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Investment in resource extraction from New Zealand’s vast Exclusive Economic Zone has taken a major knock today, with a decision-making committee of the Environmental Protection Authority rejecting an application from TransTasman Resources to mine ironsands off the seabed some 22 to 36 kilometres off the coast of Patea. TTR issued a statement disclosing the rejection ahead of detail from the …

Telecom Corp., New Zealand’s largest telecommunications company, agreed to pay $17 million for cloud services specialist Appserv, widening the services it can offer to businesses after purchasing Revera last year. “Revera is a cloud computing specialist that provides cloud solutions predominantly for government and corporates, while Appserv brings specialist cloud desktop-as-a-service solutions for a range of business sizes, particularly small to medium sized,” Telecom …

Skellerup Holdings, the rubber goods and dairy equipment manufacturer, is to build a $30 million factory at the Wigram Business Park in Christchurch developed by Ngai Tahu Property, to replace its earthquake-damaged facility in the suburb of Woolston. Skellerup awarded the designs and build contract to Calder Stewart Industries, the Auckland-based company said in a statement. Veteran businessman Ron Carter …

The New Zealand dollar slipped after a report showing US inflation accelerated more than expected prompted investors to mull the outlook for tighter monetary policy in the world’s biggest economy. The kiwi edged lower to 86.48 US cents at 8am in Wellington from 86.56 cents at 5pm yesterday. The trade-weighted index was a touch higher at 80.74 from 80.70 yesterday. The US dollar …

Wall Street rose as investors eyed a two-day Federal Reserve meeting that finishes on Wednesday amid reports showing declines in both US housing starts and building permits, while consumer prices climbed the most in more than a year. The Fed is widely expected to cut its bond-buying program by US$10 billion for a fifth straight month, lowering it to US$35 …

Both US equities and Treasuries rose after the Federal Reserve said the American economy remained on an upward path, yet downgraded its 2014 growth forecast and indicated interest rates will remain low for longer. “Economic activity is rebounding in the current quarter and will continue to expand at a moderate pace thereafter,” Fed Chair Janet Yellen said in a post-meeting …

Dairy product prices rose for the first time since February in the latest GlobalDairyTrade auction, paced by butter milk powder, as buyers found value after the recent slide in prices. Expanding global milk supply and a drop in buying by Chinese importers as they run down inventories has weighed on dairy prices this year, although lower prices are now starting …

The New Zealand dollar climbed against its trans-Tasman counterpart after the Reserve Bank of Australia minutes for its June 3 meeting showed an expectation of slower growth as the country’s mining boom winds down. The kiwi climbed as high as 92.54 Australian cents shortly after the release of the central bank’s minutes and was trading at 92.48 cents at 5pm in Wellington, up from 92.25 …

Trade Me Group’s chief operating officer Mike O’Donnell, better known as MOD, has announced his resignation from the online auction site. O’Donnell has been with the company for a decade, and said it was “time I turned my hand to something different.” An exact end date is yet to be announced, but he will be involved in the transition period and is …

Facebook New Zealand, the local service unit of the global social media website, said sales rose 7.4 percent last year, lagging behind an 11 percent gain in expenses and resulting in a wider annual loss. Sales rose to $846,391 in calendar 2013, from $787,830 in 2012, according to the company’s annual report. All of the revenue came from Facebook Ireland under …