Wall Street declined as disappointing American corporate earnings including from Bank of America fuelled unease that the recent gains in equities might not be justified by the economic outlook. Shares of Bank of America fell, last down 5.3 percent, as the bank reported a lower-than-expected increase in its first-quarter net income. “Banks are clearly struggling,” Jim McDonald, chief investment strategist …

The New Zealand dollar fell in local trading after tepid first-quarter inflation meet market expectations, and reaffirmed the prospects low interest rates will stay in place. The kiwi fell to 84.62 US cents at 5pm in Wellington from 85.02 cents at 8am and 84.79 cents yesterday. The trade-weighted index dropped to 77.80 at 5pm from 78.05 yesterday. Government figures showed …

Smiths City Group, the Christchurch-based retailer, has reaped some 400 basis points of savings on its credit facilities by switching to Australia & New Zealand Banking Group from Fisher & Paykel Finance, ending a 30-year relationship. Smiths City has signed up to a $75 million senior revolving secured facility with ANZ for its wholly owned customer credit subsidiary Smithcorp Finance, …