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The receiver for Bridgecorp has reached a deal with the former directors and insurer of the failed lender, which will boost the payout to investors by 4 cents in the dollar. PwC’s Colin McCloy reached an $18.9 million settlement over a civil claim against the directors that they had breached their duties under the Companies Act, he said in a …

New Zealand guest nights spent in short term commercial accommodation barely budged in January as an increase in hotel stays was offset by a drop for motels, backpacker and holiday park stays. Adjusted national guest nights, which strip out seasonal and irregular movements, rose 0.1 percent in January, after slipping 0.2 percent the previous month, according to Statistics New Zealand. …

Trade Me Group will probably succeed in forcing real estate agents to accept higher fees, adding $22.5 million of property advertising revenue by 2017 as it pushes back on a challenge from smaller, industry-owned rival realestate.co.nz. Property is seen as the key growth engine for Trade Me’s classified advertising business as it faces flat revenues in its other main general auctions …

The trade-weighted index, which measures the New Zealand dollar relative to the currencies of major trading partners, rose to a post-float record, prompting speculation Reserve Bank governor Graeme Wheeler will try to talk down its value when he announces an interest rate hike tomorrow. The trade-weighted index jumped as high as 79.68 overnight, up from 79.50 yesterday and surpassing its …

Skellerup, the industrial rubber goods maker, has reached a $32.3 million settlement with insurers over claims from the Canterbury earthquakes in 2010 and 2011 which prompted the relocation of its Christchurch manufacturing facility. The Auckland-based company will receive some $22.3 million this month on top of the $10 million it’s already been paid to cover includes costs that have been …

Wall Street slid amid ongoing concern about an international standoff in Ukraine, while copper continued its slump because of worries about the slowing pace of growth and more corporate bond defaults in China. Increasing tension between the US, the European Union and Russia about Ukraine remains a concern for investors. While that has weighed on equities, it increased the appeal …

New Zealanders spent more on their credit and debit cards in February, fuelled by spending on hospitality, while durables and apparel rebounded from declines in January. The value of electronic card spending on retail rose 0.9 percent to a seasonally adjusted $4.58 billion in February, according to Statistics New Zealand. Core retailing, which excludes spending on fuel and auto-related items, …

The New Zealand government’s operating deficit was wider than expected in the first seven months of the 2014 financial year, with a smaller tax take than forecast and lower than anticipated tobacco excise duty. The Crown’s operating balance before gains and losses (obegal) was a deficit of $1.06 billion in the seven months ended Jan. 31, more than twice the …

New Zealand property sales fell 7.6 percent in February from a year earlier, which may indicate restrictions on high-debt lending are hindering first-home buyers, according to the industry body representing real estate agents. Some 6,125 properties were sold by real estate agents in February, down from 6,632 the same month last year, the Real Estate Institute of New Zealand said …

The New Zealand dollar touched a month-high against the British pound after a Bank of England official talked down the value of sterling. The kiwi rose as high as 50.92 British pence early this morning, matching the level it reached a month ago, and was trading at 50.84 pence at 8am in Wellington from 50.56 pence at 5pm yesterday. The …