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The government’s plan to auction 4G spectrum in September or October faces delay, with Maori claimants to spectrum rights reactivating a dormant claim to the Waitangi Tribunal by seeking an urgent hearing on the claim. The tribunal’s chief judge Wilson Isaac issued a direction for an urgent remedies hearing yesterday after receiving an application on July 4 to reactivate the …

Energy Mad, whose shares have jumped more than 20 percent this week since it said first-quarter earnings were ahead of budget without giving details, has now released numbers showing it had only expected to earn $7,000. Unaudited earnings before interest, depreciation and amortisation were $120,000 in the three months ended June 30, of which $95,000 related to year-earlier depreciation and …

The New Zealand dollar gave up yesterday’s gains after traders decided comments by Federal Reserve chairman Ben Bernanke were not as dovish as initially thought and were more a reiteration of his previous stance. The kiwi fell to 78.54 US cents, from 79.52 cents at the 5pm market close in Wellington yesterday. The local currency is trading within its range …

Stocks and bonds rose after US Federal Reserve Chairman Ben Bernanke said highly accommodative policy would be needed for some time yet, reassuring investors that the central bank is not about to begin reducing its bond-buying program. “Highly accommodative monetary policy is what is needed in the US economy,” Bernanke said after the close of Wall Street yesterday, following a …

New Zealand shares edged up, paced by Ebos Group, while Ryman Healthcare closed at a new record and Telecom fell. Trading was relatively light as investors look ahead to earnings season. The NZX 50 Index rose 3.287 points, or 0.1 percent, to 4560.054. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $120 million. Ebos, …

New Zealand needs to consider how it is going to fund rising healthcare and pension costs in the future while avoiding a blowout in government debt, the Treasury says in its latest statement on the nation’s long-term fiscal position. On the nation’s current track, revenue will fail to meet expenses by the mid-2020s, the Treasury says in its third such …

New Zealand manufacturing activity remained in hearty expansion mode last month, while slowing from a nine-year high in May, with new orders and production driving growth. The BNZ-BusinessNZ performance of manufacturing index fell 4.3 points to 54.7 in June, the highest result for a June month since 2004. A reading above 50 indicates the sector expanded, while one below shows …

The New Zealand dollar retraced earlier gains against the euro and pound on better economic data from Europe. The kiwi fell to 60.47 euro cents from 61.43 cents at the 5pm market close in Wellington yesterday and slid to 52.20 British pence from 52.75 pence yesterday. The local currency weakened to 77.95 US cents from 78.51 cents yesterday. The New …

Wall Street was mixed as minutes from the latest Federal Open Market Committee meeting showed policy makers were looking for further strength in the US labour market before easing the central bank’s bond-buying program. In late afternoon trading in New York, the Dow Jones Industrial Average fell 0.20 percent, while the Standard & Poor’s 500 Index declined 0.09 percent to …

Fonterra Cooperative Group, the world’s biggest dairy exporter, named Lukas Paravicini as chief financial officer, replacing Jonathan Mason who retires at the end of September. Paravicini will join Fonterra in September after 22 years with Nestle, Fonterra said in a statement. He was Nestle Professional Europe general manager for the past two years and previously held senior finance positions in …