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The New Zealand dollar declined after better-than-expected US retail sales added to confidence the world’s largest economy is expanding, reducing demand so-called growth assets outside of the US including the kiwi. The kiwi dollar fell to 82.53 US cents from 83.05 cents yesterday. The trade-weighted index weakened to 77.19 from 77.67. A report late yesterday showed US retail sales posted …

PGG Wrightson, the rural services company which fell out of the NZX 50 Index this year, expects annual earnings to fall by as much as 27 percent as dry conditions on both sides of the Tasman and lower livestock values erode prices. The Christchurch-based company expects earnings before interest, tax, depreciation and amortisation of between $40 million and $48 million …

The Standard & Poor’s 500 Index touched a fresh record high, as US retail sales unexpectedly rose in April, before giving up gains. In afternoon trading in New York, the Dow Jones Industrial Average fell 0.21 percent, while the S&P 500 slipped 0.07 percent. The Nasdaq Composite Index eked out a 0.07 percent gain. The S&P 500 touched a record …

Chinese food giant Bright Dairy & Food will give up its controlling stake when local dairy processor Synlait Milk is listing on the stock exchange, retaining its stake without participating in the share sale. Shanghai-based Bright Dairy is expected to keep its investment, diluting its 51 percent stake into the 40s. Other shareholders will have the opportunity to sell some …

ACT New Zealand Primary Industries spokesman Don Nicolson called for an urgent inquiry into monopoly kiwifruit exporter ZESPRI International’s operations after allegations of dodgy business practices were highlighted on TVNZ’s ‘One News’ last night. It is alleged that ZESPRI had full knowledge of the actions of their importer in China and was complicit in their actions to defraud the Chinese …

Synlait Milk, the dairy company controlled by China’s Bright Dairy & Food, is considering an initial public offering in New Zealand three years after abandoning such a capital raising because of lack of investor demand. Bright Dairy emerged with a 51 percent stake in 2010, paying $82 million and said at the time it would consider a share market listing …

The New Zealand Superannuation Fund has excluded Barrick Gold, the world’s biggest gold miner, and an African subsidiary from its $22 billion investment fund, citing its human rights and environmental record. The Canada-based mining giant, which has a market capitalisation of C$21 billion, didn’t meet the human rights and environmental standards of the UN Global Compact, which the Super Fund …

The New Zealand dollar may decline this week as a resurgent US currency is buoyed by optimism growth is accelerating in the world’s largest economy. The kiwi dollar recently traded at 82.77 US cents, from 82.98 cents late Friday in New York, and earlier touched a seven-week low of 82.58 cents. The dollar may trade in a range of 81.50 …

Key environmental groups have signed up to a proposal which would allow both ecological restoration and intensive dairying to occur in the Mackenzie Country. The newly unveiled Mackenzie Agreement is the product of three years’ consensus-building led by Guy Salmon, a close adviser to Cabinet Minister Nick Smith and an architect of the collaborative process behind the Land and Water …

The Tiwai Point aluminium smelter is “losing millions of dollars every month” and can ill-afford to give shift workers a 50 percent increase in leave without increasing hours worked, the company says. The smelter owner, New Zealand Aluminium Smelters, says it will appeal an Employment Relations Authority decision that overturns its 20-year practice of applying a “lieu days benefit”, which …