Here are the key things you need to know before you leave work today.
TODAY’S MORTGAGE RATE CHANGES
TSB Bank cuts its one and two year “special” rates by 20 and 10 basis points, respectively, to 4.35% and 4.39%. TSB also cut its standard one, two and five year rates by 10, 20 and 15 basis points, respectively, to 4.85%, 4.95% and 5.35%. See all banks’ carded, or advertised, mortgage rates here.
TODAY’S DEPOSIT RATE CHANGES
Heartland Bank cut its 1 month term deposit rate to 2.40% from 2.65%, and its 2-5 month rates to 2.90% from 3.05%. See all term deposit rates here.
CONSUMERS PRICE INDEX RISES
CPI rose 0.3% in the September quarter, with higher housing-related prices and seasonally higher vegetable and packaged holiday prices being partly countered by lower vehicle licensing fees. The main upward contribution came from housing-related prices which increased 1.2% in the quarter, mainly driven by higher local authority rates, rents and the cost of new houses (excluding land). Prices for tradeable goods rose 0.7% with the weaker New Zealand dollar affecting prices of overseas packaged holidays and petrol.
NEW FACES AT THE FMA
Financial markets Authority CEO Rob Everett announced changes to his executive team, including the appointment of Nick Kynoch as General Counsel. Kynoch is returning to NZ from the UK where he was the “global head of contentious regulatory compliance and conduct risk” at the investment banking arm of Barclays Bank Plc. Another newcomer is Sarah Coleman as “director of people and capability.” She was previously head of human resources at Chapman Tripp. Two existing FMA staffers have also taken up new roles within the organisation, Garth Stanish as director of capital markets and Simone Robbers as director of strategy and risk.
MEAT COMPANY BOSS NAMED ENTREPRENEUR OF THE YEAR
Progressive Meats founder Craig Hickson was named EY Entrepreneur of the Year at a swanky function at Auckland’s Langham Hotel on Thursday night. Judging panel chairman Greg Cross said Hickson demonstrated a level of innovation and entrepreneurship that was “unusual and exceptional” in a traditional industry. Hickson will represent New Zealand at EY’s World Entrepreneur of the Year event in Monaco next June. The other finalists were John Wikstrom of Magic Memories, Hamish Kennedy of Compac, Pushpay’s Chris Heaslip and Eliot Crowther and BestStart’s Wayne Wright.
SILVER FERN FARMS SHAREHOLDERS APPROVE SHANGHAI MALING DEAL
Silver Fern Farms’ shareholders voted 82% in favour of a deal which will see China’s leading meat producer take a 60% stake in the company. Shanghai Maling will invest $261 million into the co-operative company, which is this country’s largest meat producer, in return for its half share. Shanghai Maling is a Shanghai-based listed company that is 38% owned by Bright Food Group, which is China’s largest food company.
WHOLESALE INTEREST RATES
The 90 day bank bill rate is at 2.85%, up one basis point. Swap rates were up between 1 and 2 basis points across the curve.
NZ DOLLAR STRENGTHENS
The NZ dollar has continued rising against the greenback, climbing to US68.36c, it’s also up against the Aussie, at AU93.53c, with the Trade Weighted Index (TWI) pushing past 72 at 72.34. Weaker US economic data, and lower US CPI figures which further dampened expectations the US Federal Reserve won’t cut interest rates this year, were factors behind the Kiwi’s strengthening.
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