Here are the key things you need to know before you leave work today:
MORTGAGE RATE CHANGES
No changes here today.
TERM DEPOSIT RATE CHANGES
Kiwibank has raised its 1 yr term deposit from 3.45% to 3.50%.
ANZ MONTHLY INFLATION GAUGE
The tertiary education fees free policy by Labour resulted in tertiary education costs falling by 18%, resulting in the gauge falling 0.3% month-on-month. Without this policy the gauge would have been up 0.1% month-on-month. A third of the 36 subcomponents rose month-on-month, with rents and housing costs being the largest rises. On a year-on-year basis, gauge was up 3.1%, which excluding housing costs would have only been 1.2%, which shows that broad based inflationary pressures are still lacking.
GUEST NIGHTS
Guest nights in hotels, motels, backpackers and holiday parks reached a record level in January 2018. The total number of guest nights reached 4.97 mln in January, up 1.4% year-on-year. Hotels and holiday parks were the busiest, with more international guest nights. However, fewer New Zealanders stayed in motels than in January last year. In the year ending January 2018, a record 39.53 mln guest nights were spent in short term accommodation, 2.5% more than the year ending January 2017 and more than any other 12 month period.
AML/CFT
The Financial Markets Authority (FMA) has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). Of the 64 monitored entities, these five entities failed to have their risk assessment and AML/CFT programme audited in the last two years. FMA has issued compliance letters to these entities requesting follow up action and a further six monitoring visits will be carried out in response to this work.
TOWER RATING
A.M. Best Company, a global insurance company ratings specialist, has confirmed Tower Insurance Limited and Tower Limited's financial strength rating as A- (Excellent) reflecting Tower's very strong balance sheet and positive operating results generated over the past five years. The company's issuer rating was also confirmed as a-.
SOUTH KOREA TO RESPOND TO TRUMP TARIFFS
The South Korean Finance Minister has said, without giving details, that the South Korean Government will deploy all possible means to respond to US steel tariff measures and make an all out effort. He also said that the government will monitor financial markets around the clock and curb any instabilities related to trade frictions and rising interest rates abroad.
'NO DEAL' BREXIT
Companies in the Britain and the European Union(EU) could face an extra 58 bln pounds in costs if Britain leaves the EU without agreeing a trade deal. Without a deal, the relationship would default to the World Trade Organisation rules, which will result in EU companies paying and extra 31 bln pounds a year in tariff and non-tariff barriers and British exporters paying 27 bln pounds a year. Although Britain wants a trade deal, the government is preparing for any outcome and has set aside 3 bln pounds for it. Britain's vast financial sector would be the worst hit industry.
BENCHMARK INTEREST RATES HIGHER
Wholesale swap rates are higher and steeper today with the 1yr and 2 yr up +1 bps, 3 yr to 5 yr up +2 bps and 7 yr and 10 yr rates up +3 bps. The UST 10yr is up to 2.91% today (+3 bps). The Aussie Govt 10 yr is up +3 bps to 2.84%. The China 10 yr is up +1 bps at 3.90% while the NZ Govt 10 yr is up +6 bps to 3.03%. The 90 day bank bill rate is also unchanged at 1.90%.
BITCOIN HIGHER
The bitcoin price is marginally higher to US$9,612.
NZ DOLLAR HIGHER
The NZD has traded slightly higher today to currently trade at 73.0 USc. On the cross rates we are at 92.9 AUc and at 59.3 euro cents. That puts the TWI-5 at 74.1.
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Daily exchange rates
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5 Comments
Oh god:
https://www.newsroom.co.nz/2018/03/11/95866/operation-landing-kept-secr…
These quality issues are going to hurt NZ families. To be honest I don’t really care about immigration violations or ethnicity crap as long as the houses are built well but this sounds dodgy as hell. What is wrong with our regulatory agencies that they can’t police these industries?
My Kiwi son is an apprentice builder. I sure as hell worry about immigration violations in the building trade. Just a level playing field giving everyone a 'fair go'.
Policing is beyond their capability - INZ admits to having 25% of the inspectors needed. They have replaced checking honesty with bureaucracy at all levels (just try getting a "NZ visitor's visa" if you are a church going Melanesian with a wallet stuffed with money just wanting to spend in NZ ).
And when they build another leaky building and a poor Kiwi family looks for someone to sue who will still be around in NZ?
Quote from your link: """The experience of this operation indicates it is probable that most LBPs are not on building sites often. It was also found to be difficult to establish the details of LBPs in respect to Chinese/Asian operated sites (even using interpreters).""""
LBP => Licensed Building Practitioner.
Isn't English language part of our working visa requirements?
Especially since insurance is stepping back as well. Unfortunately seeing what bad building regulations & poor standards can do to both the clients and employees of these quick to abuse the system companies I see more a bunch of ticking time bombs which will be lucky to see a few years without unaffordable issues exploding in number. I spoke to a few managing the building compliance conferences and while the issue of lack of building ethics is so prevalent as to be widespread, as it does not affect multimillion dollar buildings less is done to ensure obligations are met. I.E. the people hurt are small poorer families and who would really care, they cannot afford to do much about it.
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