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New Zealand shares fell for a second day, retreating from a five-year high as Chorus extended its slide on concerns about price regulation and Xero fell from a record high. The NZX 50 Index dropped 33.396 points, or 0.8 percent, to 4015.69. Within the index, 29 stocks fell, nine rose and 12 were unchanged. Turnover was about $190 million, with …

The New Zealand dollar followed its Australian counterpart higher after the Reserve Bank of Australia cut interest rates to a level not seen since 2009 in a bid to revive economic activity as the resources boom peters out. The kiwi rose to 82.29 US cents at 5pm in Wellington from 82.04 cents immediately before the RBA announcement, and was up …

The Reserve Bank of Australia cut its key rate a quarter point as expected, saying there’s a risk below-average global growth slows further while at home the labour market is subdued and capital spending on resources is peaking. The central bank lowered the cash rate to 3 percent from 3.25 percent to “help to foster sustainable growth in demand and …

Powdered dairy products exporter Synlait Milk has turned in a maiden profit of $6.3 million for the year to July 31 and expects to seek fresh capital from its two shareholders as it pursues “further strongly profitable opportunities.” The Dunsandel-based processor added a further 20 supplier farms during the year and processed a total of 498 million litres of milk …

In an effort to try and connect with the public about his fiscal cliff message, US President Barack Obama did what had worked so well for him in his election campaigns – he tweeted. The President opted to connect directly with Americans about fiscal cliff negotiations by personally responding to select vocal detractors of his proposed solutions on taxes and spending. …

The mystery buyer of Kirkcaldie & Stain’s Harbour City Centre on Wellington’s Lambton Quay has walked away after deciding the building wasn’t the right fit as an investment. The bidder for the $46.5 million property confirmed it wasn’t satisfied with the building after deciding the rear development site of the building didn’t fit its business plan, Kirkcaldie said in a …

NZ First leader Winston Peters has expelled MP Brendan Horan from the NZ First caucus, saying he has no confidence in Horan’s ability to continue as an MP. Peters told Parliament he had seen evidence relating to allegations Horan had misappropriated money from his late mother and that needed to be treated seriously. Peters said he had conducted as thorough …

TPP negotiations involve 11 countries working towards agreement across a range of complex, sensitive issues. A common element to any international trade process is the need to consider requests that negotiating partners raise.  That is not to say that all proposals can be accommodated.  In some cases they can’t, at least not without changes that take into account different policy …

Standard & Poor’s has downplayed the threat of looming price regulation to access Chorus’s switchgear on its ageing copper lines, saying the final ruling will probably be amended given the highly political nature of the fibre network. The regulator yesterday released a draft determination that would cut what Chorus can charge internet service providers for accessing its unbundled copper network …

Delegat’s Group is flagging a small increase in annual earnings for 2013, though it’s warning that the strong kiwi dollar is making life hard for the wine-maker. The company forecasts operating profit of $27 million in the 12 months ending June 30, 2013, managing director Jim Delegat told shareholders in Auckland. That’s a 6 percent lift in earnings from 2012. …