Simon Allen, former managing director of ABN Amro New Zealand, has been appointed chairman of the Financial Markets Authority.

Agria's partial takeover bid for PGG Wrightson has been endorsed by directors, but shareholder have been told to wait before accepting it - in case a rival bid emerges.

Just 6 per cent of investors think shares offer the best rate of return, while rental property is still a popular investment, according to a survey by ASB.

Tower, the insurer controlled by Guinness Peat Group, may return capital to shareholders, chairman Tony Gibbs told the annual meeting.