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 …

New Zealand business confidence fell for a second month, with the agricultural sector remaining pessimistic about the general economic outlook and profits, while construction remained the most bullish. A net 32 percent of firms expect general business conditions to improve in the year ahead, according to the ANZ Business Outlook, down from 35 percent in the March survey. Firms seeing …