Publisher Fairfax Media is moving more sub-editing work from Australia to New Zealand in a bid to reduce costs. Fairfax has already moved sub-editing work from the Newcastle Herald, the Illawarra Mercury and community titles to New Zealand, resulting in the loss of 66 jobs in Australia. On Wednesday it said it will move the copy sub-editing of its Financial …

The New Zealand dollar firmed slightly on approval of a temporary increase in the US debt ceiling, which came after a mixed session overnight. The kiwi was at 84.18 US cents at 8am, up from 84.05 cents at 5pm. It traded as high as 84.41 cents overnight. News that the US House of Representative voted on Wednesday US time to …

Wall Street extended gains after the US House voted in favour of a plan that allows the Treasury to borrow beyond the US$16.4 trillion limit until May 19 to avoid the threat of default. Republicans are seeking cuts to spending in return. “The bill we are passing today, we think, will give us the ability to have a debate that …