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Wall Street declined as disappointing American corporate earnings including from Bank of America fuelled unease that the recent gains in equities might not be justified by the economic outlook. Shares of Bank of America fell, last down 5.3 percent, as the bank reported a lower-than-expected increase in its first-quarter net income. “Banks are clearly struggling,” Jim McDonald, chief investment strategist …

The New Zealand dollar fell in local trading after tepid first-quarter inflation meet market expectations, and reaffirmed the prospects low interest rates will stay in place. The kiwi fell to 84.62 US cents at 5pm in Wellington from 85.02 cents at 8am and 84.79 cents yesterday. The trade-weighted index dropped to 77.80 at 5pm from 78.05 yesterday. Government figures showed …

Smiths City Group, the Christchurch-based retailer, has reaped some 400 basis points of savings on its credit facilities by switching to Australia & New Zealand Banking Group from Fisher & Paykel Finance, ending a 30-year relationship. Smiths City has signed up to a $75 million senior revolving secured facility with ANZ for its wholly owned customer credit subsidiary Smithcorp Finance, …

The world’s largest utility operation – State Grid Corporation of China – is reportedly eyeing a 42 per cent stake in NZ”s second-largest electricity and gas distribution company Powerco. The stake is said to be worth more than $450m. Hong Kong’s richest man Li Ka-shing – whose company owns Wellington Electricity Lines  – walked away from a proposed bid early …

James Hardie Industries, the Australian building products company, has halted trading in its ASX-listed shares pending an announcement over legal action by New Zealand’s Ministry of Education. The company requested the halt until it makes an announcement later today, it said in a statement to the ASX. The shares last traded at A$9.77 on the Australian stock market. “The company …

Tim Groser will make a strong – but indirect – plug for the right person to be appointed to the top job in global trade when he heads to Surabaya, Indonesia tomorrow for the Asia-Pacific Economic Cooperation (APEC) Trade Ministers’ meeting. Groser’s message is – “It is crucial to the success of the WTO’s mission that its members choose a …

Stephen Smith, former director of the failed Belgrave Finance, has pleaded guilty to 25 charges of fraud related to the collapse of the company in 2008. Smith pleaded guilty in the High Court in Auckland to 25 charges, including 19 under the Crimes Act of theft by a person in a special relationship, four charges of false statement by promoter, …

New Zealand consumer prices rose in line with expectations in the first three months of the year, led by more expensive cigarettes and tobacco from rising excise duty and higher costs for prescription medicines. The consumers’ price index increased 0.4 percent in the three months ended March 31, matching the consensus forecast among economists, for an annual pace of 0.9 …

Guinness Peat Group, which expects to rebrand itself as UK threadmaker Coats later this year, anticipates it will reap 92 million pounds from its latest round of asset sales. The London-headquartered will have raised 129 million pounds from assets sales and capital returns this year, taking its total cash raised to 587 million pounds since embarked on liquidating its portfolio …

Chorus, the telecommunications network operator spun out of Telecom, has signed contracts with Visionstream and Downer worth some $1 billion for those firms to build the nation’s ultrafast broadband network, and is still in talks with Transfield Services. The Wellington-based company inked two contracts each worth some $500 million over the next six years and include extra amounts for Downer …