Scoop has an Ethical Paywall
Full Coverage: OCR Cuts + NZ Stocks + Money Market
Reserve Bank: NZ Needs To Be Ready For Recovery
New Zealand will be better prepared for economic recovery if households, firms and banks do not ''pull down the shutters'', Reserve Bank Governor Alan Bollard said today. More >>
ALSO:
- Reserve Bank - Bollard: Coping with global economic stresses
MARKET UPDATE: NZ stocks rally, dollar falls on OCR cut as downturn bites
Jonathan Underhill writes: Jan. 29 – New Zealand stocks rallied, pushing the NZX 50 Index to its biggest gain this year, after the central bank cut its benchmark interest rate more than expected in response to the deteriorating global economy. The New Zealand dollar tumbled. The NZX 50 gained 48.14, or 1.8%, to 2796.05 in the first hour of trading in Wellington. Within the index, 31 stocks rose, just one fell and 18 were unchanged. Turnover had reached NZ$47 million by 11:17 a.m. The rate cut helped lift a market buffeted by the first recession in a decade and a backdrop of a global slump. More >>. See also earlier market reaction report from BUSINESS.scoop - NZ dollar slumps after RBNZ cuts OCR by 150bps & C.D. Sludge with Audio & Images.
ALSO:
- TV3 Video - Gareth Morgan's views on the new low interest rates
- Reserve Bank - (OCR) reduced from 5.0 percent to 3.5 percent
- Greens - Banks should "share the love": Greens
- Labour - Bollard’s action shows up National’s inaction
- Kiwibank - Kiwibank Cuts All Mortgage Rates
- Westpac - Cuts to mortgage rates - other rate cuts to come
- Westpac - Business overdraft and base interest rate relief
- SBS Bank - SBS Bank reacts swiftly to OCR reduction
- Rabobank - Rabobank reduces interest rates on rural loans
- Retirement Commission - Changing interest rates: What does it mean
- Newmarket Business Association - OCR cut great but 85% will see no initial benefit
- Federated Farmers - Dr Bollard backs Federated Farmers
- Federated Farmers - Fed Farmers claims bank interest rates result
- Manufacturers and Exporters - 150 point cut pleasing, but system needs to change
- Employers and Manufacturers Association Northern - Big cut to OCR welcome
- Business.Scoop - NZ dollar slumps after RBNZ cuts OCR by 150bps
- Business.Scoop - Market Close: NZ stocks gain before central bank statement
- TV3 Video - Economist: NZ economy needs to be rebalanced
- TV3 Video - Bollard slashes interest rates to record low
- TV3 Video - How low will the OCR go?
- TV3 Video - IMF: World economy will standstill this year
- Link Out - Monitor Interest Rates At Interest.co.nz
Other Announcements:
- NZ Treasury - Treasury: NZ Financial Statements To 30 Nov 2008
- NZ Govt - No real surprises in Govt accounts, says English
- Statistics NZ - Household Labour Force Survey
- Statistics NZ - Overseas Merchandise Trade: Dec 2008 Highlights
Scoop
Scoop Independent News
Scoop is NZ's largest independent news source; respected widely in media, political, business and academic circles for being the place on the internet for publishing "what was really said", and for the quality of its analysis of issues.
Binoy Kampmark: Condemning The Right To Self-Defence - Iran’s Retaliation And Israel’s Privilege
Gordon Campbell: On The Making Of King Donald
Binoy Kampmark: Rogue States And Thought Crimes - Israel Strikes Iran
Eugene Doyle: The West’s War On Iran
Richard S. Ehrlich: Deadly Border Feud Between Thailand & Cambodia
Gordon Campbell: On Free Speech And Anti-Semitism