The Reserve Bank was a net buyer of kiwi dollars in May, a month when the currency sank 5.6 percent against the greenback. The central bank made net purchases of some $90 million in New Zealand dollars in May, according to RBNZ figures. The kiwi dollar dropped to 80.72 US cents from 85.49 cents through May, and recently traded at …

Smiths City, the Christchurch-based retailer, boosted annual profit by 22.7 percent as a strong rural sector underpinned gains in the South Island. The shares climbed 10 percent to a three month high 65 cents. Net profit climbed to $5.4 million, or 10.21 cents per share, in the 12 months ended April 30, from $4.4 million, or 8.28 cents, a year …

Chorus, the network operator spun out of Telecom, will have to stump up $6.4 million for its share of the annual levy to fund commercially non-viable telecommunications services after raising concerns about its ability to recoup the cost. The Commerce Commission today set how much each of the 26 providers fingered will have to pay towards the Telecommunications Development Levy …