Topics

Wall Street gained after Federal Reserve Chairman Ben Bernanke said there was no “preset course” for the central bank’s bond-buying program, while better-than-expected results from companies including Bank of America also underpinned the mood. “I emphasise that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course,” Bernanke said today in …

New Zealand shares rose, led Pumpkin Patch as the retailer clawed back a small portion of this year’s 34 percent slide, while Diligent Board Member Services rose after telling the NZX yesterday that it knew of no reason for its recent slide. The NZX 50 Index rose 2.425 points, or 0.1 percent, to 4578.97. Within the index, 26 stocks rose, …

Property for Industry shares have gained to the highest in almost six years and the volume of trading is at an eight-year high as investors prepare for the specialist industrial property company’s elevation in the NZX 50 Index after its merger with Direct Property Fund. The merger almost doubled the enlarged group’s shares on issue to 412 million and increased …

Fonterra Cooperative Group, the world’s biggest dairy exporter, cut the price of its Anmum-branded products in China as the local regulator looks at potential price manipulation by major foreign firms selling into the world’s most-populous nation. The Auckland-based cooperative will trim 9 percent from its Anmum maternal health products in mainland China from next month “to better meet consumer needs …

SkyCity Entertainment Group, which this month agreed to build a $402 million convention centre in Auckland in exchange for regulatory concessions, has been granted approval to buy Queenstown’s Wharf Casino for $5 million. The Commerce Commission cleared the Auckland-based casino and hotel operator to buy Lasseters International-owned Otago Casinos, which will add 74 electronic gaming machines and six gaming tables …

The New Zealand dollar gained ahead of US Federal Reserve chairman Ben Benanke’s congressional testimony as speculative investors pare back their bets on the greenback, and was bolstered by Reserve Bank of Australia minutes talking down that nation’s inflation outlook. A strong gain in local dairy prices rounded out a bullish start for the currency. The kiwi rose to 78.97 …

Rakon’s founding Robinson family, which has the biggest stake in the company and three seats at the board, bought almost 367,000 shares in the ailing GPS components maker last week for about $81,500. The two on-market purchases on July 9 and 11 were at an average price of 22.2 cents per share, and came after the Auckland-based firm said it’s …

Wall Street retreated from record highs as investors were disappointed with corporate earnings such as from Coca-Cola and awaited Federal Reserve Chairman Ben Bernanke’s testimonial before Congress, beginning tomorrow. Shares of Coca-Cola dropped, last down 1.8 percent, after the company said quarterly profit sagged 4 percent. “Our second-quarter volume results came in below our expectations, reflecting an ongoing challenging global …

The New Zealand dollar edged up in local trading as the lowest annual pace of inflation in 14 years gives the Reserve Bank room to keep interest rates on hold, as rising construction costs stay contained. The kiwi rose to 78.28 US cents at 5pm in Wellington from 78.08 cents at 8am and 78.14 cents yesterday. The trade-weighted index traded …

– Renaissance Corp, the retailer of Apple products and operator of a design school, said annual earnings will be another disappointing result due to its ailing retail unit, and it’s shutting four of nine stores in a bid to restore profitability. The Christchurch-based company today closed Apple reseller stores in Albany, Britomart, Sylvia Parka and Dunedin as part of a …