Fonterra Cooperative Group posted full-year earnings that met its guidance as drought in the second half eroded returns from New Zealand Milk and rivalry eroded Australian margins, while sales grew in the rest of the world. Normalised earnings before interest and tax fell 3 percent to $1 billion, the Auckland-based company said in a statement. That meets the guidance it …

The New Zealand dollar weakened as investors sold off higher risk assets as they mull yet again the prospect of the US Federal Reserve pulling back its US$85 billion a month bond buying programme. The kiwi fell to 82.70 US cents at 8am in Wellington from 83.35 cents at the 5pm market close yesterday. The trade-weighted index slid to 77.10 …

Wall Street was mixed as investors weighed reports underpinning the recovery in the US housing market, with signs rising mortgage rates might curb home buyers’ appetites and consumer confidence remains weak. In late afternoon trading in New York, the Dow Jones Industrial Average slipped 0.11 percent. The Standard & Poor’s 500 Index rose 0.16 percent, and the Nasdaq Composite Index …