The New Zealand dollar fell after Reserve Bank governor Graeme Wheeler said he may intervene in currency markets if the kiwi stays strong in the face of falling dairy prices. The local currency dropped to 86.89 US cents from 87.41 cents immediate before the speech, 87.47 cents at 8am and 86.91 cents yesterday. The trade-weighted index fell to 80.43 from …

Dairy product prices recorded their sixth straight decline in the latest GlobalDairyTrade auction, returning to levels of a year ago and adding to expectations Fonterra Cooperative Group will trim its forecast for a record milk payout. The GDT price index fell 1.1 percent to US$3,950 a tonne, from US$4,047 a tonne two weeks ago, the lowest since February 2013. Some …

Maurice Williamson has resigned as minister of building, land information, customs and statistics after revelations he called a high-ranking police officer in connection with Chinese businessman Donghua Liu, who had been arrested on domestic violence charges. Williamson had previously lobbied ministerial colleagues to grant citizenship to Liu, who was behind a $70 million development in Newmarket, Auckland, the Herald reported. …

ANZ New Zealand posted a 27 percent gain in first-half cash profit, recording the biggest gain among the four operating divisions of Australia’s third-largest lender after growing its home loan book and cutting costs. Cash profit, which excludes non-core items, rose to $887 million in the six months ended March 31, from $697 million a year earlier, the Auckland-based lender said …

The value of cash market trading on the NZX dropped 20 percent in the first quarter while a rise in smaller transaction drove a jump in overall volumes on the New Zealand bourse. Total trades rose 35 percent to 313,903 in the three months ending March 31 from a year earlier, NZX said in a statement. Trades of less than $50,000 jumped …

Mighty River Power, whose shares have been below their listing price since May last year, named company insider Fraser Whineray as chief executive when long-serving CEO Doug Heffernan leaves at the end of August. Whineray is currently general manager of operations at the Auckland-based power company, which is about 52 percent owned by the government following its initial public offering …

The New Zealand dollar climbed above 86 US cents after the harsh US winter slowed growth more than expected in the world’s biggest economy and the Federal Reserve continued to trim its money printing programme. The kiwi climbed to 86.21 US cents at 8am in Wellington from 85.63 cents yesterday. The trade-weighted index advanced to 80.08 from 79.68. The greenback tumbled after …

US equities and bonds gained after the Federal Reserve indicated it will keep interest rates low for “a considerable time,” while also pointing to a pick-up in the economy. “Growth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions,” the Federal Open Market Committee said in a statement. …

New Zealand Oil & Gas is ramping up spending in exploration and evaluation as it looks to find replacements for its Kupe and Tui oil and gas fields. The Wellington-based company spent $25 million on exploration and evaluation in the three months ended March 31, according to its quarterly cash flow report. Both its Tui oil field and Kupe oil …

New Zealand business confidence extended its slide from a 20-year high, while remaining at elevated levels, amid expectations the central bank will continue to hike interest rates to quell inflation in an accelerating economy. A net 64.8 percent of firms are optimistic about general business conditions this month, down from 67.3 percent in last month’s survey and 70.8 percent in …