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Fletcher Building’s head of the distribution division, John Beveridge, has resigned after four years in the job. Beveridge will step down as chief executive of Fletcher’s distribution unit at the end of next month “to pursue personal interest,” the company said in a statement. He’s staying on to help smooth the transition period, and his successor will be made in …

The Reserve Bank was a net buyer of kiwi dollars in May, a month when the currency sank 5.6 percent against the greenback. The central bank made net purchases of some $90 million in New Zealand dollars in May, according to RBNZ figures. The kiwi dollar dropped to 80.72 US cents from 85.49 cents through May, and recently traded at …

Smiths City, the Christchurch-based retailer, boosted annual profit by 22.7 percent as a strong rural sector underpinned gains in the South Island. The shares climbed 10 percent to a three month high 65 cents. Net profit climbed to $5.4 million, or 10.21 cents per share, in the 12 months ended April 30, from $4.4 million, or 8.28 cents, a year …

Chorus, the network operator spun out of Telecom, will have to stump up $6.4 million for its share of the annual levy to fund commercially non-viable telecommunications services after raising concerns about its ability to recoup the cost. The Commerce Commission today set how much each of the 26 providers fingered will have to pay towards the Telecommunications Development Levy …

The New Zealand dollar gained after a report showed the US economy grew less than previously estimated in the first quarter, easing speculation the Federal Reserve will start slowing monetary stimulus any time soon. The kiwi rose to 77.91 US cents from 77.35 cents at 5pm in Wellington yesterday. The trade-weighted index increased to 73.60 from 72.98 yesterday. The local …

Equities on Wall Street and in Europe gained as investors found value, while a downgraded pace of economic growth for the US helped ease concern that the Federal Reserve is about to take its foot of the monetary stimulus pedal. America’s gross domestic product grew at a 1.8 percent annual rate in the first three months of the year, according …

Transpower, the state-owned electricity grid company, will pay a special dividend of $65.7 million to the government this month after concluding the sale of derivatives trading unit to ASX in May. The grid company sold d-cyphaTrade to Australian stock market operator ASX for A$55 million. It set the business up in 2002 to promote Australian exchange-traded electricity futures and to …

NorthWest International Healthcare Properties Real Estate Investment Trust, the cornerstone shareholder in Vital Healthcare Property Trust, may lift its stake to as much as 24.99 percent from 20 percent by participating in its $39.2 million rights offer. Vital plans to raise the funds through a one-for-10 pro rata renounceable rights issue at $1.275 a share, the manager of the medical …

Mainfreight, the global logistics company, intends mounting a compensation claim against the former owners of Netherlands-based Wim Bosman over the loss of a major customer. The company has “notified the former owner that it intends to bring a claim” but hasn’t started court proceedings, it said in a statement. Mainfreight bought Wim Bosman in 2011 for up to 120 million …

The New Zealand dollar gained as investors were reassured China’s central bank would help ease a credit crunch that sparked concerns about growth in the world’s second-largest economy. The kiwi edged up to 77.30 US cents from 77.16 cents at 5pm in Wellington yesterday. In the past 12 hours, the local currency has traded as low as 76.95 cents and …