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The government has raised $176 million from selling the bulk of its 700 megahertz radio spectrum, flagged for fourth generation mobile phone use, and is still mulling what to do with the remainder. Telecom Corp and Vodafone New Zealand, the country’s major mobile phone operators, each spent $66 million on three lots of 2×15 MHz spectrum while new entrant Two …

The New Zealand dollar fell as investors bet expectations for the Federal Reserve to delay tapering its monetary stimulus programme until March next year had already been priced into the markets. The kiwi slipped to 82.49 US cents at 8am in Wellington, from 82.64 cents at the 5pm market close yesterday. The trade-weighted index was little changed at 76.25 from …

The Supreme Court has granted the four former directors of failed lender Lombard Finance & Investments leave to appeal their sentences on issues of fact, but turned down the application to have their convictions overturned. The country’s top court today turned down an attempt by former Justice Ministers Doug Graham and Bill Jeffries, former PR man for the Queen Lawrie …

Evolution Healthcare, the Australian private equity healthcare company which owns Boulcott Hospital in Lower Hutt, is buying shares in Acurity Health which owns rival Wakefield Hospital. Shares in private hospital group Acurity Health jumped 36 percent to an 11-month high as about 3.8 percent of the stock changed hands at $5.50. Evolution Healthcare “is obviously trying to buy a large …

Shares in Metlifecare surged, making it the best performer on the NZX 50 benchmark index today, on optimism new cornerstone shareholders Infratil and the New Zealand Superannuation Fund will add value to the retirement village developer and operator. Infrastructure investor Infratil and the NZ Super Fund, who previously worked together on Z Energy, both plan to hold a 19.9 percent …

Shares in private hospital group Acurity Health jumped to an 11-month high in early trading today as almost 3.3 percent of the company’s shares on issue changed hands. The stock climbed 36 percent $5.50, the highest since November last year, on turnover of about $3.3 million. That’s a 3 percent premium to Acurity’s net tangible assets, valued at $5.34 according …

New Zealand’s central bank is expected to keep interest rates on hold next week as new lending restrictions and a higher New Zealand dollar take some pressure off the need to hike early next year in the face of a resurgent local economy. The Reserve Bank will keep the benchmark interest rate at a record low 2.5 percent when it …

Auckland’s 45 year-old maximum security prison at Paremoremo is to get a makeover under a public-private partnership contract that is expected to be worth more than $200 million. Corrections Minister Anne Tolley announced the planned upgrade today, saying the facility needed to be modernised to improve the ability to manage difficult prisoners, provide better mental health care, and to take …

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Infrastructure investor Infratil and the New Zealand Superannuation Fund have taken cornerstone stakes in retirement village operator and developer Metlifecare, announcing purchases equivalent to 36.9 percent of the company and taking their joint holdings to 39.8 percent. Infratil took the larger stake, 19.9 percent, while the Super Fund topped up its existing holding by a further 17 percent to 19.9 …