Callaghan Innovation, the government backed innovation hub, faced questions this week from opposition MPs about why it had funded companies that subsequently failed and gave grants to unprofitable subsidiaries of wealthy overseas firms, or local firms that moved offshore. Chair Sue Suckling, chief executive Mary Quin and chief financial officer Richard Perry were appearing before the parliament’s education and science select committee …

Callaghan Innovation, the government backed innovation hub, faced questions this week from opposition MPs about why it had funded companies that subsequently failed and gave grants to unprofitable subsidiaries of wealthy overseas firms, or local firms that moved offshore. Chair Sue Suckling, chief executive Mary Quin and chief financial officer Richard Perry were appearing before the parliament’s education and science select committee …

The New Zealand dollar jumped more than 1 US cent after Reserve Bank governor Graeme Wheeler kept interest rates on hold and reiterated that future moves in rates could be “up or down”, surprising traders who expected him to drop a reference to rates potentially moving higher. The kiwi rose as high as 73.05 US cents, from 71.84 cents before …