Latest from Banking and finance
$50m property loan scheme in court
A bankrupt property developer allegedly used fronts and false information to borrow more than he otherwise could have as part of a $50 million loan scheme, a court has heard.
US Treasury warns of default in fiscal game of chicken
US Treasury Secretary Jacob Lew has issued a categorical warning that the United States will default on its US$16.7 trillion debt.
Deficit sinks to 4-year low
The Government's deficit shrank to $4.4 billion in the year to June, the smallest it has been for four years.
Westpac cuts 2-year mortgage rate
Westpac has dropped its two-year fixed rate home loan but at the same time hiked its one-year rate.
Rules review sets wide net: lawyer
Supermarkets and service providers could be caught up in regulations designed to prevent another finance company collapse if Reserve Bank recommendations are followed through.
Premium restaurant collapses
An Auckland restaurant with links to Phoenix Forex - a company that sold controversial currency trading software - has been put into liquidation owing almost $5 million.
Banks take shares in Solid Energy
After having its "for sale" sign removed when it almost collapsed this year, state-owned coalminer Solid Energy will be partially privatised in a restructuring deal.
Prices reach record high
Property asking prices around the country have reached a record high, with a shortage of houses on the market helping to fuel demand.
State house subsidy for new buyers
First-home buyers in the provinces will be given a subsidy of up to $20,000 to move into vacant state houses, Housing Minister Nick Smith announced today.
Kiwi Libor scandal - a plan is hatched
"The plan is hatched and sounds sensible,'' New Zealand's Darrell Read told Tokyo trader Tom Hayes - an alleged co-conspirator in the Libor rates rigging scandal
New mortgage rules now in force
The Reserve Bank's new mortgage lending restrictions come into force today, restricting the number of high loan-to-value ratio mortgages banks can lend.
Key rejects builders' fears mortgage rules will reduce home starts
Prime Minister John Key has dismissed builders' concerns that new Reserve Bank mortgage lending limits will reduce the number of new homes being built.
Clients lost millions: $4000 fine
A Christchurch financial adviser whose clients lost $6 million in Ross Asset Management's collapse has been censured and fined $4000.
English: Home-loan ban will block 8000 buyers
Up to 8000 families, couples and individuals trying to get into their first home will be stymied by the Reserve Bank's new lending restrictions, Finance Minister Bill English has acknowledged.
Kiwi charged in rates rigging scandal
A New Zealander working for a major world banking company has been charged by US prosecutors in New York for allegedly taking part in the massive LIBOR rates rigging scandal.