The New Zealand dollar was the worst performing currency overnight, as investors switched to so-called ‘safe haven’ assets on concern China’s government is reducing its support for banks, which could stymie growth in the world’s second largest economy. The kiwi dropped to 83.78 US cents at 8am in Wellington, from 84.58 cents at the 5pm market close yesterday, making it …

The government has approved a Ministry of Health pilot to test the appetite of healthcare providers and investors for social impact bonds which would only pay out on measurably improved social outcomes such as reductions in alcohol and drug use or teenage pregnancy. The pilot follows a handful of trial schemes overseas including a 5 million pound programme to reduce …

The Standard & Poor’s 500 Index fell from a record and Caterpillar led a slide on the Dow Jones Industrial Average after the world’s biggest maker of construction and mining equipment was among companies giving disappointing guidance. Caterpillar sank 6 percent after cutting its full-year sales and earnings outlook on reduced demand from mining companies. It reported third-quarter profit that …