Global stocks plunge again
More signs of economic weakness have triggered a global sell-off in stocks. The Dow Jones industrial average fell 400 points in a return to the wild swings in the market last week.
Financial meltdown
Executive has confidence in SCF's survival
Executive has confidence in SCF's survival
The new chief executive of beleaguered South Canterbury Finance, Sandy Maier, is upbeat about saving the southern lending giant. Business reporter Simon Hartley reviews progress on the massive, and painful, restructuring of the 85-year-old company.
Hurricane investors stand to lose
Hurricane investors stand to lose
A second private Dunedin investment and finance company is in liquidation, owing almost $8.5 million to more than 50 mainly southern investors and creditors, with possibly almost 60% of the amount owed unrecoverable.
Mascot clients will get money back
Mascot clients will get money back
Mascot Finance was yesterday placed in receivership but customers will get all of their money back as the company is covered by the Crown's deposit guarantee scheme.
St Kilda investors face loss
St Kilda investors face loss
Investors in failed St Kilda Finance - which owes almost $7 million - could at "worst" get less than 50% of their original capital back, according to the receivers, BDO Spicers, of Christchurch.
Taieri farmers $2m out of pocket
Taieri farmers $2m out of pocket
Udo and Leigh Anne Fuehrer may be $2 million poorer than a month ago, but the Taieri farmers remain upbeat and positive about their prospects.
Child care operator in difficulties
Child care operator in difficulties
The education of hundreds of preschoolers in Otago may be in jeopardy as reports surface that child care operator ABC Learning Centres Ltd is on the brink of financial collapse.
Blue Chip investors risk losing homes
Blue Chip investors risk losing homes
Lender GE Money has told investors in failed finance company Blue Chip to pay up or it will sell their homes.
Shine goes off recycled metals market
Shine goes off recycled metals market
The metal recycling industry is feeling the effects of the global financial meltdown but is not itself on the scrap heap yet, dealers say.
Evidence on streets of ailing economy
Evidence on streets of ailing economy
More sick people are turning to Dunedin pharmacists for free consultations in an effort to save money, as the impact of the global economic downturn strikes home.
Financial crisis: how it hurts us
Financial crisis: how it hurts us
Horrified investors watched their wealth erode yesterday as volatile global markets slumped after the failure by United States politicians to reach a deal on rescuing the financial system.
New economic climate creates dilemma for NZ
New economic climate creates dilemma for NZ
New Zealand is continuing to play by the economic rules in an environment where many other countries have abandoned the rule book, says Peter Lyons. Unless we are astute in our economic management, we risk making things very unpleasant for ourselves.
NZ should weather the financial storm
NZ should weather the financial storm
The world's markets and financial institutions have been buffeted by almost unprecedented turbulence over the recent weeks and months. Former Reserve Bank governor Don Brash explains how the situation is likely to impact on New Zealand.
NZ sharemarket follows Wall St down
NZ sharemarket follows Wall St down
The New Zealand sharemarket was down more than 3.5% this afternoon, following a plunge in United States stocks to a three-year low, and a tumbling Australian sharemarket.
NZ shares rally after Wall St rebound
NZ shares rally after Wall St rebound
The New Zealand sharemarket was up 1% in early trade today, after United States equities had their best day in six years.
Wall St surges after intervention news
Wall St surges after intervention news
Wall Street had a stunning late-session turnaround today, shooting higher and hurtling the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks' bad debt.
Central banks move to calm crisis
Central banks move to calm crisis
The US Federal Reserve and central banks in Europe, Canada and Asia pumped as much as $US180 ($NZ275.14) billion into money markets today to combat shock waves from the worst financial upheaval since the Great Depression.
Wall St stabilises but AIG fears remain
Wall St stabilises but AIG fears remain
Wall Street took a step back from the ledge today, with the Federal Reserve resisting a cut in interest rates and the stock market staging a small rebound one day after a stomach-churning drop.
US Govt bails out insurance giant
US Govt bails out insurance giant
For the second time this month, the US government put taxpayer money on the hook to rescue a private financial company, saying the failure of the huge insurer American International Group would further disrupt markets and threaten the already fragile economy.
NZ shares flat amid global turmoil
NZ shares flat amid global turmoil
The New Zealand sharemarket was flat shortly after opening today amid continuing turmoil in the global financial system.