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The opposition Green Party has fleshed out a proposal to set up a government-backed investment bank backing ‘green capital’ projects, which it would fund by hiking tax rates on oil companies by more than half. Co-leader Russel Norman today announced his party’s green investment bank policy, which would look to drive greater investment in the clean-tech sector, at a cost …

Infratil, the energy, airport and transport investor, posted a 5.3 percent drop in pretax earnings, meeting guidance, on a weaker contribution from Trustpower and Infratil Energy Australia Group. The company reiterated earnings will grow in 2015. Earnings before interest, tax, depreciation, amortisation and fair value movements were $500 million in the year ended March 31, down from $528 million a year …

Auckland International Airport, the nation’s busiest gateway, plans to sell $150 million of seven-year bonds that will trade on the NZX, completing the long-term debt funding of last month’s capital return. A seven-year bond would mature in 2021, making it the longest maturity the airport company has listed on the NZX Debt Market and adding to its five existing exchange-traded …

The New Zealand dollar fell to a week low as the greenback strengthened against its major counterparts in anticipation the world’s largest economy is improving. The kiwi touched 86.02 US cents over the weekend, and was trading at 86.16 cents at 8am in Wellington, from 86.10 cents at the New York close and 86.35 cents at 5pm on Friday. The trade-weighted index edged …

A selloff in tech stocks did not stop the Dow Jones Industrial Average from ending last week at a record high and investors will eye earnings from companies including Wal-Mart and speeches from US Federal Reserve Chair Janet Yellen and several of her colleagues for direction in the days ahead. On Friday the Dow edged higher to a record, bolstered by …

Embattled internet entrepreneur Kim Dotcom has reduced his stake in his data storage and encryption business, Mega, with the largest shareholder now listed Shen Zhao Wu, a donor to the National Party. Dotcom”s stake, which is held by his wife, Mona, via MD Corporate Trustee Ltd, is now 17.7 percent, down from 26 percent previously, according to documents filed with …

New Zealand retail spending on credit and debit cards rose in April as gains in hospitality and consumables offset falling apparel purchases, as an accelerating economy continues to underpin household confidence. The value of retail spending on electronic cards, seasonally adjusted, rose 0.3 percent to $4.59 billion in April, after growth stalled in March, according to Statistics New Zealand. Core …

Foley Family Wines, majority owned by American businessman and vineyard owner Bill Foley, plans to make an all-scrip $1.9 million takeover offer for pinot noir pioneer Martinborough Vineyard Estates and has already secured agreements to buy 41 percent of the company. Marlborough-based Foley Family Wines is offering one Foley share for every 27.95 shares in Martinborough Vineyard, it said in …

Transport fuels distributor and retailer Z Energy’s success in raising margins on petrol and diesel sales is under pressure and are “likely to trend toward the industry’s lower net margin,” says Deutsche Bank analyst Grant Swanepoel in a research note on yesterday’s full year result from Z. The Wellington-based company, which took over the refining, distribution and retail operations of …

The government’s lagging tax-take got a boost in March as later than expected filing of 2013 company tax returns bolstered the contribution from corporate taxpayers, allowing Finance Minister Bill English to confirm next week’s Budget will project a return to surplus. The Crown’s operating balance before gains and losses (obegal) was a deficit $1.66 billion in the nine months ended …