The New Zealand dollar fell about half a US cent after tepid local inflation pushed out the likely timeline for future interest rate hikes and cleared the way for a lower currency. The kiwi fell as low as 78.63 US cents from 79.09 cents immediately before the inflation data was released, and was recently trading at 78.71 cents. Statistics New …

Fletcher Building has won a contract to build 237 homes on an 11.5-hectare Crown-owned site in Christchurch, including 89 which will be priced below $400,000, Housing Minister Nick Smith said. Construction is expected to begin by the end of the year at a build rate of 10 homes a month and a completion date of 2017, Smith said in a statement. The land …

Restaurant Brands New Zealand, the nation’s largest fast food operator, raised its annual profit forecast as it benefits from lower input costs, higher sales and restructuring of stores. The shares rose to a record. Full-year profit, excluding the sale and leaseback of stores, will exceed $22 million, the Auckland-based company said in a statement. That’s higher than the company’s $20 million forecast …