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Infratil, the Wellington-based infrastructure investor, has agreed to sell Manston Airport in the UK for 350,000 British pounds to Stagecoach Group co-founder Ann Gloag and her brother Brian Souter. Infratil agreed to sell the airport for 1 pound plus adjustment for working capital variances and cash injected by Infratil, the company said in a statement. The latest sale comes after …

Christchurch International Airport’s proposed prices over the next two decades are significantly higher than the Commerce Commissions’ view of what’s acceptable, and tougher disclosure requirements have had little impact on promoting price efficiency, the regulator says. The airport is targeting a return of 8.9 percent over the next 20 years, well above the commission’s view of an acceptable return of …

The New Zealand dollar advanced as concern US politicians have yet to reach agreement before this week’s deadline for raising the nation’s debt limit, risking default, weighed on the greenback. The kiwi rose to 83.67 US cents at 8am in Wellington from 83.31 cents at the 5pm market close yesterday. The trade-weighted index gained to 77.64 from 77.34 yesterday. The …

Optimism that US lawmakers might be nearer to breaking their impasse over increasing the debt ceiling and re-opening the federal government is lifting investor sentiment. The top-ranking Democrat in the Senate has reportedly put a new proposal to his Republican counterpart and the two will meet with President Barack Obama on Monday afternoon in Washington to see if there’s a …

Rod Drury, founder of Xero, says the cloud-based accounting company $180 million capital raising from key US shareholders sends a strong signal to rivals that there are no constraints on the funds it needs to win global market share. essays about bullying The Wellington-based company sold 9.92 million shares at $18.15 apiece, a 1.1 percent premium to their price last …

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 …