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The poverty trap of Gen Y

Stuff Business - Tue, 30/09/2014 - 00:30
I feel great empathy to large portion of people from my generation (Gen Y) as well as older generations and younger in regards to home ownership in New Zealand.
Categories: Economic News

Carol Hirschfeld joins Radio NZ

Stuff Business - Tue, 30/09/2014 - 00:25
Radio New Zealand has appointed Carol Hirschfeld as its head of content.
Categories: Economic News

This is Money: You wait ages for a decent 5-year fix mortgage and then five come at once: Nationwide and Barclays latest to cut rates back below 3%

House Price Crash - Tue, 30/09/2014 - 00:18

Anybody viewing bond rates will have seen that the longer term bonds are collapsing as the yield curve flattens like a pancake. My prediction is that this trend will continue unabated until we see affordable 15, 20 and even 25 year fixed terms. This is a longer term trend yet, since fixed rates were not even at all available in the 1970's for most people. With oil prices starting to collapse, wages not rise for at least three years and petrol prices plunging 5p in recent weeks, expect lower central bank rates before they rise. Expect negative rates before we see them much higher.

Categories: Economic News

NZ still in love with online shopping

Stuff Business - Tue, 30/09/2014 - 00:09
New Zealand's love affair with overseas online shopping shows no sign of waning, but it is unclear what effect the falling dollar will have.
Categories: Economic News

Dublin property prices up by 25% in year - Irish Times

Google NZ House Prices - Tue, 30/09/2014 - 00:00

Dublin property prices up by 25% in year
Irish Times
Last week the Central Statistics Office said it believed house prices in Dublin had increased by 24.7 per cent and apartments by 32.6 per cent. The report from The Irish Times owned website also looked at prices sought by vendors over the past ...

and more »

Telegraph: Petro Price Wars

House Price Crash - Mon, 29/09/2014 - 23:53

Did I hear DEFLATION? I bet those folks sucked into five year fixed rates are squirming now.

Categories: Economic News

Metro: Three more years of wages misery: Middle-income earners hardest hit as real pay continues to fall

House Price Crash - Mon, 29/09/2014 - 23:52

This, along with Osborne's announced austerity means DEFLATION, countered by money printing that will ramp house prices.

Categories: Economic News

Thousands flock to 'anti-Facebook'

BBC Economics - Mon, 29/09/2014 - 23:42
Ad-free social media platform Ello overcomes a technical setback to continue its rapid growth, but one expert questions its business model.
Categories: Economic News

House building consents fall

Stuff Business - Mon, 29/09/2014 - 23:32
Building consents, excluding apartments, fell 1.6 per cent last month.
Categories: Economic News

Bill Gates richest American again: Forbes

Stuff Business - Mon, 29/09/2014 - 23:18
Microsoft co-founder Bill Gates topped Forbes' latest list of the 400 richest Americans for the 21st straight year.
Categories: Economic News

In The News Today

Jim Sinclair's Mineset - Mon, 29/09/2014 - 23:13

Jim Sinclair’s Commentary In case you haven’t checked it out in a while. Jim Sinclair’s Commentary Every step forward for the Yuan is a long term backwards for the dollar. Yuan to Start Direct Trading With Euro as China Pushes Usage By Bloomberg News Sep 29, 2014 5:06 AM MT China will start direct... Read more »

The post In The News Today appeared first on Jim Sinclair's Mineset.

Categories: Goldbugs

Coding for cannabis cash

BBC Economics - Mon, 29/09/2014 - 23:03
The startups hoping to transform the marijuana industry
Categories: Economic News

Croatia and the EU - what's changed?

BBC Economics - Mon, 29/09/2014 - 22:52
One year after joining the EU the economy is still moribund
Categories: Economic News

Bank to pay everyone at least a 'living wage'

CNN Economics - Mon, 29/09/2014 - 22:51
On Wednesday, 17% of First Green Bank's 66 employees will get a raise under the company's new "living wage" program. The guarantee: At least about $30,000 a year.
Categories: Economic News

US judge: Argentina in contempt of court over $1.3bn repayment

Telegraph Business - Mon, 29/09/2014 - 22:45
US judge rules after Argentina attempt to dodge repayment to hedge funds Elliott Management and Aurelius Capital Management

Categories: Economic News

FMA urges public to take 'extreme caution' if dealing with NZ registered building society General Equity News - Mon, 29/09/2014 - 22:45
Short headline:  FMA urges 'extreme caution'

By Gareth Vaughan

The Financial Markets Authority (FMA) says the public should be extremely cautious if dealing with New Zealand registered building society General Equity, formerly General Equity Building Society.

"FMA considers that General Equity has engaged in misleading and deceptive conduct, including the way it has represented how it is regulated in New Zealand," the regulator said in a statement.

"Although General Equity is registered as a building society, it does not carry on business as a deposit taker in NZ, and is not subject to Reserve Bank or trustee oversight. General Equity has not issued shares to the public. Most of General Equity’s business is conducted off-shore. The FMA is not aware that any New Zealanders have suffered a loss at this time. However, given General Equity’s past conduct, we consider that anyone dealing with General Equity should exercise extreme caution."

"FMA has ordered General Equity to include the FMA warning prominently on the main page of any website operated by, or on behalf of, General Equity under section 49 Financial Markets Authority Act 2011 (a warning disclosure order)," the FMA added. has written extensively about General Equity. One story, in August last year, was based on an interview with Mark Bayoud, General Equity's director of international business, and Murray Greer, its chairman. Among things to come out of the interview was Bayoud's claim General Equity was "comprehensively" regulated by the FMA, something the FMA refuted at the time. Bayoud also said General Equity was setting up a wealth division as it moved to offer financial services within New Zealand.

And, Bayoud said, a fund managed by General Equity that purportedly held US$6.2 billion in mining assets was owned by a small group of Asian businessmen with the assets held predominantly in Thailand and Indonesia. According to the FMA's warning this fund; "does not hold the assets General Equity claims it holds and was used by General Equity to give a misleading impression of adequate asset backing to support the issuance of letters of credit by General Equity."  

Greer used to be ANZ director of property and construction finance and was managing director of Rifleman Finance between 2006-08.

An FMA spokesman told the timing of the regulator's warning was a result of issues identified in the FMA's monitoring and based on a concern General Equity "continues to present misleading statements about where it's regulated and has done since we started monitoring it." A warning was viewed as the best way to help prevent any potential harm to New Zealanders since General Equity has a presence here, the FMA spokesman said.

In terms of General Equity's past conduct the FMA referred to, the spokesman said this related to the building society making "continuous" misrepresentations about being regulated (by the FMA) when it clearly isn't. The other aspect was the fund General Equity claimed held billions of dollars worth of assets.

"In our view it is not true or fair, - what they're trying to say about that fund, and we don't believe it holds those assets," the FMA spokesman added.

See all our stories on General Equity here.

And here's the FMA's full warning

Warning: Exercise extreme caution when dealing with General Equity

The Financial Markets Authority (FMA) has issued a warning to the public about General Equity (previously named General Equity Building Society), a New Zealand building society.

FMA warns any persons dealing with General Equity to exercise extreme caution before obtaining any financial services, or acquiring any financial products, from General Equity. In particular, FMA warns those persons to take into account that:

In FMA’s view, General Equity has engaged in conduct and has made statements that are misleading and deceptive in connection with its status as a financial markets participant and how it is regulated in New Zealand.

General Equity is not a licensed financial markets participant in New Zealand, does not have to meet any prudential requirements (including minimum capital requirements) in New Zealand and is not a New Zealand bank or a non-bank deposit taker. In FMA’s view, General Equity has engaged in conduct and has made statements that are misleading and deceptive in connection with The General Equity Asset Builder Fund No 1 (ABF1).

In FMA’s view, the ABF1 does not hold the assets General Equity claims it holds and was used by General Equity to give a misleading impression of adequate asset backing to support the issuance of letters of credit by General Equity.

Most of General Equity’s business is conducted outside of New Zealand. That business is subject to the laws of, and oversight of financial markets regulators, of those places where it conducts that business. FMA has limited ability at law to take action in connection with financial services provided by New Zealand entities outside of New Zealand.

FMA regulates New Zealand's financial markets. Our main objective is to promote fair, efficient and transparent financial markets. To find out more about us and for help with investing see

Categories: Economic News

VIDEO: Aldi posts big rise in pre-tax profit

BBC Economics - Mon, 29/09/2014 - 22:43
Aldi, the discount supermarket chain, has posted a big rise in full-year profits as its share of the British grocery market continues to grow.
Categories: Economic News

Argentina 'in contempt of court', US judge rules

Telegraph Business - Mon, 29/09/2014 - 22:43
Country is accused of side-stepping 'critical elements' of US court ruling, in the latest twist in long-ranning battle with US hedge funds over its defaulted debt

Categories: Economic News

US judge holds Argentina in contempt

Stuff Business - Mon, 29/09/2014 - 22:30
A US judge ruled that Argentina was in contempt of court on Monday for its open defiance of his orders over repaying US hedge funds the US$1.5 billion ($1.9 billion) they are owed.
Categories: Economic News

New ferry service for Waiheke Island

Stuff Business - Mon, 29/09/2014 - 22:26
For the first time in over a decade, ferry users will be able to choose from two companies offering services between Waiheke Island and Downtown Auckland.
Categories: Economic News
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