News Round Up

Task force report due, Competitive pressure extends offer, ING extends URB offer, Staff unrest may cripple finance sector, the week ahead.

Monday, May 23rd 2005, 6:56AM

The task force looking at regulation of financial advisers is expected to release an options paper today. Good Returns will provide comprehensive coverage of this event.

RB warning on finance companies
The Reserve Bank released its twice-yearly report on the state of New Zealand’s financial system last week.

Reserve Bank Governor Alan Bollard says that "the New Zealand financial system, overall, is well placed to weather a possible slowdown in the economy."

However he had a warning on finance companies. "Finance companies have grown rapidly, including in some higher risk markets. They offer generally higher returns to investors, but are more exposed when the economy slows. As such they currently represent a greater risk. But, despite their rapid growth, finance companies remain only a small part of the financial system.

Competitive pressure extends offer
St Laurence Property and Finance Limited has extended the closing date on its $50 million fixed and floating rate bond offer. The new close date is June 29.

”There have been a number of competitive offers in the market which have now closed and for this reason some of our advisers have sought an extension from us,” St Laurence says.

ING extends URB offer
ING Property Trust has extended its takeover offer for Urbus Properties. [MORE]

Staff unrest may cripple New Zealand's finance sector
Half the people working in New Zealand's finance sector are looking to change jobs as businesses fail to address staff demands.

Despite the fact that employers are suffering from drastic skill shortages and high staff turnovers, they are still not doing enough to monitor employee satisfaction, Robert Half Finance & Accounting says.

This week
The New Zealand Fixed Income Forum is being held in Auckland on Wednesday.

« Managed funds get a boost from the Budget

Sovereign takes regulation bull by the horns »

Special Offers