Weekly Wrap: ING replacement
The big news this week was the big boy’s replacement at ING. As we all know Paul Fyfe is hanging up his hat next year as the head of ING in New Zealand. The company has been looking for his replacement and appointed a guy out of ING in the United States to fill the role.
Friday, October 7th 2005, 12:16PM
New boss for ING announced
ING New Zealand has confirmed the appointment of Marc Lieberman as its new managing director who will replace Paul Fyfe when he retires next year. [more]
The other interesting news in the People area is that former prime minister Jim Bolger has joined the board of Trustees Executors.
Changes to the way collective investment vehicles are taxed is the burning issue at the moment. It has surfaced again this week as the deadline for submissions on the government's proposed changes has been reached. The theme of submissions is clearly that the changes aren’t garnering much favour.
Proposed tax changes fatally flawed: ASFONZ
A body representing work-based savings schemes isn’t happy with the proposed changes to the way collective investment vehicles are being taxed and wants the government to rethink the issue. [more]
Investment tax proposals outdated and misguided, says academic
The government’s proposed changes to how collective investments are taxed belongs in the closed economy of another era, says Auckland University Associate Professor Anthony Endres. [more]
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In the News Round Up we have Elders name changes, St Laurence (finally) sell Viaduct Carpark, ING and Nat Bank tie knot and the latest in Deposit rate news.
Last week we mentioned a story about a financial planning firm changing hands. The deal has been done, but we haven't got all the details yet. Watch out for the story around Tuesday. It is interesting because of the people involved.
In Features we have Anthony Quirk’s monthly market review which is always essential reading.
Market Review: 1984 Revisited for Japan?
September was the month of elections. Tyndall Investment Management New Zealand Ltd managing director Anthony Quirk reflects on another two elections which took place around the globe. [more]
In Deposit Rates we have the latest ratings update from Rapid Ratings and Grosvenor has updated BondWatch, changing the rating for Goodman.
Instant Finance receives a B3 credit rating from Rapid Ratings
Personal finance retailer Instant Finance NZ Limited (IFNZ) has had its B3 investment grade rating reconfirmed by global corporate credit rating agency Rapid Ratings. [more]
The two main pieces of super news this week have been the announcement the the NZ Super Fund has made another private equity investment and a little crowing from the Global Retirement Trust on the eve of its demise.
GRT ends on a high note
The Global Retirement Trust is going out on a high note, posting annual results which, outgoing general manager Louise Gibson gleefully notes, compare favourably with the State Sector Retirement Savings Scheme (SSRSS). [more]
NZ Super Fund commits $20m to private equity investment
State-funded investor the New Zealand Superannuation Fund (NZSF) is making its second foray into the high-risk, high-return world of private equity investment.
The Mortgage News and Rates section has been busy again, with lots more interest rate rises. This note from Goldman Sachs JB Were sums things up well.
Many households have circumvented higher floating mortgage rates by opting for cheaper fixed mortgages, which have been low due to low yields on the long end of the yield curve. Lower bond yields have effectively countered the RBNZ's policy tightening. However, bond yields rose sharply in September and we expect them to move higher still over the year ahead. Resulting higher fixed mortgage rates coupled with a large stream of renewals due in 2006 should see the effective mortgage rate trend higher.
We believe that under our scenario of the effective mortgage rate rising to 8.05% by Q2'06 this presents a compelling picture of households (finally) facing a tighter environment in 2006.
You can check out all the latest rates and changes here.
Financial Planner of the Year Awards 2005
Entries are still open! We have extended the dates to receive entries so be sure you've downloaded the entry form and send your entry in to us. There's cash prizes up for grabs, so you can attend an overseas conference of your choice - so what are you waiting for....get writing!
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