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ANZ says shift to single IT platform and restructure to cost $220m
ANZ New Zealand says its plans to put the ANZ and National Banks onto one IT platform and restructure management by laying off 45 staff and establishing a new structure will cost it a total of $220m.
NZ dollar near 6-month TWI low on quake and Libya
The New Zealand dollar has fallen to a near six-month low on a trade-weighted basis.
Christchurch earthquake: S&P continues to calculate insurance losses
Credit rating companies say there is no immediate need to change the credit ratings of insurers because of the Christchurch earthquake but Moody's Investors Service said ratings pressure may develop over time on the banking sector.
Christchurch earthquake to prompt OCR cut, says ASB economist
An ASB Bank economist says she expects Reserve Bank governor Alan Bollard to cut the official cash rate by 50 basis points to 2.5 per cent in part due to the economic impact of the Christchurch earthquake.
Kiwibank profits slump 41pc
Kiwibank says half year profits fell 41 per cent as bad debt provisions more than doubled.
Tourism Holdings resolves banking covenants issue
Tourism Holdings says it has resolved a banking covenants breach issue with its banks.
Nuplex paying $3m to shareholders over disclosure breach
Nuplex Industries will pay $3m to shareholders as part of a settlement with the Securities Commission after failing to disclose it breached a debt covenant in 2008.
Kiwi, interest rates plunge after Christchurch quake
The kiwi dollar plunged nearly one US cent after today's Christchurch earthquake.
Banks just too big to fail? Iceland shows otherwise
Decision to let banks go under looks smarter by the day, in contrast to Ireland's costly bailout, reports Yalman Onaran.
<i>Brian Fallow :</i> Credit threat reflects banks' imported savings reliance
No one likes to hear the name of his bank and the phrase "possible credit rating downgrade" in the same sentence.
Foreign investors keep piling into NZ govt debt
Foreign investors boosted their share of government debt on issue last month to just shy of $28b, as the Crown borrows $300m a week to maintain its spending programme.
Commodities rally overnight on China demand
Stocks on Wall Street were mixed as investors awaited a fresh reason to extend the rally, while commodities including oil, gold and copper were boosted on hopes that Chinese demand would remain strong.
Success: Business banks on mobile money
Cellphone entrepreneur tries again, with venture targeting emerging markets.