Increased Canterbury quake costs pushed Tower into the red this year
By Paul McBeth Nov. 20 (BusinessDesk) - Tower, the general insurer, says it will report an annual loss next week after raising its provisioning for the cost of the Canterbury earthquake caused by more expensive repairs and rebuilds from its outstanding claims. The Auckland-...
NZ dollar squeezes higher after Fed minutes hold no new clues on rate track
By Paul McBeth Nov. 19 (BusinessDesk) - The New Zealand dollar rose after minutes to the last Federal Reserve policy meeting showed an interest rate hike was still on the cards next month without offering more guidance, prompting some traders to cash in on their bets on the gr...
Fonterra exits Dairy Farmers of America joint venture, retains supply deal
By Paul McBeth Nov. 19 (BusinessDesk) - Fonterra Cooperative Group, the world's biggest dairy exporter, plans to sell its stake in the DairiConcepts ingredients joint venture with Dairy Farmers of America for some $196 million, after deciding it didn't fit the company's strate...
NZ sheep, beef farmers reap higher output prices in September quarter
By Paul McBeth Nov. 19 (BusinessDesk) - New Zealand sheep and beef farmers received higher prices for their products in the September quarter, outpacing the rise in the prices they paid in the period, according to the latest producers price index. Sheep, beef cattle and gra...
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