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Steel & Tube Holdings is considering its legal position after an interim judgment found in favour of Lewis Holdings’ $1.75 million claim over a disputed lease contract. In October, the Lower Hutt-based company denied any legal responsibility for losses relating to a contract lease between former subsidiary Stube Industries, which was liquidated last year, and Lewis Holdings. The interim judgment found in …

Britannia Financial Services, a UK pension transfer agency whose advertisements feature “financial motivator” Brendon Johnson, has tweaked its website and paused television advertising after the Financial Markets Authority raised concerns about people feeling “press ganged” into shifting retirement funds. The markets watchdog has raised concerns about some advertising which emphasises the need to transfer UK pensions before April 2015 to avoid incoming tax and …

Stuart McLean will join the executive team at Trade Me Group, the online auction site, after Xero, the cloud-based accounting firm, ditched his former role as chief revenue officer. The disestablishment of the chief revenue role comes after the Wellington-based software firm appointed Andrew Lark, former Commonwealth Bank of Australia executive as chief marketing officer, it said in a statement. …

The Commerce Commission has pushed out the timeline for a final decision on what price Chorus can charge on its copper line network as it deals with a large amount of complex information, and said its initial view is that the regulated price should be backdated no further than the start of December this year. The competition regulator expects to …

Equities extended Wednesday’s rally on Federal Reserve Chair Janet Yellen’s promise to “be patient” with interest rates, bolstered by data showing the US economy continues to accelerate. “Based on its current assessment, the committee judges that it can be patient in beginning to normalise the stance of monetary policy,” the Federal Open Market Committee said in a statement after a …

New Zealand shares rose, led by OceanaGold Corp and Air New Zealand following a global rally as a rebound in oil prices and positive statements from the US Federal Reserve gave investors hope for the international economy. Arvida Group was flat in its NZX debut. The NZX 50 Index rose 21.891 points, or 0.4 percent, to 5518.476. Within the index, 31 stocks rose, …

The New Zealand dollar dipped after the country’s pace of economic growth was revised down, though continued to beat expectations, and as the Federal Reserve gets closer to making a call on whether to hike interest rates. The kiwi fell to 77.13 US cents at 5pm in Wellington from 77.80 cents at 8.15am and 77.36 cents yesterday. The trade-weighted index increased …

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. The new Tasman Global Access Cable will boost broadband connections between the two countries, with Spark investing US$32 million in the …

Shares of Arvida Group, the new retirement village operator, rose 2 percent on its NZX debut after its initial public offer raised $80 million in capital which will be used to reduce debt. The stock first traded at 97 cents, before dropping back to its offer price of 95 cents, valuing the company at $215 million. The Christchurch-based company is integrating 17 retirement villages and aged …

The New Zealand dollar tumbled about 1 US cent after US Federal Reserve chair Janet Yellen indicated higher US interest rates are coming, and was more upbeat about the state of the world’s biggest economy. The kiwi recently traded at 76.88 US cents, dropping from 77.90 cents before Yellen’s press conference after traders initially thought the Federal Open Market Committee …