A report showing US retail sales in February far exceeded forecasts supported Wall Street, underpinning expectations the American economic recovery is here to stay with help from the Federal Reserve. Retail sales jumped 1.1 percent last month, following a revised 0.2 percent rise in January. It was the biggest climb since September and far better than the 0.5 percent increase …

The New Zealand dollar fell below 80 Australian cents for the first time since January as the drought across much of the North Island weighs on investors’ confidence in the local recovery, and as the Reserve Bank prepares to review monetary policy tomorrow. The kiwi fell as low as 79.79 Australian cents, and traded at 79.91 cents at 5pm from …

Telecom Corp, the country’s biggest phone company, has kicked off its structural overhaul by whittling down the services offered at its Gen-i Australia unit in a move that will see 120 jobs go. The unit will focus on supporting large corporate customers with specific trans-Tasman IT requirements and exit other activities, Telecom said in a statement. That will see headcount …