A selloff in tech stocks did not stop the Dow Jones Industrial Average from ending last week at a record high and investors will eye earnings from companies including Wal-Mart and speeches from US Federal Reserve Chair Janet Yellen and several of her colleagues for direction in the days ahead. On Friday the Dow edged higher to a record, bolstered by …

Embattled internet entrepreneur Kim Dotcom has reduced his stake in his data storage and encryption business, Mega, with the largest shareholder now listed Shen Zhao Wu, a donor to the National Party. Dotcom”s stake, which is held by his wife, Mona, via MD Corporate Trustee Ltd, is now 17.7 percent, down from 26 percent previously, according to documents filed with …

New Zealand retail spending on credit and debit cards rose in April as gains in hospitality and consumables offset falling apparel purchases, as an accelerating economy continues to underpin household confidence. The value of retail spending on electronic cards, seasonally adjusted, rose 0.3 percent to $4.59 billion in April, after growth stalled in March, according to Statistics New Zealand. Core …

Foley Family Wines, majority owned by American businessman and vineyard owner Bill Foley, plans to make an all-scrip $1.9 million takeover offer for pinot noir pioneer Martinborough Vineyard Estates and has already secured agreements to buy 41 percent of the company. Marlborough-based Foley Family Wines is offering one Foley share for every 27.95 shares in Martinborough Vineyard, it said in …

Transport fuels distributor and retailer Z Energy’s success in raising margins on petrol and diesel sales is under pressure and are “likely to trend toward the industry’s lower net margin,” says Deutsche Bank analyst Grant Swanepoel in a research note on yesterday’s full year result from Z. The Wellington-based company, which took over the refining, distribution and retail operations of …

The government’s lagging tax-take got a boost in March as later than expected filing of 2013 company tax returns bolstered the contribution from corporate taxpayers, allowing Finance Minister Bill English to confirm next week’s Budget will project a return to surplus. The Crown’s operating balance before gains and losses (obegal) was a deficit $1.66 billion in the nine months ended …

The Commerce Commission says farmers concerned about the way their interest rate swaps were sold to them have until the end of the month to contact the regulator otherwise they may miss out on future compensation claims. The antitrust regulator is investigating the alleged mis-selling of interest rate swaps in the rural sector by the New Zealand branches of the …

The Reserve Bank won’t start lifting restrictions on home loans with small deposits any earlier than late in the year, with the limits cooling demand in the country’s housing market, deputy governor Grant Spencer says. The restrictions have slowed house price inflation by about 2.5 percentage points and strengthened banks’ balance sheets by reducing the level of high loan-to-value ratio …

The New Zealand dollar dropped to its lowest in more than a week against the Australian currency on improving economic prospects across the Tasman. The kiwi touched 91.91 Australian cents early this morning, its lowest level since April 28, and was trading at 92.21 cents at 8am in Wellington, from 92.40 cents at 5pm yesterday. The local currency edged lower …

European stocks climbed while the euro slid against the US dollar as European Central Bank President Mario Draghi signalled a potential interest rate cut next month. The ECB kept, as had been anticipated, its key interest rate steady at a record low 0.25 percent but suggested it might lower it in June if needed. “The governing council is comfortable with …