Xero, Wellington-based cloud accounting software firm, has become New Zealand’s latest billion dollar company after its shares climbed to a new record today. The stock rose 5.7 percent to $8.60, giving the software developer a market capitalisation of $1.01 billion and putting Xero in the company of 17 other local issuers on the stock exchange. That’s about 21 times Xero’s …

Forsyth Barr, one of the lead managers for the sell-down of MightyRiverPower, has criticised a Commerce Commission report into the broker’s role in the sale of complex and ultimately toxic securities, saying its creates an “imbalanced impression” and “contains factual errors.” In December, the broker and French investment bank Credit Agricole cut a $60 million settlement giving investors in NZX-listed …

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