Wellington

Proposals have been put forward by former BT Funds Management chief executive Craig Stobo which will, if implemented, remove many of the disadvantages managed funds have over other types of investments.

While much of the attention in the home loan interest rate battle is focused in the two-year fixed rate market – thanks to the Bank of New Zealand – there is a move to shift the battle to another area.

NZX and Russell Investments give their take on the Stobo tax report.

Auckland

Wellington

The Stobo report on the taxation of investment income is released. The Hon Dr Michael Cullen makes a statement.

Christchurch

Wellington

UDC is getting itself into the “direct saver” market increasing its telephone call account rates to compete with ASB and Superbank.

Wellington

ASFONZ has made a written submission to the Minister of Finance on the report of the Savings Product Working Group.

Money Managers to end radio show, Calan to remain a trust, Direct Selections and Sentinel doing well. Here come the FONZ.

Home loan rates are still intensely competitive as lenders seek to attract new borrowers in their “Spring” campaigns.

Nationwide Finance says it has produced a net profit of $2.6 million for the year to June 2004, up from $1.4 million for the 10 months to June 2003.