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Wall Street rose to a record after better-than-expected economic data and corporate earnings fuelled investors’ optimism the US economy is gathering steam as Federal Reserve Chairman Ben Bernanke reiterated the central bank’s ongoing support for growth. Bernanke testified before Congress for a second day, now to the Senate Banking Committee. He has finally managed to reassure investors that the Fed’s …

Magritek, which makes magnetic resonance imaging and nuclear magnetic resonance devices, has attracted Wellington-based investment group Rangatira as an investor. Rangatira has taken a 12 percent stake in the manufacturer and marketer of benchtop NMR and MRI instruments for an undisclosed sum, with the option of increasing to 18 percent in a year’s time with further investment. MRI uses strong …

New Zealand consumer confidence eased in July as higher petrol prices and the prospect of rising mortgage rates dented financial sentiment. The ANZ-Roy Morgan consumer confidence index slipped to 119.8 from a three-year high of 123.9 in June. The current conditions index dropped 4 points to 118 and sentiment on future conditions eased 5 points to 121. All five questions …

The government’s $40 million a year tourism spending boost was a waste by comparison with adding those funds to the pot to encourage high value manufacturing and service industries, the Treasury advised before the May budget. The advice is contained in an aide memoire on April 5 to Treasury suggested to Finance Minister Bill English and Economic Development Minister Steven …

Tourism Holdings, the rental campervan operator which merged with two rivals last year, has told the receivers of Pacific Horizon it’s available to pick-up any customers left out in the cold, but won’t buy the failed firm’s assets. The Auckland-based company has already approached KordaMentha’s Brendon Gibson and Grant Graham, who were appointed receivers of Pacific Horizon yesterday, to help …

he New Zealand dollar edged up in volatile trading after Federal Reserve chairman Ben Bernanke emphasised the central bank’s asset purchase programme could be reduced more quickly or expanded depending on economic conditions. The kiwi traded at 79 US cents from 78.70 cents at the 5pm market close in Wellington yesterday. The local currency traded between 78.39 US cents and …

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 …

Australian funds were among the biggest sellers of MightyRiverPower as its shares sank to a post-float low last month, though the exit may been more to do with a slump in their home market than a change of sentiment on the power company. Market data for the top 100 shareholders in MRP between May 24 and June 21 shows the …

Xero, the cloud-based accounting company, says it is complying with NZX continuous disclosure rules and a 23 percent slump in its shares in the past six days may reflect volatility as a result of a tightly held register. Xero is the second NZX-listed tech company in as many days to get a ‘please explain’ notice from NZX regulators following a …

ropertyIQ NZ, a joint venture between state-owned Quotable Value and Australia’s RP Data, is seeking clearance to buy local geospatial data firm Terralink International. The property information company has applied to the Commerce Commission for clearance to buy the business and assets of Terralink in an effort to boost scale and its ability to compete with global competitors, according to …