The New Zealand sharemarket dropped to a four-week low, tracking a decline on Wall Street, after a report showed US manufacturing activity grew at the slowest pace in eight months, fuelling concern about global growth. New Zealand’s benchmark NZX 50 Index fell 58.331 points, or 1.2 percent, to 4,791.171 in morning trading. In the US, the Dow Jones Industrial Average …

Landcorp Farming, which manages 137 farms, more than tripled first-half profit as record milk prices drove up dairy income and said earnings will hold up for the rest of the year. Separately, chairman Bill Baylis announced plans to resign from the board. Operating profit rose to $12.2 million in the six months ended Dec. 31 from $2.5 million a year …

The New Zealand dollar fell to its lowest in more than three weeks against its trans-Tasman counterpart ahead of a Reserve Bank of Australia decision on interest rates today. The kiwi touched 91.85 Australian cents early this morning, its lowest since Jan. 10. The local currency was trading at 92.37 Australian cents at 8am in Wellington from 92.70 cents at …

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Equities declined on both sides of the Atlantic, continuing the trend of January, as data showed that China’s manufacturing fell last month, while US manufacturing activity grew at the slowest pace in eight months, fuelling concern about global growth. The US Institute for Supply Management’s factory index dropped to 51.3 in January, from 56.5 in December. China’s purchasing managers’ index …

New Zealand stocks fell today, joining a global sell-off as disappointing Chinese manufacturing data stoked concerns the global economic recovery may falter. Xero, Chorus and SkyCity Entertainment Group led the decline. The NZX 50 Index fell 25.081 points, or 0.5 percent to 4849.502. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Total turnover for the day …

The government has received advice saying the partial privatisation of Genesis Energy is achievable in current market conditions and a decision on timing is expected “soon,” Prime Minister John Key says. The largest of the ‘big four’ electricity company by customer numbers, but the smallest by asset value, Genesis is the last to be lined up for sale of up …

NZX, New Zealand’s market operator, has taken another step towards expanding its dairy derivatives market into the US with approval to allow direct access for American customers. NZX is now a registered Foreign Board of Trade under the US Commodity Exchange Act, allowing US investors’ direct access to trade in New Zealand dairy derivatives. Whole milk powder options and futures, …

The Ministry for Primary Industries will impose a controlled area in Whangarei and is contacting international partners after finding a Queensland fruit fly in the country’s northernmost city. The ministry plans to restrict the movement of fruit and vegetables out of a defined area in Whangarei as it looks to minimise the risk to the local horticultural industry after discovering …

New Zealand manufacturing activity expanded for a 15th straight month in December, with more production likely in the coming year on strong new orders and dwindling inventories. The BNZ-BusinessNZ seasonally adjusted performance of manufacturing index slipped to 56.4 from 56.7 in November, but was up from 50.7 in December 2012. A reading above 50 indicates expansion in the sector. New …