Shares of retailers including Sears and Saks led Wall Street lower as shoppers kept a lid on spending amid concern about the impact of the so-called fiscal cliff as the year-end deadline draws ever closer. A measure of American holiday sales showed consumers are reluctant to take advantage of the holiday sales. Data from MasterCard Advisors SpendingPulse showed that holiday-related …

he Commerce Commission has cut a deal with Australian lender Bluestone Mortgages NZ over the fees charged on early repayments after a High Court ruling this year narrowed the regulator’s scope to pursue a claim. The regulator settled with Bluestone, Trustees Executors and TEA Custodians (Bluestone) over deferred establishment fees, which were charged when a client repaid a loan within …

The receivership of failed lender St Laurence will probably wrap up with the last repayment to investors in March next year though nothing will have emerged from former boss Kevin Podmore’s bankruptcy and his $20 million personal guarantee. Receivers Barry Jordan and David Vance of Deloitte are working to dispose of the firm’s last loan over a recycling operation in …