Here are the key things you need to know before you leave work today.
MORE BUSINESS CONFIDENCE STRENGTH
The respected NZIER quarterly survey of business opinion held on to 'stonking' high levels. This is in direct contrast to Aussie business confidence which went backwards today.
BANKS CHOOSE CARD PARTNERS
ASB announced it has dropped MasterCard and will focus on offering Visa only. Westpac has dropped Visa to concentrate on MasterCard. These are probably early signals that new technology and innovations are about to be released into the NZ card payments market.
EQUITY MARKETS FALL
The NZX is down more than 1% so far today, reflecting larger falls in international markets. Xero is down 13% and local tech stocks in general are taking a pounding.
'INVESTING' IN AUCKLAND?
Auckland Council debt will reach $12,000 per ratepayer by 2021/2022 or $5,378 per capita if the present trend continues, the Employers and Manufacturers Association told the Council hearings on its draft Annual Plan today.
SBS BOSS TO RETIRE
SBS Bank today announced Ross Smith will be retiring from the role of chief executive at the end of July after more than 22 years on the job. He built the institution, converting it from a regional building society to a small but respected bank with a national footprint.
CROWN ACCOUNTS UNDERACHIEVE
The eight month results to February have come in lower than the last official forecast, but they are better than last year all the same. The full operating balance is a $3.7 bln surplus for the eight months, while the OBEGAL is a $1.3 billion deficit. Take your pick.
CO-OP BANK AND FISHER PARTNER ON KIWISAVER
The Co-operative Bank will now distribute the Fisher Funds KiwiSaver products.
WHOLESALE RATES
Swap rates marked time today. The only changes were for 7 and 10 year terms and they were down only 1 bps. The 90 day bank bill rates resumed its rise and is now at 3.19%.
OUR CURRENCY
The NZ dollar has seen gains today on the back of the strong QSBO survey. We are currently at 86.3 USc, at 93.0 AUc, and the TWI is at 80.4.
Finally, here's an interesting link. Start investing early.
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