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The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. The operating balance before gains and losses (obegal) was a deficit of $3.27 billion in the 11 months ended May 31, smaller than the $4.03 …

The New Zealand dollar surged against the British pound and the euro after central banks there highlighted their easing bias, increasing demand for the higher yielding local currency as rates in New Zealand are set to climb. The kiwi rose to a month high of 52.17 British pence, and recently traded at 51.95 pence, from 50.97 pence at the 5pm …

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 …