tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 5th, 1:12PM

News

rss
Latest Headlines

News Round Up

Monday, September 15th 2003, 1:34AM
The capital guaranteed technoligy fund, ORB Technology, has extended its closing date to September 29.

The promoters, CGI say that they have received strong interest in Orb Technology from advisers across Australia and New Zealand.

"The applications already received indicate investor interest in accessing the long term growth potential of the global technology sector backed by the security of a capital guarantee from the world’s largest financial institution - Citigroup."

"To accommodate recent strong expressions of interest from several large investor groups we have decided to extend the original closing date for the offer by 17 days," it says.

Strategic boosts profit
Strategic Finance has reported an after-tax profit of $14.7 million for the year ending June 30 on the back of strong growth in its loans portfolio and its investment banking services.

Strategic Finance had a total loans portfolio of $180 million. Specific provision for impaired loans for the year was zero. Chief executive Jock Hobbs says this reflects the disciplined management and monitoring of the loan portfolio.

General debt provision on the balance sheet is 0.75% (zero point 75) of the total loans portfolio.

Strategic Finance has a B1 rating from independent corporate rating agency, Rapid Ratings. According to Rapid Ratings, a B1 equates to an A- from Standard and Poor’s and an A3 rating from Moody’s.

To see what rates Strategic is offering investors go to www.depositrates.co.nz

Kiwi Bond rate changes
The New Zealand Debt Management Office has increased the one-year Kiwi Bond interest rate by 0.25% and that the two-year and the four-year Kiwi Bond interest rates are to increase by 0.50%.

Kiwi Bond interest rates are set periodically from the moving averages of domestic wholesale rates. These changes have been made in response to recent changes in wholesale market interest rates. To see how Kiwi Bonds compares with other investments go to www.depositrates.co.nz

Absolutely demystifying
Absolute Capital has topped off another good year with total funds raised for the 12 months amounting to $113 million.

Managing director Deon Joubert says the group is looking to demystify alternative investments by making the investment process more transparent, leading the way in the Australian market with new reporting procedures.

The listing of the funds on the ASX was the first step in addressing criticisms of lack of liquidity and transparency.

In addition to the new disclosure system, Absolute Capital is also looking to differentiate its products by offering a more focused portfolio in the Absolute Return Fund and generating good returns while keeping standard deviations low.

Foreign currency scam
The United States Postal Inspection Service is conducting a criminal investigation into a United States firm that may have defrauded investors in a foreign currency trading scheme. The firm is International Foreign Currency, Inc (IFC).

Some New Zealanders may have made investments with IFC, the NZ Securities Commission says.

Investors may have been previously victimised by Evergreen International Trading, Inc (Evergreen) who had offices in the World Trade Centre in New York. The Evergreen case was recently prosecuted by the American authorities and a number of the defendants are awaiting sentence.

Many brokers or traders that previously worked at Evergreen went on to work with IFC. IFC initially used an address at 111 Cleveland Avenue, Long Beach, New York 11561. It then moved its operation to 990 Stewart Avenue, 6th Floor, Garden City, New York 11530. It has since gone out of business. Investors had been instructed by IFC to wire funds to JPMorganChase.

The United States Commodity Futures Trading Commission is also investigating IFC.

Any New Zealanders who invested with IFC is being asked to contact that authority to assist with its investigation.

« Guardians pick first two managersSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 ▼7.84 ▼7.39 ▼7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼7.24 ▼6.79 ▼6.65
ASB Bank 8.64 ▼7.29 ▼6.85 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.89 7.45 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 4 March 2024 9:31am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com