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The government has agreed to stricter monitoring rules for financial service providers, giving regulators the ability to probe deeper into the affairs of firms and block anyone who doesn’t pass muster. Cabinet plans to strengthen the financial service providers registration (FSPR) scheme by granting regulators new investigative powers and the ability to remove providers from the register, Commerce Minister Craig …

Orcon, the internet service provider owned by state-owned Kordia, has attracted “intensified” buyer interest in recent months and an announcement is expected to be made in “coming weeks”. Kordia, which rolled Orcon into its network business last year, has been in talks with several parties for a potential sale of the ISP, it said in an emailed statement. The merged …

The New Zealand dollar rose, and has regained much of the ground shed after the US non-farm payrolls report on Friday, as the Standard & Poor’s 500 Index edged toward a record high, stoking risk sentiment. The kiwi rose to 82.59 US cents from 82.11 cents at 5pm in Wellington yesterday. The trade-weighted index climbed to 76.20 from 75.88. The …

Global stocks have started the week mixed, with sentiment dampened by concerns about growth in China and the continuing political impasse in Italy. At midday in New York, buyers stepped into the market to drive the Standard & Poor’s 500 Index to an intraday record high. The S&P 500 was last up 0.21 percent to 1,554.47, after earlier hitting a …

Transport Minister Gerry Brownlee welcomed the new open skies air services agreement between New Zealand and Brazil. “Brazil is touted to become one of the world’s most powerful emerging economies,” Brownlee says. “It will also host the next FIFA World Cup and Olympic Games. “Travel between New Zealand and Brazil is increasing, with around 10,000 Brazilians visiting New Zealand each year and over …

Fonterra Brands Malaysia’s launch of Mainland Cheese in Malaysia signals the strengthening trade links between New Zealand and South-East Asia, Minister for Economic Development Steven Joyce says. Joyce today launched the Mainland Cheese brand at a New Zealand Gala event in Kuala Lumpur. “Over the last five years, Fonterra Brands Malaysia’s business in South East Asia has doubled, which shows …

The country’s registered banks have been accused of overcharging 1 million kiwis to the tune of $1 billion in default fees claimed by lenders over the past six years and face what’s being billed as New Zealand’s biggest class action. Auckland-based lawyer Andrew Hooker, Australian consumer law firm Slater & Gordon and Litigation Lending Services, a litigation funding firm, are …

The New Zealand dollar may fall this week, extending its decline in New York on Friday when US employment data added to signs the world’s largest economy is reviving. The New Zealand dollar recently traded at 82.06 US cents from 82.11 cents in New York on Friday, when it traded above 82.86 cents before the non-farm payrolls report. It may …

Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, raised $4 million in a placement to institutions, managers and existing investors such as SuperLife Investments. The stock jumped when it came off trading halt following the statement. The Auckland-based company said it is making the placement in two tranches – 16 million shares in a private placement to institutions …

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