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Zespri International, the grower-owned kiwifruit marketing company, said it expects record per-hectare returns for green and green organic kiwifruit this season following supply constraints, favourable market conditions and strong end-of-season sales. Pre-hectare returns for green kiwifruit growers are forecast at $52,987 and green organic at $42,207. The increased grower returns are across all categories and Zespri chief executive Lain Jager …

The one-year delay forecast in the New Zealand government’s return to surplus doesn’t have any implications for its Aaa credit rating, with everything else going in the right direction, according to Moody’s Investors Service Yesterday’s half-year economic and fiscal update pushed out the Treasury’s expectation for a return to surplus, projecting the Crown’s operating balance before gains and losses to be …

The Australian Competition and Consumer Commission is appealing am Australian Federal Court ruling clearing carriers Air New Zealand and PT Garuda Indonesia of fixing prices for international air freight services. The competition regulator’s appeal is focusing solely on the court’s finding that the activities did not occur in the Australian market, it said in a statement. In October, Justice Nye Perram dismissed the …

Wynyard Group, the security software firm, warned annual revenue may come in lower than its forecast $29 million as negotiations with some of its larger customers lag. The shares fell. The Auckland-based company said sales may fall below that range if larger contract negotiations extend into the new year, having previously flagged annual revenue to be between $29 million and $32 million. It also …

Postie, the retail chain bought out of administration by South African retailer Pepkor, is betting on its new owner’s economies of scale to boost sales in a “challenging” retail environment. The international retail chain owner acquired Postie’s 64 stores, intellectual property, staff, head office and stock from the administrators in July for an undisclosed sum after the clothing retailer’s lenders withdrew …

The New Zealand dollar gained in volatile markets after Russian policymakers hiked interest rates to shore up a tumbling ruble and European data beat expectations, sapping demand for the US dollar ahead of the Christmas and New Year holiday period The kiwi rose to 77.85 US cents at 8am in Wellington from 77.45 cents yesterday. The trade-weighted index advanced to 78.23 …

Equities on Wall Street and in Europe rose as investors found value in beaten-down stocks including energy shares such as Chevron and Nabors Industries. Shares of Chevron gained 2.6 percent, while those of Nabors soared 6.6 percent. Oil stemmed its slide, at least for now. West Texas Intermediate for January delivery rose 1.5 percent to US$56.74 a barrel on the …

Dairy product prices rose in the latest GlobalDairyTrade auction, propelled by a jump in anhydrous milk fat and butter. The GDT average winning price rose 2.4 percent to US$2,609, up from US$2,513, the lowest level since August 2009, two weeks ago. Some 35,390 tonnes of product was sold, down from 39,273 tonnes of product two weeks ago. Even so, the AgriHQ …

New Zealand shares joined in a global sell off, led by OceanaGold Corp and Fletcher Building, as investors were spooked by a falling oil price. Air New Zealand, Mainfreight and Z Energy gained on the prospect of cheaper fuel costs. The NZX 50 Index fell 3.32 points, or 0.1 percent, to 5495.752. Within the index, 24 stocks fell, 13 rose and 13 were unchanged. Turnover …

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned …