Stocks on both sides of the Atlantic slid amid concern about Europe’s debt crisis spurred today by the apparent inability of Italian political leaders to agree on the formation of a new government. Meanwhile, Cyprus is preparing for a reopening of its banks tomorrow for the first time since the nation reached an accord with the EU for a financial …

Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity. The bombshell disclosure has the capacity to upset the government’s plans to partially privatise state-owned electricity company MightyRiverPower. Offer documents are due for release in about a fortnight, with listing …

New Zealand shares rose, with units of the Fonterra Shareholders’ Fund gaining strongly as the multi-national, Auckland-based dairy cooperative announced better than expected half year results. The NZX 50 Index rose 66.032 points, or 1.52 percent, to 4,412.059 . Within the index, 31 stocks gained, 13 fell and six were unchanged. Turnover was $98.78 million. Fonterra units rose 5.67 percent …