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The New Zealand dollar extended its slide after figures showed the current account deficit widened more than expected in the fourth quarter and the bailout impasse in Cyprus kept the US dollar well bid. The kiwi dollar fell to 82.28 US cents in late New Zealand trading from 82.51 cents immediately before the balance of payments figures. The trade-weighted index …

By Kirsten Paterson The volume of dairy products offered in the latest GlobalDairyTrade auction fell to the lowest level in almost two years as drought in the North Island curbed milk production. Fonterra Cooperative Group indicated to the market in late January that the volume of product being placed on the GDT was likely to decline over the coming months …

Auckland International Airport and Warehouse Group are backing a scheme to deepen the pool of directors in New Zealand and up skill a new generation of business people. Under the Future Directors scheme, which is to be administered by the NZ Institute of Directors, young professionals will be placed on the boards of public companies for 12 months. While they …

New Zealand’s current account deficit widened more than anticipated in the three months to Dec. 31, clocking in at $10.5 billion for the 2012 calendar year, or 5 percent of gross domestic product. Contributing to the rise was an increase in dividends paid to foreign investors, although foreign earnings by New Zealand companies in the quarter reached a five year …

Prices of dairy products surged to the highest in two years in Fonterra’s latest GlobalDairyTrade auction as drought curtails production in the North Island. The GDT-TWI Price Index rose 14.8 percent compared to the last sale two weeks ago, the biggest increase since the Sept. 1, 2010, sale and the seventh straight gain. The average winning price rose to US$4,683 …

Concern about Europe’s squabbling over a palatable plan to save Cyprus from financial collapse weighed on Wall Street, even as the latest US housing data showed further signs of a sustainable recovery in the industry. Cyprus President Nicos Anastasiades said that lawmakers are likely to reject a plan to tax bank deposits, even as it was amended to protect those …

ANZ reports the  GDT-TWI index rose a massive 14.8 per cent overnight as there was a scramble to secure reduced New Zealand ’s supply before the end of the season. Wholemilk powder prices hit its highest level ever, rising 21.2 per cent to US$5,116 per tonne. This will certainly increase the pressure for a further increase in the 2012-13 milk …

CYPRUS REJECTS LEVY PROPOSAL: Overnight, the focus remained on the Cypriot deposit levy/bailout issue.  In latest news the vote of ‘Plan B’ has just failed. Overnight the Cyprian parliament debated a ‘Plan B’ as they rejected the current governing party’s request to postpone the vote and ‘Plan A’ was a show stopper. ‘Plan B’  was  only slightly modified from the first cut as …

New Zealand shares rallied late in the day, after suffering from the same negative sentiment induced in other overseas markets by the banking crisis in Cyprus. The NZX 50 Index rose 4.016 points, or 0.093 percent, to 4,345.040 after spending most of the day in negative territory. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover …

The New Zealand dollar was little changed after the Reserve Bank of Australia released minutes of its last policy meeting, giving little further in the way of clues to its interest rate intentions. The kiwi dollar traded at 82.48 US cents, little changed from the start of New Zealand trading and up from 82.33 cents the previous day. The trade-weighted …