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 …

NZ Thoroughbred Holdings, the horse breeding business owned by Australian retailing billionaire Gerry Harvey, narrowed its full-year loss after recognising a gain on the value of its animals. The net loss was $3.97 million in the 12 months ended June 30, 2013, from a loss of $5.28 million a year earlier, according to the company’s annual report. Revenue fell to …