MightyRiverPower, the first of the state-owned power companies to be partially privatised last year, will quit its geothermal investments in Chile and Germany, while sticking with its interests in the US. The Auckland-based company reviewed its international geothermal investments earlier this year and has decided to embark on a sale process for its assets in Germany and Chile, which are no …

Tower, the insurer which sold its health, life, and investment units to focus on general insurance, has talked down yesterday’s Supreme Court ruling on how to value the replacement costs of a house, saying it doesn’t expect a material impact on the firm’s future settlement payments. Justices John McGrath, William Young, Susan Glazebrook, Terence Arnold and Mark O’Regan yesterday ruled …

The New Zealand dollar fell against the yen, which gained against most major currencies as crude oil sank to a five-year low, as investors sought a haven from poor global risk sentiment. The kiwi fell to 90.94 yen from 91.92 yen in late local trading yesterday. The New Zealand dollar declined to 77.32 US cents from 77.43 cents. West Texas Intermediate for …