New Zealand’s annual trade deficit unexpectedly shrank in May as exports rose more than forecast and imports lagged predictions. The country’s trade deficit fell to $2.57 billion in the 12 months through May, according to Statistics New Zealand. That was lower than the $2.66 billion annual deficit in April and the $2.9 billion forecast by economists in a Reuters survey. For …

Federated Farmers Bees, Honey Packers’ and Exporters’ Association, and National Beekeepers’ Association have all voted to proceed with plans to create a single national body for the apiculture industry. The industry bodies voted with a substantial majority to unify the industry at their respective annual meetings held after a four-day conference in Taupo, Fed Farmers said in a statement. The Apiculture Industry Unification Project’s …

The New Zealand dollar extended its recovery from a five-year low against a backdrop of increasingly investor concern about the negotiations between Greece and its international creditors. The kiwi rose to 69.15 US cents at 5pm in Wellington from 68.86 cents at 8am and 68.53 cents yesterday. It advanced to 61.70 euro cents from 61.32 cents yesterday. Greece has just five days to …

Vital Healthcare Property Trust, the listed hospital developer, has announced a A$14.5 million project for its South Eastern Private Hospital in Melbourne, and is expanding its land base in Newcastle. The development will add 60 new beds and more car parks to its Noble Park hospital, which is operated by Healthe Care, over the next 12 months, the Auckland-based property trust …

Precinct Properties New Zealand, which raised $174.1 million in March to help fund major developments, sold another property in Wellington’s central business district, while saying its latest valuation has bumped up the worth of its broader portfolio. The Auckland-based company agreed to sell its 171 Featherston St building to an undisclosed party for $76 million, which is in line with its latest …

Fonterra Cooperative Group had twice as many farms offer to supply milk for a guaranteed price for the upcoming season than last season amid uncertainty about when global milk prices will recover. A total of 45.2 million kilograms of milk solids was offered by 443 farms, exceeding the 40 million kgMS available under the guaranteed price, the Auckland-based milk processor said in a …

Independent Liquor (NZ), the liquor company owned by Japan’s Asahi Group, wrote off its remaining goodwill, partly offsetting gains from a multi-million dollar settlement with the former private equity owners over the price paid for the booze empire. The Papakura-based company founded by the late Michael Erceg reported a loss of $52.6 million in calendar 2014 compared with a loss of $41.6 million …

Air New Zealand, the national carrier, expects annual earnings to rise by as much as 60 percent, with benign trading conditions continuing into the second half of the year. The shares gained 2.2 percent to $2.58 in today’s trading. The Auckland-based airline forecasts normalised pre-tax earnings of between $520 million and $530 million in the 12 months ending June 30, up …

Landcorp Farming, New Zealand’s largest corporate farmer, said it doesn’t need to downgrade earnings guidance in the wake of falling dairy prices, after sheltering from volatility by locking in a guaranteed price at the start of the season. Dairy product prices slipped in this week’s GlobalDairyTrade auction to the weakest level in almost six years. State-owned Landcorp in October cut its forecast for this year’s …

Fonterra Cooperative Group, the world’s largest dairy exporter, sold its third dim sum bond, raising 1 billion Chinese yuan, or $230 million, with the proceeds helping fund the stake in Beingmate Baby & Child Food.  The five-year bond, which is priced in yuan but issued outside of China to tap international investors, will carry a 4 percent coupon, the Auckland-based company said. The cash …