Weekly Wrap: Gongs, goings and joinings
A summary and some comments on the big news stories of the week.
Friday, March 9th 2007, 5:15PM
Combined they would make the largest organisation representing life writers in the country. The deal makes good sense to me should it go ahead. So far the reaction has been positive, but no doubt someone will object to the idea! We have more on this, along with comments from the respective chairman, here.
On Monday subscribers to ASSET Magazine should be getting the March issue of the mag. The lead story investigates the stouch between the IFA and the PAA and is an article all advisers should read. If you are not a subscriber then please send an email or call 0800-345675 to secure your copy.
The other
event of note during the week was the Morningstar Fund Manager of the Year Awards.
ING took out the top gong for the second year running and also
took quite a few of the sector prizes too. Good
Returns was at the event attended by many of the senior
people in the industry.
The dominant business story of the week has been the
Reserve Bank's decision to lift the official cash rate. This
has meant home loan rates are again on the increase. You can
track what is happening in the Mortgage Centre.
You can
feel KiwiSaver coming now. There is starting to be much more
talk about scheme and more and more letters are turning up in
the mail about it. It was interesting to see Alan Bollard's comments yesterday that the Reserve Bank is
predicting take up levels will be low.
As we have
reported in SuperTalk earlier others, including arch
critic Gareth Morgan, have a contrary view. It's also good to
see advisers thinking about KiwiSaver - I'm coming across more
and more who are looking at it and the opportunities it
provides their businesses.
If you want to know more
about KiwiSaver there is a two-day conference in Wellington next
week.
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For those readers interested in the deposit taking sector (TDs, finance companies etc) we have news on a second payment by the receivers of National Finance 2000 to investors, also some commentary on rate changes. Following the OCR increase some banks have made some pretty bold moves. All the details in www.depositrates.co.nz
Last
Friday Anthony Quirk ended his seven-year stint as head of
Tyndall Investment Management. We have more on his departure
in the People section, but we also have his final
monthly market commentary in Features.
In this piece he reviews what has happened in the
markets in the past seven years.
Sticking with
market-type stories we also have some comment from BT's economist Chris Caton
where he discusses the recent "correction" in international
share markets.
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