The New Zealand dollar advanced after weaker-than-expected economic data in the US tempered expectations over how fast the Federal Reserve may start unwinding its monetary stimulus programme. The kiwi rose to 83 US cents at 8am in Wellington, from 82.56 cents at 5pm yesterday. The trade-weighted index increased to 78.41 from 78.14 yesterday. The US dollar index, which measures the …

Wall Street dropped after disappointing data for the US services industry illustrated that the road to recovery in the world’s largest economy has some potholes. The Institute for Supply Management’s non-manufacturing index slid to 53 in December from 53.9 in November, surprising economists, who had called for an acceleration in the rate of growth. “We think the economy is on …

Pernod Ricard’s New Zealand unit posted its smallest annual loss since 2009 after ending three years of substantial writedowns. The New Zealand holding company, Millstream Equities, narrowed its loss to $9.6 million in the 12 months ended June 30, from $182.3 million, making it the smallest deficit in four years. The Pernod Ricard unit wrote off about $270 million of …