Finance

Explore the latest finance news by Business Desk. 
Reserve Bank warns consultation on bank capital ends this week
Jenny Ruth | Mon, 13 May 2019

By Jenny Ruth May 13 (BusinessDesk) - The Reserve Bank says it has received 90 formal submissions on its proposal to near double the minimum amount of tier 1 capital banks have to hold and is warning that submissions close this Friday. Meanwhile, ASB Bank’s Australian paren...

Regulators prod NZ insurers on 'dire' conduct report
Paul McBeth | Fri, 10 May 2019

By Paul McBeth May 10 (BusinessDesk) - New Zealand insurers have been steered to lessons from Australia's royal commission on banking when responding to the "dire" findings of a local conduct and culture investigation earlier this year. Last week, officials from the Financi...

Have your say on what can be done to revive NZ's capital markets
Jenny Ruth | Thu, 09 May 2019

By Jenny Ruth May 9 (BusinessDesk) - Is it all the fault of journalists focusing only on poorly performing listed companies, or is it just that New Zealanders highly value their privacy and anonymity? Or is it just that NZX’s listing rules and its continuous disclosure requ...

Wrightson to return a lower $235M to shareholders; CEO Glasson leaving
Paul McBeth | Wed, 08 May 2019

By Paul McBeth May 9 (BusinessDesk) - PGG Wrightson plans to return $235 million to shareholders via a share buyback, less than previously flagged, now the sale of its seeds division to Denmark's DLF Seeds has left it flush with cash.  The board intends to return 31 cents a...

Economists say more RBNZ rate cuts are coming
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank of New Zealand cut rates by 25 basis points to a record low 1.5 percent and economists expect it to cut again.  Changes to the central bank’s forecasts in the latest monetary policy statement now show a chance for an...

UPDATE: NZ central bank cuts rates, signals more to come
Rebecca Howard | Wed, 08 May 2019

(Adds detail throughout) By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank cut the official cash rate by 25 basis points to a record low of 1.5 percent and signaled more cuts to come. The New Zealand dollar fell.  "The Monetary Policy Committee decided a lower OC...

NZ central bank cuts rates, signals more to come
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank cut the official cash rate by 25 basis points to 1.5 percent and signaled more cuts to come. The New Zealand dollar fell.  "The Monetary Policy Committee decided a lower OCR is necessary to support the outlook for em...

New book says South Canterbury Finance receivership was bungled
Jenny Ruth | Tue, 07 May 2019

By Jenny Ruth May 8 (BusinessDesk) - McGrathNicol has been accused of mismanaging the South Canterbury Finance receivership by selling its assets too fast at fire-sale prices and charging outsized fees. Kapiti Coast financial advisor Chris Lee’s new book, The Billion Dollar...

Short-term inflation expectations lift in RBNZ survey
Rebecca Howard | Tue, 07 May 2019

By Rebecca Howard May 7 (BusinessDesk) - Business managers and finance professionals lifted their short-term inflation expectations in the latest Reserve Bank survey but held their longer-dated view steady.  Respondents to the central bank's quarterly survey predict consume...

Genesis seeks buyer for $18M of customer debt
Gavin Evans | Tue, 07 May 2019

By Gavin Evans May 7 (BusinessDesk) - Genesis Energy is aiming to sell up to $18.4 million of debt it has been unable to recover from its retail customers. The country’s biggest electricity and gas retailer is seeking quotes from firms interested in buying the debt and reco...

KiwiSaver the favoured investor vehicle, survey shows
Paul McBeth | Tue, 07 May 2019

By Paul McBeth May 7 (BusinessDesk) - KiwiSaver is the country's favourite investment asset class, closely followed by an old-fashioned savings account, although Kiwis still largely see residential property as the way to get ahead.  Kiwi Wealth's inaugural State of the Inve...

UPDATE: Westpac NZ delivers 15% lift in first-half net profit
Jenny Ruth | Mon, 06 May 2019

(Updates with comment from David McLean from 5th par) By Jenny Ruth May 6 (BusinessDesk) - Westpac New Zealand will have brought a note of cheer to its parent’s dismal results as fixing problems revealed by the royal commission into financial services continue to dog the Au...

Class action against Southern Response gains Aussie funder
Jenny Ruth | Sun, 05 May 2019

By Jenny Ruth May 6 (BusinessDesk) - About 3,000 Canterbury residents who believe they were short-changed in their insurance settlements with Southern Response now have the backing of an Australian litigation funder for their roughly $300 million claim. Lawyer Grant Cameron...

Reserve Bank's rate cut decision on a knife edge
Rebecca Howard | Sun, 05 May 2019

By Rebecca Howard May 3 (BusinessDesk) - Will New Zealand's new monetary policy committee opt to cut or will it hold? Markets are split, as are economists with Westpac Bank saying the decision is "on a knife edge" and ASB Bank calling it "finely balanced."  Market pricing p...

UPDATE: ANZ warns farmers RBNZ intervention may mean higher borrowing costs
Jenny Ruth | Fri, 03 May 2019

(Updates with comment from Mark Hiddleston from 12th par) By Jenny Ruth May 3 (BusinessDesk) - ANZ Bank has warned its farming customers they face higher borrowing costs almost immediately due to Reserve Bank intervention, even though wholesale interest rates have been fall...

Spheria Asset Management takes A$4.8M stake in NZME
Paul McBeth | Thu, 02 May 2019

By Paul McBeth May 3 (BusinessDesk) - Spheria Asset Management spent A$4.8 million building up a 5.3 percent stake in NZME to become the latest Australian fund manager to take a punt on the Kiwi media group.  The Sydney-based firm bought almost 10.4 million shares at an ave...

AMP's NZ wealth management arm suffers Q1 cash outflow
Jenny Ruth | Thu, 02 May 2019

By Jenny Ruth May 2 (BusinessDesk) - AMP’s New Zealand wealth management business suffered a net cash outflow of A$52 million in the March quarter, a big turn-around from a net inflow of A$53 million in the same quarter of last year. That suggests the kiwi branch may be suf...

UPDATE: BNZ lifts first-half profit 12.2% as lending grows and margins fatten
Jenny Ruth | Thu, 02 May 2019

(Updating with comment from 7th paragraph) By Jenny Ruth May 2 (BusinessDesk) - Bank of New Zealand’s first-half net profit jumped 12.2 percent, boosted by gains on the sale of its 25 percent stake in Paymark and increased business and housing lending. The bank, which is...

ANZ CEO says he's taking Adrian Orr at his word on bank capital consultation
Jenny Ruth | Wed, 01 May 2019

By Jenny Ruth May 1 (BusinessDesk) - ANZ’s New Zealand chief executive says he’s taking Adrian Orr at his word that the Reserve Bank governor has an open mind on bank capital requirements and will treat the current consultation period as genuine. David Hisco says Orr has pe...


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