Milford Asset Management has created a new position and appointed a head of business developement.

Queenstown

Reserve Bank governor Alan Bollard raised the official cash rate by 25 basis points to 2.75% today, the first increase in three years, saying the economy is into its second year of a "broad-based" recovery and has largely avoided the recent gloom in the Euro-zone.

The Reserve Bank today increased the Official Cash Rate (OCR) by 25 basis points to 2.75 percent.

South Canterbury Finance have appointed a new chairman to take over after owner and founder Allan Hubbard became President For Life.

Fiji

TOWER Health & Life has appointed Steve Gregory as its new national sales manager.

Financial advisory firm MMG says that its current chief executive Derek Young is stepping down, meanwhile on the other side of the bridge Brook Asset Management wins back a manager, but not its rating from Morningstar.

Prudential has abandoned its plan to buy AIG's Asian life unit, which includes AIA New Zealand, for $35.5 billion.