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The major banks are breathing a sigh of relief that the Reserve Bank of New Zealand has dropped proposals that would have deemed anyone owning five or more residential properties as a commercial borrower, although the Property Institute is unhappy with the latest proposals, published yesterday for consultation. The central bank intends to require banks to set aside more capital against lending on …

Air New Zealand, the national carrier, will scrap its pre-selected travel insurance option after receiving a formal warning from the Commerce Commission, which is cracking down on businesses misleading consumers with ‘opt out’ additional products. The Auckland-based airline has agreed to no longer pre-tick travel insurance on its online ticketing system from April after a warning from the anti-trust regulator, the commission said in a …

New Zealand shares fell, led by Meridian Energy ahead of its second instalment receipt coming due in May. Spark New Zealand and Fletcher Building declined. The NZX 50 Index fell 17.31 points, or 0.3 percent, to 5856.772. Within the index, 25 stocks fell, 19 rose and six were unchanged. Turnover was $141 million. Meridian dropped 4.9 percent to $2.025. The partially privatised energy company listed on …

The New Zealand dollar dropped after the Reserve Bank said it’s looking at ways to restrict lending on residential property investments, stoking speculation it would then have more room to cut interest rates. The kiwi fell to 75.52 US cents at 5pm in Wellington from 75.88 cents immediately before the release, to be little changed from 75.55 cents yesterday. The trade-weighted index was at …

New Zealand companies looking to do business in India should move beyond a mutual love of cricket and not wait for a free-trade agreement before seeking opportunities in the fast-growing Indian economy, says Sunil Kaushal, chairman of the India-New Zealand Business Council. “While much of the focus is on the prospect for a free trade agreement with India, waiting for its conclusion before acting …

Seeka Kiwifruit Industries, the country’s biggest kiwifruit grower, doesn’t expect earnings to be materially affected by a fire that destroyed a shed at its Oakside post-harvest site in Tauranga, with insurance likely to cover the costs. The fire destroyed the shed and significantly affected a coolstore containing about 250,000 trays, though more detailed investigations are underway, the Te Puke-based company …

The New Zealand dollar rose to a record against the euro ahead of a European Central Bank meeting tonight where it’s expected to detail plans for its quantitative easing programme starting this month. The kiwi hit 68.55 euro cents, and was trading at 68.46 cents at 8am in Wellington, from 67.61 cents at 5pm yesterday. The local currency advanced to …

Wall Street fell after a softer-than-expected private jobs report and a decline in oil prices, while stocks in Europe gained ahead of a European Central Bank gathering that should reveal more about its plans for additional monetary stimulus. Oil prices fell after a report showing US crude oil inventories climbed to a fresh record for the eighth week in a …

JPMorgan Chase Bank’s New Zealand branch have been given a formal warning by the Reserve Bank for a four-month period in 2013 when it didn’t have appropriate risk assessment measures in place to meet anti-money laundering legislation. The central bank today issued a formal warning to the JPMorgan branch, saying it “has reasonable grounds to believe that for a period of approximately four …

New Zealand shares fell, led by Meridian Energy and MightyRiverPower as demand abated for companies with dependable dividend streams. Warehouse Group rose ahead of reporting its earnings this week. The NZX 50 Index fell 19.579 points, or 0.3 percent, to 5874.082. Within the index, 22 stocks fell, 19 rose and nine were unchanged. Turnover was $156 million. Overnight bond yields rally, as investors bet on the US economy recovery …