The biggest danger from the South Canterbury Finance receivership is overblowing its importance to the wider economy, sparking an unnecessary impact on consumer and business confidence, says the New Zealand Institute of Economic Research's principal economist, Shamubeel Eaqub.

South Canterbury Finance-controlled industrial group and apple grower, Scales Corporation, today reported a $10.1 million pre-tax operating surplus for the year to June 30, and a reassurance that it is unaffected by its majority shareholder's receivership. 

The government expects to spend up to five years getting as much of its money back as possible from the bail-out of failed financier South Canterbury Finance, Finance Minister Bill English said today.  

Bargain hunters who bet against South Canterbury Finance in the NZX debt market will be rubbing their hands with glee today with the guarantee covering the failed financier's listed bonds plus interest.  

South Canterbury Finance couldn't agree on the terms and conditions with three groups that were willing to stump up cash to keep the country's second-biggest finance company alive.

South Canterbury Finance's receivership has triggered a $1.6 billion payment under the government guarantee.

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.