Fonterra Cooperative Group, the world’s biggest dairy exporter, has appointed Singaporean director Simon Israel to its board to replace the retiring Ralph Waters. Israel will join the Fonterra board on May 1, replacing Waters who stayed on with the dairy group to help bed in the changes from the Trading Among Farmers regime. His appointment comes as Fonterra looks increasingly …

The Labour and Green parties have promised to rip up the existing electricity market model, returning to a centrally planned electricity system, a single state-owned power buyer, and breaking up the integrated generator-retailer electricity companies. Announced on the eve of the partial privatisation of state-owned MightyRiverPower, the announcements have a triple political purpose: to show a united Labour-Green front, a …

All local councils should start charging ratepayers for both drinking and waste water by volume, while new water infrastructure should be delivered regionally because of its high cost for smaller communities, says a government advisory group report. Chaired by Wellington Regional Council chair Fran Wilde, the report was quietly released on the Department of Internal Affairs website on Wednesday, and …

New Zealand consumers are more upbeat about buying big ticket items than they have been in five-and-a-half years, with confidence increasing last month. The ANZ-Roy Morgan Consumer Confidence survey rose 4.4 points to 119.2 in April, just ahead of the historical average at 117. A net 40 percent of the 1,019 people surveyed thing now is a good time to …

The Labour and Green parties have promised to rip up the existing electricity market model, returning to a centrally planned electricity system, a single state-owned power buyer, and breaking up the integrated generator-retailer electricity companies. Announced on the eve of the partial privatisation of state-owned MightyRiverPower, the announcements have a triple political purpose: to show a united Labour-Green front, a …

SLI Systems, a Christchurch-based developer of website search software whose clients include Warehouse Group and Qantas Airways, is considering raising $27 million next month selling shares to new and existing investors that will trade on the NZX. Trade Me founder Sam Morgan is among shareholders and its board is led by PowerbyProxi executive chairman Greg Cross and includes Xero chairman …

CSR, the ASX-listed building products maker, is talking down its role in New Zealand’s leaky buildings claim by the Ministry of Education after being named as one of a number of parties in the suit. The New Zealand government ministry, which oversees education policy and spending, yesterday lodged a claim in the High Court against cladding manufacturers that supplied materials …

The New Zealand dollar rose against the euro after Bundesbank President Jens Weidmann said the European Central Bank may cut interest rates if data warrants and European stocks tumbled. The kiwi rose to 64.75 euro cents from 64.18 cents at 5pm in Wellington yesterday. It fell to 84.36 US cents from 84.61 cents. In an interview with the Wall Street …

Wall Street declined as disappointing American corporate earnings including from Bank of America fuelled unease that the recent gains in equities might not be justified by the economic outlook. Shares of Bank of America fell, last down 5.3 percent, as the bank reported a lower-than-expected increase in its first-quarter net income. “Banks are clearly struggling,” Jim McDonald, chief investment strategist …

The New Zealand dollar fell in local trading after tepid first-quarter inflation meet market expectations, and reaffirmed the prospects low interest rates will stay in place. The kiwi fell to 84.62 US cents at 5pm in Wellington from 85.02 cents at 8am and 84.79 cents yesterday. The trade-weighted index dropped to 77.80 at 5pm from 78.05 yesterday. Government figures showed …