Several months behind schedule, the New Zealand Defense White Paper was released last week in Wellington. It has earmarked funding of around NZ$20 billion (US$14 billion) over 15 years for defense, which will be used, among other things, to replace frigates and aircraft and to provide the New Zealand Defense Force with a cyber warfare capability. This investment is the …

  BLOOMBERG Increasing odds of a U.K. exit from the European Union boosted demand for havens, sending Germany’s 10-year bond yields below zero for the first time. Stocks fell and the pound slumped to a two-month low. Treasuries also jumped and yields fell to records in Australia and Japan after four polls showed the campaign to take the U.K. out …

  Bloomberg A supply crunch in cocoa that’s boosted prices will last until year-end, when production may rebound in West Africa, according to Sucres et Denrees SA. The worst desert winds in three decades that reduced the quality of cocoa in West Africa means some beans won’t be processed this season, making an expected shortage of 280,000 metric tons appear …