New Zealand commodity prices had their biggest decline since the height of the global financial crisis in 2008, led by falling dairy product prices. The ANZ Commodity Price Index fell 7.4 percent in April, the biggest decline since October 2008, when it fell by the same amount. The latest decline has reversed most of the gains seen since the start of the …

The liquidators of Western Pacific Insurance, which failed in the wake of the Christchurch earthquakes, say they’re likely to complete their five-year task in 2016, although quake claims alone may exceed the estimated recovery from reinsurers. The Queenstown-based insurance company appointed liquidators in April 2011 amid concern the firm may be insolvent. At the time it had about 7,000 policies with New Zealanders, which were subsequently …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has cut its forecast payout to farmers by 20 cents, blaming volatile global commodity prices and an over-supply in international markets. The Auckland-based companies has reduced its forecast farmgate milk price to $4.50 per kilogram of milk solids from $4.70/kgMS, and retained its estimated dividend range of between 20 and 30 cents, …