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The New Zealand dollar edged up as investors continue to await the outcome of stalled budget talks in the US, as the deadline for lifting the US debt ceiling approaches. The kiwi traded in a 40 basis point range during Northern Hemisphere trading, about half its normal volatility, edging up to 83.02 US cents at 8am in Wellington, from 82.95 …

US stocks held on to earlier gains as minutes from the latest US Federal Reserve meeting showed that most policy makers believe the central bank should start tapering its bond-buying program before the end of the year. Meanwhile, President Barack Obama was set to nominate Janet Yellen, currently vice chairman of the Fed, to succeed Ben Bernanke early next year, …

New Zealand shares extended their decline, led by Pumpkin Patch, Chorus and MightyRiverPower as investors sold shares in preparation for the partial privatisation of Meridian Energy shares and as weak card spending figures weighed on retailers. The NZX 50 Index fell 28.045 points, or 0.6 percent, to 4710.633. Within the index, 33 stocks fell, 12 rose and five were unchanged. …

Mainfreight, the transport and logistics group, said it has uncovered misappropriation by a credit controller at its Daily Freight (1994) subsidiary and referred the matter to the police. The amount involved isn’t material to Mainfreight, according to a brief statement to the NZX from managing director Don Braid. The matter was uncovered during an internal examination of the New Zealand …

The New Zealand dollar was little changed as the US Federal government shutdown drags on and amid expectations Janet Yellen will get the nod to head up the Federal Reserve tomorrow. The kiwi traded at 82.89 US cents at 5pm in Wellington from 82.90 cents at 8am and 82.93 cents yesterday. The trade-weighted index was almost unchanged at 76.87 from …

The first 6,000 sections within Auckland’s special housing areas policy, which aims to address the city’s chronic housing shortage, have been announced by Housing Minister Nick Smith and Mayor Len Brown. There are 10 zones across Auckland designated as special housing areas (SHA) in addition to a community housing project in Weymouth for 282 homes. The biggest tranche of sections …

Goodman Property Trust, the country’s biggest listed property investor by market value, is planning two developments at Christchurch’s Glassworks Industry Park for a combined cost of some $20.7 million. The developments are a pre-committed warehouse and distribution facility for logistics operator DHL and a multi-unit development with tyre maker Bridgestone NZ as an anchor tenant, the property trust’s manager, Goodman …

New Zealand property values rose at an 8.4 percent annual pace last month ahead of the introduction of low-equity home lending restrictions, with the increases driven by a shortage of houses in Auckland and Christchurch, according to state valuer Quotable Value. Auckland property values rose at a 13.6 percent annual pace while Christchurch values are 10.8 percent above last year, …

New Zealanders’ retail spending on credit, debit and store cards dropped last month, the first decline since March, led by furniture, hardware, appliances and clothing. Retail spending on electronic cards fell 0.8 percent seasonally adjusted in September, the biggest decline since July last year, when spending fell 1 percent, according to Statistics New Zealand. Core retail sales, which exclude vehicle …

Infratil named Mark Tume as acting chairman after announcing yesterday that David Newman had taken medical leave. Tume has been an independent director of Infratil since 2007 and is chairman of its audit and risk committee. Fellow director Paul Gough will now chair the committee, the company said. Newman, who has been chair since 2004, is also taking a leave …