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European stocks climbed as both the European Central Bank and the Bank of England reassured investors that interest rates will remain low to help their respective economies. “The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time,” ECB President Mario Draghi said at a press conference in Frankfurt. …

The New Zealand dollar gained against the greenback as investors slowed down the liquidation of their trans-Tasman holdings, which they embarked on amid growing expectations the Federal Reserve will start unwinding its money printing programme. The kiwi rose to 77.79 US cents at 5pm from 7.68 cents at 8am and 77.41 cents yesterday. The trade-weighted index rose to 74.07 from …

Genesis Energy has secured resource consents for what would be the largest wind farm in New Zealand, a 286 turbine development in a remote part of the Wairarapa. However, low demand growth for electricity means it is unlikely to be built for many years. “With a 10 year lapse period and a 10 year construction period, the Castle Hill wind …

Telecom Corp, the country’s biggest phone company, is hoping to drive customers on to faster broadband services with a deal to offer discounted online access to the English Premier League football. The Auckland-based company will offer existing broadband customers a 15 percent discount for a $149.90 ‘season pass’ on Coliseum Sports Media’s PremierLeaguePass.com website, and new customers on mid-range plans …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has been contacted by the China National Development and Reform Commission as part of an investigation into milk powder prices in the world’s most populous nation. The Auckland-based company is cooperating fully with the Chinese regulator, which is reviewing a wide range of consumer businesses in the Chinese dairy industry, Fonterra said …

The regime governing New Zealand’s ultra-fast broadband roll-out risks “the real probability of repeated political intervention as those in public office exercise their legislated powers to safeguard taxpayer investments and secure their political objectives.” That warning comes in a briefing paper from Victoria University’s Institute for the Study of Competition and Regulation, which is convening a day-long seminar to probe …

Xero, the cloud-based accounting software firm, has doubled its market capitalisation in just four months, rising above $2 billion today, having still to turn a profit. The shares rose 3.9 percent to $17.40 on turnover of some $935,000, valuing the company at $2.04 billion and adding to its 120 percent jump this year. That makes it the 11th biggest company …

Freightways, the courier and data management company, said profit before one-time items rose 6 percent in 2013 and similar profit growth is expected in 2014, lagging analyst estimates of 10 percent growth in the coming year. The shares fell 2.9 percent to a one-month low. “The expected performance is consistent with Freightways most recent outlook comments that it expects to …

The New Zealand dollar touched its highest in four-and-a-half years against the Aussie this morning after the Reserve Bank of Australia governor Glenn Stevens yesterday suggested a decision on whether to hold interest rates this week was a close call. The kiwi touched 85.80 Australian cents today, its highest since November 2008. The local currency recently traded at 85.62 Australian …

Wall Street was mixed as better-than-anticipated US jobs data offset concern about political unrest in Egypt and ministerial resignations in Portugal. In the US, private payrolls rose 188,000 in June, according to the ADP National Employment Report. That exceeded expectations for a gain of 160,000 jobs. Separately, Jobless claims fell by 5,000 to 343,000 in the week ended June 29 …