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TrustPower, the electricity generator and retailer controlled by Infratil, will pay $13.7 million for the assets of Wanganui council owned Energy Direct New Zealand, allowing it to add customers near its electricity plants. Energy Direct’s customers are close to TrustPower’s Patea hydro scheme and its Tararua wind farm, and the purchase would also allow TrustPower to sell other services to …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …

Wall Street resumed its climb to new records, underpinned by the confidence that central banks around the world are supporting growth. Financial stocks including Bank of America and Citigroup received a boost from billionaire hedge-fund manager David Tepper who called US banks “a good sector” in an interview with CNBC. Shares of Bank of America were up 2.3 percent, while …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …

Wall Street resumed its climb to new records, underpinned by the confidence that central banks around the world are supporting growth. Financial stocks including Bank of America and Citigroup received a boost from billionaire hedge-fund manager David Tepper who called US banks “a good sector” in an interview with CNBC. Shares of Bank of America were up 2.3 percent, while …

Former Foodstuffs boss Tony Carter will take up the chair at Air New Zealand’s board when existing chairman John Palmer steps down after September’s annual meeting. The announcement comes amid growing anticipation of the government’s planned sell-down of its three-quarter stake in the airline. Carter joined the national carrier’s board two years ago when Palmer signalled this would be his …

Infratil, which is mulling the float of its Z Energy chain of petrol stations, reported a drop in full-year profit after writing down the value of its UK airports and recognising accounting charges. Net profit fell to $3.4 million in the year ended March 31, from $51.6 million a year earlier, the Wellington-based company said in a statement. Operating revenue …

The New Zealand dollar declined after better-than-expected US retail sales added to confidence the world’s largest economy is expanding, reducing demand so-called growth assets outside of the US including the kiwi. The kiwi dollar fell to 82.53 US cents from 83.05 cents yesterday. The trade-weighted index weakened to 77.19 from 77.67. A report late yesterday showed US retail sales posted …

PGG Wrightson, the rural services company which fell out of the NZX 50 Index this year, expects annual earnings to fall by as much as 27 percent as dry conditions on both sides of the Tasman and lower livestock values erode prices. The Christchurch-based company expects earnings before interest, tax, depreciation and amortisation of between $40 million and $48 million …

The Standard & Poor’s 500 Index touched a fresh record high, as US retail sales unexpectedly rose in April, before giving up gains. In afternoon trading in New York, the Dow Jones Industrial Average fell 0.21 percent, while the S&P 500 slipped 0.07 percent. The Nasdaq Composite Index eked out a 0.07 percent gain. The S&P 500 touched a record …