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New Zealand’s services sector slipped from a six-year high in June while remaining broadly in expansion mode, led by new orders and sales. The BNZ-Business New Zealand Performance of Services Index fell to 55 last month, from 56.2 in May, still the highest for the month of June since 2007. A reading above 50 indicates expansion in activity. The PSI …

The New Zealand dollar is trading near a week low on concern about a slowdown in China, the country’s second-largest trading partner. The kiwi recently traded at 77.81 US cents, unchanged from late New York trading Friday, and down from 78.68 cents at the 5pm close in Wellington. During New York trading, the local currency slipped to its lowest in …

The 6.5-magnitude earthquake in Cook Strait last Sunday isn’t expected to lead to big insurance losses, which global financial services firm Credit Suisse expecting it to come in below US$1 billion. Credit Suisse has told investors in its insurance-linked strategies fund, CS IRIS Low Volatility Plus Fund, that the quake was further away from dense populations and lacked the ground …

Infratil, New Zealand’s largest publicly listed infrastructure investor, wants to increase the pool of fees for its directors by 2.3 percent and also raise fees for directors of some subsidiaries. The company will ask shareholders at its annual meeting in Wellington next month to increase the fee pool for its directors to $721,215, from $705,000. It will also seek approval …

The manager of Kiwi Income Property Trust says it has received a proposal from ultimate parent Commonwealth Bank of Australia to internalise its management contract. Kiwi Income Properties Ltd is a unit of Australia’s Colonial First State Property, which is in turn owned by the Australian lender. The manager reaped a $3 million performance fee from Kiwi Income Property Trust …

Brian Henry, a venture capitalist who helped found Diligent Board Member Services, says a Financial Markets Authority suit alleging he manipulated the company’s shares in early 2010 “has no merit” and has already been considered by the FMA’s predecessor. The FMA’s suit contains “six claims alleging certain orders and trades made by Mr Henry in 2010 breached the market manipulation …

The Financial Markets Authority has accused Brian Henry, venture capitalist, of market manipulation of shares in NZX-listed Diligent Board Member Services. Henry was a founding member of Diligent, a company that has been marred by missteps over its administrative disclosures, before he left in March 2009. The FMA’s proceedings “contain six claims alleging certain orders and trades made by Mr …

Partially privatised electricity company MightyRiverPower saw electricity generation and sales fall in the last quarter of the financial year to June 30, although the decline was forecast in the company’s April prospectus. MRP listed on the NZX and ASX in May at $2.50 and was quoted this morning at $2.40. While sales to customers were down 3 percent on the …

New Zealanders have become more cautious about the use of credit and more likely to save following the global financial crisis, according to credit company Dun & Bradstreet. Some 39 percent of people said they are more likely to save money in the next three months compared to the same time last year, while 28 percent are less likely and …

The limited level of damage sustained by Wellington in the 6.5 magnitude earthquake on Sunday is unlikely to result in higher reinsurance costs, according to local insurers. The swarm of quakes over the past five days damaged just 35 buildings in the capital city, most of it minor, meaning Wellington corporates and the public sector could get back to business …