Tower, which sold its health, life, and investment units to focus on general insurance, reported a 70 percent slide in first-half earnings, reflecting gains from asset sales a year earlier that weren’t repeated. Net profit dropped to $13.1 million in the six months ended March 31, from $44.2 million a year earlier, the Auckland-based company said in a statement. Tower’s continuing operations, …

The New Zealand dollar advanced in quiet holiday trading as some investors saw the currency’s recent decline as an opportunity to buy the local currency. The kiwi rose to 85.48 US cents at 8am in Wellington from 85.34 cents at 5pm yesterday. The trade-weighted index gained to 79.81 from 79.73 yesterday. Currency markets were illiquid overnight with the US markets …

Equities in Europe advanced after European Central Bank President Mario Draghi cemented expectations euro-zone policy makers will take action at their next meeting in June to help bolster the region’s economy. Speaking at an ECB Forum on Central Banking on Monday, Draghi said the central bank expects that “low inflation will be prolonged but gradually return to 2 percent.” “Our …