Pumpkin Patch, which slashed its earnings forecast earlier this year, will take a $12 million charge to write down the value of stores and IT software, while posting underlying profit in line with guidance. The children’s clothing chain said a provision for the write down of IT software and store assets will be reflected in its 2014 results, taking total reorganisation costs …

The New Zealand dollar slipped as the US dollar edged up following better-than-expected US economic data which lifted optimism about a recovery in the world’s largest economy. The kiwi weakened to 83.82 US cents at 8am in Wellington, from 83.91 cents at 5pm yesterday. The trade-weighted index was at 79.01 from 79.06 yesterday. The US dollar index, which measures the greenback against …

Stocks fell, while US Treasuries rose, as concern about intensifying tension in Ukraine outweighed further evidence that the American economy is gathering strength. In late afternoon trading in New York, the Dow Jones Industrial Average fell 0.21 percent, the Standard & Poor’s 500 index slipped 0.11 percent, while the Nasdaq Composite Index gave up 0.18 percent. Declines in shares of …

A2 Milk Co, which markets milk with a protein variant said to have health benefits, will ramp up its expansion in the US, the UK and Asia using cash generated in its biggest market of Australia after a year in which a strong kiwi slashed the value of sales and earnings. Profit tumbled to $10,000 in the 12 months ended June …

Airwork Holdings, the aviation services firm which listed last December, boosted annual profit 52 percent on the strength of its helicopter engineering unit, beating guidance. The shares gained. Net profit rose to $9.83 million, or 20.8 cents per share, in the 12 months ended June 30, from $6.47 million, or 15.2 cents, a year earlier, the Auckland-based company said in a …

The New Zealand dollar rose after Fonterra Cooperative Group yesterday said it would maintain its milk price forecast, expand its local processing capacity and form a partnership to help sell its products in China, New Zealand’s largest trading partner. The kiwi gained to 83.75 US cents at 8am in Wellington, from 83.67 cents at 5pm yesterday. The trade-weighted index was at 78.98 from 79 …

Investors flocked to a US auction of US$35 billion in five-year notes as European bond yields sank to record lows amid bets that the European Central Bank will add more stimulus in an effort to prop up the flagging euro-zone economy. “It was a fantastic auction,” Ray Remy, head of fixed income in New York at Daiwa Capital Markets America, …

Fonterra Cooperative Group will offer a premium of at least 20 percent for a one-fifth stake in Beingmate Baby & Child Food as part of a $615 million investment in a partnership to drive baby food sales into China. Fonterra will offer 18 yuan a share for Beingmate stock in a partial tender offer that will be supported by chairman Wang Zhentai, …

New Zealand food prices declined in July, adding weight to speculation that softer inflation will prompt the Reserve Bank to keep the benchmark interest rate on hold until next year. The food price index fell 0.7 percent from June, its first decline in four months, as discounting led to lower prices for beef and processed meat, Statistics New Zealand said. The …