The founding chief executive of MightyRiverPower, Doug Heffernan, will leave the company next year after 16 years at the helm under arrangements that trigger a $500,000 retention payment on top of his existing salary of almost $1.5 million last year. The arrangements mean Heffernan will see through the company’s partial privatisation and its first full financial year as a publicly …

Fonterra Cooperative Group, the world’s biggest dairy exporter, expects to pay 30 cents more to farmers per kilogram of milk solids as drought pushed up global dairy prices and the cooperative lifted first half profit by a third. The Auckland-based company will pay $5.80 per kgMS and expects to pay an annual dividend of 32 cents per share, meaning a …

Wall Street advanced as the latest US housing numbers confirmed expectations that the industry will sustain its recovery, underpinning optimism for the overall strength of the American economy. Residential real estate prices in 20 cities climbed 8.1 percent in January from the same time last year, posting the largest 12-month increase since June 2006, according to S&P/Case-Shiller data. And while …