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Banking and Finance

NZ First candidate and ex-cop allege Kiwibank’s lapses enabled $500K scam

A New Zealand First candidate and a former police officer have lodged a complaint with the Reserve Bank, alleging that Kiwibank facilitated a 'fraudulent'...

Kiwibank accused of negligence in $300,000 fraudulent transfer case

Law firm Meredith Connell has leveled accusations against the state-owned Kiwibank, alleging its failure to detect suspicious or illegal activity after a branch manager...

Banking scion Rothschild dead

Lord Jacob Rothschild has passed away at the age of 87, his family announced on Monday. Lord Jacob Rothschild, a financier and member of the...

Rothschild clans battling over bank clients – Bloomberg

The Swiss and French branches are leveraging the family name in a bid to control the global wealth-management market. The Rothschild family’s Swiss and French...

Westpac resolves technical glitches affecting Eftpos and bank accounts for customers

Some Westpac customers faced issues with eftpos card payments and online banking, with some reporting zero account balances last night. The bank acknowledged the problems...

BNZ ordered to refund customers in CitiBank scam

The Banking Ombudsman has ruled that BNZ must reimburse nearly $300,000 to two victims who lost $430,000 in a Citibank-branded investment scam, finding that...

Financial services reform: ‘Reducing barriers for financial services’

The Government will reform financial services regulations, ensuring clarity and cutting red tape for both institutions and Kiwis, Commerce and Consumer Affairs Minister Andrew...

‘Rural bankers breaking all the wrong records’ – Fed Farmers

Farmers are feeling excessive and undue pressure from their banks, according to Federated Farmers’ latest Banking Survey. Conducted in mid-November, the survey also shows farmer...

Central banks risk plunging developed world into recession – OECD

Aggressive anti-inflation policies are hurting economic growth, a report warns. Central bankers’ continued fight to bring rampant inflation under control could plunge developed countries into...

World facing ‘debt tsunami’ – Bloomberg

Bond yields have risen substantially in developed countries, with central banks offloading their vast holdings. Sovereign bond sales could increase further next year as budget...

10 tips for Kiwi businesses going into 2024

For any business to survive in the dynamic and ever-changing landscape of the corporate world, it must be adaptable. However, as we move forward into...

Gold price forecast to hit record high

Investors are increasingly seeking a safe store of value amid economic uncertainty, according to Fundstrat. Gold prices could soon reach a record $2,500 per ounce,...

US debt to top $50 trillion – BoA

The country’s $31.4 trillion debt ceiling was exceeded in January, and later scrapped altogether until 2025. The US national debt could surge by $20 trillion...

Bluechip banks to lose billions on Musk-linked debts – WSJ

Morgan Stanley, Bank of America, Barclays, and others lent large sums to the businessman to acquire Twitter. The large banks that financed Elon Musk’s $44...

Huge withdrawal of capital from Switzerland to Middle East – media

The United Arab Emirates has become a new safe haven for the wealth of Russia’s sanctioned rich, Swissinfo reports. Swiss sanctions against wealthy Russians and...

British banks to abandon ‘racist’ term ‘Black Market’

The industry’s proposals to avoid appearing racially biased or discriminatory in finance slang have been criticized. The term ‘black market’ should not be used because...

Ruble dives to 17-month low against euro

The decline has been linked to the demand-supply disbalance and the end of the tax period. The Russian ruble has continued this week’s slide, dropping...

Massive $78 billion cash flight rocks American banking system – Report

In an attempt to combat surging inflation, the Federal Reserve has implemented its fastest interest rate hikes since the 1980s, which has yielded unintended...

US scrambling to rescue failing bank – Reuters

The government is attempting to allay fears of a growing crisis. US officials are making urgent efforts to rescue the struggling First Republic Bank, as...

US Senate slams Credit Suisse over Nazi ties

A fired auditor’s report shows the Swiss bank held “possible” Nazi accounts as late as 2020. The troubled Swiss bank Credit Suisse hampered the investigation...

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