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Fonterra Cooperative Group, the world’s largest exporter of dairy products, said earnings would miss its forecast by about 7.3 percent because of the drought in New Zealand and intense competition in Australia. Earnings before interest, tax and one-time items would be about $1 billion in the year ending July 31, down from the $1.079 billion forecast in its Shareholders’ Fund …

The New Zealand dollar rose to a four-and-a-half year high against its Australian counterpart amid diverging interest rate outlooks for the trans-Tasman neighbours. The kiwi rose as high as 87.43 Australian cents, the highest since November 2008, and traded at 87.14 cents at 5pm in Wellington from 86.01 cents yesterday. It climbed to 79.80 US cents at 5pm from 79.29 …

Livestock Improvement Corp., a farmer cooperative that sells bull semen and provides a dairy genetics database, posted a 3 percent drop in annual profit because its elite breeding bulls didn’t increase in value as much as the previous year. Profit fell to $23.7 million in the year ended May 31, from $24.4 million a year earlier, the Hamilton-based company said …

Z Energy, the petrol station chain, plans to raise up to $900 million in an initial public offering next month, allowing owners Infratil and the New Zealand Superannuation Fund to crystallise some of their profits on the three-year investment. The chain’s indicative price range is between $3.25 and $3.75 a share, giving an implied market capitalisation of between $1.3 billion …

Fonterra Cooperative Group, the world’s largest exporter of dairy products, said this year’s earnings will miss forecast by about 7.3 percent, spurring a sell-off in the company’s listed fund. Units in the Fonterra Shareholders’ Fund are the second-worst performer on New Zealand’s benchmark index today, dropping 3.7 percent to $7.20, crimping their gain so far this year to 6.3 percent. …

New Zealand Oil & Gas, the nation’s biggest listed energy explorer, has ceded its Kakapo permit off the South Taranaki after failing to find a partner to share costs of a prospect it says could be several times bigger than the Tui or Maari fields. NZOG won exploration permit PEP 51311, which lies to the west and south of the …

Reserve Bank governor Graeme Wheeler is sharpening his focus on New Zealand’s bubbling housing and construction sectors and the threat they pose to inflation. The central bank kept the official cash rate on hold at 2.5 percent today, while saying the “removal of monetary stimulus will likely be needed in the future and linking any hike to how much “the …

The New Zealand dollar gained after the Reserve Bank said it will need to remove monetary stimulus as heat in the housing and construction sector spills over into the broader economy and stokes inflation. The kiwi dollar climbed to 79.75 US cents after governor Graeme Wheeler’s statement, from 79.30 cents immediately before. The trade-weighted index rose to 75.51 from 75.17 …

New Zealand’s capital city will be open for business tomorrow after a 6.5 magnitude earthquake hit the Cook Strait, while scientists say there’s a one-in-five chance of a similar-size temblor this week. Wellington Mayor Celia Wade-Brown told a media briefing today it will be up to employers to determine whether their staff should come in. Portions of the city were …

A 6.5 magnitude earthquake in New Zealand’s Cook Strait has closed Wellington financial trading rooms and shut down portions in the capital city as local authorities assess the damage. Wellington trading desks at Bank of New Zealand and ANZ Bank New Zealand are closed as corporates in the capital join the rest of the city in checking buildings following a …