Spies, jail sentences, hidden assets, a famous explorer - a former MP's bid to build a high-tech stealth helicopter has more twists than a combat mission, reports Karyn Scherer.

More damage was done to capitalism this week than any communist revolutionary could have dreamed of.

Experts say the NZ stock exchange will not be taking a hammering when it opens tomorrow morning despite shockwaves from the US.

The New Zealand dollar plummeted as a global market rout spooked traders into selling the kiwi.

Australian and Japanese sharemarkets have plunged more than 4pc on opening, after a rough night on European and US exchanges. The NZX-50 is down 2.4pc.

This morning's rapid fall in the New Zealand dollar proves recent talk of the kiwi becoming a 'safe haven' currency was hot air, say economists.

The NZ stock exchange has fallen 2.5 per cent on opening, following a big slump on world markets overnight. The NZX 50 Index shed 80.89 points to 3297.86, the lowest level since December.

The New Zealand Stock Exchange has fallen to its lowest level since December, falling 2.5 per cent this morning after a global slump in world equity markets.

The New Zealand dollar plummeted below US84c as world investors fled for safe havens overnight.

Barack Obama says the debt ceiling bill is a first step toward ensuring the US lives within its means but more was needed...

The New Zealand dollar fell below 87 US cents on the back of weaker equity markets as investors refocused their attention on the stumbling US economy and Europe's sovereign debt crisis.

An agreement on the US debt ceiling did little to stem investors' concern overnight that the world's largest economy is faltering, which will hurt corporate earnings down the road.

Kathmandu said full-year pretax earnings rose between 31 per cent and 36 per cent on new store openings, favourable weather and better inventory management.