Author: Press Room
Gold is on a tear. Prices have surged 50% in 2025 alone, marking the metal’s biggest rally since the 1970s.But with prices now trading at US$4000 (NZ$6900) an ounce, is this the result of solid fundamentals or just fear of missing out?The answer, it seems, is a mix of both.Fund manager Amova said central banks have been steady buyers of physical gold for years, typically holding it alongside foreign currency bonds as part of their reserves.Some central banks may also be diversifying away from the US dollar and other fiat currencies.The freezing of Russia’s currency reserves in European banks following…
BNZ and Kiwibank have followed other major banks in lowering variable mortgage rates following yesterday’s major OCR cut. Yesterday the Reserve Bank chose to slash the Official Cash Rate by 50 basis points – down to 2.5% – while also signalling it would be “open” to further cuts in the medium-term.Following the decision, the country’s largest bank, ANZ, made changes to some of its variable rates alongside Westpac, which also made changes to one of its fixed-rate options. ASB also made cuts.Today, BNZ announced it would drop its standard variable rate loans from 6.29% to 5.99%. Fifty point cut after…
ADVERTISEMENT Ursula von der Leyen has survived two back-to-back motions of censure against her European Commission as centrist parties moved in sync to back her presidency. The motions, filed by the far-right and the far-left groups in the European Parliament, were debated on Monday evening and voted on Thursday at noon. The simultaneous bids lacked a realistic chance to succeed and failed, by a considerable margin, to reach the necessary double majority to pass. The text filed by the Patriots for Europe (PfE) received 378 votes against, 179 votes in favour and 37 abstentions, while the corresponding move by The…
The morning’s headlines in 90 seconds, including the activist who doxxed Winston Peters says she has regrets, a man is charged over LA’s Palisades fire, and Dolly Parton denies she’s dying. Acacia O’Connor denied sharing the Foreign Affairs Minister’s address but did tell Breakfast she had regrets. An Auckland fire truck broke down en route to a fire.A man is charged over the huge Palisades fire in LA in January. Rental numbers are up year on year in many parts of the country. ADVERTISEMENTDolly Parton has released a video denying she’s dying, amid concerns over her health.
ADVERTISEMENT Europe has welcomed the announcement overnight on Thursday that Israel and Hamas have signed off on the first phase of a peace plan championed by US President Donald Trump. However, many leaders stressed that this must be the premise for a two-state solution, which Israel’s leadership believes is a red line. “This agreement must mark the end of the war and the beginning of a political solution based on the two-state solution,” French President Emmanuel Macron wrote on X on Thursday morning. “France stands ready to contribute to this goal. We will discuss it this afternoon in Paris with…
A suspected drug lab in Auckland’s Massey was set on fire today as authorities approached, police say. Police arrived at the address on Colwill Road at about 5.30am to execute two search warrants, at two properties believed to be involved in manufacturing drugs.Police were conducting inquiries on Colwill Rd, Massey when a fire broke out at a “property of interest” shortly before 5.30am. (Source: 1News)It was supported by the armed offenders squad, a clan lab response team, and Fire and Emergency New Zealand.Upon their arrival, police said one of the properties erupted in fire.Four people, aged between 39 and 54,…
A former immigration minister has been stripped of his licence to practise as an immigration consultant, after losing a court battle and being declared bankrupt.Tuariki Delamere, who became a high-profile immigration adviser after leaving politics, told RNZ he “made a dumb decision many years ago”.In 2012, he made a deal with Chinese businessman Yingheng Liu, who sought residency through a business visa.Liu put $500,000 into a venture that referred clients to Delamere, but his visa was rejected.Delamere unsuccessfully appealed a 2021 judgment on the money as far as the Supreme Court. Liu returned to the High Court last month, asking…
The Government has updated some of its purchasing rules in an effort to give Kiwi businesses a boost. The changes to Government procurement rules were announced by Economic Growth Nicola Willis this morning, and would come into effect on December 1. Among the changes was a new economic benefit test for when Government agencies decided who they buy from. The new rule said that at least 10% of the decision must be based on how much a business’s proposal benefits the economy. Government signals a Kiwi-first approach when tendering for contacts (Source: 1News)There would be extra weight given to factors…
By Gyles Beckford of RNZ The government’s finances ended the year in better than expected shape, but still deeply in deficit. Treasury figures showed a deficit of $9.3 billion in year ended June, which was $533 million more than 2024, but $869m less than forecast in the May budget. The deficit was based on the government’s new formula, which excluded the cost of the Accident Compensation Corporation (ACC). Finance Minister Nicola Willis said the books showed the progress achieved in getting the government’s books back in order. “This progress reflects the government’s ongoing work to restore fiscal discipline with cumulative savings…
The parents of fugitive father Tom Phillips, who was fatally shot by police last month, have penned a letter to the community expressing their “sincere apology” for their son’s actions. Phillips had been evading police since December 2021 with his three children, and died following a shootout after police were called to reports of a burglary in the early hours of September 8. The first attending officer was injured after being “confronted by gunfire at close range”. He has since been discharged from hospital. Today, King Country News carried a letter to the editor written by Neville and Julia Phillips,…