairy products offered in the latest GlobalDairyTrade auction fell to the lowest level in almost two years as drought in the North Island curbed milk production. Fonterra Cooperative Group indicated to the market in late January that the volume of product being placed on the GDT was likely to decline over the coming months …

Auckland International Airport and Warehouse Group are backing a scheme to deepen the pool of directors in New Zealand and up skill a new generation of business people. Under the Future Directors scheme, which is to be administered by the NZ Institute of Directors, young professionals will be placed on the boards of public companies for 12 months. While they …