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The government looks set to receive a windfall whopper dividend from Meridian Energy following the sale of its 50 percent stake in the A$1 billion Macarthur wind farm in Victoria. The sale, which valued state-owned Meridian’s holding at A$659 million, comes right on balance date for what is likely to be Meridian’s last financial year under 100 percent state ownership, …

Restaurant Brands, New Zealand’s largest fast food operator by sales, is betting on new brands such as burger chain Carl’s Jr to drive future earnings growth in the nation’s $2 billion fast food market and remains keen on adding new offerings such as Taco Bell. The company opened its first two Carl’s Jr stores targeting “hungry young guys” last financial …

Pumpkin Patch, the children’s clothing chain, said full-year profit may drop as much as 35 percent in the face of intense competition in Australia, becoming the second local retailer this month to cite tough times across the Tasman. The shares tumbled to a 16-month low. Profit after tax, excluding reorganisation costs, is expected to be $7.5 million to $9 million …

New Zealand’s new building consents rose in May, adding to a surge in April, as construction intentions Auckland and Christchurch underpinned growth in the sector. New building permits rose 1.3 percent to a seasonally adjusted 1,818 last month, with a big build up in Auckland apartments, Statistics New Zealand said. The rose 21 percent in April. Stripping out apartments, seasonally …

Restaurant Brands, which operates four fast-food chains, expects 2014 annual profit to be “a little ahead” of the previous year as sales rise in a challenging economic environment and costs remain under control. The latest forecast reiterates the company’s comment on April 4 that profit would be higher than the $16.2 million for the 2013 financial year. No further details …

OceanaGold Corp, whose share price has plunged 59 percent in the past three months, will put off production at its Reefton mine, putting it into care and maintenance in mid-2015 until the price of gold improves. The move amounts to a two-year reduction in the mine schedule and will cut production by 110,000 ounces between 2015 and 2017 to achieve …

The New Zealand dollar held its value after Federal Reserve officials assured markets about the withdrawal of economic stimulus. The kiwi slipped to 77.98 cents from 78.19 cents at the 5pm market close in Wellington yesterday. The trade-weighted index weakened to 73.69 from 73.75 yesterday. Federal Reserve officials yesterday stepped up their campaign to clarify comments by chairman Ben Bernanke …

Wall Street gained as US Federal Reserve officials stepped up their backpedalling to reassure investors that the central bank’s bond-buying program is not about to disappear into the night. Federal Reserve Bank of New York President William Dudley reminded investors that the economic outlook, not the calendar, will dictate decisions on monetary policy, including the pace of asset purchases. “Economic …

New Zealand business confidence rose to its highest in more than three years in June, led by the construction sector. A net 50.1 percent of firms expect general business conditions to improve in the year ahead, up from 41.8 percent in May, and the highest level since early 2010, according to the ANZ Business Outlook. Firms seeing a pickup in …

The Reserve Bank says raising interest rates now isn’t the right policy response to an overheated housing market and the bank considers restricting low equity home loans as offering the “greatest potential” to curb demand. Deputy governor Grant Spencer told the Business NZ Council in Wellington that the “overheated housing market is a real threat to future financial stability” and …