Guinness Peat Group has sold its stake in Tower for about $118 million leaving the UK threadmaker Coats as its sole investment and signalling the end of its portfolio divestment. GPG sold about 69.6 million shares at $1.70 apiece, the company said in a statement to the NZX. That’s 5.6 percent below the level they traded On Friday. Today the …

The New Zealand dollar weakened as investors favoured less risky currencies amid rising political uncertainty ahead of a potential US government shutdown as Congress fails to reach agreement on the budget. The kiwi slipped to 82.61 US cents from 82.80 cents at the New York close and 82.90 cents at the 5pm Wellington close on Friday. The trade-weighted index fell …

All eyes are on the partisan political brinkmanship in the US Congress as the deadline for a budget deal to avert a government shutdown at midnight on Monday in Washington is closing in rapidly. While there is still optimism for an agreement, investors realise that it ain’t over till the fat lady sings. Last week, the Standard & Poor’s 500 …