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Two American investors have increased their interest in cloud accounting software provider Xero by a total of $82 million, of which $60 million is newly issued capital and $22 million is to purchase of shares from its three largest shareholders. The $22 million is split three ways between director Craig Winkler, chief executive Rod Drury, and co-founder Hamish Edwards, who …

Fonterra Shareholders’ Fund units soared as much as 22 percent on their NZX debut as investors leapt at the chance to get access to the dairy exporters’ earnings stream, though no farmers used the scheme to trade their own shares. The units jumped as high as $6.71 from the $5.50 offer price set in this week’s book-build in a flurry …

Energy Mad, which raised $5 million in an initial public offering last year to kick start sales of its energy-efficient light bulbs, widened its first-half loss after quality control issues in manufacturing a halogen bulb replacement for the Australian market. The shares dropped 8.5 percent. The loss was $500,000 in the six months ended Sept. 30, from a loss of …

The New Zealand dollar fell after US House of Representatives Speaker and senior Republican John Boehner dashed optimism politicians were getting closer to avoiding the fiscal cliff. The kiwi fell to 82.24 US cents at 8am in Wellington from 82.41 cents yesterday. The trade-weighted index declined to 73.58 from 73.74 yesterday. Investors eschewed risk-sensitive currencies such as the kiwi and …

Units in the Fonterra Shareholders’ Fund jumped 21 percent on their debut as investors clamoured to get more exposure to the dairy cooperative’s earnings after a $525 million initial public offer. The fund, which grants holders access to Fonterra’s dividends but not voting rights, opened at $6.66, after the issue price was set at $5.50 after a bookbuild, the top …

Fitch Ratings has affirmed New Zealand Local Government Funding Agency Limited’s (LGFA) Long-Term Local-Currency Rating at ‘AA+’ and Long-Term Foreign-Currency Rating at ‘AA’. Fitch has also affirmed its Short-Term Foreign- and Local-Currency Ratings at ‘F1+’. The Outlook on the Long-Term Ratings is Stable. At the same time, Fitch has affirmed the senior unsecured bonds at AA+. The affirmation reflects the …

Trade Minister Tim Groser welcomes the arrival of over 500 negotiators from 11 countries to Round 15 of Trans-Pacific Partnership (TPP) negotiations, which runs from 3-12 December in Auckland. “TPP participants already take around 38 percent of our exports and include our largest services and international procurement markets,” says Groser. “A comprehensive 21st century agreement would provide many more opportunities to New Zealand businesses …

Foreign Minister Murray McCully confirmed  New Zealand will vote in favour of the resolution on the status of Palestine, due to go before the United Nations General Assembly this morning. But McCully says a UN resolution is “a poor substitute for direct negotiations between the two parties”. He says the primary reason for voting in favour of the resolution is …

GLOBAL MARKETS:  It was a rather lacklustre overnight session for markets. A positive start from yesterday’s sentiment that the US fiscal negotiations would be sewn up by Christmas faded as senior Democrat spokesperson, Chris van Hollen said they are “not close to a deal”. Republican US House Speaker John Boehner echoed similar sentiment, saying there had been “no substantive progress” on …

Underlining just how much in thrall of Washington global financial markets are right now, US stocks and the euro sold off after U.S. House Speaker and senior Republican John Boehner said there had been “no substantive progress” in talks to avoid the fiscal cliff. Boehner made the comments after speaking with President Barack Obama and Treasury Secretary Timothy Geithner, saying there …