Air New Zealand, the national carrier, has increased its cornerstone shareholding in Virgin Australia to the maximum allowed under that nation’s foreign investment rules. The Auckland-based airline now owns 25.99 percent of the Australian budget carrier, from a previous 24.46 percent, it said in a statement. The company has lifted its stake 3 percent since October last year, when it sought approval from the Australian …

Hirepool is the latest company with trans-Tasman operations to settle a tax dispute with the Inland Revenue Department, forfeiting $58.6 million of tax losses generated by the use of mandatory convertible notes, one of two commonly used structures the IRD has successfully challenged in the New Zealand courts. The settlement, on June 9, is recorded in the prospectus for the …

The New Zealand dollar tested the 87 US cent level overnight for the second time since the Reserve Bank tightened monetary policy last week, as low volatility in currency markets kept the nation’s relative high interest rates in demand. The kiwi touched a high of 86.99 US cents overnight, a level it last tested on Friday morning after the Reserve Bank affirmed …