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.

AXA appoints new Aussie manager; Marac-led bank could get investment grade rating

It's been quiet on the regulation front for a couple of weeks, but I suspect that will change soon. In many ways it's been a little unsettling how quiet it has been which may be a precursor to some major upheaval. My sources around the place tend to indicate that there may well be some major changes coming up.

Borrowers could still toss a coin between floating or fixing, however BNZ economist Tony Alexander says he likes certainty, so if pressed he would probably fix two years knowing nothing he could do would stop him being hit at some stage by high floating and later, slightly higher fixed rates.