New Zealand Market Report: New Zealand shares rose, led by Fisher & Paykel Healthcare, as the maker of breathing masks and respirators benefited from a kiwi at a two-month low.NZX rose to a six-year high in anticipation of fees from new listings.The NZX 50 Index edged up 0.5 percent, or 0.01 percent, to 4646.32. Within the index, 25 stocks rose, 20 fell and nine were unchanged. Turnover was $161 million... Read more

The New Zealand dollar pared its decline during the local session as exporters took advantage of the strengthening greenback to ramp up their hedging with a cheaper entry point.The kiwi increased to 82.13 US cents at 5pm from 81.88 cents at 8am, down from 82.90 cents yesterday. The trade-weighted index fell to 77.13 from 77.46 yesterday... Read more

Government to announce sale process in Budget By far the largest float in New Zealand history is on the cards with the Government poised to announce in today's Budget that Wellington-based Meridian Energy is the next State Owned Enterprise in line for sale.The sale of up to 49 per cent of Meridian, expected in October, will follow the sale of $1.7 billion of Mighty River Power shares.... Read more

English hints at Budget housing news People expecting a handout in tomorrow's Budget will be disappointed but Finance Minister Bill English says it will provide reassurance and optimism... Read more

Changes to Government research and development funding policy are expected to be unveiled in today's Budget, including provisions that will make it easier for funds to be recouped when local technology firms are sold to overseas buyers.The Business Herald understands new R&D grant catagories - which will all be overseen by Callaghan Innovation, the high-tech development body - will be revealed... Read more

New Zealand housing is already overvalued by about 25 per cent and if it continues to rise may force the Reserve Bank to hike interest rates, according to the International Monetary Fund.Property in New Zealand has become less affordable in the past two decades with the median house price at about 4 ½ times income, some 20 per cent higher than the average of the past 30 years, the IMF said in its annual report on the nation. Internal research by the Washington-based global institution suggests "overvaluation of about 25 per cent."... Read more

April saw a rise in online job vacanies following a fall in March according to the latest figures.According to the Ministry of Business, Innovation and Employment's Jobs Online report, skilled vacancies advertised online rose by 5.4% in April.While all online job vacancies increased by 6.5%... Read more

TrustPower, the electricity generator and retailer controlled by Infratil, will pay $13.7 million for the assets of Wanganui council owned Energy Direct New Zealand, allowing it to add customers near its electricity plants.Energy Direct's customers are close to TrustPower's Patea hydro scheme and its Tararua wind farm, and the purchase would also allow TrustPower to sell other services to a wider customer base, chief executive Vince Hawksworth said in a statement... Read more

Advisers: Stay calm about dip in MRP Mighty River Power's retail investors may have felt their hearts flutter on Tuesday when the firm's shares dropped to within a whisker of the pre-IPO price, marking a 21 cent decline from their opening peak of $2.73. But professional investors have urged calm about MRP's slide this week, saying fluctuations in post-IPO share prices are not unusual as speculative investors face off against those who bought shares for the long haul... Read more

AWF more than doubles profit on Panacea sale, will pay special dividend Net profit climbed to $6.9 million, or 26.5 cents per share, in the 12 months ended March 31, from $2.6 million, or 10 cents, a year earlier, the Auckland-based company said in a statement.AWF will pay a special dividend of 3 cents per share, reflecting three-quarters of the Panacea sale, and adding to a final dividend of 9.2 cents. That takes the total payout to 18.6 cents per share, compared to 13 cents a year earlier. The record date is June 21 with payment on June 28.The shares rose 2.5 percent to $3.28, and have climbed 26 percent this year.... Read more

GPG cash holdings £329m on asset sales but pension deficit grows... Read more

Goodman payouts leave investors cold... Read more

Goodman Property Trust, which is managed by a unit of ASX-listed Goodman Group, recorded the first increase in the value of its portfolio since 2008, adding to accounting adjustments that contributed to a 92 percent jump in annual profit.The portfolio includes a revaluation gain of $4.2 million, following a devaluation of $19.5 million a year earlier. The value of the portfolio rose to about $2 billion, from $1.63 billion a year earlier, with acquisitions of $295.6 million making the biggest contribution to the increase... Read more

Analysts bullish on partial sale of Air NZ Analysts at Macquarie say further details in today's Budget of a possible government sell-down of Air New Zealand could help push the airline's share price to the investment bank's target of $1.93... Read more

Chorus to cut price on premium copper product Chorus, the telecommunications network operator carved out of Telecom, will offer its premium copper-based service at a lower price from early next month as it seeks to fill in the gaps during the roll-out of the Government-subsidised ultra-fast broadband network.... Read more

Mobile gaming space like the 'wild west'. Claims of a 'gold rush' going on in the mobile gaming space right now are entirely accurate, says the founder of game development company Ninja Kiwi.Chris Harris said there were currently "huge opportunities" for individuals and companies looking to create games for people to play on smartphones."People are saying that using terms like 'wild west' and 'gold rush' aren't accurate - I really think they are. The rules are still being written," Harris said... Read more

Virgin eyes Kiwi link-up. Video conferencing start-up FaceMe gets encouraging input from Sir Richard Branson.... Read more

Sky TV customers up, Igloo targets cut... Read more

Monopoly watchdog the Commerce Commission says it expects to conclude its year-long investigation into Sky Television within a month or two.The commission's investigation into whether Sky Television's partnership agreements with resellers and programme makers breached competition law will today enter its second year... Read more

NZ approves Qantas, Emirates partnership Qantas Airways, Australia's dominant airline, and Dubai-based Emirates can share services between New Zealand and Australia after the proposal was approved by New Zealand's government, extending their rivalry with Air New Zealand.Transport Minister Gerry Brownlee will allow the airlines to cooperate on passenger and cargo transport operations and related services for the next five years, he said in a statement today.... Read more

Work begins on Long Bay housing development When completed, the 162ha housing development, which links to Long Bay Regional Park, will be home to more than 5000 people, with the first residents expected to move in by December... Read more

Businesses hoping for more help. Canterbury businesses want more action from the Government, including a return to tax breaks for research and development, tackling of the overvalued dollar and irrigation funding.... Read more

New Zealand companies tend to mismanage their work force, a bank economist says.Bank of New Zealand chief economist Tony Alexander says it is part of New Zealand's business culture to "under-condemn and under-praise".It is a limiting factor for firms, he suggests.... Read more

A $34 million fitout of a private jet owned by Samsung currently being done by an Air New Zealand subsidiary has become the subject of a High Court dispute.The 10-month, complete custom fitout of the new Boeing Business Jet (BBJ) owned by the South Korean electronics conglomerate Samsung is underway at the Christchurch base of Altitude Aerospace Interiors... Read more

Derek Handley, chairman and co-founder of Snakk Media Ltd announced today the opening of a sales office in New Zealand, appointing a senior local executive to join its growing team in this country. This will be the first sales-focussed role to be based outside of Australia, where the company’s revenue generation activities are currently focussed.Rowan Spinks, formerly Group Sales Manager with APN News & Media Group, will manage the growing number of New Zealand opportunities the company is facing since listing on the stock exchange a little more than two months ago... Read more

Former Fletcher Building chief financial officer Bill Roest has joined the board of Synlait Milk as a non-executive director.The dairy producer yesterday revealed it was considering raising capital and listing on the New Zealand stock exchange through an initial public offer.Synlait Milk chairman Graeme Milne said Roest would bring a wealth of experience to the board... Read more

Strong offshore demand for locally hosted cloud email solutions drives new SMX senior manager appointments. New Zealand-owned cloud email security and hosting company SMX Limited has made senior country manager appointments in Australia and Japan, and opened offices in Sydney and Melbourne.... Read more

Opinion - Pattrick Smellie: Irrigation deal achieves the impossible On the face of it, last weekend's release of The Mackenzie Agreement breaks a four-year deadlock on proposals to allow intensive, water-hungry dairy farming on arid high country plains that have traditionally supported marginal beef and sheep farms... Read more

Europe danger continues; Asia as the buffer. While the New Zealand economy keeps warm under a safety blanket called the Asian growth, the dangers of Europe should not be forgotten.Murray Brewer, partner, Grant Thornton New Zealand, said that the latest Grant Thornton International Business Report, The Future of Europe, continued to underline the problems of the Eurozone.... Read more

Opinion - Brent Sheather: To educate or legislate? Today's story presents more evidence, not that any is needed, that all is not as it should be in retail investorland. Despite all the advertisements, the upward sloping graphs, projections of what could be and the best efforts of the Retirement Commissioner, Consumer Magazine and the Government Actuary many people find investing for retirement problematic with the effect that objectives are frequently not achieved... Read more

Opinion - Chris Keall: Telecom, other big ISPs finally joining VDSL party, offering much faster copper broadband... Read more

Australian Market Report: Miners take a beating. Australian shares fell today, backing off from a five-year high reached in the morning, as miners slid further on lower iron ore prices and a cut in spending plans.Weakness in resources shares offset gains in companies likely to benefit most from a drop in the Australian dollar.BHP Billiton and Rio Tinto dropped 1.9 per cent and 3.1 per cent, respectively, after the two largest miners said on Tuesday that they would slash billions of dollars of spending... Read more

The Australian dollar is under pressure in late trade, as the selloff continues amid signs of an improving US economy, in contrast to worries about a slowdown in China.The Aussie fell as low as 98.52 US cents this evening, hitting a fresh 11-month low. It has fallen more than 5 per cent in two weeks, with charts suggesting it is now extremely oversold.On a trade weighted-basis, the Aussie plunged to its lowest since October at 76.1, a long way off a 28-year peak of 80.2 set last month.... Read more

Federal Treasurer Wayne Swan has spent the day defending the Government's delivery of a $19 billion budget deficit, rather than the surplus promised last year.... Read more

Wages have grown at their slowest pace in almost three years, giving the Reserve Bank room to keep cutting interest rates.Mining and utility workers enjoyed the biggest pay rises but shop assistants, property managers and public servants were not as well off, Australian Bureau of Statistics’ figures on Wednesday showed.CommSec chief economist Craig James says a 3.2 per cent increase in wages in the year to March won’t alarm the Reserve Bank of Australia... Read more

Car sales have fallen for the fourth straight month but consumers are continuing to buy vehicles in record numbers, with 1.13 million sold in the year to April... Read more

Business condemns tax grab. Business groups have widely condemned last night's Federal Budget, describing it as lacking a focus on productivity improvements and ignoring small business.The mining and oil and gas lobbies said the proposed tax changes would further hurt Australia's competitiveness and do little for a return to a Budget surplus... Read more

Barnett flags WA tax hike. Taxes may rise in Western Australia if the state's share of GST continues to slide, West Australian Premier Colin Barnett warns.Mr Barnett said he was dismayed but not surprised by the federal budget's confirmation that WA's projected slice of GST returns will fall from 55 cents in the dollar to 45 cents in the coming financial year... Read more

Federal Government approves Cape bauxite mine after five years. ... Read more

The Chinese government will again be urged to help revive the mothballed Oakajee port project when Premier Colin Barnett visits the country from June 1.The project was seemingly indefinitely mothballed when Mitsubishi decided to “slow down” work last year.Mr Barnett will embark on another attempted rescue mission for the stalled multibillion dollar project,he revealed on Wednesday... Read more

BHP restraint unlikely to boost shareholder returns... Read more

CBA on track for record year. The Commonwealth Bank remains on track for another record full-year profit after reporting quarterly cash earnings of $1.9 billion, maintaining the strong run of profit results for the major banks.The third-quarter result, for the three months to March 31, was up from $1.75 billion in the previous corresponding period, and brings the bank’s profits to $5.7 billion so far this financial year, and on track to beat last year’s full-year cash profit of $7.1 billion... Read more

Shares in Global Construction Services fell after the company warned of lower than expected revenues because of project delays in its commercial, resource and industrial divisions and continued weakness in the home building sector.The construction and maintenance services firm said second half revenue was expected to be in line with the first half, with second half EBITDA expected to fall within a range of $20-$23 million... Read more

Engineering and mining contractor UGL has slashed its full-year profit guidance, blaming the slowdown in mining investment and poor project performance for its second downgrade this year.Shares in UGL slumped as much as 15.6 per cent to $8.08 in morning trade.... Read more

Optus has flagged a drop in mobile revenue next year as customers continue to sign up with rival Telstra.Australia's second-biggest telco suffered a 7.5 per cent slump in net profit to $728 million in the year to March as revenue declined... Read more

CSR Ltd has warned its glass division will be a continued drag on earnings in the year ahead, even after a reorganisation and a $196 million provision booked in the latest financial year.As a result, the glass division will see an ‘‘improved result’’ this financial year, but with the full benefits of the restructuring, and associated job losses, not to be seen until fiscal 2015.CSR posted a net loss of $146.9 million for the year to March, reversing the profit of $76.3 million earned a year earlier. The loss per share stood at 29 cents after it earned a profit of 15.1 cents a year earlier.... Read more

Energy distributor SP Ausnet has flagged a higher payout for shareholders even after two straight years of declining electricity demand in its network area.The dividend for the year to March 2014 has been forecast at 8.36 cents a share, up from 8.2 cents for the year to March 2013, as SP Ausnet continues to benefit from ongoing upgrades to its electricity and gas networks... Read more

Virgin Australia predicts profit fall. Airline Virgin Australia has warned that underlying profit before tax this fiscal year will be below that of 2011-12."The adverse impact to revenue from the introduction of the Sabre (reservation) system in the third quarter is not likely to be recovered by the end of FY13, given the slower than anticipated improvement in trading and economic conditions," the airline said in a trading update released after the close of market trading... Read more

Banks warn on tax crackdown effects. A budget clamp-down on tax deductions for offshore banking units could work against local banks’ push into growing Asian markets, the industry peak body says.In a move expected to raise $320 million, the government is introducing tougher rules for domestically based offshore banking units... Read more

Communications Minister Stephen Conroy has dismissed claims the federal budget reveals the national broadband network (NBN) is failing.His opposition counterpart Malcolm Turnbull says the budget showed Labor had cut its planned equity investment in the NBN from this financial year to 2014/15 by $3.5 billion, or 20 per cent... Read more

VDM Group chief financial officer David Coyne has resigned from the company to "pursue other interests".The company said company secretary Neil Barker would assume the role on an interim basis until a replacement was found... Read more

Opinion - Glenda Kwek: Budget 'step in the right direction'... Read more

Opinion - Michael Janda: Budget bravery more in assumptions than actions Economists and business groups say the budget is brave - not for the cuts to middle-class welfare, such as the baby bonus - but rather for the assumptions that underpin the return to surplus... Read more

Opinion - Elizabeth Knight: CBA rich enough to cut rates. The Commonwealth Bank has delivered a sufficiently strong result that consumers could start applying pressure for it to front up with out-of-cycle mortgage rate cuts.It was the fourth of the big retail banks to deliver its performance to the March period and it's abundantly clear that all are faring well despite the sluggish economy... Read more

Opinion - Stephen Bartholomeusz: Optus dials up the right numbers. It may not look like it at first glance but despite the fall in both fourth quarter and full-year earnings it would appear Optus is tracking nicely along the strategic path Kevin Russell has set for it.... Read more

U.S Market Report: Stocks charge to new highs. So much for taking a break from the rally.Wall Street started Wednesday in the red, but stocks resumed their march into record territory by the afternoon, with all 10 sectors of the market moving higher. The Dow Jones industrial average rose 0.6%, with JPMorgan Chase (JPM, Fortune 500) and American Express (AXP, Fortune 500) leading the way. The S&P 500 added 0.7% and the Nasdaq rose 0.4%.The advance put the Dow and S&P 500 at fresh all-time highs, and the Nasdaq at its highest level since 2000.... Read more

North/South Americas Market Report: North and South American markets are mixed today. The S&P 500 is up 0.20% while the Bovespa gains 0.17%. The IPC is off 0.03%... Read more

European Market Report: European markets finished higher today with shares in France leading the region. The CAC 40 is up 0.41% while Germany's DAX is up 0.28% and London's FTSE 100 is up 0.11%... Read more

Asian Market Report: Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 2.29% while Hong Kong's Hang Seng is up 0.50% and China's Shanghai Composite is up 0.35%... Read more

Commodities - Oil: Brent crude oil prices reversed course on Wednesday and rose on the back of a rally in U.S. equity markets despite an increase in U.S. refined products inventories and data showing the euro zone was in its longest recession ever... Read more

Commodities - Gold: Gold fell for the fifth straight session on Wednesday, hitting a four-week low below $1,400 as the dollar strengthened to a six-week high versus the euro, clouding the metal's already weak technical picture... Read more

Moody's cuts world growth forecast The global recovery from last year's economic slowdown has lost momentum with several economies, particularly the eurozone, unlikely to resume normal growth rates any time soon according to ratings giant Moody's.Moody's said the recovery had lost traction in the last three months and that the euro area would experience a "deeper and lengthier recession" that earlier thought.It also said the US sequestration cuts will temper the momentum that was beginning to build in its private sector... Read more

Industrial production fell by more than expected in April, reflecting a broad decline in factory output and a weather-related decrease in demand for utilities... Read more

Volcker says jobless rate to remain above 6% for two years. Growth in the U.S. remains too sluggish to cut the jobless rate quickly, leaving it a “long way” from satisfactory levels, according to former Federal Reserve Chairman Paul Volcker.The unemployment rate may remain above 6 percent for at least another two years, Volcker said at a Brazilian-American Chamber of Commerce event in New York... Read more

US wholesale prices fall 0.7 pct. in April, most in 3 years, driven lower by cheaper gas, food... Read more

AT&T Inc expects much better results in its wireless business in the second quarter after a weak start to the year, Chief Executive Randall Stephenson said on Wednesday.Last month, the No. 2 U.S. mobile provider reported a net loss of 69,000 cellphone subscribers in the first quarter, sparking fears of a slowdown in the market... Read more

Manufacturing in the New York region unexpectedly shrank in May as factories received fewer orders and sales stagnated... Read more

Walmart, the world's largest retailer, will conduct its own safety inspections at its Bangladesh factories instead of joining an accord with other retailers.More than 1,100 people died when the nine-storey Rana Plaza building in Bangladesh collapsed on 24 April... Read more

Macy's profit, sales rise even as some shoppers pull back. Macy's Inc reported higher first-quarter profit and sales on Wednesday as it won market share from rival department stores.Its shares were up 2.8 percent to $48.72 in early-afternoon trading, hitting a record high.... Read more

Google Inc introduced a subscription music-streaming service, one of several product updates to be unveiled at a developer meeting this week as the search provider seeks to attract more users and advertisers.... Read more

Deere & Co issued a cautious fiscal-year outlook that sent its shares down more than 5 percent and overshadowed a rise in quarterly profit.The No. 1 farm equipment maker said on Wednesday that chilly, rainy weather had delayed plantings in the United States and Canada and threatened the harvest in the United Kingdom, weighing on farmer sentiment... Read more

Netflix stock goes bananas. Netflix has staged a dramatic comeback of its own in the stock market. Netflix shares were up 4% Wednesday to a new 52-week high. The stock has surged more than 150% so far this year, making it the best performer in the S&P 500... Read more

Wal-Mart Stores Inc stepped up Bangladesh factory inspections while U.S. and European retailers pursued separate accords to try to prevent another disaster in a garment industry where more than 1,200 workers have died in the past six months... Read more

Groupon and Zynga -- two of the biggest social media flops -- have found a buyer in hedge fund Jana Partners.Jana Partners now owns roughly 3.3% of Groupon's shares and 3.1% of Zynga's, according to a regulatory filing... Read more

US home builders feeling fairly upbeat... Read more

Eurozone recession continues into sixth quarter... Read more

EU regulators to investigate Spanish aid for Ford. EU antitrust regulators are investigating whether Spain's plan to offer a 25.2 million euros ($32.71 million) grant to Ford Motor Co's plant will give the U.S. carmaker an unfair advantage.Ford is overhauling its European operations by cutting jobs and closing plants in Belgium and two British locations, as the economic downturn dampens consumer appetite for new cars and trucks... Read more

France's Hollande anticipates zero growth... Read more

SNB investigating whether Bloomberg accessed user data. The Swiss National Bank said it is investigating whether Bloomberg journalists accessed usage data from Bloomberg Terminals at the central bank.... Read more

HSBC may cut 14,000 more jobs as revenue faces pressure... Read more

Monte Paschi first-quarter results beat estimates on revenue. Banca Monte dei Paschi di Siena SpA, the bailed-out Italian bank embroiled in a fraud probe, reported a smaller first-quarter loss than analysts estimated as revenue exceeded forecasts.Monte Paschi rose as much as 8.5 percent in Milan trading after reporting a net loss of 100.7 million euros ($130 million), less than the 154 million-euro average loss estimate of nine analysts surveyed by Bloomberg... Read more

Oil pricing probe widens, Britain pledges tough action. Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday as a rating agency warned of massive fines if a European Commission's probe into oil pricing found any wrongdoing... Read more

The world's largest recycler Sims Metals has warned that it expects to incur about $115 million of significant items in the second half of fiscal 2013 following possible fraud at its UK operations.The significant items will be recorded in connection with the UK inventory investigation and recently announced management changes in the UK Metals and UK Sims Recycling Services.They are also connected to restructuring strategies the company is currently implementing... Read more

Google to face UK lawmakers again over tax Google Inc faces another grilling over its tax affairs from a committee of British lawmakers on Thursday who have called the company back after questions were raised about testimony given in an earlier hearing.Corporate tax avoidance has become a major issue in Britain, where there are concerns over rising government debt and accusations from lawmakers that the UK tax authority has adopted a light touch approach to taxing big businesses.... Read more

Amazon UK pays $3.7 million tax on $6.5 billion sales... Read more

UK unemployment rises to 2.52 million... Read more

UK shale gas programme to 'accelerate', say ministersBritain is on track to "accelerate” its shale gas programme, according to Michael Fallon, the energy minister, as he confirmed a new licensing round for oil and gas explorers will take place next year... Read more

BNP Paribas sees significant staff cuts in France BNP Paribas, France's No. 1 bank, told shareholders it expects a "significant" drop in staffing levels in its home market as it moves to offset the shrinking economy... Read more

CEO of SocGen Russia unit held over suspected kickbacks. The chief executive of Societe Generale's Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that has dared to challenge Russia's dominant state banks... Read more

South African union urges Lonmin workers to end strike... Read more

Fiji's jobless rate at its 'highest level': union. A peak union body in Fiji says it strongly doubts the government's claims that unemployment in the Pacific nation has fallen.... Read more

World’s worst bonds brace for losses on Abe growth Prime Minister Shinzo Abe’s stimulus probably helped the Japanese economy grow the most in a year, adding to pressure on 2013’s worst-performing bond market... Read more

EU braces for China telecoms trade fight... Read more

Opinion - Michael Casey: Don’t be fooled by market euphoria Falling world inflation isn’t cause for celebration... Read more

Opinion - Jesse Eisinger: Why hedge funds’ criticism of the Fed may be right... Read more

Analysis - Carol Hymowitz, Mariko Yasu & Robert Fenner: Billionaire Daniel Loeb’s bid to break up Sony Corp. will need to overcome a history of failed efforts by activist investors in Japan.... Read more