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The New Zealand’s government’s margin-of-error target to meet an operating surplus by 2015 has put spending on its biggest programmes under the gun, according to Finance Minister Bill English. The government plans to keep its spending programme in check as the deteriorating global economy puts its budget surplus at risk, singling out “long-term drivers of costs in areas such as …

adobe photoshop software download p> The New Zealand government is sticking to its 2015 target for getting its books back in black, but only just – with the Treasury forecasting an operating surplus before gains and losses (obegal) of just $66 million in the 2014/15 financial year, down from the $197 million buffer flagged in the May budget, according to …

The New Zealand Maori Council has been granted leave to appeal a High Court ruling dismissing its application for a review of Cabinet decisions relating to the sale of up to 49 percent of MightyRiverPower. In the Supreme Court today, Justices Sian Elias, John McGrath, William Young, Robert Chambers and Susan Glazebrook granted the council leave to appeal direct to …

Brokerage Forsyth Barr and firms associated with Credit Agricole Corporate and Investment Bank have agreed to establish a $60 million settlement fund to compensate investors and pay $500,000 in costs over the disastrous NZX-traded Credit Sails notes. The settlement is part of a deal under which the Commerce Commission concludes its probe into the now-worthless notes and agrees not to …

Argosy Property, whose shareholders agreed to corporatise the company last year after buying out the ANZ Bank-owned manager, wants to raise up to $100 million to pay for two buildings housing long-term government tenants in Wellington. The new equity will come in two tranches, with $80 million raised from institutional and qualified investors and $20 million through a share purchase …

Hit single?Gangnam Style?by South Korean rapper Psy?the most viewed clip in YouTube?s history?may mark the start of a global shift in which the Asia/Pacific region?s cultural influence catches up to its economic and political importance, says researcher Dr Stephen Epstein. Epstein, Programme Director of Asian Studies in the School of Languages and Cultures at Victoria University of Wellington, is researching …

The New Zealand dollar held above 80 Australian cents ahead of the minutes of the Reserve Bank of Australia’s last policy meeting amid speculation it has further interest rate cuts to come, narrowing the gap with kiwi rates. The New Zealand dollar traded at 80.04 Australian cents, near a two-month high, from 79.99 cents at 5pm in Wellington yesterday. The …

Wall Street gained as a meeting between US President Barack Obama and House Speaker John Boehner at the White House today bolstered optimism a budget agreement will be reached soon. Wall Street took heart from the 45-minute gathering about which no further details were released. In afternoon trading in New York, the Dow Jones Industrial Average rose 0.62 percent, the …

ANZ New Zealand, the country’s biggest bank, sold its eftpos terminal leasing unit, EFTPOS New Zealand, for an undisclosed sum to global payments firm VeriFone Systems. Once the deal is complete, VeriFone will supply electronic payment terminals and switching services in New Zealand, while ANZ will provide merchant acquiring services, which essentially is the processing of fund transfers. The deal …

Datacom Group, the Wellington-based IT services firm, doesn’t envisage any change in its direction after 35 percent shareholder New Zealand Post sold its stake to the New Zealand Superannuation Fund. State-owned postal service NZ Post has sold its share for $142 million, reaping a net gain of $76.4 million. The sale of shares in Datacom “is a move out of …