NO EARLY XMAS PRESENTS FROM THE ECB OR BOE. As widely expected, both the ECB and BOE left their major policy settings unchanged. Updated ECB forecasts were unveiled, with ECB having become gloomier about the growth outlook. The mid-points of its latest staff forecasts imply that GDP will fall by 0.5% this year and a further 0.3% in 2013, before rising …

The euro weakened against the US dollar and the yen after European Central Bank President Mario Draghi said the euro-zone was expected to stay in recession next year, reversing an earlier forecast for a recovery in economic growth. The downgrade to the outlook for gross domestic product came as the ECB left its benchmark interest rate at a record low …

Wynyard Group, the security and risk management software firm owned by Jade Software, has got a toehold in the US, partnering with Virginia-based Northrop Grumman Corp. The deal gives Wynyard access to a US$2 billion market, which accounts for about half the global market in security and risk management software, and will give the New Zealand firm a foot in …