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NZF Profit Down But Revenue Up

Wellington, April 30 NZPA - NZF Group has reported a 44 percent drop in annual net profit to March. The finance company, which recently changed its name from New Zealand Finance Holdings, increased revenue by 17 percent to $45.8m.

Cutting GST On Food Would Be Complicated To Administer -- PM

Wellington, April 28 NZPA - Removing GST on food would make the system complicated to administer, Prime Minister Helen Clark says. She also said today that lowering GST across the board was not an idea that has been floated in discussions on tax relief.

Blue Chip Liquidator Says No Forced Mortgagee Sales Yet

Wellington, April 24 NZPA - The liquidator for Blue Chip property investment companies said that funders of investors' loans had not forced any mortgagee sales, although some letters of default had been sent out.

How Significant Is Dr Bollard's Use Of The Word `Significant'?

By Michael Daly of NZPA Wellington, April 24 NZPA - Just how significant is the word "significant"?

Kiwibank Slashes Two-Year Lending Rate After RB Statement

Wellington, April 24 NZPA - Kiwibank stole a march on its overseas-owned rivals today by slashing a key lending rate within an hour of the Reserve Bank saying it was keeping official interest rates unchanged.

RB Leaves Rates Unchanged But Bollard's Stance Seen As Softer

Wellington, April 24 NZPA - Reserve Bank Governor Alan Bollard left official interest rates unchanged today as expected, but his statement was seen as a softening of his hardline anti-inflation stance as he acknowledged the economy had slowed faster than anticipated.

OCR Left Unchanged Despite Economy Slowing Faster Than Expected

Wellington, April 24 NZPA - Reserve Bank Governor Alan Bollard has left the official cash rate (OCR) unchanged at 8.25 percent, as widely predicted, while acknowledging the economy has slowed faster than he expected.

Website For Personal Finance Launched

Wellington, April 22 NZPA - A news website on personal finance news has been rolled out by Wellington-based online publisher Digital Advance.

Credit Crunch Will Sock New Zealanders With Double Punch - KPMG

By Simon Louisson of NZPA

No Early Tax Cut, Cullen Indicates

Finance Minister Michael Cullen has given a strong indication that the Government's tax cuts won't start until April next year.

NZ Will Have To Swallow Sub-Prime Medicine -- KPMG Bank Survey

Wellington, April 22 NZPA - New Zealanders will feel the effects of the US sub-prime mortgage crisis as banks curtail lending, accounting firm KPMG said in its annual survey of the banking industry today.

Westpac Increases Bank Market Share In NZ But At A Cost - Survey

Wellington, April 22 NZPA - Westpac was the most active bank in this country in lending to the housing sector last year, but it sacrificed interest margin for market share, a survey out today showed.

No Early Tax Cut, Cullen Indicates

Wellington, April 21 NZPA - Finance Minister Michael Cullen has given a strong indication that the Government's tax cuts won't start until April next year.

Lombard Parent Sells Asset

Wellington, April 21 NZPA - Lombard Group, whose finance subsidiary was placed in receivership earlier this month, has sold its online insurance and mortgage facilitation business, Maestro Commerce Ltd.

Affordable Housing Heating Up As Election Issue

Housing Minister Maryan Street told delegates at the Labour Party Congress today details of how a proposed shared equity scheme may work, including capping capital gain home owners could get under it.

Lombard Finance Owed $15m By Blue Chip Entities

Wellington, April 11 NZPA - The Lombard Group finance company placed into receivership last night had a concentrated loan book, with five borrower groups accounting for 80 percent of the 28 individual loans, receivers said today.

Some MPs Look After Their Retirement Better Than Others

The annual register of MP's financial interests was published today, and as usual gave no indication of how much they're worth. It sets out where their assets are invested, how many properties they own and gives details of their overseas travel without saying how much it cost.

Tower-Promoted 1st Mortgage Fund Uncompetitive, Being Wound Up

Wellington, April 7 NZPA - A $242 million first mortgage fund promoted by Tower Ltd is being wound up as high interest rates offered by banks make it uncompetitive and redemptions increase.

NZX To Query Lombard Over Disclosure About Finance Company

Wellington, April 4 NZPA - The NZX will query Lombard Group about whether it kept the market properly informed, after its subsidiary became the latest entry on the list of casualties in the finance company sector.

Lombard Finance Company's Hopes Hang On Moratorium, Shares Slide

Wellington, April 3 NZPA - Lombard Group's problems with a subsidiary means that more than $2 billion of investors' money has now been caught up in the failure of 17 finance companies.

Lombard Shares Fall On Finance Company Moratorium

Wellington, April 3 NZPA - Lombard Group shares plunged 29c to 50c today after the company announced a moratorium of payments by its finance company.

Lombard Suspends Payments To Investors

Wellington, April 3 NZPA - Another finance company is in trouble.

NZ Economy Ends 2007 Strongly, But Growth Expected To Slide

Wellington, March 28 NZPA - The New Zealand economy ended 2007 strongly, but the December quarter surge is widely expected to be the last hurrah for some time.

Nats, Labour Play Ping Pong Over Tax Cuts

Political ping-pong between National and Labour over tax cut policy continued around Parliament today. Yesterday, Finance Minister Michael Cullen appeared to tell people not to expect too much from his May 22 budget.

National And Labour Play Ping Pong Politics Over Tax Cuts

Wellington, March 27 NZPA - Political ping-pong between National and Labour over tax cut policy continued around Parliament today. Yesterday, Finance Minister Michael Cullen appeared to tell people not to expect too much from his May 22 budget.

Drought Has Huge Financial Impact On Farmers

A drought will cost farmers around $1.24 billion this financial year with some individual sheep and beef farmers looking at income reductions in excess of $100,000, forecasts show.

Red Tape To Be Slashed In Building Consent Process

Wellington, March 24 NZPA - Red tape is to be slashed in the building consent process to try and make starter homes more accessible and affordable.

TSB Gets Credit Rating Upgrade

Wellington, March 19 NZPA - Standard Poor's has given New Zealand bank TSB a top "BBB+" long-term credit rating and stable outlook.The credit ratings agency said the rating was being upgraded from "BBB," reflecting the bank's very good asset quality and profitability, "above-peer capitalisation

Kiwibank Half Year Net Profit Up 31.4 Percent To $22.7m

Wellington, March 20 NZPA - Kiwibank increased half year net profit 31.4 percent to $22.7 million largely driven by growth in net interest income.

Further Mortgage Rises Could Be On Way Amid World Credit Crunch

Wellington, March 19 NZPA - Homeowners could be facing further rises in mortgage interest rates as world credit markets remain under intense stress. Fixed two-year rates, which are now about 9.7 percent, could be pushed over 10 percent.

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