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Diligent Board Member Services plans to offer an additional US$6.7 million of performance-related cash, shares and options to its chief executive after its earlier bonus scheme fell afoul of regulations. CEO Alessandro Sodi will be offered 4.1 million units over five years, worth an estimated US$29.1 million, replacing an earlier package worth US$22.4 million, the New York based company said …

Heartland New Zealand shares rose to a two-year high and its credit rating was affirmed by Standard & Poor’s after the lender decided to take over the management of distressed assets and wear the cost upfront. The shares jumped 7.6 percent to 85 cents, the highest level since February 2011, after the Christchurch-based bank cut its annual profit guidance to …

Dorchester Pacific investors have exercised more options than the financial services firm was expecting and it has asked major shareholders whether they are willing to sell down their stakes in a placement. About 134 million options were converted to shares at 12.5 cents apiece, or $16.75 million, out of a total 150 million, Dorchester said in a statement. That was …

Heartland New Zealand, which gained bank registration in December, has cut its earnings expectations after deciding to take the management of distressed assets in-house. It was more upbeat about growth in 2014. The Christchurch-based lender expects net profit of $7 million in the 12 months ending June 30 after taking an $18 million charge on writing down the value of …

The New Zealand dollar fell as signs of a pickup in US economic growth spurred demand for the greenback. The kiwi dropped as low as 79.63 US cents early this morning, dipping below 80 cents for the second time in a week, and recently traded at 80.17 cents from 80.55 cents at 5pm in Wellington yesterday. The trade-weighted index slipped …

Wall Street slumped as investors locked in profits in anticipation of a potential downgrade to the US Federal Reserve’s US$85 billion-a-month bond-buying program. In late afternoon trading in New York, the Dow Jones Industrial Average dropped 0.75 percent, while the Standard & Poor’s 500 Index declined 0.78 percent and the Nasdaq Composite fell 0.84 percent. Fed Bank of Kansas City …

Cloud-based accounting firm Xero has toppled Port of Tauranga as the highest priced local stock on the NZX as it charts another notch in its belt, having more than tripled in the past 12 months. The Wellington-based company’s shares rose 0.7 percent today to $14.10, passing the port company, whose stock fell 2.7 percent to $13.90 in afternoon trading. That …

The New Zealand dollar may advance against the greenback this week as investors bet a slide in the local currency last month was overdone. The kiwi recently traded at 80.74 US cents from 80.68 cents at 5pm yesterday. The local dollar may trade in a range of 79.36 US cents to 83 US cents this week, with a positive bias, …

Mighty River Power says it has extended an option to increase its stake in US-based geothermal company EnergySource from 20 percent to 33.3 percent. In its first quarterly update since 49 percent of the state-controlled electricity company floated on the NZX and ASX on May 10, MRP says its original option expired last month, but had been extended to the …

The New Zealand government reported a smaller operating deficit than predicted in last month’s Budget forecasts as improving corporate profitability underpinned a bigger company tax take. The operating balance before gains and losses (obegal) was a deficit of $3.99 billion in the 10 months ended April 30, smaller than the $4.65 billion shortfall projected in the Budget Economic and Fiscal …