The latest major power cut in Auckland is the fifth to hit the region since 1998. The biggest was the six-week Mercury power outage in 1998 that involved the failure of four power cables due to overheating. It had an estimated long-term economic impact equivalent to 0.1 to 0.3 per cent of New Zealand’s gross domestic product and over half of …

New Zealand business confidence continued to slide in the September quarter, as the positive outlook seen earlier in the year wasn’t backed up by similarly strong actual economic activity, according to the latest Quarterly Survey of Business Opinion from the New Zealand Institute of Economic Research. A net 20 percent of businesses remained optimistic in the September quarter, down from 32 percent …

Rangatira, the Wellington-based investment group, has lifted its stake in Magritek after the magnetic resonance imaging firm met sales targets. The new funds will help boost the firm’s global sales. The investment firm lifted its stake in Magritek to 18 percent from 12 percent for an undisclosed sum after the high-tech manufacturer met certain sales milestones, triggering an undertaking made at the …