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Investors in Ross Asset Management face a “gruesome legal fight” to recover their funds if investigations by regulators show fund principle David Ross was running a Ponzi scheme, says investor spokesman Bruce Tichbon. The receivers of the Ross group yesterday applied to the High Court to liquidate the companies and a hearing date has been set for Dec. 17. Receivers …

OceanaGold, which operates the Macraes gold mine near Dunedin, plans to raise up to C$108 million in a fully-underwritten share issue to repay debt and bolster its balance sheet. The Melbourne-based company has agreed to sell 30 million shares to a syndicate of underwriters for some C$93 million, with an option to buy up to an extra 15 percent, it …

The New Zealand dollar may gain against its Australian counterpart if the Reserve Bank of Australia cuts interest rates as expected, as the resources boom slows across the Tasman and forces the regulator to reduce its yield advantage. The kiwi dollar increased to 78.78 Australian cents at 8am in Wellington from 78.68 cents yesterday, and advanced to 82.10 US cents …

Chorus’s Baa2 credit rating may be cut by Moody’s Investors Service after the Commerce Commission released a draft plan to curb prices the company can charge retailers to access its network. The review affects US$2 billion of debt. The regulator yesterday released a draft determination that would cut the price of Chorus’s basic service relating to the unbundled local copper …

Chorus’ annual earnings would be slashed by as much as 40 percent if the competition regulator goes ahead with draft plans to steeply cut what the telecommunications network operator can charge for access to electronic switchgear on its ageing copper lines. The telecommunications network operator has slammed the Commerce Commission’s draft regime on pricing for unbundled bitstream access (UBA) services, …

The Telecommunications Commissioner’s draft decision on access to switchgear on the copper telecommunications network is “very problematic” and the government won’t rule out legislating to get the outcome it wants, says Prime Minister John Key. His comments came as shares in the copper network owner, Chorus, fell 14 percent to $2.91, three cents lower than its listing price when it …

The euro rose to a six-week high against the dollar after Greece offered to buy back 10 billion euros of bonds in what’s seen as a sign of progress in tackling its debt mountain. As talks in Washington aimed at averting the fiscal cliff appear stalled, a chink of light has flowed into markets from Europe. The euro traded recently …

New Zealand shares fell after telecommunications network operator Chorus said a draft view of price curbs proposed by the regulator could wipe $160 million from earnings. Xero soared to a record after raising funds from US investors. The NZX 50 Index fell 0.99 points, or 0.02 percent, to 4049.09. Within the index, 20 stocks rose, 15 fell and 15 were …

The New Zealand dollar was little changed against its Australian counterpart as sluggish consumer spending across the Tasman stoked speculation the Reserve Bank of Australia may cut interest rates deeper than initially anticipated. The kiwi traded at 78.68 Australian cents from 78.65 cents on Friday in New York. The currency was little changed at 81.95 US cents at 5pm in …

Ministry for Primary Industries Director-General Wayne McNee has approved co-funding from the Primary Growth Partnership (PGP) for the new Foodplus programme which will look at how more value can be generated from beef carcases. The PGP Fund is committing $43.5 million over seven years for the programme, which is worth $87 million in total and is being run by ANZCO …