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The Gossip - news from the Finance Sector

The latest news from the FIRST Union finance sector unofficial weblog!











  • Finance companies endure “predatory” banks

    Friday, December 19, 2014

    Non-bank financial institutions made a net profit of $263 million in the year to 30 September (a more than $100 million increase), according to the latest KPMG financial institutions performance report.

    However the report also details how the big NZ banks had “not been afraid to act in a predatory manner”, venturing outside their area of expertise and poaching customers.

  • Big 4 treble nearly annual dividends

    Friday, December 19, 2014

    The dividends paid out to shareholders of the big four Australian-owned banks – ANZ, ASB, BNZ and Westpac, have nearly tripled in the 2014 financial year, from $920 million to $2.561 billion.

    ANZ has almost doubled from last year’s record high of $720 million to $1.366 billion, BNZ is up from $110 million to $420 million, ASB is up from $90 million to $400 million and Westpac is up from no dividend to $375 million.

  • Anglican Family Care workers return

    Friday, December 19, 2014

    Workers at Anglican Family Care in Dunedin, Alexandra and Balclutha are glad to be back at work after a tumultuous week in the lead-up to Christmas.

    This week nearly 30 staff, who had been in bargaining since May with little progress, took low-level industrial action – things like not washing their cars. AFC responded by suspending the workers without pay.

  • Christmas LOLs

    Friday, December 19, 2014

    By the time everyone has popped their crackers this Christmas the jokes will be flowing like eggnog. Here’s a couple to get you started:

    Q: What’s the difference between the Christmas alphabet and the ordinary alphabet? A: The Christmas alphabet has Noel.
    Q: What do you call an obnoxious reindeer? RUDEolph. 

    Q: Why was Santa's little helper depressed? A: Because he had low elf esteem. 

    Q: What nationality is Santa Claus? A: North Polish. 

  • ANZ Bargaining Update

    Friday, November 28, 2014

    An unprecedented third round of meetings is currently taking place, with the expectation that the bank’s offer will not be accepted by members.

  • Heartland quarterly profit up 13%

    Friday, November 28, 2014

    In the three months to September 30 Heartland Bank’s unaudited profit rose $1.1 million to $9.8 million (13%) from the equivalent quarter last year.

    Heartland’s profit in the year to June 30 was $36 million and has forecast 25% growth for the year to June 2015.

    Heartland was formed through the merger of Marac Finance, CBS Canterbury and the Southern Cross Building Society, targeting rural, retail and consumer sectors.

  • Easy Money?

    Friday, November 28, 2014

    New research from National Australia Bank suggests that in 2015 our big banks’ Australian companies (Commonwealth, Westpac, NAB and ANZ) will raise NZ$151 billion, the most since 2009-10.

    This is possible because of globally low funds, which banks are able to use to fuel domestic competition, both here and in Australia.

  • Banking on the help

    Friday, November 28, 2014

    Pregnancy Help Dunedin has set up its own bank – no, not that kind of a bank – a nappy bank, dispensing free cloth nappies in Dunedin, Invercargill, Canterbury, Auckland, Taupo, Taranaki and Central Hawkes Bay.

  • Wake up and smell the roses

    Friday, November 28, 2014

    A French inventor has created a pill which, he claims, will make your *ahem* flatulence smell like roses.

    “Our farts were so smelly we were nearly suffocated”, said Christian Poincheval, describing an occasion he was enjoying (or perhaps not) a meal with friends. “Something had to be done.

  • TPPA National Day of Action

    Friday, November 14, 2014

    On 8 November 10,000 New Zealanders in 17 locations around the country attended protests against the Trans-Pacific Partnership Agreement (TPPA), including 3000 in Auckland, 1000 in Palmerston North, 1500 in Wellington, 2000 in Christchurch and 1000 in Dunedin. At the same time the #TPPANoWay hashtag trended no 1 across New Zealand and no 2 worldwide!



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