Todd Property Group, the property development arm of the country’s wealthiest family, has bought the beleaguered Pegasus Town development in North Canterbury out of receivership. The property unit said it expects to complete the Pegasus development in 2015, without disclosing how much it paid. The acquisition is Todd Property’s first in the South Island, and represents its confidence in Christchurch’s …

New Zealand shares fell for a second day, retreating from a five-year high as Chorus extended its slide on concerns about price regulation and Xero fell from a record high. The NZX 50 Index dropped 33.396 points, or 0.8 percent, to 4015.69. Within the index, 29 stocks fell, nine rose and 12 were unchanged. Turnover was about $190 million, with …

The New Zealand dollar followed its Australian counterpart higher after the Reserve Bank of Australia cut interest rates to a level not seen since 2009 in a bid to revive economic activity as the resources boom peters out. The kiwi rose to 82.29 US cents at 5pm in Wellington from 82.04 cents immediately before the RBA announcement, and was up …