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The New Zealand dollar firmed slightly on approval of a temporary increase in the US debt ceiling, which came after a mixed session overnight. The kiwi was at 84.18 US cents at 8am, up from 84.05 cents at 5pm. It traded as high as 84.41 cents overnight. News that the US House of Representative voted on Wednesday US time to …

Wall Street extended gains after the US House voted in favour of a plan that allows the Treasury to borrow beyond the US$16.4 trillion limit until May 19 to avoid the threat of default. Republicans are seeking cuts to spending in return. “The bill we are passing today, we think, will give us the ability to have a debate that …

New Zealand shares eked out another rise as the broadly positive tone since New Year continued, with substantial volumes noted in some key stocks. The NZX50 Index was up 0.64 points, or 0.01 percent, to 4187.72. Within the index, 23 stocks rose, 14 rose and 13 were unchanged. Turnover was $ 133.213 million. “There seems to be some reasonable volume …

The New Zealand dollar firmed against the Australian dollar after a weaker-than-expected inflation report increased the chances of a an official interest rate cut by the Reserve Bank of Australia. The kiwi was at 79.78 Australian cents at 5pm, up from 79.53 Australian cents at 8am. The aussie dollar weakened on news that the headline consumers price index rose 0.2 …

A $40 million government procurement deal to supply wallboard for the Christchurch rebuild is being used as a way to inject competition into New Zealand’s high-cost home building market. With home affordability a hot political issue, and lack of competition for building supplies identified as a key issue by a Productivity Commission report, the government has announced it will split …

Mortgage applications rose nearly 20 percent in December from a year ago and people are also taking out more personal loans, in what personal credit rating agency Veda says proves the economy is recovering. Veda sees 98 percent of all credit applications and says it sees evidence of a revitalised credit cycle and indicates New Zealanders are increasingly confident about …

Ebos Group is progressing a couple of acquisition opportunities after indicating to shareholders last year that it was looking to follow up the successful purchase of Masterpet. Market observers have identified SVS, New Zealand’s leading full service provider of products to the veterinary industry, as a nice fit. Ebos chief executive Mark Waller told BusinessDesk that Ebos had talked to …

The government is setting up a fund to play a “bridging role” for investments in regional water storage and irrigation projects to facilitate private investment. A yet-to-be-named Crown-owned company will take minority stakes in water projects with a long-term goal of getting out and leaving the projects to the private sector. While the government hopes to “get our money back”, …

An Auckland foreign exchange trader is facing 15 charges of theft, dishonesty and false statements ina case involving the alleged misappropriation of $837,046 for personal use and mis-statement of clients’ financial positions by some $4 million. The circumstances of the charges, lodged by the Serious Fraud Office in the Auckland District Court, bear similarities to the Financial Markets Authority swoop …

Comvita, which uses produces health products from manuka honey and olive leaves, has bought an 85 hectare organic olive estate with potential to expand its production of olive leaf extracts by 130 percent over the next five years. The price paid for Organic Olives (Aust) by Comvita’s Australian subsidiary is undisclosed. The estate comprises some 7,000 certified organic olive trees, …