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 …

Equities on Wall Street and in Europe gained as investors found value, while a downgraded pace of economic growth for the US helped ease concern that the Federal Reserve is about to take its foot of the monetary stimulus pedal. America’s gross domestic product grew at a 1.8 percent annual rate in the first three months of the year, according …

Transpower, the state-owned electricity grid company, will pay a special dividend of $65.7 million to the government this month after concluding the sale of derivatives trading unit to ASX in May. The grid company sold d-cyphaTrade to Australian stock market operator ASX for A$55 million. It set the business up in 2002 to promote Australian exchange-traded electricity futures and to …