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Singapore Airlines Cargo has been fined $4.1 million for its role in colluding to fix prices for air cargo in the latest settlement with the Commerce Commission. In the High Court in Auckland, Justice Chris Allan today ordered the airline to pay the third-biggest fine out the seven settlements to date, taking the running tally to $24.48 million. SIA Cargo, …

Momentum stalled on Wall Street as did budget talks between Democrats and Republicans aimed at preventing the US from falling over a fiscal cliff at the end of the month. Today Republicans in Congress will vote on House Speaker John Boehner’s plan to raise taxes on incomes over US$1 million, a plan President Barack Obama would veto as he’s now …

Smiths City Group, the Christchurch-based department store operator, posted a 2.6 percent gain in first-half profit saying retail conditions are difficult, especially for consumer electronics. Profit was $1.69 million in the six months ended Oct. 31, from $1.64 million a year earlier, the company said in a statement. Sales fell 0.2 percent to $109.7 million. Trading conditions “have been difficult,” …

New Zealand business confidence fell this month, while holding at reasonably upbeat levels, continuing a monthly see-saw in the sentiment in an economy that’s only recording tepid growth. A net 23 percent of respondents in the ANZ Bank Business Outlook expect general business conditions to improve in the year ahead, down from 26 percent in the previous month’s survey. Those …

State-owned Meridian Energy sold its Energy for Industry subsidiary to Central Otago-based Pioneer Generation in a transaction worth more than $50 million. Energy for Industry, which was established in 2000, provides energy management services to companies, according to its website. The sale is part of Meridian’s plan to divest non-core subsidiaries, it said. Meridian is one of the state-owned power …

Rakon, which makes crystal oscillators used in mobile phones and navigation systems, cut its full-year earnings guidance because of sales delays and thinner margins. Earnings before interest, tax, depreciation and amortisation would be $8 million to $12 million in the year ending March 31, down from its August guidance of $14 million to $16 million. The downgrade is “due to …

Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has trimmed his holding in Xero, taking advantage of a share price that has soared by 179 percent this year. mac os x 10.4 download Morgan, a director of Xero, sold 1 million shares at $7.40 apiece in an off-market transaction to New Zealand institutions. The …

The New Zealand economy grew at a slower pace than expected in the September quarter as increased building activity provided a buffer from deteriorating mining, agricultural and manufacturing sectors. The kiwi dollar fell on the report. Gross domestic product grew 0.2 percent to $36.28 billion in the three months ended Sept. 30, from a 0.3 percent pace in the June …

Guinness Peat Group founder Ron Brierley has sold another 5 million tranche of shares in the investment firm, even as it’s rated an average ‘outperform’ by analysts. autocad 2014 for sale The veteran corporate raider sold the shares yesterday at 47 Australian cents apiece for some A$2.35 million, or $2.95 million in New Zealand dollar terms, according to a statement …

SkyCity Entertainment Group, which operates hotels and casinos across Australia and New Zealand, has sold its half-share of Christchurch casino and taken full ownership of Queenstown’s gaming centre. cheap custom essay The Auckland-based company sold its 50 percent share in Christchurch casino for $80 million to tourism operator Skyline Enterprises and bought Skyline’s 40 percent stake in the Queenstown operation …