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Callaghan Innovation, the government backed innovation hub, faced questions this week from opposition MPs about why it had funded companies that subsequently failed and gave grants to unprofitable subsidiaries of wealthy overseas firms, or local firms that moved offshore. Chair Sue Suckling, chief executive Mary Quin and chief financial officer Richard Perry were appearing before the parliament’s education and science select committee …

Callaghan Innovation, the government backed innovation hub, faced questions this week from opposition MPs about why it had funded companies that subsequently failed and gave grants to unprofitable subsidiaries of wealthy overseas firms, or local firms that moved offshore. Chair Sue Suckling, chief executive Mary Quin and chief financial officer Richard Perry were appearing before the parliament’s education and science select committee …

The New Zealand dollar jumped more than 1 US cent after Reserve Bank governor Graeme Wheeler kept interest rates on hold and reiterated that future moves in rates could be “up or down”, surprising traders who expected him to drop a reference to rates potentially moving higher. The kiwi rose as high as 73.05 US cents, from 71.84 cents before …

New Zealand’s national income is expected to get an annual boost of about $2.4 billion as the fight between new energy producers and the Organisation for Petroleum Exporting Countries for market share keep global oil prices low, according to the Reserve Bank. Last year’s 50 percent slump in the price of Dubai crude oil to about US$55 a barrel has …

Any further downward surprises in New Zealand’s already tepid pace of consumer inflation may warrant an interest rate cut, the Reserve Bank says. Governor Graeme Wheeler left the official cash rate unchanged at 3.5 percent, while stripping out any projected hikes from the bank’s forecast horizon as a slump in global oil prices keeps a lid on wage and price …

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained after the statement. Governor Graeme Wheeler kept the official cash rate at 3.5 percent, …

The New Zealand dollar dropped to a five-week low ahead of the Reserve Bank decision on interest rates today as the greenback surged to a 12-year high. The kiwi touched 71.87 US cents, close to its February low of 71.74 cents, and was trading at 71.97 cents at 8am in Wellington, from 72.39 cents at 5pm yesterday. The trade-weighted index …

Wall Street seesawed as the US dollar continued its climb amid bets the Federal Reserve is gearing up to lift interest rates as early as June. “The reason the Fed would raise rates is because growth dynamics are picking up, which would ultimately be a tailwind for markets, though markets will likely challenge that view with volatility,” Jeremy Zirin, chief …

Orion Health Group, the health software developer, will join the benchmark NZX 50 index later this month, ousting energy explorer New Zealand Oil & Gas, after the stock market operator’s latest quarterly review. Orion will enter the index on March 23, having met ranking and liquidity requirements for index inclusion, NZX said in a statement after the close of trading. …

By Paul McBeth March 11 (BusinessDesk) – The New Zealand dollar fell on speculation Reserve Bank governor Graeme Wheeler may signal further delays to interest rate hikes tomorrow and amid concern a threat to contaminate infant formula may hurt orders for the nation’s dairy products. The kiwi dropped to 72.37 US cents at 5pm in Wellington from 72.62 cents at 8am …