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Praveen Menon

NZ central bank stands pat, flags more easing to combat risks to growth

5:40am BST

WELLINGTON New Zealand's central bank held interest rates steady on Wednesday but said further cuts to borrowing costs may be needed given growing economic risks at home and abroad.

ANZ under fire from NZ regulator, government over risk controls, governance

24 Jun 2019

WELLINGTON/SYDNEY New Zealand's deputy prime minister on Monday called on the chairman of the local unit of Australia and New Zealand Banking Group to step down as regulators ramped up pressure on the lender to improve its internal risk controls and governance.

New Zealand central bank to hold steady this week but resume easing in third quarter: Reuters poll

24 Jun 2019

WELLINGTON New Zealand's central bank is expected to hold interest rates steady on Wednesday, but keep the door open for further easing to support growth in the face of slowing external demand and broadening global pressure from a heated Sino-U.S. trade war.

New Zealand first-quarter GDP growth steady, but soft underbelly keeps more rate cuts on table

20 Jun 2019

WELLINGTON New Zealand's economy expanded at a steady pace in the first quarter, thanks to solid construction activity, but policymakers are expected to cut rates again before year-end to underpin growth in the face of a slowing housing market and global demand.

Air New Zealand CEO Luxon resigns, weighing career in politics

19 Jun 2019

SINGAPORE/WELLINGTON Air New Zealand Ltd's Chief Executive Christopher Luxon is stepping down in September after seven years in the role, as one of the nation's most prominent businessmen considers a career in politics among his options.

ANZ gets tough on compliance as New Zealand CEO leaves over chauffeurs, wine dispute

17 Jun 2019

WELLINGTON/SYDNEY Australia and New Zealand Banking Group Ltd (ANZ) said the head of its New Zealand unit has left over a dispute about personal expenses, a sign of heightened self-regulation at a banking giant following a bruising inquiry.

Unveiling 'wellbeing' budget, New Zealand earmarks $2.5 billion spending in slowing economy

30 May 2019

WELLINGTON New Zealand on Thursday unveiled a $2.5-billion (£1.98 billion) spending package under a much-hyped 'Wellbeing' budget, prioritising mental health and alleviating child poverty, but it expects a smaller surplus and slower economic growth over the next year. | Video

New Zealand Treasury says 'deliberately hacked' after budget details leak

28 May 2019

WELLINGTON New Zealand's treasury department said on Tuesday it was deliberately hacked after the country's opposition party released what it said were key details of a budget due to be announced on Thursday.

Plunge in migration deepens New Zealand labor shortage, chokes businesses

28 May 2019

WELLINGTON New Zealand pub owner Chris Dickson worries his staff is overworked. He expected employment visas for two new overseas workers to be approved weeks ago, but the paperwork was delayed with no clear reason given.

British telco giant Vodafone offloads NZ business to Brookfield, Infratil

14 May 2019

WELLINGTON/SYDNEY Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 billion ($2.23 billion) to a consortium comprising of New Zealand-based Infratil Ltd and Canada's Brookfield Asset Management, in a deal the telecom giant says would help reduce its debt.

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