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Westland Milk Products, the Hokitika-based dairy cooperative, has cut its forecast milk payout for the second time in four months, saying a global over-supply of dairy products and a relatively high kiwi dollar had crimped cash flows. Westland cut its forecast for the 2014/2015 season by 40 cents to a range of $5 to $5.40 per kilogram of milk solids, from a …

New Zealand export log prices edged up in November although demand from China, the country’s largest market, is likely to remain subdued until the second quarter of next year. The average wharf gate price for New Zealand A-grade logs rose to $98.1 a tonne, from a revised $96.3 a tonne in October, according to Agrifax’s monthly survey of exporters, forest …

NZX, New Zealand’s stock market operator, has signed a memorandum of understanding with the Bank of China to develop financial products, with a focus on the agricultural sector and capital markets. The deal will see the stock market operator and one of China largest state-owned commercial banks develop and promote products to both New Zealand and Chinese customers, the Wellington-based company said in a …

A2 Milk Co has agreed to make China State Farm Holdings Shanghai the sole importer of its a2Platinum infant formula while the milk marketer will take over the distribution in Asia’s largest economy. Under the deal, CSF will exclusively import the infant formula and provide government relations and advice, while the Auckland-based company will takeover distribution in China and expand its network, a2 …

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. The GDT average winning price slid 3.1 percent to US$2,561, the lowest level since August 2009, down from US$2,649 two weeks ago. Some 39,613 tonnes of product was sold, down from 45,499 …

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate\ with suppliers and that discussions with competitors “carry significant risks for all involved. The competition watchdog’s report, issued this morning, suggests much of the concern among …

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate\ with suppliers and that discussions with competitors “carry significant risks for all involved. The competition watchdog’s report, issued this morning, suggests much of the concern among …

Australia’s free trade agreement with China heralds a renewed focus to diversify the country’s economy away from a reliance on mineral exports to soft commodities and intensifies competition in a “hotly contested” market. Australian Prime Minister Tony Abbott labelled the deal between New Zealand’s two-largest trading partners, “at least as good as New Zealand’s” while unnamed government officials said it gives …

Serko, the online travel booking business, widened its first-half loss in line with its May prospectus as it hired more staff to chase sales growth. The Auckland-based company increased its loss to $3.6 million in the six months ended Sept. 30, from a loss of $347,146 a year earlier, it said in a statement. Sales rose 50 percent to $4.7 …

The New Zealand dollar was volatile following the release of the Federal Reserve minutes to its last meeting this morning, as the minutes failed to outline plans for likely interest rate hikes in the world’s largest economy. In the hour following the publication of the minutes at 8am New Zealand time, the kiwi traded between 78.39 US cents 78.93 cents, from 78.71 cents immediately …