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The Reserve Bank is seeking to strengthen its oversight over payment and settlement systems, and wants to bring the financial markets watchdog on side to help with securities market settlement systems. The central bank is seeking submissions on proposals to bolster its oversight powers and give it the ability to impose penalties and management regimes for failing systems. The bank …

Apple Sales New Zealand, the local unit of the iPad and iPod maker, posted a 38 percent jump in full-year sales to $571 million, though the tax department received a payment amounting to just 0.4 percent of that. Apple’s New Zealand sales topped the half billion dollar mark in 2012 after rising to $414 million in 2011, according to its …

Neil Craig, chairman of brokerage Craigs Investment Partners, says 2013 may continue to be a busy year for placements as a rising share market stokes demand and investors continue to chase yield in the face of low interest rates. The brokerage that’s half owned by Deutsche Bank lifted profit in 2012 by 7.5 percent to $5.7 million, according to its …

State-owned Solid Energy struggled to find a new chairman when John Palmer announced his intention to leave early last June, because of the parlous state of the business, Treasury papers show. “The current position of the company is also adding complexity to the process of appointing a new chair of the Solid Energy board,” Treasury commercial transactions group manager Chris …

New Zealand visitor arrivals climbed 9 percent last month as Chinese visitors more than doubled from a year ago amid celebrations of the Lunar New Year. Short-term visitor arrivals rose to a seasonally adjusted 223,410 in February from 204,950 a year earlier, according to Statistics New Zealand. The number of Chinese visitors rose 106 percent to 208,704, and arrivals from …

Postie Plus Group, the retailer whose shares have plunged 38 percent this year, is reeling from a wider first-half loss as it deals with major problems at its outsourced distribution centre, burning through cash in the process. The Auckland-based retailer made a net loss of $1.8 million, or 4.61 cents per share, in the six months ended Feb. 3, from …

he New Zealand dollar gained against the greenback and the euro as stronger-than-expected growth figures yesterday made the local economy a standout in a world of sluggish growth and data showed euro-zone manufacturing shrank further. The kiwi rose to 83.30 US cents from 82.73 cents at 5pm in Wellington yesterday. The trade-weighted index rose to 76.48 from 76.16. The New …

Stocks on both sides of the Atlantic fell as worse-than-expected euro zone manufacturing data bolstered concern its economic recovery might take longer than feared. The Markit Eurozone PMI Composite Output Index dropped to 46.5 in March, from 47.9 in February, according to the flash estimate. Flash Germany Manufacturing PMI dropped to 48.9 in March, a three-month low and down from …

Shares in Methven fell 2.3 percent after chief executive Rick Fala will leave the tapware manufacturer in September. The shares fell 3 cents to $1.30, matching its lowest level this year on March 11. Fala leaves after 15 years in charge, and will stay on the board as an independent director. His decision to stay on the board comes after …

New Zealand shares fell after global transport group Mainfreight said full-year earnings would miss analyst estimates and Xero snapped a stellar run, falling from a record high as some investors took profits. The NZX 50 Index fell 6.92 points, or 0.2 percent, to 4342.50. Within the index, 23 stocks fell, 21 gained, and six were unchanged. Turnover was $165 million. …