The New Zealand dollar, which has gained 11 percent from its lows a year ago on a trade-weighted basis, is “significantly overvalued,” Reserve Bank governor Graeme Wheeler says. He made the comments at a media briefing in Wellington following the release of the bank’s six-monthly financial stability report, which highlighted the risks of an overheating housing market. The bank expects …

The impact of drought in February, March and April on dairy farms was greater than Fonterra Cooperative Group anticipated, with milk collection down 0.5 percent in the first 11 months of the season. The Auckland-based company collected 1.414 million kilograms of milk solids in the latest 11 months, from 1.421 million kgMS in the same period a year earlier, it …

Synlait Milk, which operates the largest purpose built infant formula plant in the southern hemisphere, will spend $15 million to enable its factory to produce more soluble powder for China’s expanding US$15 billion market. The move will enable Canterbury-based Synlait to better compete with Dutch-based FrieslandCampina which operates the world’s only other factory able to produce lactoferrin as a spray …