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Plan To Legislate Code Of Practice For Reverse Mortgages

By Maggie Tait of NZPA Wellington, June 18 NZPA - Social Development Minister Ruth Dyson today said the Government was looking at a mandatory code of practice, to protect the elderly, for those offering reverse mortgages.

NZ Sharemarket Benchmark Index Falls To 27-month Low

Wellington, June 17 NZPA - The sharemarket top 50 benchmark index today fell to its lowest level since March 2006. The NZSE-50 fell to 3395.858 at 10.44am today, marginally beating the previous year low of 3395.859 set on March 27. The index was down 10.439 points today.

NZ Victim Of `Elephant Man' Trial Has A Child

Wellington, June 15 NZPA - The New Zealander who became known as the "Elephant Man" due to the violent reaction he had in a drugs trial, has become a father.

Banks Move To Lower Mortgage Rates Since OCR Statement

Wellington, June 12 NZPA - A fall in mortgage rates which started with last week's Reserve Bank statement has now seen a widespread move by banks to lower rates. A standard two-year fixed rate of 9.2 percent is now common.

Veda Reports 5 Pct Rise In Mortgage Applications In May

Wellington, June 10 NZPA - A small rise in mortgage application figures released by credit information provider Veda Advantage is being viewed as a "hint" of some stability in the housing market.

Postie Plus Group Reports 7.5 Pct Q3 Sales Fall To $29.5m

Wellington, June 9 NZPA - Retailer Postie Plus Group is reporting a 7.5 percent fall in third quarter sales to $29.5 million. That took sales for the nine months to the end of April to $95.3m, down 1.75 percent from $97m in the corresponding period a year earlier.

Sutch Family Vindicated By File Release

Wellington, June 6 NZPA - The spy scandal that engulf ed senior civil servant Bill Sutch had its final chapter today with the release of his Security Intelligence Service (SIS) file which vindicates him and provides relief for his family.

Westpac, ASB Cut Home Lending Rates As RBNZ Signals Rate Cut

Wellington, June 5 NZPA - Westpac and ASB Bank cut fixed home lending rates today after the Reserve Bank signalled an interest rate cut by the end of the year.

Bollard Throws Out Rates Lifeline In Face Of Sinking Economy

By Simon Louisson of NZPA Wellington, June 5 NZPA - Reserve Bank (RB) governor Alan Bollard threw borrowers an interest rate lifeline today in the face of a rapidly sinking economy and inflation soaring to 4.7 percent.

RB Expects Inflation To Leap To 18-year High Of 4.7 Pct

By Simon Louisson of NZPA Wellington, June 5 NZPA - The Reserve Bank today said it expects the annual inflation rate to leap to 4.7 percent this year, the highest level in 18 years, but bank governor Alan Bollard still signalled a cut in interest rates.

RB Forecast 4.7 Percent CPI, But Signals Rate Cut This Year

Wellington, June 5 NZPA - A sharp decline in jobs and retail sales in the March quarter were insufficient to persuade Reserve Bank Governor Alan Bollard to cut interest rates today.

OECD Gives Tax Cuts A Tick

Wellington, June 4 NZPA - Personal and corporate income tax cuts are a good use of the budget surplus to counter economic slowdown, according to the latest OECD report on the New Zealand economy.

Clark Waiting For National To `Show And Tell'

Wellington, June 3 NZPA - Prime Minister Helen Clark says opinion polls won't show the true level of the Government's support until the National Party reveals its policies and says how it will pay for them.

Lombard Group Sinks To Heavy Annual Loss On Finance Co Writeoffs

Wellington, May 30 NZPA - Lombard Group sank to a $21.8 million annual net loss after directors decided to write down its Lombard Finance and Investments Ltd business, which was placed in receivership in April.

Nelson Families Face Mortgage Increases Of $160 A Week, MP Says

Wellington, May 28 NZPA - Mortgage rate rises are costing families in Nelson an extra $50 million a year, Parliament was told today.

Short-Term ANZ National Bank Home Lending Rates Rise

Wellington, May 27 NZPA - ANZ National Bank is increasing its short-term fixed mortgage lending rates tomorrow, but cutting some longer-term rates by 15 basis points. The owner of the ANZ and National Bank is also increasing deposit rates by up to 50 basis points.

Sluggish Business Confidence A Concern - National Bank

Wellington, May 27 NZPA - Business confidence remains low in May, depressed by slowing economic growth and rising costs, the National Bank said.

Impact Of Tax Cuts On Interest Rates Played Down

The Government and National both believe large-scale tax cuts can be delivered without delaying mortgage interest rate relief for struggling families.

Tax Cuts Won't Push Out Interest-rate Cuts - Political Parties

Wellington, May 23 NZPA - The Government and National both believe large-scale tax cuts can be delivered without delaying mortgage interest rate relief for struggling families.

Dr Cullen's Gamble Will Hit Jobs And Our Wallet

By Simon Louisson of NZPA Wellington, May 23 NZPA - On Thursday week we are likely to know how much of Finance Minister Michael Cullen's budget largesse will be clawed back.

Cullen Finally Delivers Tax Cuts

Finance Minister Michael Cullen has played what could be one of his last political aces and delivered tax cuts in his ninth budget today.

Cullen Delivers One Of His Last Political Aces -- Tax Cuts

By NZPA Political Reporters Wellington, May 22 NZPA - Finance Minister Michael Cullen has played what could be one of his last political aces and delivered tax cuts in his ninth budget today.

Dalziel Acts To Speed Up Finance Company Prosecutions

Criminal prosecutions against finance companies that have misled investors will be funded from the Securities Commission's litigation fund, Commerce Minister Lianne Dalziel said today.

Minister Moves To Speed Up Finance Company Prosecutions

Wellington, May 21 NZPA - Criminal prosecutions against finance companies that have misled investors will be funded from the Securities Commission's litigation fund, Commerce Minister Lianne Dalziel said today.

90-year-old Faces Losing Her Home Over Blue Chip Investment

Wellington, May 21 NZPA - Commerce Minister Lianne Dalziel this morning gave an impassioned plea for lenders owed money by people who invested in failed Blue Chip companies not to make demands until investigations are complete.

IMF Says NZ Faces Risks Over Addiction To Offshore Funding

Wellington, May 20 NZPA - The International Monetary Fund (IMF) has raised concerns about disruptions to New Zealand's access to offshore funding, but says its sound banking system and focus on inflation would help cushion the economy.

Expectations Of Lower House Prices Rise Dramatically: Survey

Wellington, May 20 NZPA - Expectations of lower house prices in the next year have increased dramatically, the latest ASB housing confidence survey shows.

National Yawns At `Re-Announcement' Of Shared Equity Scheme

Wellington, May 16 NZPA - National says the Government's shared equity housing scheme has been announced several times before, while ACT has dismissed it as an election-year bribe.

Budget To Put $35m Into Shared Equity Pilot

Wellington, May 16 NZPA - The Government will spend $35 million on a two-year shared equity pilot to assist up to 700 households into starter homes, Housing Minister Maryan Street said in a pre-budget announcement this morning.

Kiwibank Cuts Two-year Rate To Below 9pc

By Simon Louisson of NZPA Wellington, May 16 NZPA - Kiwibank today cut its key two-year mortgage lending rate for the second time in under a month. The state-owned bank cut its rate to 8.99 percent from 9.29 percent.

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