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The New Zealand dollar dropped as investors continue to favour the US on signs of a revival in the world’s largest economy. The kiwi fell to 77.29 US cents from 77.71 cents at 5pm in Wellington Friday and 77.52 cents at the New York close Friday, when it dipped below 77 cents for the first time in a year. The …

Investors will focus on a slew of US economic data and speeches by Federal Reserve officials in the coming days, as nerves remain frayed by Ben Bernanke’s signal that the American central bank might pull back its stimulus sooner than expected. Wall Street calmed down by Friday, closing higher for the day, following losses the previous two days after Bernanke …

Telecommunications network owner Chorus faces too much regulatory risk and too little political will to overcome the cost blow-outs and pricing uncertainties under contracts to roll out the ultra-fast broadband network, say analysts for Deutsche Bank. In a 33 page report, the local branch of the global investment bank puts a “sell” recommendation on Chorus shares, targeting a share price …

Precinct Properties New Zealand, formerly AMP NZ Office, has lifted the value of its property portfolio 2.6 percent on a rising Auckland market, and has signed a new and bigger banking facility with existing lenders. The value of the Auckland-based property investor’s portfolio rose $40 million to $1.64 billion and will be confirmed in August with the annual results, the …

The Commerce Commission has launched an investigation into whether Wilson Parking New Zealand’s acquisition of a rival’s parking assets will substantially reduce competition in the market. The regulator is seeking feedback from parties “who consider they have relevant information for the commission’s consideration” as it looks at whether the deal “is likely to have resulted in a substantial lessening competition …

Mercer Group, the stainless steel fabricator, cut its annual earnings forecast after two big equipment sales missed the June financial year, though it’s upbeat about talks to licence its technology to a large multinational company. Earnings before interest, tax, depreciation, and amortisation will be between $2.2 million and $2.5 million in the 12 months ending June 30, the Auckland-based company …

The New Zealand dollar fell to a 12-month low as the Federal Reserve’s signal of an end to quantitative easing, weak Chinese manufacturing and tighter credit sapped risk appetite and sent investors rushing to the greenback. The kiwi fell to 77.48 US cents, and earlier dropped to a 12-month low of 77.10 cents, from 78.54 cents yesterday. The trade-weighted index …

Stocks on both sides of the Atlantic sank after a report showing China’s manufacturing decreased at a faster rate in May and as investors digested Federal Reserve Chairman Ben Bernanke’s comments that the bank may soon begin paring its stimulus. Yesterday Bernanke said the Fed may downsize its US$85 billion-a-month bond-buying program later this year if the economy strengthens in …

New Zealand regulators will this month start monitoring financial institutions to stamp out money laundering that could be worth up to $1.5 billion. As part of a new anti-money laundering regulatory regime starting June 30, the Reserve Bank, the Department of Internal Affairs and the Financial Markets Authority will start monitoring financial institutions in an attempt to prevent criminals from …

The New Zealand dollar dropped after government figures showed the economy grew at the half the expected pace in the first quarter, as the drought at the start of the year saw farmers cull their herds, sapping milk production. Gross domestic product grew 0.3 percent to $37.1 billion in the three months ended March 31, from a pace of 1.5 …