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New Zealanders spent 13.4 percent more on Boxing Day than they did a year ago, the first double-digit growth in sales for five years, Paymark says. There were more than 2 million transactions and sales rose by $14.2 million to $120 million, according to Paymark, which processes 75 percent of the nation’s electronic transactions. “The queues and traffic outside the …

custom thesis writing service Hellaby Holdings, the diversified investment group, has finally found something to buy after being on the prowl for the past two years in specialised engineering maintenance and industrial cleaning company Contract Resources. The Auckland-based investment firm will spend $73 million on an 85 percent stake in Contract Resources, and saddle it with $30 million in debt, …

he New Zealand dollar fell against most major currencies as the looming US fiscal cliff sapped risk appetite, stoking demand for the greenback, and investors continued to unwind long positions in the kiwi and Australian dollars. The New Zealand dollar fell to 81.76 US cents from 82.15 cents in Asian trading yesterday. The trade-weighted index fell to 73.33 from 73.68. …

Shares of retailers including Sears and Saks led Wall Street lower as shoppers kept a lid on spending amid concern about the impact of the so-called fiscal cliff as the year-end deadline draws ever closer. A measure of American holiday sales showed consumers are reluctant to take advantage of the holiday sales. Data from MasterCard Advisors SpendingPulse showed that holiday-related …

he Commerce Commission has cut a deal with Australian lender Bluestone Mortgages NZ over the fees charged on early repayments after a High Court ruling this year narrowed the regulator’s scope to pursue a claim. The regulator settled with Bluestone, Trustees Executors and TEA Custodians (Bluestone) over deferred establishment fees, which were charged when a client repaid a loan within …

The receivership of failed lender St Laurence will probably wrap up with the last repayment to investors in March next year though nothing will have emerged from former boss Kevin Podmore’s bankruptcy and his $20 million personal guarantee. Receivers Barry Jordan and David Vance of Deloitte are working to dispose of the firm’s last loan over a recycling operation in …

Todd Corp, the investment company of New Zealand’s wealthiest family, has acquired a 19.9 percent stake in Wolf Minerals as part of a placement to help fund the ASX-listed company’s development of a Tungsten mine in southwest England. TTI (NZ), a unit of Todd, subscribed for 39.4 million shares in Wolf at 27 cents apiece, a 12 percent premium to …

The New Zealand dollar fell to a three-week low against the greenback after equities weakened and doubts grew on the ability of US Republicans and Democrats to reach agreement on averting the fiscal cliff. The kiwi dollar slipped to 82.32 US cents from 82.37 cents in New York on Friday and from 83.02 cents in Wellington at 5pm on Friday. …

Diligent Board Member Services will have a look at its executives’ incentive schemes after a New York law firm raised a flag over some compensation plans. The NZX-listed company’s board has appointed a special committee to review the options and shares granted to some executives after it was questioned whether they had all been issued in “strict compliance with the …

PwC’s John Fisk and David Bridgman have found another pitfall as they try to untangle the mess surrounding Ross Asset Management which may make it more difficult to try and recovery the missing investor funds. The High Court in Wellington appointed Fisk and Bridgman as liquidators of Ross Asset Management last week, and the pair have found that about 40 …