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Guinness Peat Group has hired a London-based brokerage to promote Coats as a standalone business and begun the search for a chairman for what will be its remaining asset. GPG is exiting its portfolio of investments, apart from Coats, and will return capital to shareholders as it transforms into the thread-making business. GPG chairman Rob Campbell doesn’t plan to lead …

The spread of computer chips into products as diverse as washing machines, toasters and medical equipment is forcing Statistics New Zealand to overhaul its biennial technology survey. Trading in information and communication technology goods and services was worth $23 billion in 2012, up 17 percent from the last survey in 2010, according to the government statistician. Of that, $10.1 billion …

Cut-price petrol retailer Gull Petroleum has won the right to appeal to the Supreme Court in its stoush with the Customs Department over the rate of excise duty it should charge on butane added to petrol arriving at the wharf in New Zealand. The addition of locally produced butane effectively “waters down” the potency of Gull petrol, but allows the …

Diligent Board Member Services, whose software helps directors to manage corporate governance information flows, will replace chief financial officer Steven Ruse and general counsel Robert Norton after an internal probe into compliance missteps. The personnel changes are among a number of recommendations adopted by the board after it set up a special committee to look into share options for executives …

Around half of New Zealanders don’t realise their personal information is being collected online for use by companies, governments and other organisations to market goods and services, while approximately a third of people don’t worry about it. International research for telecommunications provider Ericsson found 39 percent of people worldwide know the makers of “apps” for smartphones and tablets are collecting …

Canadian oil and gas producer TAG Oil has gained resource consents to drill two exploratory wells in the first search for oil and gas on the East Coast of the North Island. The company, which has extensive onshore production wells and processing facilities in Taranaki, already faces some public opposition to the East Coast plans, based largely on fears the …

Quadrant Private Equity has completed its sale of 18.6 percent of Summerset Group and the retirement village operator’s shares have been taken off trading halt. The sale of the 40 million shares was managed by UBS New Zealand. It leaves Quadrant with 37.2 percent of the company. Quadrant acquired the 50 percent of Summerset it didn’t already own in 2010 …

The New Zealand dollar edged higher against the greenback after Cyprus delayed a vote on its EU bailout amid talk the proposal may be watered down. The kiwi rose to 82.48 US cents from 82.33 cents at 5pm in Wellington yesterday. The trade-weighted index rose to 75.86 from 75.75. Cypriot ministers are seeking to revise the plan that would impose …

A plan to tax Cypriots’ bank accounts to help fund a bailout for the debt-laden euro zone country weighed on financial markets on both sides of the Atlantic, a poignant reminder of the ongoing risks the European crisis poses to the economy worldwide. Cyprus lawmakers will vote as early as Tuesday on a proposal to use bank deposits of Cypriots …

New Zealand shares fell as risk appetite worldwide was rattled by events in Cyprus and after retailer Pumpkin Patch said inventory disruptions and tough trading hurt sales in its first half. The NZX 50 Index fell 46.031 points, or 1.1 percent, to 4341.024. Within the index, 34 stocks fell, nine rose and seven were unchanged. Turnover was $98 million. Shares …