News Round Up: Investor confidence takes a hit, Tyndall intl shares highly recommended, PT profit up. Comment: Vultures or eagles circling? You decide.

KiwiSaver fund managers were the benefactors of the government's generosity when they received their first contribution cheques at the start of this month.

There has been plenty of talk this week about people looking to take action against advisers who put their clients' money into some of the now failed finance firms.

Receivers for troubled Nelson company LDC Finance bear better tidings than most, with unsecured investors expected to recoup up to 90 cents in the dollar and secured investors likely to be repaid in full.

A group is calling Bridgecorp investors to a meeting later this month in a step toward taking legal action against the failed company and financial advisers.

Standard and Poor's has downgraded its rating for Geneva Finance, as signalled, from B+ to B- at a time when the company is in talks with a major funder.

Hamilton

Auckland

The manager of the NZDX-listed PINs notes, Absolute Capital, has confirmed that this quarter's interest payments won't be made on time.

In the first three months of KiwiSaver the enrolment figures have already broken through the 200,000 mark, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today.
Press Release

The past week has been a good one for people looking to put money on deposit. Rabobank has set the rates on its perpetual notes at 9.48%, one finance company has set a new high water mark for the industry and another is offering an extra 0.85% to existing customers.

The government's major initiative to help first-time buyers, Welcome Home Loans, into their own home has reached 3000 loans.

Legal action over Bridgecorp, Further signs housing market cooling, AMP Intl shares strategy given rating, Fisher spawns new fund.

An Auckland-based law firm is looking to take legal action against advisers who recommended their clients put money into failed finance company Bridgecorp.