The New Zealand dollar rose above 83 US cents after dairy prices surged at Fonterra Cooperative Group’s latest online auction, as drought threatens to engulf most of the North Island. The kiwi climbed to 83.18 US cent at 8.30am in Wellington from 82.92 cents yesterday. The trade-weighted index advanced to 76.34 from 76.12. The average price across all products sold …

The Dow Jones Industrial Average climbed to a record on optimism the US economy remains on track for a sustained recovery, while China showed it’s determined to revive growth with plans for a record level of government spending. In afternoon trading in New York, the Dow Jones Industrial Average was last up 1.01 percent to 14,269.04, surpassing its previous intraday …

Prices of dairy products surged to the highest since June 2011 in Fonterra’s latest GlobalDairyTrade auction with the prospect of New Zealand production curtailed by drought in the North Island. The GDT-TWI Price Index rose 10.4 percent compared to the last sale two weeks ago, the biggest increase since the June 5, 2012, sale and the sixth straight gain. The …