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27 Jul 2024

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General Capital Subsidiary General Finance Market Update
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 30 June 2024 to the Disclose Register

Hopes of early rate cut expected to rise as inflation falls to 3.3%
The latest inflation figures are being digested by economists looking for clues on when when the Reserve Bank might feel able to cut interest rates.

Official Cash Rate staying at 5.5%, but Reserve Bank strikes more dovish tone
Central bank sees ‘greater certainty’ domestic inflationary pressures will sustainably decline.

Devon Funds Morning Note - 7 June 2024
European markets closed at record highs on Thursday as the European Central Bank delivered the first interest rate cut since September 2019. The STOXX600 surged 0.7%

Media release: The Co-operative Bank delivers consistent and fair profit in full-year result
The Directors of The Co-operative Bank have today released the bank’s Annual Report and Disclosure Statement for the year ended 31 March 2024, with a $20.2 million reported profit before rebates and tax demonstrating continued growth and fair and su

Hidden land bank on Auckland waterfront up for grabs
Thousands of commuters pass by this beautiful peninsula every day without knowing it’s there. Now developers are eyeing it up.

TWL - TradeWindow's $2.2 million capital raise oversubscribed
Capital raising programme attracts new institutional investor along with the support of existing cornerstone shareholders ASB Bank, TradeWindow CEO and Founder, AJ Smith and Co-Founder, Kerry Friend

HGH meets Challenger Bank milestone & NZ$210m equity raise
Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) is pleased to announce that it has received indicative regulatory approvals from the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of New Zealand (RBNZ) for Heartland Ban

BNZ follows other major banks and trims home loan rates
The bank has reduced interest rates on all of its classic home loans - where a customer has at least 20% equity - by between 16 and 30 basis points.

Kiwibank admits breaching Fair Trading Act, incorrectly charging customers
The bank pleaded guilty to 21 charges where it incorrectly charged more than $7m to over 36,000 customers between 2019 and 2024.

'Absolute plunge in business profits' could be just the start of downturn - economist
New Zealand's Reserve Bank is more tolerant than other central banks of business failure and job losses, Shamubeel Eaqub says, but businesses are "running out of cash".

thl obtains bank approval for covenant amendments
On 6 May, as part of an update to FY24 earnings guidance, thl advised that, even though it was forecasting to be compliant with its covenant assessments for the 30 June 2024 quarter, it would be engaging with its banking syndicate to seek to amend the cov

ASB workers to strike as bank proposes an effective pay cut
Workers at a major ASB contact centre in Auckland have voted to take strike action and withdraw their labour following disappointing pay negotiations with the employer and an "offer" to workers that would leave them worse off than the previous year

Consultation opens on a digital currency for New Zealand
The Reserve Bank of New Zealand – Te Putea Matua is continuing its exploration of a central bank digital currency

Finding Neutral: Estimates of New Zealand’s Nominal Neutral Interest Rate
Due to New Zealanders’ high inflation expectations, the Official Cash Rate (OCR) would currently need to be about 3.9 percent to neither tap the brakes nor push on the accelerator of the economy, the Reserve Bank’s new Bulletin article shows