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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 …

Stocks and commodities including copper and iron ore fell after a surprise drop in China’s exports bolstered concern about the slowing growth in the world’s second-largest economy. China’s exports sank 18.1 percent in February from a year earlier, according to General Administration of Customs data on the weekend. As a result, copper futures for May delivery shed 1.5 percent to …

A2 Corp, which markets milk products with a protein variant claimed to have health benefits, says a distribution deal it has done in China should generate $US50 million of revenue in four years” time. The shares rose to a month-high. The alternative-market listed company has appointed China State Farm Holding Shanghai Company, a subsidiary of state-owned China National Agriculture Development …

SkyCity Entertainment Group’s pledge to maintain dividends at higher levels even as it spends on major developments may see the listed casino company pay out almost all of its second half profit to investors. SkyCity, which has four casinos in New Zealand and two in Australia, increased its dividend policy last year to annual payments of not less than 20 …

The Court of Appeal has ruled in favour of government submissions that search warrants executed during the high-profile arrest of Mega founder Kim Dotcom in January 2012 were valid, though it agreed that the police shouldn’t have let cloned information leave the country. Justices Ellen France, Tony Randerson and Douglas White granted the Crown’s appeal against an order declaring the …

The Ministry for Primary Industries has raised its forecasts for exports of dairy products, meat and forestry, citing growing demand and limited supplies of milk, lower US and European beef production and high prices for logs. The ministry raised its forecast for total primary sector exports in the year ending June 30 by 15.6 percent compared to its estimates last …

The Financial Markets Authority has charged two contributory mortgage brokers for failing to file their annual reports on time. Christchurch-based Prudential Mortgage and Auckland-based First Mortgage Investments have each been charged for failing to deliver an annual report to the Companies Registrar for the year ended March 31, 2013 by the end of last June, the FMA said in a …

Meridian Energy won’t invest further in Australian renewable energy projects if the Federal government’s Renewable Energy Target subsidy scheme is scrapped, says chief executive Mark Binns. He was speaking at the company’s first half-year profit announcement since its partial privatisation in October. The Australian government announced Monday that the RET scheme will be reviewed, although Binns was optimistic any change …