Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity. The bombshell disclosure has the capacity to upset the government’s plans to partially privatise state-owned electricity company MightyRiverPower. Offer documents are due for release in about a fortnight, with listing …

New Zealand shares rose, with units of the Fonterra Shareholders’ Fund gaining strongly as the multi-national, Auckland-based dairy cooperative announced better than expected half year results. The NZX 50 Index rose 66.032 points, or 1.52 percent, to 4,412.059 . Within the index, 31 stocks gained, 13 fell and six were unchanged. Turnover was $98.78 million. Fonterra units rose 5.67 percent …

The New Zealand gained against most of its major trading partners and was little changed against the greenback as investors seek out relatively safe places for their cash as the impact of the Cyprus bailout washes through the rest of Europe. The kiwi was little changed at 83.77 US cents at 5pm in Wellington from 83.81 cents at 8am and …