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The New Zealand dollar will stay at an elevated level for longer than previously thought as the local economic story finds favour with foreign investors, according to the Reserve Bank. The trade-weighted index, a measure of the kiwi against a basket of five currencies, averaged 78.18 in the March quarter, ahead of the Reserve Bank’s December projection of 77.4 in …

New Zealand’s property market has cooled a little as restrictions on the level of low-equity home loans and rising mortgage rates have tempered demand in recent months, the Reserve Bank says. Annual house price inflation slowed to 8.8 percent in January from a pace of 9.7 percent in October, with the moderation influenced by the Reserve Bank’s limits on the …

Reserve Bank governor Graeme Wheeler lifted the official cash rate a quarter-point to 2.75 percent in the first move of a tightening cycle, and signalled potential for a steeper track for future hikes as he tries to prevent inflation accelerating. “While headline inflation has been moderate, inflationary pressures are increasing and are expected to continue doing so over the next …

The New Zealand dollar, which has advanced 3.4 percent so far this year, is unchanged ahead of the Reserve Bank meeting today where governor Graeme Wheeler is widely expected to increase interest rates by a quarter point. The kiwi was unchanged at 84.67 US cents at 8am in Wellington, from 5pm yesterday and 81.91 cents at the start of the …

With the Standard & Poor’s 500 Index near record highs, investors are trying to weigh the positive outlook for the US economy with concern about signs of economic trouble in China and the ongoing Ukrainian crisis. In afternoon trading in New York, the Dow Jones Industrial Average dropped 0.21 percent, as did the Standard & Poor’s 500 Index. The Nasdaq …

The New Zealand unit of Australia’s GTL Energy posted a wider loss last year, reflecting its share of costs to develop Solid Energy’s now-idled Mataura briquette plant. GTL Energy (New Zealand) had a loss of $761,289 in the year ended June 30, from a loss of $205,431 a year earlier, according to its annual report. It garnered no revenue while …

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 …