Wall Street sank as Senate Majority Leader Harry Reid warned the US appeared set to head over the so-called fiscal cliff as an agreement between Democrats and Republicans before the year-end deadline seems unlikely. “I don’t know time-wise how it can happen now,” Reid said in the Senate. He blamed Republicans for a lack of cooperation. Americans are worried too. …

New Zealand stocks rose in light holiday trading, helped by gains in Fletcher Building, with US fiscal cliff negotiations likely to be the focus through the year end. Hellaby Holdings rose after agreeing to buy a maintenance and industrial cleaning business. The NZX 50 Index rose 7.627 points, or 0.2 percent, to 4065.447. Within the index, 20 stocks rose, 18 …

The receiver for Strategic Finance and Lombard Finance & Investments, PwC’s John Fisk, is in talks to reach settlements with the directors of the two failed lenders in a bid to avoid the costs of taking legal action. The Strategic and Lombard Finance boards have each received draft statements of claim against them by their respective receiver and both boards …