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 …

The New Zealand dollar gained after a report showed the US economy grew less than previously estimated in the first quarter, easing speculation the Federal Reserve will start slowing monetary stimulus any time soon. The kiwi rose to 77.91 US cents from 77.35 cents at 5pm in Wellington yesterday. The trade-weighted index increased to 73.60 from 72.98 yesterday. The local …