Fonterra Cooperative Group, the world’s biggest dairy exporter, has set the guaranteed price in its pilot scheme at $7 per kilogram of milk solids for those farmer-shareholders wanting to lock in payment certainty for the 2014 season. The guaranteed milk price matches its initial forecast for next season, and is part of a scheme letting farmers accept a price for …

The New Zealand dollar advanced against the yen in volatile trading on speculation the Bank of Japan may announce further stimulus measures today, prompting Japanese investors to seek higher returns in markets such as New Zealand. Since yesterday, the kiwi has traded between 76.15 yen and 78.40 yen. The local currency recently rose to 77.95 yen from 77.04 yen at …

Standard & Poor’s upgraded credit outlook on the US failed to lift Wall Street from the doldrums as investors try to gauge the Federal Reserve’s plans for its bond-buying program. The next two-day Federal Open Market Committee meeting, starting on June 18, cannot come soon enough for many investors looking for direction of the central bank’s plans for quantitative easing. …

Serco New Zealand, the local unit of the UK’s Serco Group, reaped a modest profit in the first full year of its $300 million, 10-year contract to run Mt Eden/Auckland Central Remand Prison for the Department of Corrections. Profit was $368,623 in calendar 2012, from about $1 million in 2011, when it took over full management of the facility mid-way …

The New Zealand dollar may struggle for direction this week as investors weigh the possibility of a higher interest rate track in New Zealand against signs of recovery in the US. The kiwi may trade between 77 US cents and 81 cents this week, according to a BusinessDesk survey of six traders and strategists who were split on the local …

Postie Plus Group, the clothing retailer whose shares have fallen 29 percent this year, said third-quarter sales fell 14 percent after seasonal stock was disrupted by problems at its third-party distribution centre. Sales from continuing operations fell to $19.4 million in the February-to-April quarter, from $22.6 million in the same period a year earlier, the Auckland-based company said in a …

New Zealand Invoice Financier, Working Capital Solutions, has expanded into Australia with the opening of a Sydney office. Supported by one of the industry’s most experienced authorities, Australian Greg Charlwood, this locally owned business is cited to be a major new player. In the last seven years, the factoring industry in Australia has grown by over 82 percent, yet it …

New Zealand property values held their annual pace of growth last month, as demand outstripped supply in Auckland and Christchurch, according to state valuer Quotable Value. National property values increased 7.1 percent in the 12 months ended May 31, matching the annual pace for April, the agency said in a statement. Property values increased 1.7 percent in the three months …

Dorchester Pacific, the financial services firm whose shares have soared 237 percent in the past year, lifted its stake in Turners Auctions to 19.85 percent and said it has no immediate plans to make an offer for the company. Dorchester is flush with funds after a greater-than-expected conversion of options and share placement this month raising about $21 million. The …

The New Zealand Superannuation Fund has excluded seven companies with operations in nuclear bases from its $22 billion portfolio, while clearing the return for four firms which had previously been excluded for their involvement in cluster munitions. The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, will exclude public companies Babcock & Wilcox, Fluor Corp, Huntington Ingalls …