Report cites weaknesses in banks’ governance

Supplied Content The Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) have completed their joint review into the conduct and culture of 11 New Zealand banks. The review is the first of its kind in New Zealand. Significant weakness The regulators identified significant weaknesses in the governance and management of conduct risks. These weaknesses have resulted in…

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New Zealand tops World Bank ranking on business

Supplied Content Recognition that New Zealand continues to have the most business-friendly environment in the world is another real example of the strength of our underlying economic and business fundamentals, Finance Minister Grant Robertson said. New Zealand maintained top spot in the Doing Business 2019 Report released by the World Bank on November 1, 2018. Mr Roberson issued the following…

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Permanent Independent Commission to ensure Justice

Phil Smith (RNZ) The Criminal Cases Review Commission Bill has been sent to the Justice Committee for consideration. This is when Parliament asks the public for feedback and suggestions on a law which would create a new Permanent Independent Commission to investigate potential miscarriages of justices. With the Committee due to ask for ideas, it is worth getting a look-see at what is up for comment. We sat down with Minister of Justice Andrew Little and the…

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Cigna to acquire OnePath Insurance

Supplied Content Cigna New Zealand has announced that final regulatory approval has been granted from the Reserve Bank of New Zealand and the Overseas Investment Office for the acquisition of ANZ’s OnePath Insurance business. Earlier this year, Cigna entered into negotiations with ANZ to purchase OnePath. Once completed, this acquisition will make Cigna New Zealand’s third largest life insurance provider.…

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Chorus speaks out on migrant exploitation

Teuila Fuatai Identification of widespread employment breaches among some Chorus subcontractors has prompted the telecommunications infrastructure company to investigate its own systems. Complicated exercise Rolling out ultra-fast broadband in New Zealand has been complicated. The government enlisted Chorus, which was spun out of the old Telecom, to carry out the bulk of the work. Chorus subcontracted the job to four…

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New Zealand politics suffers celebrity affliction

Kieran Madden Famously elusive about her political leanings, pop sensation Taylor Swift recently went beyond her usual neutral get-out-and-vote message to endorse a Democrat candidate in her home state of Tennessee. This is a big deal, because Swift’s post made a splash with her 112 million Instagram followers, contributing to a huge spike in electoral registrations—over 100,000 new sign-ups by…

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From home to business, the Internet is changing Things

Lucy Wyndham Big businesses across New Zealand have taken to smart environments with aplomb. According to an influential study by consultants IDC, business smart device usage doubled throughout 2017. For digitally-native professionals in the country, this is great news, as work environments will become suitable for a high level of smart integration. However, given the disruptive nature of smart tech and…

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ERA orders compensation to migrant workers

Supplied Content The Employment Court has ruled that three migrant employees working in remote New Zealand will receive $10,000 from an employer-couple who persistently breached their employment rights. Labour Inspectorate Retail Sector Lead Loua Ward said that the workers came to New Zealand on student visas and upon completion of their studies, secured work visas to allow them to work…

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