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The New Zealand dollar climbed to a new eight-year high against its trans-Tasman counterpart after disappointing Australian jobs figures underlined the divergence between the neighbouring economies. The kiwi rose as high as 94.52 Australian cents, trading at 94.45 cents at 5pm in Wellington from 93.40 cents yesterday. It was little changed at 83.29 US cents at 5pm from 83.32 cents …

The New Zealand dollar slipped against the greenback ahead of the Federal Reserve’s regional outlook, known as the beige book, and US manufacturing figures, both of which will likely show more strength in the world’s biggest economy. The kiwi fell to 83.36 US cents at 5pm in Wellington from 83.77 cents at 8am and 83.70 cents yesterday. The trade-weighted index …

Xero has appointed Chorus marketing and sales general manager Victoria Crone to head its local operation as cloud-based accounting software maker continues its drive to grab customers. Crone will join Xero’s Auckland office in April this year as New Zealand managing director, joining the Wellington-based accounting software maker after 18 years with Telecom and Chorus. She previously managed Telecom’s sales …

US fund manager BlackRock, which manages more than US$4.1 trillion in assets worldwide, has built up a 5 percent stake in trans-Tasman casino and hotel operator SkyCity Entertainment Group. BlackRock Investment Management (Australia) declared the shareholding in SkyCity today, with almost 29.1 million shares, or 5.01 percent of the company, making the third fund manager to build a substantial investment …

New Zealand food prices fell for a third month due to cheaper vegetables which were in season, though more expensive milk pushed up prices over the year. The food price index slipped 0.1 percent in December, adding to the 0.2 percent and 1 percent declines in the prior two months, according to Statistics New Zealand. On an annual basis, food …

The New Zealand dollar closed in on last April’s record high on a trade-weighted basis as the local economy gathers momentum, fuelling expectations the Reserve Bank will have to hike interest rates to head off future inflation. The trade-weighted index rose to 79.10 at 8am in Wellington from 78.82 yesterday, the highest since it hit a post-float record 79.39 in …

Wall Street climbed, while US Treasuries fell, as the all-mighty American consumer showed she is confident enough in the outlook to spend more money than anticipated, bolstering expectations the world’s biggest economy is gathering steam. US retail sales excluding automobiles, gasoline, building materials and food services, climbed 0.7 percent in December, following a 0.2 percent advance in November, according to …

Renaissance Corp ultimately plans to wind itself up once it sells its Yoobee School of Design and deals with its ailing retail business, returning capital to shareholders. The shares jumped 28 percent to 15.4 cents. The company will ask shareholders at a special meeting on Jan. 29 in Auckland to approve the sale of Yoobee to Academic Colleges Group for …

New Zealand property values climbed 10 percent last year due to the shortage of housing in Auckland and Christchurch, though Reserve Bank restrictions on low equity mortgage lending will probably start biting though the first half of this year, according to state-owned valuer Quotable Value. National property values rose 3 percent in the final three months of 2013, and are …

Burger Fuel Worldwide, the NZAX-listed fast food chain franchisor, will raise $5.9 million from a new US investor, Franchise Brands, to help fund its global growth aspirations, including plans to reach into the world’s biggest economy. Milford, Connecticut-based Franchise Brands will buy a 10 percent stake at $1.35 apiece with an option to lift its holding to 50 percent over …