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New Zealand Oil & Gas, the nation’s biggest listed energy explorer, has ceded its Kakapo permit off the South Taranaki after failing to find a partner to share costs of a prospect it says could be several times bigger than the Tui or Maari fields. NZOG won exploration permit PEP 51311, which lies to the west and south of the …

Reserve Bank governor Graeme Wheeler is sharpening his focus on New Zealand’s bubbling housing and construction sectors and the threat they pose to inflation. The central bank kept the official cash rate on hold at 2.5 percent today, while saying the “removal of monetary stimulus will likely be needed in the future and linking any hike to how much “the …

The New Zealand dollar gained after the Reserve Bank said it will need to remove monetary stimulus as heat in the housing and construction sector spills over into the broader economy and stokes inflation. The kiwi dollar climbed to 79.75 US cents after governor Graeme Wheeler’s statement, from 79.30 cents immediately before. The trade-weighted index rose to 75.51 from 75.17 …

New Zealand’s capital city will be open for business tomorrow after a 6.5 magnitude earthquake hit the Cook Strait, while scientists say there’s a one-in-five chance of a similar-size temblor this week. Wellington Mayor Celia Wade-Brown told a media briefing today it will be up to employers to determine whether their staff should come in. Portions of the city were …

A 6.5 magnitude earthquake in New Zealand’s Cook Strait has closed Wellington financial trading rooms and shut down portions in the capital city as local authorities assess the damage. Wellington trading desks at Bank of New Zealand and ANZ Bank New Zealand are closed as corporates in the capital join the rest of the city in checking buildings following a …

The New Zealand dollar slipped in local trading as investors await US Federal Reserve chairman Ben Bernanke’s Congressional testimony, where they’ll look for any hints on the central bank unwinding its asset purchase programme. The kiwi traded at 78.70 US cents at 5pm in Wellington from 78.97 cents at 8am and 78.28 cents yesterday. The trade-weighted index edged up to …

The kiwi dollar is holding below levels the Reserve Bank is forecasting for the third quarter though that’s unlikely to be enough to change its view of the interest rate outlook this week. The central bank will keep the official cash rate at 2.5 percent on Thursday, according to a Reuters survey of 16 economists. The bank will hike the …

The government employed Financial Markets Authority chairman Simon Allen to help negotiate its $402 million convention centre-for-gaming concessions deal with SkyCity Entertainment Group. Allen, a former investment banker who has chaired the market watchdog since May 2011, took a key role in talks with the casino and hotel group, according to papers released by Ministry of Business, Innovation and Employment …

The New Zealand dollar is heading for a 2.1 percent weekly gain against the greenback as investors pare their bets on the world’s reserve currency in a week where US Federal Reserve chairman Ben Bernanke reiterated that the central bank is set on winding back its money printing programme. The kiwi rose to 79.12 US cents at 5pm in Wellington …

New Zealand’s monthly inbound migration rose to a four-year high in June as more kiwis stayed at home amid the dwindling attraction of Australia’s slowing economy. Seasonally adjusted, there were 2,300 more migrants arriving in New Zealand than leaving in June, up from 1,740 a month earlier, and the most since May 2009, according to Statistics New Zealand. Permanent long-term …