The government has raised $176 million from selling the bulk of its 700 megahertz radio spectrum, flagged for fourth generation mobile phone use, and is still mulling what to do with the remainder. Telecom Corp and Vodafone New Zealand, the country’s major mobile phone operators, each spent $66 million on three lots of 2×15 MHz spectrum while new entrant Two …

The Standard & Poor’s 500 Index rose to a new record on expectations the Federal Reserve will maintain its massive stimulus programme amid signs the world’s biggest economy is stumbling. The S&P 500 gained 0.4 percent to 1769.21 and the Dow Jones Industrial Average rose 0.6 percent to 15668.05. In Europe, the FTSEurofirst 300 index was up 0.4 percent. As …

New Zealand shares fell as Xero extended its slide from a record high and market heavyweights Fletcher Building and Telecom dragged the benchmark index lower. Meridian Energy gained on its debut, helping lift MightyRiverPower and Contact Energy. The NZX 50 Index fell 10.759 points, or 0.2 percent, to 4852.594. Within the index, 21 stocks fell, 21 rose and eight were …