All of the banks’ customers are equal but are some more equal than others?


Sorry Mr Little, but we’ve discovered more good news


vai RNZ

New Zealand firms had a more positive outlook in September about both their own prospects and the wider economy, with employment intentions and profit expectations rising.

A net 27.9 per cent of firms were optimistic about the general economic outlook over the coming year, up from a net 15.5 per cent in August, according to the ANZ Business Outlook. Read more »

Another bank drops direct “unethical” investments

An RNZ investigation earlier this month found several default KiwiSaver providers either directly or indirectly invested in tobacco companies and weapons manufacturers that made cluster bombs, anti-personnel mines and nuclear weapons.

In a statement to RNZ, ANZ said none of its funds had any direct holdings in companies that made cluster bombs.

It said its Investments Board voted on Monday to get rid of any direct holdings in companies that made other “controversial” weapons, including anti-personnel mines and nuclear armaments.

The bank would also be removing direct investments in tobacco companies.

It made the decision to because it felt it was the “right thing to do” and because of the strength of feeling among its customers, it said.

It said it did invest in collective funds that might have money in weapons companies, and it was considering also excluding those investments.

The move would not significantly impact its investment returns, the statement said.

ANZ is the country’s largest KiwiSaver provider, with more than 700,000 people investing over $8 billion in its scheme. Read more »

The real reason why house prices are rising rapidly

Labour would have you believe that rising house prices is the fault of people with chinky sounding names.

They also say we need a capital gains tax and possibly a stamp duty and restrictions on those yellow investors to halt the rise of house prices.

Even John Key is reacting by suggesting that perhaps a non-resident withholding tax could be deployed.

But the problem won’t be solved with any of those “solutions”.

The ANZ?Bank has some new research which gives some insight into the real causes of rising house prices…and it will frighten most politicians.

In a paper on housing affordability released on Friday, ANZ Research?said it was low interest rates and cheap mortgages that were contributing to the rapid growth in house prices, particularly in Sydney, rather than tax policies like capital gains tax concessions or negative gearing. ?? Read more »

Daily Roundup

It is a few years old and some of the sentiments still hold true. Skip through to the english language part.

Israel though ahs learned the battlefield they are on and now dominate social media and Youtube with factual video and details that disprove Hamas lies and propaganda.

A green taliban ratbag sent out a fake email about a company which cost that company $300 million. He walked away without prison time.

In January 2013, a chap called?Jonathan Moylan?sent a single email that caused an AU$314m – ?174m or $295m – dip in a coal company’s value.

The email was a fake press release stating that Whitehaven Coal’s bank, ANZ, had decided not to lend the mining firm the billion or so dollars needed to open a new pit. Read more »

The new big tool is likely to be little better than politicians snake oil

The ANZ Bank is having none of David Parker’s posturing and mistruths.

In their latest?Market Focus of 28 April 2014?they basically call out Parker as a snake oil salesman.

The monetary policy framework has served the NZ economy well.?Tweaks have been made from time to time to ensure that the NZ framework has evolved in line with global best practice, with the use of macro-prudential policy adding more ammunition to the RBNZ?s policy arsenal. However, the mandate has remained?price stability, as this?is the best contribution monetary policy can make to delivering better outcomes.? Read more »

More good news

Labour is really going to find it hard to continue to bad mouth the government and the economy as the economic news just keeps on getting better and better.

The?latest ANZ business outlook survey?has business confidence at a 20 year high.

Business confidence survey readings are the strongest we?ve seen since ?1994.

  • A net 71 percent of firms are optimistic about general prospects ? the highest?reading since March 1994.
  • Firms? activity expectations regarding their own business (+59) rose to the?highest reading since June 1994.
  • Expected profitability (+45) is the highest since April 1994.
  • A net 32 percent of businesses expect to be hiring more staff ? the highest?reading since December 1992.
  • Investment intentions (+35) are the strongest since March 1994.

Read more »

Kiwibank lawsuit puts paid to Labour’s claims of better deal

Kiwibank has been added to the lawsuit against ANZ on overcharging of fees…the second bank after ANZ to be enjoined.

Fair Play on Fees has today named Kiwibank as the next bank to face a class action over unfair penalty fees.

Kiwibank customers must register at by 11pm on Thursday, 21 November 2013 to ensure their inclusion in the case. Court documents will be lodged on Friday, 22?November.

?Today is a positive step for the campaign. We now have a sufficient number of Kiwibank customers to take their complaint to court and fight to get their unlawful penalty fees back.? We expect thousands more Kiwibank customers to join the campaign as a result of today?s announcement and encourage them to do so before the court documents are filed.? Read more »

The axe must be hovering by now

Willie and JT won’t have to go far to find out what happens when advertisers bail from your show.

All they have to do is ask Paul Henry what happens.

The writing must be on the wall now though as advertisers continue to bail. The Herald reports.

Countdown is the latest advertiser to pull its adverts from RadioLive as the backlash against two of its talkback hosts’ discussions on the Roast Busters scandal continues.

The chain, which is owned by Progressive Enterprises, said it did not condone the comments made on Willie Jackson and John Tamihere afternoon show.? Read more »

Kiwibank successful at keeping banking costs down? Apparently not.

One of Labour’s big claims and justifications for them deciding to launch an insurance company to compete with the other 96 insurance companies in New Zealand was that Kiwibank had done a wonderful job of keeping banking costs down.

Hmmm…the NZ Herald reports something altogether different from Labour’s claims.

New Zealand’s big four banks collectively made more than $3.5 billion of profit in the last year in another record year for the sector.

Profits grew more than 9 per cent on 2011/12 – a boost of $303 million across the ANZ, Westpac, ASB and BNZ.

John Kensington, head of financial services at KPMG, said loan growth, lower funding costs and less pressure in competing for deposits had helped boost the bank profits.

At the same time the banks had also managed to keep a tight lid on costs while holding on to their margins. ? Read more »