Steel & Tube, which manufactures steel products, plans to buy the local division of India’s Tata Steel Group for $27.5 million. The Lower Hutt-based company plans to buy Tata Steel International Australasia on April 14, acquiring its stainless and engineering steel distribution business and composite steel floor manufacturing, Steel & Tube said in a statement. “Together we are further strengthening our …

The New Zealand dollar held its ground against a declining US dollar ahead of a business confidence survey today which is likely to show continued momentum in the local economy. The kiwi edged up to 86.03 US cents at 8am in Wellington from 85.92 cents at 5pm yesterday. The trade-weighted index was little changed at 80.33 from 80.31 yesterday. The US dollar …

Wall Street slid as investors locked in profits on tech stocks such as Yahoo! and LinkedIn as the latest corporate earnings season is about to start. In afternoon trading in New York, the Dow Jones Industrial Average shed 0.88 percent, the Standard & Poor’s 500 Index fell 1.23 percent, while the Nasdaq Composite Index dropped 1.80 percent. Declines in Pfizer …