South Canterbury Finance today confirmed that it had requested Trustee Executors Limited, the Trustee under its debenture trust deed, to appoint a receiver to the Company because it had been unable to complete its proposed recapitalisation and restructuring.

South Canterbury Finance announced today that it has been unable to complete a recapitalisation and restructure.

The New Zealand dollar fell as the deadline arrives for South Canterbury Finance, which is trying to stave off a collapse which would cost the government some $600 million.

National Australia Bank has offered to sell Axa Asia Pacific's North investment platform to wealth manager IOOF Holdings to win antitrust regulator approval for its takeover of Axa.

National Australia Bank is still in talks with the Australian antitrust regulator to try to surmount opposition to its $13.3 billion takeover of AXA Asia Pacific.

New Zealand consumer prices rose less than expected in the second quarter as a decline in the price of food softened the impact of higher liquor and tobacco prices, providing little evidence that the central bank needs to aggressively hike interest rates.

An investor pressure group is preparing a Petition to Parliament to request the Government review the default KiwiSaver provider status of ANZ-owned fund manager ING.

The Reserve Bank of New Zealand should stop raising interest rates, amid worrying evidence that the economy recovery is stalling, says New Zealand Institute of Economic Research Quarterly Survey of Business Opinion chief economist Shamubeel Eaqub.

Tower has won Court of Appeal backing to renew policies sold through ANZ and National banks after the two parties fell out with the lenders wanting to transact with another policy writer.

Reserve Bank of New Zealand 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.

Reserve Bank Governor Alan Bollard may deem there's sufficient cause for concern from resurgent inflation in New Zealand to look through turmoil in global financial markets and hike interest rates tomorrow.

Global economic uncertainty reduces the need for New Zealand interest rates to start rising in June, as is currently anticipated, says the New Zealand Institute of Economic Research. 

Inflation is set to spike higher than economists had predicted as a result of the increase in GST and other levies and imposts, adding to expectations the central bank will begin hiking interest rates at its next meeting on June 10.

KiwiSaver funds provided positive returns for the fourth straight quarter, though the growth is running out of steam and ongoing fears of a debt crisis in the euro zone may be partly to blame, according to Mercer (NZ) Limited.

Standard & Poor's, the international credit agency, has set out a range of conditions that could lead to South Canterbury Finance coming off negative Credit Watch status, but says assets sales alone will not be enough to forestall a downgrade.

The Reserve Bank of Australia raised its benchmark interest rate by a quarter point to 4.5%, saying inflation will move into the top half of ithe average 2%-to-3% range it targets in the coming year.