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Former Fonterra Cooperative Group chairman Henry van der Heyden will head up the board of national gateway Auckland International Airport after the annual meeting in October. Van der Heyden replaces Joan Withers, who also heads up MightyRiverPower’s board, who signalled her exit last year. The company’s board will start looking for a replacement director in the coming months, it said …

Stocks on both sides of the Atlantic gained, pushing the Standard & Poor’s 500 Index to a record high, after the European Central Bank reduced borrowing costs, while US unemployment claims posted a surprise decline. And Warren Buffett, the 82-year-old billionaire, sent his first tweet-and then promptly attracted followers at an initial rate of about 1,000 a minute. The key …

APN News & Media, the Australasian publisher of the NZ Herald, is aiming to cut A$25 million of costs this year, with the bulk to come from its New Zealand operations, shareholders were told at the annual meeting in Sydney. New Zealand Media chief executive Martin Simons, said APN’s major cost restructuring projects have been completed, with the outsourcing of …

Prices of dairy products fell for the first time in 10 GlobalDairyTrade auctions, led by the whole and skim milk powder as the volume on offer gained for a second session from a two-year low. The GDT-TWI Price Index fell 7.3 percent compared to the last sale two weeks ago, the first decline this year. The average winning price fell …

The New Zealand dollar dropped by more than half a US cent as weaker than expected private payrolls figures in the US eroded investors’ appetite for higher yielding assets. The kiwi may extend its decline after dairy prices sank in the latest auction GlobalDairyTrade auction. The kiwi fell to 84.92 US cents from 85.73 cents at 5pm in Wellington yesterday. …

The latest US economic data were disappointing, more than offsetting the decision by Federal Reserve policy makers to stick with their program of purchasing US$85 billion of bonds a month to bolster growth. “The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labour market or inflation …

New Zealand shares fell as market shooting stars such as Xero and Ryman Healthcare retreated from record highs, while Kathmandu, A2 Corp and Fonterra Shareholders’ Fund advanced. The NZX 50 Index fell 11.35 points, or 0.2 percent, to 4603.01. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $111 million. Xero, the cloud-based accounting firm …

The New Zealand dollar held near a two-week high after Chinese manufacturing figures weren’t as bad as investors may have feared, and ahead of the Federal Reserve’s monetary policy where it’s expected to hold firm on its low interest rates and money printing programme. The kiwi traded at 85.73 US cents at 5pm from 85.69 cents at 8am, and 85.63 …

Shares in Kathmandu rose 2.2 percent after the outdoor equipment retailer said it kept its pace of sales growth through the third quarter, without firming up annual earnings guidance. The Christchurch-based retail chain lifted sales 13 percent to $89.7 million in the 13 weeks ended April 28, retaining the momentum in revenue growth from the first half of the financial …

Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, has upped its profit guidance, flagged an intention to start paying dividends, and will re-jig its capital structure to help fund future acquisitions. The Auckland-based firm says profit was about $1.6 million in the year ended March 31, having previously said it would be between …