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Here are 4 articles from this morning's NZ Herald.
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Here are 4 articles from this morning's NZ Herald.
Sub-prime crisis: Is it over?
5:00AM Saturday October 06, 2007
By Liam Dann and Adam Bennett
When the sub-prime crisis rocked world markets on July 27, New Zealand's sharemarket followed the same dismal path as Wall Street. It sank almost 10 per cent in less than a month.
But the NZX-50 index stopped just short of a fresh closing high on Tuesday and overseas markets have also recovered. The sorry episode appears to be fast disappearing in the rear view mirror.
However sharemarkets do not represent any country's entire economy, and some commentators argue the fallout from sub-prime and the credit crunch that followed represents a huge change in financial fundamentals that is likely to run for some time yet..........
Two forecasters tip interest rates rise
5:00AM Saturday October 06, 2007
Most economists expect the Reserve Bank to start cutting interest rates later next year but two forecasters now predict rates will be lifted further, a Reuters poll showed yesterday.
Westpac Bank and Infometrics said the bank will raise rates by a total of 50 basis points to 8.75 per cent by the end of June 2008 to contain inflation pressures from rising food prices and an expected boost in dairy farmers' income.
The bank, which has lifted interest rates four times this year to a record high 8.25 per cent, said last month it expected to keep rates on hold for the foreseeable future............
Flat Bush development pact signed
5:00AM Saturday October 06, 2007
By Anne Gibson
Plans for a new $1 billion town centre to serve 40,000 people at Flat Bush moved a step closer yesterday, with the signing of a major development agreement.
Private developer Melview Developments - which created part of the Viaduct Basin on the waterfront - and Tomorrow's Manukau Properties, owned by Manukau City, signed an agreement which they called the most significant step yet in the Flat Bush project.
Nigel McKenna, of Melview, said the new centre would be a residential, commercial and retail hub within Auckland. Manukau Mayor Sir Barry Curtis said the project would bring a new, yet traditional-style town centre with an emphasis on public transport to reduce dependence on cars. Manukau City bought the land for Flat Bush in 1996. About 15,000 people have moved into the area in the past three years. Seven new schools are planned as well as five smaller neighbourhood-business centres.........
Keeping watch on finance firms
5:00AM Saturday October 06, 2007
By Adam Bennett
Chris Lee is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have put people's money at risk. Photo / Mark Mitchell
Chris Lee is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have put people's money at risk. Photo / Mark Mitchell
Chris Lee has been getting a fair amount of media attention of late.
The managing director of Kapiti Coast financial advice and sharebroking firm Project Resources has been rating finance companies for years, but the spate of collapses in the past 18 months has pushed him further into the spotlight.
The highly respected commentator and critic is accessible and knowledgeable, and clearly enjoys an audience.
Crucially, he is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have seen more than $1 billion worth of New Zealanders' savings put at risk through the recent rash of finance company failures.
"I've been in this industry for 33 years and I'm 57 and I can't be too many years away from being put aside as a dinosaur. I don't want to leave an industry that is regarded as being made up of a whole lot of self-serving, self-interested people who are convenient with the truth and will do anything to make a buck at the expense of anybody.".............
http://www.nzherald.co.nz/section/3/...ectid=10468221
5:00AM Saturday October 06, 2007
By Liam Dann and Adam Bennett
When the sub-prime crisis rocked world markets on July 27, New Zealand's sharemarket followed the same dismal path as Wall Street. It sank almost 10 per cent in less than a month.
But the NZX-50 index stopped just short of a fresh closing high on Tuesday and overseas markets have also recovered. The sorry episode appears to be fast disappearing in the rear view mirror.
However sharemarkets do not represent any country's entire economy, and some commentators argue the fallout from sub-prime and the credit crunch that followed represents a huge change in financial fundamentals that is likely to run for some time yet..........
Two forecasters tip interest rates rise
5:00AM Saturday October 06, 2007
Most economists expect the Reserve Bank to start cutting interest rates later next year but two forecasters now predict rates will be lifted further, a Reuters poll showed yesterday.
Westpac Bank and Infometrics said the bank will raise rates by a total of 50 basis points to 8.75 per cent by the end of June 2008 to contain inflation pressures from rising food prices and an expected boost in dairy farmers' income.
The bank, which has lifted interest rates four times this year to a record high 8.25 per cent, said last month it expected to keep rates on hold for the foreseeable future............
Flat Bush development pact signed
5:00AM Saturday October 06, 2007
By Anne Gibson
Plans for a new $1 billion town centre to serve 40,000 people at Flat Bush moved a step closer yesterday, with the signing of a major development agreement.
Private developer Melview Developments - which created part of the Viaduct Basin on the waterfront - and Tomorrow's Manukau Properties, owned by Manukau City, signed an agreement which they called the most significant step yet in the Flat Bush project.
Nigel McKenna, of Melview, said the new centre would be a residential, commercial and retail hub within Auckland. Manukau Mayor Sir Barry Curtis said the project would bring a new, yet traditional-style town centre with an emphasis on public transport to reduce dependence on cars. Manukau City bought the land for Flat Bush in 1996. About 15,000 people have moved into the area in the past three years. Seven new schools are planned as well as five smaller neighbourhood-business centres.........
Keeping watch on finance firms
5:00AM Saturday October 06, 2007
By Adam Bennett
Chris Lee is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have put people's money at risk. Photo / Mark Mitchell
Chris Lee is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have put people's money at risk. Photo / Mark Mitchell
Chris Lee has been getting a fair amount of media attention of late.
The managing director of Kapiti Coast financial advice and sharebroking firm Project Resources has been rating finance companies for years, but the spate of collapses in the past 18 months has pushed him further into the spotlight.
The highly respected commentator and critic is accessible and knowledgeable, and clearly enjoys an audience.
Crucially, he is not shy of skewering the companies and individuals who through negligence, stupidity or dishonesty have seen more than $1 billion worth of New Zealanders' savings put at risk through the recent rash of finance company failures.
"I've been in this industry for 33 years and I'm 57 and I can't be too many years away from being put aside as a dinosaur. I don't want to leave an industry that is regarded as being made up of a whole lot of self-serving, self-interested people who are convenient with the truth and will do anything to make a buck at the expense of anybody.".............
http://www.nzherald.co.nz/section/3/...ectid=10468221
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