Australian state governments spent A$17.6 billion on subsidies for mineral and fossil fuel industries over six years, including A$8 billion to help transport coal, according to a report. The Australia Institute says it’s the first time state subsidies have been added up and they are on top of Federal subsidies, estimated at A$4.5 billion in 2013. The report reveals the …

Xero and Pacific Edge both fell to an eight-month low as investors freed up cash for upcoming listings by selling  growth stocks. Xero fell as low as $23 mid-morning before recovering back to $25.16. The Wellington-based cloud accounting software firm has fallen 46 percent in the past three months, from an intraday record of $45.99 in early March. Dunedin-based biotech company Pacific Edge declined 7.4 percent to an …

SAP New Zealand, the local unit of the world’s biggest business management software company, posted a 32 percent jump in sales last year to the highest in more than a decade on growth in its traditional enterprise applications. Sales rose to $119.8 million in calendar 2013, from $91.3 million a year earlier, according to the company’s annual report. Profit jumped 63 …