Oil and gas company Greymouth Petroleum Holdings wants more than $830,000 in damages from a former director who was ordered by the High Court to sell his stake in his firm.

Kathmandu lost more than a quarter of its market value yesterday after investors punished the outdoor retailer for poor Christmas and New Year trading that will result in a first-half loss.

Kathmandu's stock slumped 19 per cent to a two-and-a-half year low after the outdoor goods retailer said Christmas and January trading lagged behind expectations.

Oil prices closed higher after a volatile session that saw the New York price drop below US$44 a barrel for the first time since March 2009.

The New Zealand dollar is headed for a 2.1 per cent weekly decline against the US dollar, having hit a four-year low after the Reserve Bank on Thursday removed its bias for higher interest rate.

The New Zealand dollar is touching a four-year low after the Reserve Bank abandoned its bias for raising interest rates and said a rate cut was a possibility.

Russia’s foreign-currency credit rating has been cut to junk by Standard & Poor’s, putting it below investment grade for the first time in a decade.

The two big lessons from last year's initial public offerings were the huge difference between the best and worst performing companies and the importance of the first trading day.

Denmark is trying to silence currency speculators as its government and central bank insist it won't follow Switzerland in severing its euro ties.

Accounting software firm Xero has introduced a new combined payroll and accounting software platform to help increase growth in the US.

Plunging oil prices have forced explorers to scale back plans in New Zealand, some have had to restructure and there could be a sharp decline in capital spending in a sector the Government has backed....

Robust investor interest meant peer-to-peer lending platform Harmoney could have easily tripled the size of its $10m capital raising, says chief executive Neil Roberts.

Australia's coal seam gas extraction industry is set for a bumper year in 2015, but the petroleum exploration sector isn't.

It has become standard for tough questions to be asked of oil companies when the price of petrol rises or falls dramatically.

New Zealand posted its smallest November trade deficit in four years, beating economist forecasts, as falling dairy prices were offset by a rise in meat exports.

Kathmandu's shares have slipped to a near two-year low as the outdoor retailer blames low consumer confidence for a subdued start to Christmas trading in its Australian market.