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Equities on Wall Street and in Europe rose as investors found value in beaten-down stocks including energy shares such as Chevron and Nabors Industries. Shares of Chevron gained 2.6 percent, while those of Nabors soared 6.6 percent. Oil stemmed its slide, at least for now. West Texas Intermediate for January delivery rose 1.5 percent to US$56.74 a barrel on the …

Dairy product prices rose in the latest GlobalDairyTrade auction, propelled by a jump in anhydrous milk fat and butter. The GDT average winning price rose 2.4 percent to US$2,609, up from US$2,513, the lowest level since August 2009, two weeks ago. Some 35,390 tonnes of product was sold, down from 39,273 tonnes of product two weeks ago. Even so, the AgriHQ …

New Zealand shares joined in a global sell off, led by OceanaGold Corp and Fletcher Building, as investors were spooked by a falling oil price. Air New Zealand, Mainfreight and Z Energy gained on the prospect of cheaper fuel costs. The NZX 50 Index fell 3.32 points, or 0.1 percent, to 5495.752. Within the index, 24 stocks fell, 13 rose and 13 were unchanged. Turnover …

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned …

Buller Coal, the would-be Denniston Plateau coal miner owned by Bathurst Resources, has lost an application in the High Court to claim interest on a $4 million advance to Brightwater Engineers, the consultant for the escarpment mine. In 2010, Buller sought resource consent for its planned escarpment coal mine on Denniston Plateau, which was finalised in May this year. At the same time as seeking the consents, …

Economic growth is expected to average a historically high annual rate of 2.8 percent over the next five years, although growth will peak in the year to March 2015 at a slightly lower level than was forecast in the budget in May, the government’s half year economic and fiscal update says. Lower than expected inflation means the nominal value of …

Economic growth is expected to average a historically high annual rate of 2.8 percent over the next five years, although growth will peak in the year to March 2015 at a slightly lower level than was forecast in the budget in May, the government’s half year economic and fiscal update says. Lower than expected inflation means the nominal value of …

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned …

Ewan Wilson, the founder of failed mid-1990s Kiwi Travel International Airlines, is eyeing up investors to take on at least some of the regional air routes being abandoned by Air New Zealand, with the principals of imported used car dealers 2 Cheap Cars the first to put up their hands. A name for the company, Kiwi Regional Airlines, has been accepted by …

MightyRiverPower, the first of the state-owned power companies to be partially privatised last year, will quit its geothermal investments in Chile and Germany, while sticking with its interests in the US. The Auckland-based company reviewed its international geothermal investments earlier this year and has decided to embark on a sale process for its assets in Germany and Chile, which are no …