The New Zealand dollar fell after prices for the nation’s largest commodity export declined in the latest GlobalDairyTrade auction overnight. The kiwi weakened to 77.91 US cents at 8am in Wellington, from 78.76 cents at 5pm yesterday. The trade-weighted index dropped to 78.25 from 78.71 yesterday. Dairy product prices slipped to a fresh five-year low in the latest fortnightly auction, because of a drop in …

Dairy product prices slipped to a fresh five-year low in the latest GlobalDairyTrade auction, because of a drop in whole milk powder. The auction follows figures showing New Zealand’s terms of trade fell from a 40-year high in the third quarter, led by an 11 percent drop in prices of exported dairy products. In November, New Zealand commodity prices fell …

The Supreme Court has dismissed an application by property developer Arthur Morgenstern for leave to appeal a Court of Appeal order for him to pay $3.5 million for breaching directors’ duties. In a written judgment citing the reasons for rejecting the application, the Supreme Court said the proposed appeal doesn’t raise a question of law of public or general importance …