The New Zealand dollar gained ahead of US Federal Reserve chairman Ben Benanke’s congressional testimony as speculative investors pare back their bets on the greenback, and was bolstered by Reserve Bank of Australia minutes talking down that nation’s inflation outlook. A strong gain in local dairy prices rounded out a bullish start for the currency. The kiwi rose to 78.97 …

Wall Street retreated from record highs as investors were disappointed with corporate earnings such as from Coca-Cola and awaited Federal Reserve Chairman Ben Bernanke’s testimonial before Congress, beginning tomorrow. Shares of Coca-Cola dropped, last down 1.8 percent, after the company said quarterly profit sagged 4 percent. “Our second-quarter volume results came in below our expectations, reflecting an ongoing challenging global …

Contact Energy and state-owned Genesis Energy are the two power companies most at risk if the Tiwai Point aluminium smelter closes, says a senior Standard & Poors analyst, Richard Creed. In an interview televised on the Reuters Insider programme, Creed, who is S&P’s director of corporate and infrastructure ratings in Australia, picked all the listed power companies in the New …