News Round Up

Former Morningstar boss Graham Rich has linked up with Rapid Ratings to help promote its investment and credit risk rating services in Australia. Rapid Ratings was launched in New Zealand a year ago.

Rapid Ratings is a subsidiary of ASX listed company Collection House Ltd. The company's software was developed by Dr Patrick Caragata.

Through its web service, Rapid Ratings provides instant global company credit and investment risk ratings to the financial sector, as well as institutional, private equity and venture capital investors.

Rich says Rapid Ratings will become the essential, first step filter for fund managers and financial advisers to assess the financial health of the individual securities and fund portfolios they are recommending to investors.

Tauranga-based TrustPower is planning to launch a $150 million retail bond programme once it has approval from shareholders.

The bonds will be unsecured and subordinated and would have a $1 face value.

The five-year Series 07 bond will pay 8.3% interest a year, and the 10-year Series 12 bonds will pay 8.5% a year.

The minimun investment will be $5,000.

Following a warning to the public last month, the Commerce Commission has successfully sought an interim injunction against what it considers may be a pyramid scheme run by New Zealand registered company, Infinity Concierge NZ Limited.

The interim injunction prevents Infinity Concierge from operating or promoting the scheme. The injunction also effectively freezes any money in its bank account.

To move quickly on this scheme the commission executed search warrants at Infinity Concierge's meeting in Christchurch and on the homes of key representatives

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