Standard & Poor’s, the global credit rating agency, has put eight local banks on notice over the rising risk of a housing bubble bursting in New Zealand. Smaller lenders Cooperative Bank, Heartland Bank, TSB Bank, Credit Union Baywide, Credit Union South, First Credit Union, New Zealand Association of Credit Unions and Police and Families Credit Union have all had their …

The latest reports on the US economy pointed to weakness, or at the least slower forward momentum, leading investors to press the brakes on Wall Street’s record run. The Philadelphia Federal Reserve Bank said its gauge of factory activity in the mid-Atlantic region dropped to minus 5.2 in May, while the Commerce Department said housing starts sank 16.5 percent to …

Progress in the Government’s programme while on track to surplus Provides a suite of measures to build faster economic growth, support more jobs and deliver a more innovative and productive economy. Forecasts economic growth to average between 2 and 3 per cent a year over the next four years. Includes a $100 million-a-year internationally-focused growth and innovation package to boost …