OceanaGold Corp, the Melbourne-based mining group, plans to scale back its operations and shed staff at the Macraes goldfield in Otago in response to a falling gold price, and has flagged smaller production and an impairment charge in 2014. The mining group’s board has signed off on a plan to cut costs at Macraes, which has been operating for 23 …

The New Zealand dollar rose to a three-week high against the Australian dollar overnight as investors bet the fundamentals for the kiwi are more favourable than for its Australian counterpart this year. The kiwi touched 92.98 Australian cents overnight and was trading at 92.76 cents at 8am in Wellington, from 92.50 cents at 5pm yesterday. The local currency edged up …

Equities and bonds advanced as a larger-than-expected drop in the US trade deficit bolstered optimism about the accelerating pace of growth in the world’s largest economy, while a Federal Reserve official recommended maintaining a high level of stimulus. The US trade deficit narrowed more than expected in November, shrinking 12.9 percent to US$34.3 billion, Commerce Department data showed. “The report …