Here are the key things you need to know before you leave work today.
ANDREW THORBURN WINS TOP JOB
NAB supremo Cameron Clyne has quit and is to be replaced by BNZ CEO Andrew Thorburn, now a second Kiwi* heading up a major Aussie bank. Thorburn's replacement may be named quite soon, even though the official handover date is August 1. (Actually he has a both a NZ and AU passport; he was born in Melbourne, but has lived in NZ for nearly two decades.)
RABODIRECT RAISES TD RATES
Internet bank RaboDirect has raised term deposit rates today. Their six month rate went up by 15 bps to 4.10%, their one year rate went 10 bps to 4.20% and their 18 month rate is up 10 bps to 4.75% which matches ANZ as nearly the best in this term. (Co-op Bank has a 4.80% rate for 18 months.)
ANOTHER FRUIT FLY TRAPPED IN WHANGAREI
Restrictions have been reimposed in Whangarei following the trapping of a second Queensland fruit fly. It was found very close to where the first one was located.
WE'RE NUMBER ONE
New Zealand is the most socially advanced nation in the world according to a major new global index. The 2014 Social Progress Index, published today by US-based not-for-profit the Social Progress Imperative, ranks 132 countries based on their social and environmental performance, and shows New Zealand topping the rankings across a wide range of measures.
FONTERRA WINS LONG TERM SUPPLY CONTRACT
Fonterra has signed up Woolworth Australia to a ten year supply contract to deliver fresh milk to the #2 supermarket chain in Victoria. Australia is Fonterra's "second largest milk pool outside of New Zealand" and this new supply contract will see Fonterra invest $30 million in a new processing facility there and add 30 jobs.
WHOLESALE RATES
Swap rates rises were minor. The one year went up 1 bp as did the 5, 7 and 10 yr terms. The rest are unchanged. The 90 day bank bill rates were up another 2 bps again today and now at 3.18%.
OUR CURRENCY
The NZ dollar fell to 85.6 USc overnight and then has held there for most of the day. It's at 92.8 AUc, and the TWI is now 80.1.
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