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Shares in Methven fell 2.3 percent after chief executive Rick Fala will leave the tapware manufacturer in September. The shares fell 3 cents to $1.30, matching its lowest level this year on March 11. Fala leaves after 15 years in charge, and will stay on the board as an independent director. His decision to stay on the board comes after …

New Zealand shares fell after global transport group Mainfreight said full-year earnings would miss analyst estimates and Xero snapped a stellar run, falling from a record high as some investors took profits. The NZX 50 Index fell 6.92 points, or 0.2 percent, to 4342.50. Within the index, 23 stocks fell, 21 gained, and six were unchanged. Turnover was $165 million. …

The New Zealand dollar climbed to a three-week high after government figures showed the economy grew 1.5 percent in the final three months of 2012, almost twice the Reserve Bank’s forecast. The kiwi rose to 82.67 US cents at 5pm in from 82.27 cents at 8am and the same price yesterday. The trade-weighted index gained to 76.12 from 75.78 yesterday. …

The Serious Fraud Office is running two investigations relating to the Canterbury rebuild, with the SFO saying there’s evidence of other insurance fraud not serious enough for it to get involved. Separately, a unit of Fletcher Building defended its auditing of rebuild related invoices. The white-collar crime investigator has been keeping tabs on the $30 billion rebuild, which it expects …

Peter Masfen, a long-term backer of Pacific Edge, has sold 10 million shares in the Dunedin-based bladder cancer detection test inventor, taking advantage of a price that reached a record high this week on progress in the US market. The PH Masfen Charitable Trust trimmed its holding to 5.4 percent from the 8.988 percent stake his interests last disclosed in …

Mainfreight, the international logistics firm, is warning its operating earnings will be flat for the full financial year, with the second half weaker than the first six months. The company’s earnings before interest, tax, depreciation and amortisation for the year to March 31, due for release May 29, would be roughly the same as last year’s $138 million, Mainfreight said …

The New Zealand economy grew at the fastest quarterly pace in three years in the tail-end of last year as demand for forestry exports underpinned gains in the primary sector. The kiwi dollar climbed on the figures. Gross domestic product grew 1.5 percent to $36.81 billion in the three months ended Dec. 31, from a 0.2 percent pace in the …

A new kind of international pact to ensure taxes and customs duties are collected on goods bought online is proposed in new research by Victoria University’s New Zealand Institute for the Study of Competition and Regulation. Commissioned by Booksellers New Zealand, which has been battling falling local sales of books because of the onslaught of imported books which are ordered …

Rob Flannagan is to step down as managing director of Tower following the completion of the listed insurer’s strategic review and sale of its health and investment units. Flannagan will work out the 12 months of his notice, the company said in a statement. He has led Tower for seven years. “Tower now has a refreshed board with a clear …

The New Zealand dollar was little changed against the greenback ahead of figures forecast to show the economy picked up pace in the fourth quarter. It dropped against the euro on speculation may provide aid as an alternative to an EU bailout. The New Zealand dollar traded at 82.31 US cents from 82.27 cents at 5pm in Wellington yesterday. The …