New Zealand Market Report: New Zealand shares rose, extending the NZX 50 Index's advance this year to more than 14 percent, as investors welcomed confirmation of SkyCity Entertainment Group's convention centre deal and Chorus posted growth in broadband connections.The NZX 50 rose 18.86 points, or 0.4 percent, to a record close of 4671.63. Within the index, 27 stocks rose, 13 fell and 10 were unchanged. Turnover was $124 million.... Read more

The New Zealand dollar rose from a 7.5-week low against the greenback as investors gauged the strength of the US economy and the prospects of an early end to the Federal Reserve's quantitative easing programme.The kiwi rose to 83.05 US cents at 5pm in Wellington from 82.71 cents at 8am and 82.98 cents on Friday in New York. The trade-weighted index increased to 77.67 from 77.56 last week... Read more

New Zealand food prices rose for the first time in three months, led by fruit and vegetables as tomato prices soared 67%.Prices rose 0.2% in April from March, to be 0.1% lower than in the same month of 2012, according to Statistics New Zealand.Food prices make up about 19% of the consumer price index, which rose 0.4% in the first quarter, for a relatively tame annual gain of 0.9%.... Read more

The number of New Zealand house sales slipped from a six-year high last month, with prices deflating a little, though the national market is still being driven by the country's two biggest cities, Auckland and Christchurch.Agents sold 7,104 houses in April, down 13 percent from March, though up by 25 percent from the same month last year, according to the Real Estate Institute. The national median sale price slipped 2.4 percent to $390,500 in April, though were up 7 percent from 2012. Of the annual gains in the median sale price, about 92 percent has come from Auckland and Christchurch.... Read more

Next partial privatisation in October, says Key. Prime Minister John Key has all but confirmed that Meridian Energy will be the next state-owned enterprise to be partially privatised, with a float of up to 49 per cent of the government's single most valuable electricity asset set for October, market conditions permitting.Key told his post-Cabinet press conference the next part-sale would be "an energy company".Given Meridian was last valued at $6.5 billion in 2011, against Genesis Energy's $1.9 billion valuation, Meridian is the more attractive candidate for part-sale simply because it would pull in more cash before election year, when the government may be less inclined to pursue another sale in the so far unpopular policy... Read more

SkyCity deal unveiled: $402m centre, 230 more pokies... Read more

SkyCity shares jump to 5-year high... Read more

Television New Zealand says it still has not been approached about selling central Auckland land for a new national convention centre.The Hobson Street land is adjacent to the TVNZ's network centre and currently includes studio space for the Maori and Pacifica unit and the Good Morning show.In March 2012 the Herald revealed TVNZ buildings were in the path of the new convention centre proposed by SkyCity to the government... Read more

SkyCity Entertainment Group could gain a return of about 12 per cent from the $402 million it will spend to build Auckland's international convention centre under the deal it struck with the Government.The listed Auckland casino group will bear the total cost of building the 3500-capacity convention centre next to its existing premises in central Auckland, in return for considerable gambling concessions... Read more

The Green Party says it will repeal a law promising Sky City compensation if a future government imposes regulations which work against it, calling it ''unconstitutional''.The Government confirmed this morning it had signed a heads of agreement with SkyCity to build a $402 million international-standard convention centre in Auckland... Read more

Wynyard Group says it is considering a listing on the NZX within the next two months.UBS has been appointed lead manager and organising participant for the offer.Only retail investors registered with a broker and financial institutions will be able to buy shares at listing. There will be "no public pool and no provision for over subscriptions.... Read more

Kiwi Income Property Trust, the owner of Auckland's Sylvia Park Shopping Centre, reported a 15 per cent fall in annual earnings due to a drop in rental income and expects to pay a smaller return to investors in 2014.Distributable earnings, the favoured profit measure for property investors which strips out unrealised movements in the value of the portfolio, fell to $61.2 million in the 12 months ended March 31 from $71.7 million a year earlier, the manager of the Auckland-based trust said in a statement. Net profit rose 23 per cent to $109.8 million as revenue declined 4.3 per cent to $198.7 million.... Read more

NZ Super Fund excludes Barrick Gold, world's biggest gold miner, on ethical grounds... Read more

Liberty Financial has responded to inaccurate statements made by NZF Group (NZF) in its Notice of Special Meeting to its shareholders regarding the sale of MPMH (Mike Pero Mortgages) to Liberty. Liberty believes that it is important that all stakeholders correctly understand the circumstances leading to the current position... Read more

Chorus lifts broadband connections in March quarter, fixed line connections edge down. Chorus's fixed line connections slipped to 1.792 million from 1.793 million, though fibre connections increase by 2,000 to 17,000.The shares rose 0.7 percent to $2.70, having shed 8.5 percent this year... Read more

Renewed interest in shares thrills NZX boss... Read more

Tiwai Point 'losing millions' every month The Tiwai Point aluminium smelter is "losing millions of dollars every month" and can ill-afford to give shift workers a 50 per cent increase in leave without increasing hours worked, the company says.The smelter owner, New Zealand Aluminium Smelters, says it will appeal an Employment Relations Authority decision that overturns its 20-year practice of applying a "lieu days benefit", which the company says "complies with the law and our contracts."... Read more

State-owned power grid operator Transpower said the "Pole 3" power link between the North and South Islands is expected to be up and running for commerial service by May 30.... Read more

Kiwifruit importer's defence points finger at Zespri Zespri stood to gain more than its China importer by understating the value of kiwifruit for customs duty purposes, a Shanghai court has heard.Zespri's former importer in China, Liu Xiongsie, has appealed a 13-year prison sentence and $7 million fine in relation to an import duty avoidance scam for which Zespri's China subsidiary, Zespri Management Consulting Corporation, was later found guilty as an accessory. ... Read more

Shared vision for Mackenzie Basin welcomedConservation Minister Dr Nick Smith and Environment Minister Amy Adams today welcomed a report proposing a way to manage the contentious land intensification, water, landscape, and biodiversity issues in the Mackenzie Basin.“This report is the result of a collaborative process by more than 30 groups and individuals working together to develop options for the future of the basin,” the Ministers say... Read more

Canterbury has cemented its position as the irrigation capital of New Zealand, converting an area the size of Lake Taupo into irrigated land during the last five years.The province has increased the area of irrigated land by 60,000 hectares since 2007... Read more

Customers reassured NZ milk is safe. The Ministry of Primary Industries has moved to reassure overseas consumers that New Zealand milk is safe after a Sri Lankan government minister warned it could be contaminated with radioactive chemicals.Sri Lanka's Agriculture Minister, Mahinda Yapa Abeywardena, urged people in the country to refrain from drinking imported powdered milk from New Zealand as it could also contain the toxic agricultural substance dicyandiamide (DCD)... Read more

The Green Party wants to bolster Kiwibank's capital so it can "really take on the Aussie banks".In a pre-Budget media briefing yesterday Greens co-leader Russel Norman said the Government had failed to rebalance the economy and that the profits of the big four banks, all Australian-owned, were strip-mining the country of much needed capital and contributing to its largest economic vulnerability - chronic large current account deficits and mounting foreign debt."We would strengthen Kiwibank by allowing it to retain more of its earnings so it can grow faster," Norman said.... Read more

The Serious Fraud Office received a report two weeks ago of a New Zealand individual or company paying a bribe overseas - only the second complaint of this type it has been alerted to in recent years.SFO general manager of fraud & corruption Nick Paterson referred to the complaint during his presentation at the 2013 Forensic Conference... Read more

SFO wants tougher laws against fraud and bribery... Read more

Robin Judkins still plans to be at the finish line of the Speight's Coast to Coast event he has just sold NBR Rich Listers.The familiar bearded, chuckling, teetotalling Mr Judkins will still hand out cans of Speights to contestants as they complete the race after starting on the West Coast and ending at Sumner Beach – 243km... Read more

TVNZ announces new Head of News TVNZ has announced the appointment of one of its most experienced senior news people as the company's new Head of News and Current Affairs.John Gillespie, who is currently the Editor of Daily Programmes, will take up his new position from 24 June 2013.... Read more

Auckland Art Gallery Director appointedRegional Facilities Auckland (RFA), the body that oversees Auckland’s arts, culture, heritage, leisure, sports and entertainment venues, has appointed Rhana Devenport as the new Director of Auckland Art Gallery... Read more

Opinion - John Armstrong: Gamble pays off for SkyCity... Read more

Opinion - David Haywood: Will the Budget hike 'sin' taxes?... Read more

Australian Market Report: Australian shares ended a volatile session slightly higher, helped by another record run on Wall Street and a weak Australian dollar, but gains were capped by the mining sector.The benchmark S&P/ASX200 edged up 4.2 points, or 0.1 per cent, to 5210.3, after spending large parts of the session in the red, while the broader All Ordinaries index gained 3.7 points, or 0.1 per cent, to 5194.8.Among the major sectors, financials added 0.2 per cent, consumer staples rose 1.1 per cent, while materials lost 0.9 per cent... Read more

Tide turns for the dollar. The Australian dollar is tipped to remain under pressure against the US dollar as the greenback continues to strengthen.The dollar was at US99.90¢ in late local trade, following a rollercoaster ride last week that saw it tumble nearly 3 per cent after a rate cut by the Reserve Bank and as the US dollar soared against the Japanese yen and other currencies.The Australian dollar slipped below parity against the greenback early on Saturday morning local time for the first time in 11 months, touching a low of US99.61¢.... Read more

Australian three-year bond futures prices are higher ahead of Tuesday's federal budget and following disappointing business confidence figures... Read more

Budget to focus on jobs, growth... Read more

Business confidence has slipped in the month before the federal budget.National Australia Bank's April survey shows employers are particularly worried about weaker than forecast growth in the US, China and Europe.Treasurer Wayne Swan will deliver his sixth and most likely last budget tomorrow night, on the back of plummeting government revenue... Read more

Queensland's unemployment rate has fallen from 5.9 per cent to 5.6 per cent, seasonally adjusted, following a national trend down for April... Read more

Housing figures show RBA rate cuts helping... Read more

Consumers are turning their backs on credit cards, rushing to pay down card debts at the fastest pace on record.It comes as figures show banks have passed on only a fraction of recent Reserve Bank interest rate cuts to credit card customers, with personal and car loans mirroring a similar move... Read more

Fortescue Metals Group continues to dabble outside its Pilbara iron ore heartland, announcing an early stage agreement to investigate territory in South Australia that looks for prospective copper, gold and iron ore.The non-binding deal with ASX listed Monax Mining will see the pair investigate a section of the old Woomera Protection Area, which has been off limits for the past 28 years due to being part of a missile testing range... Read more

Mining giant Glencore Xstrata raised its copper production by 18 per cent in the first three months of 2013 from output in the same period a year ago, it says... Read more

Glencore Xstrata has scrapped plans for a coal export terminal in Queensland, citing excess port capacity and a worsening outlook for the sector.Xstrata Coal had been planning a coal export terminal development with a capacity to ship 35 million tonnes per year at Balaclava Island, 40km north of Gladstone... Read more

Explosives and fertiliser maker Incitec Pivot has urged Australian governments to deal with soaring local gas prices as it posted a fall in first half profit.As a heavy natural gas user, the global company is highly exposed to Australian prices that could double due to the suite of liquefied natural gas projects that will export product overseas... Read more

Coffey International has flagged the axing of as many as 150 jobs in the wake of a continued contraction in resource sector spending, which has hit revenues and forced it to boost restructuring charges to as much as $10 million.March quarter revenues of its key geosciences division were down 4 per cent on the previous quarter, which was itself weak, it said. Coffey shares were dumped on the downgrade, falling to new lows of 11c earlier this morning, and were at 13c, down 10c, in late morning trading.... Read more

Hancock Prospecting edits annual report. Gina Rinehart's Hancock Prospecting has amended its financial report for the the 2012 financial year, with the changes seemingly focused on the number of people employed by the group.As reported by Businessday last week, the initial publication of Hancock's 2012 results suggested that only 70 people were employed within the parent company and its fleet of subsidiaries.But the amended set of results released today has changed the number of overall employees to 252... Read more

Golden West Resources has confirmed it will not need to go through a formal environmental assessment process for its Wiluna West iron ore project.In news foreshadowed by WestBusiness this morning, Golden West said and appeals period had closed without any objection to its plans for a 10 million tonnes a year operation with a mine life of about 15 years... Read more

Troubled West African gold play Noble Minerals Resources has suspended surface mining at its flagship Bibiani project in Ghana with a view to starting a more profitable underground operation but the cash-strapped company is likely to need more funds to achieve it.Noble has been forced to pursue "higher margin ounces" at Bibiani because of the plummeting gold price... Read more

Rio Tinto Ltd will be forced to pay hundreds of millions of dollars in retroactive royalty payments after the miner lost a court battle in the New South Wales (NSW) Supreme Court to mining magnate Gina Rinehart and Angela Bennett, according to The Australian Financial Review.The two businesswomen have become rivals in the fight over their late fathers' mining empires, but united in a court battle to claw back royalties from Rio in the Pilbara region going back to 1988... Read more

Ahead of the finalisaiton of the sale of a stake in Fortescue Mining's infrastructure assets, Aurizon - the former Queensland Rail - has flagged the selldown of equity in its railway networks business, which could free up billions dollars of capital.... Read more

Westfield Group has reported flat sales from its Australian business in the first quarter, to March 31, due to the timing of the Easter break and ongoing softness in consumer spending.Rents on new leases, of about 2.2 per cent of the group, were 5.1 per cent lower. The group had signalled a potential decline in new lease deals at its full-year results in February.Westfield shares were up 0.2 per cent at $12.03 in afternoon trade.... Read more

Diversified real estate group Stockland will incur another slash to earnings of about 25 per cent due to additional impairments of up to $49 million, which is at the higher end of previous guidance of a downgrade.But Stockland is confident of paying about 24.4 cents in dividends for this financial year.... Read more

Paint maker DuluxGroup hopes the new homes market will pick up later in the year, but further interest rate cuts could be needed to stimulate the sector.The group expects its core Australian markets to remain subdued in the short term, but says the recent rate cut is a step in the right direction. DuluxGroup's first half profit dropped 31 per cent to $32.9 million because of costs from its takeover of building products and garage door supplier Alesco.... Read more

Defence, security and aerospace company BAE Systems will slash 100 positions by year's end, primarily in South Australia.Chief executive David Allott says the job cuts are due to reduced government defence spending and increased competition in Australia... Read more

Small businesses are being hit by late payments of an estimated $10.4 billion, a Commonwealth Bank survey has found.The national survey of 761 small business owners with an annual turnover of under $2 million found that on average, each business was owed about $11,588 in overdue debts.Council of Small Businesses Australia chief executive Peter Strong said the survey reflected the growing struggle faced by owners... Read more

ABC Learning childcare empire co-founder Le Neve Groves believes her ex-husband Eddy Groves may have forged her signature on bank loan guarantees that cost her more than $33 million, a court has heard.Dr Groves launched a civil suit against Mr Groves and three financial institutions in the Supreme Court in Brisbane in October 2010, claiming she was owed money after the contentious sale of shares in the failed company... Read more

Opinion - Ross Gittins: Budget becomes Canberra's con job The federal budget's economic importance is a shadow of what it used to be.... Read more

Opinoin - John Mangan: Weighing the benefits of GST reform... Read more

Opinion - John Addis: Australia's most overpaid CEO? Alumina shareholders have a right to be incensed. The company's CEO gets a truly ludicrous amount of money for his limited role.... Read more

U.S Market Report: The jokes about QE Infinity may come to an end soon.The Federal Reserve and its bond buying program were a hot topic Monday, following a Wall Street Journal report over the weekend that said central bank officials are considering an exit strategy for the massive stimulus measures that have been fueling the economy since late 2008. Meanwhile, the Dow Jones industrial average drifter lower, while the S&P 500 and Nasdaq were flat.... Read more

North/South Americas Market Report: North and South American markets are mixed. The IPC is higher by 0.06%, while Brazil's Bovespa is off 0.97%. Shares in U.S. are unchanged with the S&P 500 at 1,633.76... Read more

European Market Report: European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.10%, while France's CAC 40 was off 0.22%. Shares in Germany were unchanged with the DAX at 8,279.29... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.20%, while the Hang Seng led the Shanghai Composite lower. They fell 1.42% and 0.22% respectively... Read more

Commodities - Gold Gold fell 1 percent on Monday, hovering near its lowest price in two weeks as stronger U.S. retail sales data inspired economic hopes and reduced the safe-haven bid for gold, and as exchange-traded products liquidated more gold holdings. Bullion fell for a third session after the Commerce Department said U.S. retail sales unexpectedly rose in April, pointing to underlying strength in the economy... Read more

Commodities - Oil Crude oil prices fell on both sides of the Atlantic on Monday, hit by slowing oil demand in China and data showing the biggest drop for U.S. retail gasoline sales in more than four years... Read more

Retail sales gain shows some strength in economy... Read more

Rally matches 1990s gains with valuations 28% lower. Returns from the U.S. equity bull market that started four years ago are matching those from the last half of the 1990s even as valuations are 28 percent lower.... Read more

Federal Reserve Chairman Ben Bernanke will deliver testimony on May 22 on the outlook for the U.S. economy before the Joint Economic Committee of Congress, according to an announcement on the website of committee chairwoman Amy Klobuchar... Read more

President Barack Obama on Monday called alleged targeting of conservative political groups by the Internal Revenue Service “outrageous” and said those responsible would need to be held “fully accountable” if allegations are true... Read more

Emergency manager reveals Detroit is nearly broke; city may have no choice except bankruptcy The first report by Detroit’s emergency manager declares that the city is broke and at risk of running completely out of money — a financial meltdown that could mean no paychecks for workers, no pension benefits and even deeper cuts in services... Read more

Standard Chartered shares fell and the cost of insuring its debt against default jumped on Monday after U.S. activist investor Muddy Waters said it had bet against the bank because of its "deteriorating" loan quality... Read more

Last week’s court ruling against a group of Chesapeake Energy Corp.bondholders exposes another risk for investors seeking gains in a market where securities valuations are already at record highs.Prices on the second-biggest U.S. natural gas producer’s notes have fallen by as much as 9 cents on the dollar, erasing $117 million, after a judge ruled May 8 that Chesapeake could redeem the securities at par... Read more

Hedge fund nominees to Hess board forgo controversial pay scheme An activist hedge fund's nominees to the Hess Corp board of directors said they were waiving their right to receive a controversial pay package under which the fund will pay them extra if the oil and gas company outperforms its peers under their watch... Read more

Individual investors took advantage of Apple's recent stock slide to snap up shares of the tech giant last month, according to brokerage firm TD Ameritrade.In fact, TD Ameritrade said more of its clients own Apple (AAPL, Fortune 500) now than ever before, a sign that many were first-time buyers... Read more

Dell Inc's special board committee asked activist investor Carl Icahn on Monday for details of his plan to buy the computer maker, including how he would finance a cash payout for shareholders and who would run the company if his preferred slate of board directors was installed... Read more

Transocean chairman to step down after Icahn attack... Read more

Cyprus has received the first instalment of a 10bn-euro bailout package from international creditors, which was agreed earlier this year.Cyprus received 2bn euros (£1.6bn; $2.6bn) in loans, said a statement by the European Stability Mechanism... Read more

Spain, Portugal push for full banking union as Germany finds hurdles... Read more

The G7 group of industrialised nations have agreed that there must be collective action against tax evasion and avoidance, the UK's finance minister has said... Read more

European companies lost 350 billion euros ($450 billion) last year due to late or unpaid bills, underlining fears that small businesses expected to drive economic recovery are faltering in a prolonged recession.The figure amounted to 3 percent of all receivables and was a 7 percent increase on 2012, when companies wrote off 340 billion euros, Swedish credit management services group Intrum Justitia's (IJ.ST) European Payment Index showed on Monday... Read more

British Gas owner Centrica enjoys profits boost after cold snapCentrica says it will try to avoid more price rises for as long as possible as it faces protests at annual meeting on Monday... Read more

UK economy picking up, surveys suggest. Britain is starting to see green shoots of recovery as business activity picks up, companies continue to hire new staff and consumers start to spend again.A series of surveys published on Monday suggest the UK is on the road to recovery after its double-dip recession, providing a boost for chancellor George Osborne... Read more

Japanese yields surge. Japanese government-bond prices tumbled across the board for a second straight session Monday, bucking the central bank's aim of using huge purchases of bonds to lower interest rates and spur investment... Read more

Tata Steel writes down value of European assets. India's Tata Steel, one of the world's biggest steelmakers, has announced a $1.6bn (£1bn; 1.34bn euros) writedown on the value of its European assets.The company, which paid $13.7bn for Anglo-Dutch steelmaker Corus in 2008, blamed weak European markets... Read more

Indian data gives mixed signals on economy. Data released by the Indian government Monday gave mixed signals on the economy - retail inflation indicated an encouraging downtrend, but trade numbers highlighted continuing risks... Read more

Swedish fashion retailer H&M said Monday that it will sign up to a legally binding fire and building safety plan drawn up by unions in Bangladesh, following the deaths of more than a thousand garment workers in a building collapse there last month... Read more

China retail sales, industrial production lift in April... Read more

Risks to China recovery seen as factory output underwhelms... Read more

Analysis - Martin Santa: Malta unlikely to follow Cyprus into crisis... Read more

Opinion - Simon Johnson: Is the Fed afraid to regulate the big banks?... Read more