Banks' covid-related provisions likely much smaller in June qtr

Jenny Ruth
Fri, 31 Jul 2020

Jenny Ruth
Fri, 31 Jul 2020
Provisioning by banks for the impact of the coronavirus crisis is likely to have been considerably smaller in the June quarter than the huge provisions they made in March. That's according to a graph presented by Reserve Bank deputy governor Geoff Bascand during a speech to banking industry representatives. The graph shows bank impaired asset expense falling from very low monthly levels between January 2019 and February 2020 to more than $600 million in March and then shrinking to less than a fifth of that in April, May and June. RBNZ...
Tenancy law could turn good neighbourhoods into slums: landlords
Brent Melville | Thu, 06 Aug 2020

The new Residential Tenancies Amendment Bill 2020, which passed under urgency yesterday, got the balance right, placed reasonable requirements on both landlords and tenants and would endure through Ne...

MARKET OPEN: Kiwi holds its own as greenback falters, US equities push higher
Rebecca Howard | Thu, 06 Aug 2020

The kiwi dollar continues to hold its own as the greenback is weighed down by poor US data while the domestic share market may take cheer from a lift on Wall Street after positive earnings reports. ...

Listed Companies
Billion dollar hotel developments on backburner until better times
Brent Melville | Thu, 06 Aug 2020

Plans for at least 25 major hotel developments, valued at $2 billion, are gathering dust pending decisions on when, or if, construction will commence in the wake of border closures. The two dozen o...

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Don’t fear the robots. How software can help your business succeed

New Zealand businesses are on the road to recovery from the economic impact of the Covid-19 crisis but they, like corporates around the world, are having to change their operational practices.