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Allied Foods (NZ), whose products include Tip Top bread and Big Ben pies, posted sales that were little changed in 2013, while making its first dividend payment in three years. Revenue was $275.5 million in the year ended Sept. 1, 2013, from $276.6 million a year earlier, according to the company’s annual report filed with the Companies Office. A small …

Michael Hill International, the jewellery chain named for its founder, has appointed Icebreaker executive chairman and former Air New Zealand boss Rob Fyfe as a new director. The appointment takes the retailer’s board to eight directors, of which four, including Fyfe, are independent, the company said in a statement. Fyfe was chief executive of the national carrier between 2005 and …

The New Zealand dollar hit a six-year high against the yen this morning and may trend higher this year reflecting the divergent paths of the nations’ central banks. The kiwi touched 86.90 yen this morning, the highest level since February 2008, and was trading at 86.85 yen at 8am in Wellington, from 85.67 yen at 5pm on Friday. The local …

Following Wall Street’s lacklustre start to 2014, the latest US jobs data will take centre stage to gauge the odds that Federal Reserve policy makers might announce a further easing of their bond-buying program after their meeting at the end of this month. This week will see the release of the latest ADP employment report, weekly jobless claims and, importantly, …

The New Zealand dollar traded in a narrow range though it may be headed for some volatility as a raft of Federal Reserve speakers take to the airwaves this weekend ahead of next week’s release of the latest Fed minutes and the closely watched monthly US employment data. The kiwi was at 82.25 US cents at 5pm in Wellington from …

Tower, which sold the majority of its life insurance business to Fidelity Life Assurance in May, says it has decided to retain the remaining life assets after talks with potential buyers. The general insurer said it has ended talks with a number of interested parties and has decided not to sell Tower Life (NZ). It sold most of its life …

The New Zealand dollar weakened after positive US economic data reinforced expectations a reviving US economy will prompt the Federal Reserve to continue to pull back its monetary stimulus this year. The kiwi slipped to 81.99 US cents at 8am in Wellington, from 82.28 cents at 5pm yesterday. The Fed announced last month that it would start pulling back its …

Wall Street fell in the first trading session of 2014, even as US manufacturing and jobless claims provided further evidence of an accelerating recovery in the world’s largest economy. The US Institute for Supply Management’s manufacturing index edged lower in December, down to 57 from 57.3 in November, its highest level in more than two years. Separately, initial claims for …

The New Zealand dollar was little changed in patchy trading leading in to the New Year holiday period and is likely to weaken next year as the Federal Reserve pulls back on its bond buying programme which has dented the greenback. The local currency edged up to 82.14 US cents at 4:30pm in Wellington, from 82.06 cents at 8am this …

New Zealand shares fell on the last trading day of 2013 on perceptions that valuations in the local market have become a little stretched pending more evidence of earnings growth. Xero, Summerset Group and Fisher & Paykel Healthcare paced the decline. The NZX 50 Index fell 31.970 points, or 0.7 percent, to 4737.010 and has advanced 17 percent in 2013. …