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 …

The New Zealand dollar was little changed against its trans-Tasman counterpart after the Reserve Bank of Australia kept its key rate at a record low, while saying a weaker currency was desirable to foster balanced economic growth. The kiwi traded at 92.53 Australian cents at 5pm in Wellington from 92.65 cents immediately before the release, and 92.45 cents yesterday. It …