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Loss-making start-up companies with heavy research and development expenditure will be eligible for a tax-free loan of up to $500,000 annually under proposals outlined in a discussion paper released today. The tax rules, as they stand, are seen to discourage R&D-intensive start-up firms because they have more difficulty than most accessing bank lending, can often expect to make losses for …

The New Zealand dollar rose above 80 US cents for the first time in a month as a lull in US data keeps traders unsure as to where the Federal Reserve is leaning in its plan to unwind its stimulus programme, and as volatility in financial markets dwindled to a three month low. The kiwi rose as high as 80.06 …

University of Canterbury vice-chancellor and former Reserve Bank deputy governor Rod Carr has been appointed chairman of the central bank by Finance Minister Bill English. Carr will replace Arthur Grimes, who spent 11 years as the Reserve Bank’s chair, from Sept. 18, the central bank said in a statement. Sue Sheldon has been reappointed deputy chair. Reserve Bank directors appointed …

Synlait Milk jumped 19 percent in its NZX debut after raising $75 million in an initial public offering that was restricted to clients of brokers and institutional investors. The shares first traded at $2.62 compared with the IPO price of $2.20. They were last at $2.75, valuing the company at $402 million. Synlait Milk will use the $75 million raised …

Wynyard Group, which raised $65 million as part of its NZX listing on Friday, has bought UK-based MHA Gateway’s anti-financial crime service for an undisclosed sum. The intelligence software developer bought the intellectual property, customer contracts and exclusive rights to the gateway service from MHA Compliance and Training, a 20-year-old, Surrey-based firm whose suite of tools are used in the …

Warehouse Group, New Zealand’s biggest listed retailer, has firmed up plans to improve its workforce with better training and longer service rewarded with higher pay. Starting Aug. 1, Warehouse will introduce a ‘career retailer wage’ for staff who have completed full training and worked 5,000 hours or more, equivalent to just over two years’ full-time work, the Auckland-based company said …

First home buyers remain “a priority” for the government and “all tools have to be considered” in balancing their needs with the Reserve Bank’s likely imposition of restrictions on home lending for buyers with small deposits, says Prime Minister John Key. Speaking to the Local Government New Zealand conference in Hamilton, Key appeared to accept the central bank was unlikely …

The Standard & Poor’s 500 Index climbed to a record, bolstered by gains in banks after better-than-expected UBS earnings, while disappointing earnings for McDonald’s and an unexpected drop in US home sales underpinned expectations the Federal Reserve won’t be in a rush to taper its bond-buying program. In late afternoon trading in New York, the Standard & Poor’s 500 Index …

New Zealand shares rose, paced by some of this year’s strongest performers such as Xero, Diligent Board member Services and Ryman Healthcare, amid signs investors are regaining their appetite for risk as US earnings season generally doesn’t disappoint. The NZX 50 Index rose 15.735 points, or 0.3 percent, to 4554.041. Within the index, 29 stocks rose, 13 fell and eight …

The New Zealand dollar was little changed after a 6.5-magnitude earthquake in the Cook Strait shut down parts of the capital city as authorities assessed the damage which was ultimately found to be largely superficial. The kiwi traded at 79.32 US cents at 5pm in Wellington from 79.02 cents at 8am and 79.29 cents on Friday in New York. The …