Briefs

New RBNZ chairman

University of Waikato vice-chancellor Professor Neil Quigley has been elected as chairman of the Reserve Bank, replacing Dr Rod Carr. The Reserve Bank said Carr, the vicechancellor at the University of Canterbury, had advised the board ‘‘some months ago’’ that he would not be seeking a further term on the board when the current term ends in July 2017. ‘‘In light of that decision he had decided to step down as chair,’’ the Reserve Bank said. Quigley became chairman on Friday. Finance Minister Bill English said Quigley ‘‘has had a distinguished academic and consulting career’’. He was first appointed to the board of the Reserve Bank in 2010.

Rising coffee prices

The buzz of the morning alarm might start to sound even more painful thanks to topsy-turvy weather in Brazil that is pushing up the cost of commodities that find their way into your breakfast drink. Across the country’s coffee belt, dry weather is hurting production of arabica and robusta beans. At the same time, too much rain in citrus areas hampered production of orange juice, while frost in sugar-growing regions has cut yields. Brazil is the world’s biggest producer and exporter of all three products. Sugar and orange-juice futures in New York are already trading close to four-year highs. Arabica coffee, the variety favoured by global giant Starbucks, last week reached its highest point since February 2015.

Hellaby takeover bid

A proposed takeover of Hellaby Holdings will rev up the automotive parts market in New Zealand, the Australian company launching the bid says. Listed Australian autoparts company Bapcor said yesterday it wanted to take over Nzx-listed Hellaby for $322.5 million. Bapcor has a chain of more than 750 stores in Australia including Midas and Autobarn. Hellaby’s businesses are based in the footwear, automotive, resources and equipment industries. Bapcor chief executive Darryl Abotomey said a successful takeover of Hellaby would make the new company the clear Australasian leader in the automotive market.