Eric Watson's Cullen Group ordered to pay IRD more than $112m
By Jenny Ruth March 12 (BusinessDesk) - Eric Watson’s Cullen Group has been ordered to pay Inland Revenue $112 million plus penalties and costs after the group was found to have avoided paying tax for which it was liable. Justice Matthew Palmer of the Auckland High Court ha...
Cabinet memos: RBNZ warned the govt of "intensive lobbying" by banks
By Jenny Ruth March 12 (BusinessDesk) - The Reserve Bank realised the banks were not expecting higher capital requirements of the scale the central bank has decided to impose and it warned the government to expect “intensive lobbying” from the big four banks. In a memo date...
NZ dollar becalmed as traders eye signs of slowing global growth
By Jenny Ruth March 11 (BusinessDesk) - The New Zealand dollar was little changed, sidelined as markets await other data to assess whether Friday’s sharply lower-than-expect US jobs numbers were an aberration or part of a broader slowdown there and in global economic activity....
UPDATE: New Zealanders moderated their thrashing of plastic cards in February
(Updates with comments from economists from paragraph 4) By Jenny Ruth March 11 (BusinessDesk) - New Zealanders moderated their spending on electronic cards last month but still spent more on groceries, liquor, fuel and hospitality. Growth in spending on apparel, for exa...
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