Aussie deal boosts Freightways but NZ sharemarket down

An Australian acquisition made good news for Freightways investors, but it was not enough to lift the NZ sharemarket, which dropped close to 1% on Wednesday.

The S&P/NZX 50 Index fell 0.96% or 129.04 points to 13,295.91 after 37.1 million shares, worth $151.7m, were traded.

The S&P/NZX 20 index was down 1.15%, closing at 7,563.78 points, while the S&P/NZX 10 index ended the day at 12,645.07 after falling 1.53%.

There were 52 gainers on the main board and 78 decliners.

Hamilton Hindin Greene investment adviser Jeremy Sullivan said on a down ...MORE»

RBNZ: new rules will mean lower interest rates for borrowers Wednesday, December 17th, 1:19PM The Reserve Bank says banks and other deposit takers will need about $5 billion less equity than currently under its new capital rules and that it expects its new settings to be passed on to New Zealanders through increased lending and lower interest rates. MORE»

Investing for Impact: Growing wealth while creating meaningful change Monday, December 15th, 4:07PM Impact investing has accelerated rapidly in recent years, supported by growing interest in directing capital toward projects that deliver measurable social and environmental benefits alongside financial returns. MORE»

Opes censured by FMA for poor practices

High-profile property advice firm Opes has been censured by the FMA for failing to comply with a number of obligations under its Financial Advice Provider licence.

Christchurch-based Opes is not a traditional financial planning firm, It runs a vertically integrated model combining property sales, investment planning, mortgage advice, and accounting and property management.

“The business model creates a risk of conflict of interest between the financial advice provider and the client, making adequate policies and procedures in this area, and the implementation ...MORE»

AI financial advice maybe breaching the law Thursday, December 11th, 7:42AM  1 comment Do AI’s responses fit with New Zealand’s financial advice laws? MORE»

Booster's innovation fund grows its pipeline of opportunities Thursday, December 11th, 6:04AM The Booster Innovation Fund (BIF) has added a third university to the group of strategic partnerships it has with universities. MORE»

News Bites

Castlepoint funds take unexpected hit

Two of Castlepoint's funds have taken an unexpected hit following accounting irregularities in one of their long term holdings, Corporate Travel Management (CTD). MORE»

GoodReturns TV

Fisher Funds moves to woo advisers back

After years of neglecting the adviser market, the investment manager is going on the charm offensive.   MORE»

Investing for Impact: Growing wealth while creating meaningful change

Impact investing has accelerated rapidly in recent years, supported by growing interest in directing capital toward projects that deliver measurable social and environmental benefits alongside financial returns. MORE»

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Removing FBT on insurance would cut premiums, FSC says

The FSC is calling for changes to Fringe Benefit Tax rules, arguing the current settings discourage businesses from offering health and life insurance to employees. MORE»

TMM Online

Afterburner AI does deals to cover 60% of mortgage advice industry

Financial advice AI platform Afterburner has expanded to cover about 60 percent of the mortgage advice market, through new enterprise-level partnerships with Link Financial Group, NZFSG and Loan Market. MORE»

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OMNIMax appoints a new development manager; Jason Butler Departs

OMNIMax, a leading provider of SaaS solutions for the financial services industry, has appointed Tristan Misselbrook to the position of Development Manager. MORE»

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Paying advisers for KiwiSaver advice

Amova (nee Nikko) has rolled out a new remuneration option for advisers offering KiwiSaver advice. MORE»