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New Zealand Post has indicated that it is aiming to save up to $30 million during the coming one to two years.

The postal service is aiming to save the money by closing down three mail processing centres and cutting 500 jobs during the period. The service will close down its units in Wellington, Hamilton and Dunedin and expand centres located in Auckland, Palmerston North and Christchurch.

Finance Minister Bill English has indicated that he believes that the New Zealand dollar is still overvalued a little against the US currencies.

He noted that the valuation of the New Zealand Dollar is influenced by the expectations of monetary policy in the US. The national currency has fallen 4 per cent since Federal Reserve chairman Ben Bernanke indicated that the US will start pulling back stimulus packages for the world's largest economy. The New Zealand has been trading at 77.34 US cents.

Walgreen Co has recorded a 16 per cent rise in earnings during the third quarter of the year but investors expressed concerns over the low growth in sectors besides the company's pharmacies.

Walgreen, which is based in Deerfield, recorded lower than expected results as its earnings grew mainly because of the low base in the previous year when the company was slit. Walgreen's gross margin, which is a basic measure of profitability, grew at a low face surprising many market analysts. They said that the nation's largest drugstore operator might be losing momentum that was gathered in the generic business.

Lyft and Uber have indicated that they will continue to provide their ridesharing service in Los Angeles even after the city's authorities have ordered the two companies to stop their services.

The Los Angeles Transportation Department has sent cease-and-desist letters to the two companies on Monday. The authority has said that the two companies as well as Sidecar do not have permits or licenses to operate and are violating the city's municipal laws. The companies are allowing users to request ride using their smartphone apps.

Mumbai, June 26 - A benchmark index of Indian equities markets was trading flat at 0.15 percent down during the pre-noon session Wednesday.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 18,662.37 points, was trading at 18,601.51 points in the pre-noon session, down 27.64 points or 0.15 percent from its previous day's close at 18,629.15 points.

Sensex touched a high of 18,690.50 points and a low of 18,586.41 points in pre-noon trade.

The shareholders of Sprint Nextel have approved a revised offer form SoftBank to take over the company concluding a long standing fight to acquire the third largest telecom service provider in the US market.