Mighty River Power, whose shares have been below their listing price since May last year, named company insider Fraser Whineray as chief executive when long-serving CEO Doug Heffernan leaves at the end of August. Whineray is currently general manager of operations at the Auckland-based power company, which is about 52 percent owned by the government following its initial public offering …

The New Zealand dollar climbed above 86 US cents after the harsh US winter slowed growth more than expected in the world’s biggest economy and the Federal Reserve continued to trim its money printing programme. The kiwi climbed to 86.21 US cents at 8am in Wellington from 85.63 cents yesterday. The trade-weighted index advanced to 80.08 from 79.68. The greenback tumbled after …

US equities and bonds gained after the Federal Reserve indicated it will keep interest rates low for “a considerable time,” while also pointing to a pick-up in the economy. “Growth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions,” the Federal Open Market Committee said in a statement. …