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Serco New Zealand, the local unit of the UK’s Serco Group, reaped a modest profit in the first full year of its $300 million, 10-year contract to run Mt Eden/Auckland Central Remand Prison for the Department of Corrections. Profit was $368,623 in calendar 2012, from about $1 million in 2011, when it took over full management of the facility mid-way …

The New Zealand dollar may struggle for direction this week as investors weigh the possibility of a higher interest rate track in New Zealand against signs of recovery in the US. The kiwi may trade between 77 US cents and 81 cents this week, according to a BusinessDesk survey of six traders and strategists who were split on the local …

Postie Plus Group, the clothing retailer whose shares have fallen 29 percent this year, said third-quarter sales fell 14 percent after seasonal stock was disrupted by problems at its third-party distribution centre. Sales from continuing operations fell to $19.4 million in the February-to-April quarter, from $22.6 million in the same period a year earlier, the Auckland-based company said in a …

New Zealand Invoice Financier, Working Capital Solutions, has expanded into Australia with the opening of a Sydney office. Supported by one of the industry’s most experienced authorities, Australian Greg Charlwood, this locally owned business is cited to be a major new player. In the last seven years, the factoring industry in Australia has grown by over 82 percent, yet it …

New Zealand property values held their annual pace of growth last month, as demand outstripped supply in Auckland and Christchurch, according to state valuer Quotable Value. National property values increased 7.1 percent in the 12 months ended May 31, matching the annual pace for April, the agency said in a statement. Property values increased 1.7 percent in the three months …

Dorchester Pacific, the financial services firm whose shares have soared 237 percent in the past year, lifted its stake in Turners Auctions to 19.85 percent and said it has no immediate plans to make an offer for the company. Dorchester is flush with funds after a greater-than-expected conversion of options and share placement this month raising about $21 million. The …

The New Zealand Superannuation Fund has excluded seven companies with operations in nuclear bases from its $22 billion portfolio, while clearing the return for four firms which had previously been excluded for their involvement in cluster munitions. The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, will exclude public companies Babcock & Wilcox, Fluor Corp, Huntington Ingalls …

The New Zealand dollar dropped to its lowest in almost 11 months after a US jobs report showed the world’s largest economy is recovering, spurring demand for the greenback. The kiwi slid to as low as 78.20 US cents, its weakest since July 25 last year. The local currency recently traded at 78.37 cents, down from 78.85 cents on Friday …

Friday’s May US payrolls report appears to have quieted, but not put to rest, the main focus of investors: when will the US Federal Reserve begin to temper its monthly bond-buying program? Initially this week, the focus has shifted to Asia where there were signs of deepening weakness in China, fuelling concern about the slowdown in the world’s second-largest economy …

Reserve Bank governor Graeme Wheeler faces the same tensions between a high kiwi dollar and a heated housing market that have informed his monetary policy decisions all year and no change is likely at next week’s review as inflation stays low. Wheeler will keep the official cash rate at 2.5 percent when he releases the monetary policy statement on June …