The New Zealand dollar held near a two-week high before the release of China’s manufacturing PMI which will provide fresh clues to the pace of economic growth for the nation’s biggest trading partner. The kiwi edged up to 85.71 US cents from 85.63 cents at 5pm in Wellington yesterday, having reached as high as 85.85 cents overnight. The trade-weighted index …

As US Federal Reserve policy makers began their two-day meeting a report showed a surprise contraction in the country’s business activity in April, further weakening the greenback amid expectations for ongoing monetary stimulus. The MNI Chicago Report’s business barometer fell to 49, dropping below 50 for the first time since September 2009, from 52.4 in March. Offsetting that disappointing data …

The failed Hanover Finance group of companies was “responsibly governed and managed,” according to shareholder Eric Watson, who was today cleared of any criminal wrongdoing when the Serious Fraud Office decided not to prosecute any of the lender’s former owners or directors. SFO acting chief executive Simon McArley said there were serious questions over Hanover’s behaviour, including how it disclosed …