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The New Zealand dollar approached 89 Australian cents this morning as investors favoured the reviving local economy over investment in Australia where the economy is slowing. The kiwi touched a new five-year high of 88.98 Australian cents, and recently traded at 88.87 cents, from 88.30 cents at the 5pm market close in Wellington yesterday. The local currency was little changed …

First NZ Capital upgraded its recommendation on homeware and sporting goods retail chain Briscoe Group to ‘neutral’ from ‘underperform’ and raised its outlook for earnings, citing better sales. Briscoe this week posted a 6.4 percent increase in second quarter sales and a 3.9 percent rise in same-store sales, compared with the year earlier quarter. The homeware unit posted its ninth …

Kiwi Income Property Trust may need to sell assets or raise equity to reduce its debt gearing should a proposal to bring its management inhouse go ahead, according to Craigs Investment Partners research analyst Chris Byrne. The Trust, managed by a company owned by Commonwealth Bank of Australia, may have to pay the bank A$66 million or NZ$75 million to …

Briscoe Group, whose shares have grown four times faster than the NZX 50 Index in the past five years, is eager to make acquisitions or substantial investments using a cash pile that may have grown to $90 million by January 2014. Managing director Rod Duke, who owns 78 percent of the listed retailer, said by the end the financial year, …

The cost of administering the frozen funds of late businessman Allan Hubbard has topped $17 million, of which almost a third was hoovered up in legal fees. Since the Hubbard entities were put into statutory management in 2010, Grant Thornton’s Richard Simpson, Trevor Thornton and Graeme McGlinn have racked up $1.4 million overseeing the administration of Te Tue Charitable Trust, …

NZAX-listed Malaysian internet services play Mykris has reported a solid lift in earnings and is paying 1.8 cents per share in dividends in its first year since seeking a listing on the New Zealand alternative market’s board. The company operates in Malaysia but reports in New Zealand dollars, turning over $8.9 million in the year to June 30, and turning …

Xero, the cloud-based accounting software firm, added 36,000 customers since the end of March and is predicting an 80 percent pickup in annual sales as it continues its drive for global growth, which will widen the loss at the end of the year. Chief executive Rod Drury told shareholders in Wellington today the company has 193,000 customers, that’s up from …

Briscoe Group, the homeware and sporting goods retail chain, anticipates 9.7 percent growth in first-half profit as second-quarter sales continued to grow across both segments and margins widen. Net profit rose to at least $14.6 million in the six months ended July 28 from $13.3 million a year earlier, the Auckland-based company said in a statement. That was on the …

Di Humphries, the former boss of Hallenstein Glasson’s women’s wear chain, is seen as a strong contender for the top job at children’s clothing retailer Pumpkin Patch after chief executive Neil Cowie resigned this week to lead Mitre 10 (New Zealand). Pumpkin Patch poached Humphries, a retailing industry veteran, from Hallenstein last year to be its merchandise and brand manager, …

The New Zealand dollar weakened as signs of improvement in the US economy point to the Federal Reserve reducing its monetary stimulus, bolstering the greenback. The kiwi slipped to 78.74 US cents at 8am in Wellington, from 79.65 at 5pm yesterday. The trade-weighted index fell to 75 from 75.54. The US dollar index, which measures the greenback against a basket …